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What baby step are you up to?

$1,000 Rainy day fund
Pay off all debt using the debt snowball
3 to 6 months of expenses in savings
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Build wealth and give!

Author Topic: Dave Ramsey Plan  (Read 106404 times)

Online ExGingi

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Re: Dave Ramsey Plan
« Reply #420 on: November 15, 2020, 02:40:23 PM »
motivated by seeing family members struggle financially(not with debt) and they want to feel set.

way better off. small salary yet big savings account somehow.  its by being intentional with money.  (now please don't start telling me that people that don't budget properly are intentional with every dollar.)

Being intentional is very important. No-one plans to fail, people fail to plan (and to pay attention to what they are doing). It is true with any resource one has, not only with money.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #421 on: November 15, 2020, 02:41:28 PM »
His program has been discussed in depth. If you don't have a problem controlling your finances I would not recommended his flawed program.
you don't control covid,
you dont control a layoff,
you dont control an emergency.

i agree there are many methods and if one doesn't work for you then try the next. and if you want to find flaws you can find flaws in any method
#TYH

Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #422 on: November 15, 2020, 02:42:20 PM »
Being intentional is very important. No-one plans to fail, people fail to plan (and to pay attention to what they are doing). It is true with any resource one has, not only with money.
I like that line
#TYH

Offline Lurker

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Re: Dave Ramsey Plan
« Reply #423 on: November 15, 2020, 02:45:28 PM »
Ramsey works with debt addicts. Debt addicts have to avoid leveraged acquisitions the way recovering alcoholics have to avoid a glass of wine with their dinner. For all non addicts, though, there's nothing inherently evil about debt.

This is the best way I've seen DR describe to date.

Most of the anti Dave Ramsey responses here are akin to "but a glass of wine with dinner is healthy"

That's because most responses are from people who, like many non-alcoholics, have no concept of the issue at hand. If I can have a drink, or smoke a joint, or do a line, or do whatever without it completely ruining my life, why should anyone else be different?
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Offline Lurker

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Re: Dave Ramsey Plan
« Reply #424 on: November 15, 2020, 02:47:39 PM »
you don't control covid,
you dont control a layoff,
you dont control an emergency.

i agree there are many methods and if one doesn't work for you then try the next. and if you want to find flaws you can find flaws in any method

Covid is a bad comparison to the issue of financial management. Just like AA, there are parts of the program that are good for everyone, but a large part of it is tailored for a specific type of person.

(Edited)
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Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #425 on: November 15, 2020, 02:50:09 PM »
you don't control covid,
you dont control a layoff,
you dont control an emergency.

i agree there are many methods and if one doesn't work for you then try the next. and if you want to find flaws you can find flaws in any method
Controlling your finances does not mean you are debt free. I have been through all three of what you listed.
Only on DDF does 24/6 mean 24/5/half/half

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Re: Dave Ramsey Plan
« Reply #426 on: November 15, 2020, 03:12:35 PM »
you don't control covid,
you dont control a layoff,
you dont control an emergency.

i agree there are many methods and if one doesn't work for you then try the next. and if you want to find flaws you can find flaws in any method
His plan and method is mainly tailored to those having difficulty controlling debt. Someone who does not fit that profile is likely better off with a different plan to fit his profile.
Feelings don't care about your facts

Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #427 on: November 15, 2020, 04:43:06 PM »
His plan and method is mainly tailored to those having difficulty controlling debt. Someone who does not fit that profile is likely better off with a different plan to fit his profile.
I have never tried different plans, and might be interested in learning about others. Im ok with common sense. If something makes sense,  then I can listen. 
#TYH

Offline Pad18

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Re: Dave Ramsey Plan
« Reply #428 on: November 15, 2020, 05:11:15 PM »
So witch plan you guys will recommend for someone that wants to start learning the basic of investing in general, and in property specifically... ??


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Re: Dave Ramsey Plan
« Reply #429 on: November 15, 2020, 06:29:07 PM »
Is it DR's moshul? Leveraging is like skinny dipping in high tide. It's all fun and games until the tide recedes and you're caught without pants.

