Dave Ramsey

[Allsmiles]

One of the biggest things I did was to put down ALL the loan type payments in a spreadsheet. Shifted some funds and reduced the monthly payout by almost a $1000/month. Made it a lot easier to get in front of the snowball.

 

[MILSURP Collector]

I sold off several firearms but don't regret it except a Winchester Garand.

Sold:
Colt 1911
P-38
Beretta 92F
AMT 380 back up
S&W Model 59
Walther PPK/S

 

[SD]

bump

 

[Rabbit2047]

I'm a big fan of his savings and investment strategies. I believe in living debt free too. I am slightly opposed to his staunch anti credit rhetoric though. Realistically you need to have some credit, because let's face it, everything is judged on your credit score now. You can't get a mortgage if you have no credit history. Your insurance premiums are based off not just driving record, but credit score, because poor credit is seen as a risk. Even some jobs will obtain a credit report if you work in banking or finance.

Believe it or not, you can have credit cards and not live in debt. In fact, you can use credit cards to make money for you. Many lucrative rewards cards exist and as long as you pay off your balance every month you won't pay a cent in interest. But you can earn 5-6% cashback on some cards. That's free money if you don't carry a balance. Also, if you have excellent credit you qualify for better interest rates on your mortgage, or even a vehicle. I'm not advocating going $70k in debt for a new car, but if you can qualify for 0% interest financing on a vehicle, why not take the banks money?

I am in situation now. I am a credit ghost. Haven't financed anything in over a decade...

 

[Alaskan]

I am in situation now. I am a credit ghost. Haven't financed anything in over a decade...

Easy one, goto Churchill Morage. If you have 10 to 20% and a solid work history your credit score is just a** wipe. I've used them twice and they matched at did better with the rates. Then pay it off ASAP.

 

[Gimmeguns]

I got divorced, sold my house bought a used camper for $3k and parked it in the parking lot where I work. I then sold all my cars, guns and toys.
I sleep on top of my pile of cash every night to the glow of my propane furnace (I use the forklift tanks from work)
Free coffee at work and ieat any left overs from the break room. I use the bathroom in the plant to get ready each day and wear only company supplied clothes and safety boots.
The WiFi is great and I watch free movies from the internet. ( Also from the company)
So to summarize, no mortgage, no car payment, no auto insurance payment, no clothing or food bill. No TV bill....free free free
Life is awesome!!!

 

[crippen]

Do it PB!

 

[Ringleader]

I have taught Financial Peace for years, also Personal Management Merit Badge to Scouts. I apply all to my life and my wife and I having accounting degrees helps as we both speak the same language. Retired at 53. Do it! Lots of good advice / life experiences in this thread, learn from our mistakes/success and prosper!

 

[OttoMan]

I did it... It is interesting... BUT, they're just principals that our forefathers followed: Don't buy what you don't need! Don't buy it, if you don't have money! - My Dad, still this days (he is 84) he says "Buy only if you can pay whit cash!!" - Dave Ramsey teaches that you don't need credit! Well, you do! I can not buy a house cash, and so to buy it, I needed good credit or so... You won't get credit if you don't have some debt, or credit card. The first thing they do in the meetings is "Cut all your credit cards", which to some folks, yes, they need to be away from any plastic money, because they're impulsive buyers. - But, what I saw, was a millionaire Dave Ramsey, rich by selling his books and teachings, telling us that "He doesn't need credit score!" - Well, if I was a millionaire as well, I wouldn't need either.

After the training, they kept sending me a bunch of stuff by email, so kinda like "You need to buy this!" - And I was like, "Really! Just your stuff it's OK to have a plastic to buy it on line!!" - So, I quit following it! I am not broke, but I do have some credit cards I use, and I am totally OK!

 

[UptaCamp]

Manual underwriting is a pain in the ass. Look it up. Banks hate it, and you better have a great high paying job with tons of liquid assets for a manual underwriting review to overlook no credit history.

Yes, insurance premiums vs credit score is a thing. It's considered part of the risk factor now.

A house is never a depreciating asset, unless the entire economy tanks.

But 0% loans are free money from the bank. Doesn't matter if it depreciates because in the end you paid the same either up front or in the end because it was no interest.

People who can't responsibly use credit cards are bad with money anyways. I have a credit card that vies me 6% cash back on groceries and 3% cash back on gas. I use it on those two things and pay off the balance entirely every month. I get hundreds of dollars a year in cash back. Literally free money.

Don't get me wrong, most of Dave Ramsey's advice is great. But it's geared for people who were terrible with their money like he was before he got out of debt.

You can be responsible with credit and make it work for you. That's the only myth I'm trying to dispel.

Which card gives 6% back on groceries?