Dave Ramsey Financial Coach Live Training

[mmgfarb]

How about, "Am I saving as much as I can for retirement so I can free myself from the slavery that is my day job?"

If that's really how you feel about your day job then maybe it's time for a new one....

[aygart]

There are tens of thousands of DDFers out there I'm sure someone has info that can benefit me.

You are not understanding. We are all giving you advise. You are the one unwilling to accept that advise. We are all telling you that the entire philosophy behind his seminar is faulty. That is very useful advise.

[aygart]

If that's really how you feel about your day job then maybe it's time for a new one....

+10000000000000

[farmbochur]

If that's really how you feel about your day job then maybe it's time for a new one....

nah, I like my job and would probably continue to do it even if I already amassed enough savings to comfortably retire.  Perhaps slavery is too harsh a term, but financial independence is a powerful thing. My point is there's more to financial wellness than "do I pay my CC in full each month?"

[mmgfarb]

financial independence is a powerful thing.

I don't think anyone is arguing with that.

[Redbull3]

But there's no denying that we spend more when swiping plastic vs handing over paper dollars.

I would deny that.

[moko]

I agree. Self control goes a long way - which is why I continue to use credit cards. But there's no denying that we spend more when swiping plastic vs handing over paper dollars.  I also think it's a mistake to say, "I'm paying the balance in full so clearly CC's are okay for me." How about, "Am I saving as much as I can for retirement so I can free myself from the slavery that is my day job?"

While there is room for some of his more general ideas, I think thiis a mistake. While if you swipe recklessly it's true and therefore true for most Americans. Most DDFr's are nor "regular" Americans.
Think about return protection or extended warranties. I don't spend more on a smartphone or major appliance if i use a credit card. These are not impulse purchases, rather i have decided on a budget and then proceed to put in on a credit card for the benefits it provides.

[ckmk47]

I use cash for everyday spend and only pull out CC's for MSing. Keep separate checking accounts for MS and regular spend.
I don't know about you but my everyday spending likely makes up ~1% of my points accruals. 99% comes from MSing.

Much of everyday spending is not impulse spending and should be done with a credit card. Utilities, for example. Large purchases that you're planning and researching, like moko said, also should go on a cc.
I understand that groceries, lunch and 'shopping on the avenue' may be where many will overspend because it's plastic not cash.  But cc's shouldn't be used only for MS.

[ExGingi]

nah, I like my job and would probably continue to do it even if I already amassed enough savings to comfortably retire.  Perhaps slavery is too harsh a term, but financial independence is a powerful thing. My point is there's more to financial wellness than "do I pay my CC in full each month?"

So what's stopping you from saving (a strong distinction needs to be made between saving and investing). By all means, put savings at the top of your priority list, rather than just an afterthought after all spending is done.

[ADG]

I think he is likely to find people here- specifically here- who have been helped by Dave's approach. All the CC games can lead a person into debt if they are not wise.

My BIL loves Dave because he claims its a psychological problem not a economic one. Dave claims its not your economic skills that got you into debt and so they will not take you out. My BIL pays off cards that have lower balances with zero APR before he pays off big balances with huge APR because he feels accomplished by tackling one card. Economically speaking it is dumb. 

[Redbull3]

I think he is likely to find people here- specifically here- who have been helped by Dave's approach. All the CC games can lead a person into debt if they are not wise.

My BIL loves Dave because he claims its a psychological problem not a economic one. Dave claims its not your economic skills that got you into debt and so they will not take you out. My BIL pays off cards that have lower balances with zero APR before he pays off big balances with huge APR because he feels accomplished by tackling one card. Economically speaking it is dumb.

Very well said. And studies have backed up his snowball method leading to increased motivation. It's not for us, but that doesn't mean it's not for anybody.

[aygart]

I think he is likely to find people here- specifically here- who have been helped by Dave's approach. All the CC games can lead a person into debt if they are not wise.

My BIL loves Dave because he claims its a psychological problem not a economic one. Dave claims its not your economic skills that got you into debt and so they will not take you out. My BIL pays off cards that have lower balances with zero APR before he pays off big balances with huge APR because he feels accomplished by tackling one card. Economically speaking it is dumb. 

I think the first step will be to do some research into his financial philosophies. He takes an extreme position against debt. For some who have difficulty controlling themselves that may have a place because once they start they will never stop. On the other hand the prudent use of debt can be very beneficial.

[ADG]

The flip side is- that CC use is known for increasing spending in many kinds of ways; a big one is psychologically. If you spend more then you would otherwise because of promotions including sighn up bonuses the points are not considered earnings rather bait. Everyone here knows that promotions and "deals" are often used as bait- and I dont believe anyone who says they are completely immune to this. The only way to develop immunity INHO is to fall for it a few times. There is a thin line between you having the upper hand vs. a promotion- even if you do have the upper hand that doesnt mean they do not as well.


If you pay APR on CC which many people do- using a CC is economically stupid by all measures. My BIL was subject to both of these- so for him to spend on a debit is great- economically.

[oiseli48]

Personally there's a lot I took from Dave. The extreme budgeting, the emergency fund, and the disdain for leasing as opposed to buying a used car are some points I've taken from it

[aygart]

Personally there's a lot I took from Dave. The extreme budgeting, the emergency fund, and the disdain for leasing as opposed to buying a used car are some points I've taken from it

I am sure he has many good ideas. The issue is with the extremity of them. For someone who needs extreme measures then great, but if not then why be so extreme?

[Iz]

Personally there's a lot I took from Dave. The extreme budgeting, the emergency fund, and the disdain for leasing as opposed to buying a used car are some points I've taken from it

Dave or Dan? 

[Dan]

I like my 2011 Altima
Was better before my brother nearly totaled it last year though.

[ChaimMoskowitz]

There are tens of thousands of postal workers also but would you ask your mailman? All people are saying is its the wrong place to expect an answer

Actually his mailman has a better chance of having debt problems so that might not be a bad idea.

[ChaimMoskowitz]

You'll probably do better on creditboards.com (although they generally aren't major fans either).

He will get destroyed over there asking about DR. 

[ADG]

I am sure he has many good ideas. The issue is with the extremity of them. For someone who needs extreme measures then great, but if not then why be so extreme?

You do not need to apply them in an extreme fashion