Dave Ramsey goes in on everybody with a payment

[BeardedFreak]

using debt to your advantage:

Let's say a nigga want to buy a lil 200K starter house.

Nigga #1 tries to do it Ramsey's way. By saving the gwop to buy it outright. And it takes the square nigga 5 years to stack that kind of bread. Where he gone live the entire time he stacking? With his moms? Paying rent on a shitty ass apartment?

Nigga #2 gets a loan for the 200K. Now he in debt. Boo fucking hoo. But where he gone live? Where he gone fuck them pretty Hoe's in the ass at? At his motherfucking house, that's where. And in 5 years, his lil 200K house is worth 250K.

Nigga #2 got in debt. Instantly Increased his quality of life and made a profit.

 

[blakfyahking]

using debt to your advantage:

Let's say a nigga want to buy a lil 200K starter house.

Nigga #1 tries to do it Ramsey's way. By saving the gwop to buy it outright. And it takes the square nigga 5 years to stack that kind of bread. Where he gone live the entire time he stacking? With his moms? Paying rent on a shitty ass apartment?

Nigga #2 gets a loan for the 200K. Now he in debt. Boo fucking hoo. But where he gone live? Where he gone fuck them pretty Hoe's in the ass at? At his motherfucking house, that's where. And in 5 years, his lil 200K house is worth 250K.

Nigga #2 got in debt. Instantly Increased his quality of life and made a profit.

cosign all of this......not to also mention that cuzzo gon get a large check back at tax time for all the interest he paid throughout the previous year for his mortgage

it's called an itemized deduction.....lil niggaz need to learn bout those ASAP

 

[blakfyahking]

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?

It can absolutely be a sound a investment. Most of us need private transportation to make it to our jobs. So, if I invest 30,000 in a sound auto that gets me to and from work for 10+ years that vehicle would have more then paid for itself. I'm cool with investing 30,000 over 5 years to make 320,000.

I know folks who drive beaters ( I did early on as well) who end up losing money because their vehicle is constantly in the shop or acting up causing them to be late or miss work.

Lol what modern day vehicle you buying that is going to be sound even up to 100k or not give expensive upkeep before then? What you going to do when you try to sell that car you spent $30k on that is now depreciated to 3k? Why do the people you know buy or inherit shitty cars and think buying new is the better option when they could have a car that is reliable, good aftermarket, and have shitloads of information. Also easier to work on

plenty modern day vehicles have warranties that last up to 100K.......and any car whether new o old is going to require some maintenance

IMO it's better to spend on a car u at least had when it was new and drive it to 100K vs driving a bucket that cam from somewhere else

either way u driving a car with 100k on it, it's just whether u want it to be ur car or someone else's old car ( and u never really know how someone else treated their car before it was sold)

Unless its a performance car it doesnt make sense. You will save much more money going old. Once that warranty goes all you have is a depreciated to shit, harder to service (diy), with a lot of electronics that can go wrong. Also may lord have mercy on your soul if the auto transmission goes out after the warranty. Which then makes your only option is to get another car (more debt yay) or pay expensive repairs.

Getting a 90s civic for $2500-4000 slowly setting aside $2k just incase will be more reliable than say a Hyundai

once the warranty is gone you prob gon want another new car anyways so the expensive out of warranty repairs really ain't relevant

like I said it's not hard to find vehicles with 100k warranties so who cares about keeping a 100k car unless u really want to.............u should've been paid the vehicle off way before 100k, otherwise u bought more than u can afford IMO

 

[blakfyahking]

