Dave Ramsey goes in on everybody with a payment

[Kwan Dai]

There is nothing wrong with having payments on high ticket items. It makes sense in that you aren't depleting your cash. The issue is the fucking interest and taxes. We would easily save 1,000's and pay off loans quicker, and easier if we weren't getting kicked in the dick by pencil pushers.

I see nothing wrong with buying new cars if the idea is to keep it until it's no longer usable. A car can be investment if, you keep for a 20 year min or pass it down. The issue is, we get into a perpetual state of wanting the newest shit so, we get into trading cars in and never fully owning. Buy another car after the first is paid off and everything will be all good.

I would love to pay have paid cash for my home but let's get real here. Dude is pandering.

 

[AP21]

There is nothing wrong with having payments on high ticket items. It makes sense in that you aren't depleting your cash. The issue is the fucking interest and taxes. We would easily save 1,000's and pay off loans quicker, and easier if we weren't getting kicked in the dick by pencil pushers.

I see nothing wrong with buying new cars if the idea is to keep it until it's no longer usable. A car can be investment if, you keep for a 20 year min or pass it down. The issue is, we get into a perpetual state of wanting the newest shit so, we get into trading cars in and never fully owning. Buy another car after the first is paid off and everything will be all good.

I would love to pay have paid cash for my home but let's get real here. Dude is pandering.

agreed, but I also agree that buying a car used when most of the value has gone down is better than buying it smack brand new

 

[Kwan Dai]

There is nothing wrong with having payments on high ticket items. It makes sense in that you aren't depleting your cash. The issue is the fucking interest and taxes. We would easily save 1,000's and pay off loans quicker, and easier if we weren't getting kicked in the dick by pencil pushers.

I see nothing wrong with buying new cars if the idea is to keep it until it's no longer usable. A car can be investment if, you keep for a 20 year min or pass it down. The issue is, we get into a perpetual state of wanting the newest shit so, we get into trading cars in and never fully owning. Buy another car after the first is paid off and everything will be all good.

I would love to pay have paid cash for my home but let's get real here. Dude is pandering.

agreed, but I also agree that buying a car used when most of the value has gone down is better than buying it smack brand new

It depends on how used.

Many new cars are coming with 100,000 mile warranties. Used cars do not. You either are driving on the remainder of the new car warranty, or purchasing an extended warranty. In addition to that most used cars have higher interest rates. In the end Used or new MOST people are paying similar monthly notes. It's all about the value you are getting for that monthly note. Rarely do you find anyone driving a decent car with a note below $400.

 

[Peace_79]

Valid points taken to the extreme.

He has an unrealistic perspective on the construct of credit.

The largest and most profitable companies IN THE WORLD, with revenue in the $100s of Billions; use loans and take out CREDIT to better position themselves and expand their growth potential.

The problem that people have with credit is that they don't know when and how to use it.

 

[Peace_79]

But my biggest complaint with Ramsey's ideology is his draconian perspective regarding delayed gratification.

There is no point living like a hermit for 95% life so you can spend the last 5% as a "millionaire"...

Which isn't guaranteed to happen, anyway.

The purpose of wealth is to better enable you and your family to enjoy life.

You don't sacrifice the end for the sake of the means.

 

[Kwan Dai]

Valid points taken to the extreme.

He has an unrealistic perspective on the construct of credit.

The largest and most profitable companies IN THE WORLD, with revenue in the $100s of Billions; use loans and take out CREDIT to better position themselves and expand their growth potential.

The problem that people have with credit is that they don't know when and how to use it.

Agreed. However, the larger problem is that motherfucking 19-21% interest rate.

 

[a.mann]

One other thing to consider who do yall think bought his expensive luxury cars and sports memorabilia I see in the background, but he's telling you to live like a hermit and save money though.

It's a hustle.

Hes says some good stuff but yall should read between the lines as well.

Coincidentally you also just described a lot of these so-called black conscious black militants Pan African Hotep charlatans

 

[Peace_79]

Valid points taken to the extreme.