Offline Kobe Bryant

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Re: Dave Ramsey Plan
« Reply #430 on: November 15, 2020, 06:48:28 PM »
Is it DR's moshul? Leveraging is like skinny dipping in high tide. It's all fun and games until the tide recedes and you're caught without pants.
“Only when the tide goes out do you discover who's been swimming naked.“ Warren Buffett

Offline YoelFried

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Re: Dave Ramsey Plan
« Reply #431 on: November 15, 2020, 06:51:52 PM »
For all those people that keep on countering the DR plan.

Please try to live three months without any monthly payments, you'll tell me if the plan is right for you.

Debt could sweet up RE purchase, but when you buy with cash and you know you can't borrow not in business and not personal for anything, for some reason you start to think out of the box how to actually create more income or in Re to buy better as the return needs to make sense.

Living a life of feeling good and putting in effort to brainstorm which cc bonus to get to afford a vacation doesn't fit your actual income, I'll rather take my time and figure out how to raise my income and be able to afford it. And geuss what, when you start paying for STUFF with actual money debit card you get decide if the you truly need it or not.

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Re: Dave Ramsey Plan
« Reply #432 on: November 15, 2020, 06:52:18 PM »
Is it DR's moshul? Leveraging is like skinny dipping in high tide. It's all fun and games until the tide recedes and you're caught without pants.

Or like peeing in one's pants, it's warm and cozy at the beginning, but after a while, it's just wet and stinky.

That being said, none of these are good משלים for leverage. (Though they both are good משלים for tax deferral, IMHO, except if there's a clear tax-free exit path).

Leverage can be a very good thing if used properly. I am not going to argue whether homeownership is good or not, but most people think it is good, and leverage is what allows it for the overwhelming majority of people. Countries with no proper functioning mortgage market don't have a high percentage of homeownership. It also enables upward class mobility.

And while I think there are definitely some good points to DR, if leverage is bad, and paying off a mortgage ASAP is the right thing to do, why is it right to buy a house with a mortgage in the first place?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Dave Ramsey Plan
« Reply #433 on: November 15, 2020, 06:55:32 PM »
For all those people that keep on countering the DR plan.

Please try to live three months without any monthly payments, you'll tell me if the plan is right for you.

Could you please explain how anyone is able to live without any "monthly payments" (except if someone else is paying for their expenses)?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

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Re: Dave Ramsey Plan
« Reply #434 on: November 15, 2020, 06:57:28 PM »
For all those people that keep on countering the DR plan.

Please try to live three months without any monthly payments, you'll tell me if the plan is right for you.
Not sure I follow. I have no debt but have monthly payments.
Before the credit crash I had 500k in CC debt from 0% BT's. That was earning 5%. Debt is not the problem.
Only on DDF does 24/6 mean 24/5/half/half

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Re: Dave Ramsey Plan
« Reply #435 on: November 15, 2020, 06:58:33 PM »
Could you please explain how anyone is able to live without any "monthly payments" (except if someone else is paying for their expenses)?
Seriously, you don't understand.

Think of it like purchase that you buy once and you can't afford to py it in full.

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Re: Dave Ramsey Plan
« Reply #436 on: November 15, 2020, 07:00:06 PM »
Not sure I follow. I have no debt but have monthly payments.
Before the credit crash I had 500k in CC debt from 0% BT's. That was earning 5%. Debt is not the problem.
Put in the same effort to raise your income and make some real money.

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Re: Dave Ramsey Plan
« Reply #437 on: November 15, 2020, 07:04:09 PM »
Another way DR is like AA: if you're in, you think everyone needs to be in.
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Re: Dave Ramsey Plan
« Reply #438 on: November 15, 2020, 07:06:46 PM »
Another way DR is like AA: if you're in, you think everyone needs to be in.
You mean the debt lovers plan, most posts on this forum is to make it feel good.

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Re: Dave Ramsey Plan
« Reply #439 on: November 15, 2020, 07:06:53 PM »
Seriously, you don't understand.

Think of it like purchase that you buy once and you can't afford to py it in full.

Now I really don't understand what you're trying to say.

Let me try to understand, are you trying to say that you make one payment to prepay for all the food, energy (electricity, gas, etc), water & sewer bills, taxes, and other consumables that you will use, consume, or otherwise be obligated to pay in the following three months? And that is somehow called "living without monthly expenses"? OK. I get that, so the expenses aren't monthly, but they are quarterly (you said 3 months)?
I've been waiting over 5 years with bated breath for someone to say that!
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