Another example is buying a e36 bmw. Can find one below 100k miles for around the $3500 area. Engines can easily last 200k+ easily. Since its an old car most problems and troubleshooting has been done to death and well documented online so you can do preventive maintenance. One of its major weakness is the cooling system. Shit can go bad and pretty much can leave you stranded on the road with a cooked engine. You can overhaul the cooling system even if youre relatively new to wrenching for like 500~600. You just avoided having to pay a lot for a new car and have a reliable vehicle that needs routine maintenance and maybe suspension parts for the next 100k miles. Theres no way buying new is better than this

this is actually smart but it has to be the right car............for instance u can find plenty old BMWs that will last to 200k easily if they've been maintained properly

the problem is that u need to be mechanically inclined, or have the bread to pay a respectable mechanic........hell u can find an old 7series e65 now for less than 15k with low miles

but u better have a way to maintain it, otherwise u just buying an old ass car to stunt in until it breaks down

IMO if u looking for a used BMW it better be one that u plan on keeping pretty much forever......otherwise once again u buying too much car

 

[killap]

Yall talking 150k miles on a BMW, when my Lexus is running strong at 230.

 

[killap]

One thing about debt is, I've carried really high credit card debt for 7 or 8 years now, haven't paid a drop of interest and have enough cash to pay it off 3 times... It's relative.

 

[Karl.]

Gordon>>>>Dave

 

[Young_Chitlin]

https://www.chrishogan360.com/riq/
https://www.amazon.com/Retire-Inspired-Its-Financial-Number/dp/1937077810

 

[blakfyahking]

Yall talking 150k miles on a BMW, when my Lexus is running strong at 230.

lexus and bmw not even in the same category IMO

and I have had multiple cars from both brands

the new lexus cars are all fucked up looking with those stupid open fake Audi grilles in the front

and how arrogant were Lexus engineers to think real drivers don't want a V8 SMH

 

[JokerzWyld]

I feel him. Limit consumption to necessary items and save & invest disposable income. In the accounting/finance field debt is categorized as an asset, and that's why people view it as acceptable. That may be true for business where the liability isn't necessarily passed to the individual, but in individual finance where the onus of debt is directly on your shoulders it isn't smart. It should be avoided as much as possible.

 

[Peace_79]

using debt to your advantage:

Let's say a nigga want to buy a lil 200K starter house.

Nigga #1 tries to do it Ramsey's way. By saving the gwop to buy it outright. And it takes the square nigga 5 years to stack that kind of bread. Where he gone live the entire time he stacking? With his moms? Paying rent on a shitty ass apartment?

Nigga #2 gets a loan for the 200K. Now he in debt. Boo fucking hoo. But where he gone live? Where he gone fuck them pretty Hoe's in the ass at? At his motherfucking house, that's where. And in 5 years, his lil 200K house is worth 250K.

Nigga #2 got in debt. Instantly Increased his quality of life and made a profit.

NOOOOO!

ALL DEBT IS BAD!!!!

 

[Go figure]

Controlled debt is good for building credit. Just don't go above 30% of your credit limit and only spend when u need AND have the money in cash or bank account so u can make those payments on time or ahead.

 

[killap]

Yall talking 150k miles on a BMW, when my Lexus is running strong at 230.

lexus and bmw not even in the same category IMO

and I have had multiple cars from both brands

the new lexus cars are all fucked up looking with those stupid open fake Audi grilles in the front

and how arrogant were Lexus engineers to think real drivers don't want a V8 SMH

Not comparing just stating that mine is at 230 and yall are hoping to make it to 150

 

[Stiff]

One thing about debt is, I've carried really high credit card debt for 7 or 8 years now, haven't paid a drop of interest and have enough cash to pay it off 3 times... It's relative.

How you not paying interest? @killap

 

[killap]

One thing about debt is, I've carried really high credit card debt for 7 or 8 years now, haven't paid a drop of interest and have enough cash to pay it off 3 times... It's relative.