He has an unrealistic perspective on the construct of credit.

The largest and most profitable companies IN THE WORLD, with revenue in the $100s of Billions; use loans and take out CREDIT to better position themselves and expand their growth potential.

The problem that people have with credit is that they don't know when and how to use it.

Agreed. However, the larger problem is that motherfucking 19-21% interest rate.

There several types of credit as well as respective asset classes that they support; each of them with several associated pros and cons.

We can point out multiple instances where taking out credit isn't the most sound financial decision.

There are also multiple instances where taking out credit IS a sound financial decision, depending on the context of the situation.

That's all well and good.

But it's also academic ... and it only considers the purely financial side of things; as if it exists in a vaccum.

Fortunately ... life is much more than finances.

And we have many other factors to consider in our decision making.

That makes this absolutist rhetoric potentially more problematic than it is beneficial.

 

[obnoxiouslyfresh]

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I actually had no idea who this guy was until this summer because two of my friends were on his show discussing how much his practices helped them before marriage. I tried to get into him after that but I can't help but look at him as just another white man who has become insanely successful selling people common sense, which gets under my skin. I guess that should be no surprise because some people really, really can't handle credit. So for those people, he's like an evangelist. I've always been very modest with my money, so for the people who view available credit as available money and invariably go on to max that shit out, I can see how they could become fanatical followers with the passion of converts because they've come to a huge epiphany. He just doesn't do it for me.

 

[texas409]

To tear down people on how dumb their money making decisions are may be cool to somebody who is not struggling but he needs to offer solutions instead of belittling people

 

[LPast]

Y'all have to be kidding me... Most Americans live paycheck to paycheck, so I'm not sure what there is to argue... Many would call that extreme.

Fact Most people aren't using credit because it helps them. They use it because they're broke.

Truth of the matter, if you are aware of what he teaches at the age of 18, you damn sure won't have to wait to 70 to ball out.

 

[TheNuttinProffessor]

Lotta niggas mad in this thread because he called you dumb

 

[mryounggun]

Why this nigga so angry though? Simmer down, b.

 

[SmashinYourWaifu]

Buying a brand new car or even slightly used is not an investment. If you wanted to save money you would have gotten a 90s civic or Corolla. Niggas really paying over 5k for a econobox?

 

[traestar]

I like this alot...I will remember this video. At where I'm at in my life, I'm losing my interest in working for people (although I still have to). Investment and business building I'm starting to really believe in it. Passive Income is really the key to breaking debt, because if you rely on Active Income (working, businesses, freelancing) to survive, you have to wait with your hand out awaiting your money.

NOt saying to not work, but building your investments to manageable living is what they don't teach in college.

 

[mryounggun]

Why this nigga so angry though? Simmer down, b.

I'd like to retract my previous comment. I made that comment before I got the part where he said 'You paid $140,000 to get a degree in left-handed puppetry!'.

Now THAT shit was worth sitting through his angry rant. Keep it up, Dave - you bitch ass nigga.

 

[Young_Chitlin]

Lotta niggas mad in this thread because he called you dumb

Different philosophies and beliefs. Nothing wrong with that. I learned about the zero based budget from Ramsey, and it has made me more accountable with my money. I can't invest yet but I want to soon. I want to be debt free one day.

 

[Koltrain]

Dave gives great financial advice... I have two of his books and believe in the debt snowball+emergency fund method.. The reason Dave is so staunch against debt is because he was making a lot of money investing in real estate in his 20s by leveraging bank notes. The small bank he got loans through were bought out by a bigger bank and they called in the notes, meaning he owed the entire balance immediately....this forced him into bankruptcy and he was homeless for a while..

I think finance is a balance of what Dave says and using credit responsibly.

 

[Lefty_]

Smart finances is all about living below your means. Sometimes it's smarter to lease because who wants to keep buying the new body style, and who wants to be the new nigga in the old benz.

If you can afford it and your expenses and your income never come close to meeting than it's almost unfair to not enjoy the fruits of your labor.

 

[Young_Chitlin]

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