How you not paying interest? @killap

So this wasn't my original plan but the more I looked into it the more I decided it didn't make sense to pay it off. Anyways, 7 or 8 years ago I got a Capital One card with no interest for 18 months, so I blew up the balance pretty much to the limit and invested the money that I would have used to to pay it off. Then after 18 months I was ready to pay it off but then got an offer from Chase to transfer the balance with no fee and no interest for 18 months, so since the limit was higher, I put a bunch of stuff on another card then transferred the balance from both of those cards... 18 months later, I got a card from a credit union, higher limit did the same, and so on. I think once I had to pay a 2% fee on a balance transfer, I know I'll make more than 2% over 18 months so I took the hit. My credit takes a slight hit because I have one or 2 card switch high balances but it doesn't matter, give me 30 days and I could raise it by 20 or 30 points easily. I've decided to stop after the next round and just make minimum payments and then pay it all off after 18 months mostly because I have different objectives now

 

[Peace_79]

Lol. No one is arguing that you shouldn't pay off your debt.

And pay it off sooner rather than later.

That's common sense.

Ramsey is advocating that there is no reason, whatsoever, to get into any amount of debt - under any circumstance.

That's extreme and not feasible for most people.

No he's not that's extreme. All he's saying is that there is a problem today in that ppl are slave to debt and seek happyness on doing whatever they want but the problem is those things are tied to debt. Because ppl buy things for instant gratification and seek happyness in having things which rolls over into building wealth because you have ppl living beyond their means for social approval and the like instead of being disciplined with their finances, you have ppl who aren't being financially responsible shelving out $700+ for a new phone with features they'll never all use and don't need. People slave to car notes but still living in the projects, people getting student loans and blowing it. I could go on and on.

You don't need to live like a hermit to become rich bit you do need to be financially responsible and disciplined. Most ppl could save a lot more money cooking their own food rather than ordering take out every night. You can have nice things but prioritise and discipline thyself first so you can have those things and not be a slave to them.

GOATed.

I couldn't agree more.

But this isn't the messsge reflected in that video.

 

[TheNuttinProffessor]

In one of my fields,Real estate you better use credit, or "OPM" other people's money.

No matter how U look at it a car is the worst piece of Shit u can buy talking about an investment, but to smell that new leather... wooh lol

Thank you for keepin it real bro niggas talkin about invest in a finite item that depreciates

You just wanted a nice car. Own that dumb ass move don't excuse it

 

[Young_Chitlin]

The borrower is slave to the lender compas

 

[Young_Chitlin]

https://youtu.be/K1usdOW4RyI

 

[fuc_i_look_like]

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?

It can absolutely be a sound a investment. Most of us need private transportation to make it to our jobs. So, if I invest 30,000 in a sound auto that gets me to and from work for 10+ years that vehicle would have more then paid for itself. I'm cool with investing 30,000 over 5 years to make 320,000.

I know folks who drive beaters ( I did early on as well) who end up losing money because their vehicle is constantly in the shop or acting up causing them to be late or miss work.

Lol what modern day vehicle you buying that is going to be sound even up to 100k or not give expensive upkeep before then? What you going to do when you try to sell that car you spent $30k on that is now depreciated to 3k? Why do the people you know buy or inherit shitty cars and think buying new is the better option when they could have a car that is reliable, good aftermarket, and have shitloads of information. Also easier to work on

plenty modern day vehicles have warranties that last up to 100K.......and any car whether new o old is going to require some maintenance

IMO it's better to spend on a car u at least had when it was new and drive it to 100K vs driving a bucket that cam from somewhere else

either way u driving a car with 100k on it, it's just whether u want it to be ur car or someone else's old car ( and u never really know how someone else treated their car before it was sold)

Unless its a performance car it doesnt make sense. You will save much more money going old. Once that warranty goes all you have is a depreciated to shit, harder to service (diy), with a lot of electronics that can go wrong. Also may lord have mercy on your soul if the auto transmission goes out after the warranty. Which then makes your only option is to get another car (more debt yay) or pay expensive repairs.

Getting a 90s civic for $2500-4000 slowly setting aside $2k just incase will be more reliable than say a Hyundai

Nigga ain't nobody tryna ride around in a 1990s car tho. the fuck lmao