Poll

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
Invest 15% of household income into Roth IRAs and pre-tax retirement (401k Etc.)
College /Simcha fund for children
Pay off home early (prepay mortgage)
Build wealth and give!

Author Topic: Dave Ramsey Plan  (Read 106156 times)

Online aygart

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Re: Dave Ramsey Plan
« Reply #540 on: November 24, 2020, 11:12:12 PM »
Thats my goal. Thank G-d Im starting pretty young. so current actions can make a huge difference over time.
In which case his equal split between categories is probably not the best plan for you.
Feelings don't care about your facts

Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #541 on: November 24, 2020, 11:14:08 PM »
In which case his equal split between categories is probably not the best plan for you.
I agree that probably equally split is not the best. but the overall categories itself might make sense for me.
#TYH

Online aygart

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Re: Dave Ramsey Plan
« Reply #542 on: November 24, 2020, 11:16:26 PM »
A large part of the equation is how much time you will be able to spend on managing it and how consistent you will be in doing so. Another part is how well will you be able to stick to your plan in the face of losses or gains from a portion of your portfolio. Just for this it is often worth paying an advisor.
Feelings don't care about your facts

Offline ExGingi

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Re: Dave Ramsey Plan
« Reply #543 on: November 24, 2020, 11:20:27 PM »
A large part of the equation is how much time you will be able to spend on managing it and how consistent you will be in doing so. Another part is how well will you be able to stick to your plan in the face of losses or gains from a portion of your portfolio. Just for this it is often worth paying an advisor.

Quite a few of the online brokers currently offer robo-advisors. I have no experience, but I would assume they can't be too bad in this competitive market. The regulatory environment doesn't really lend to a human advisor unless it's a large account. A good advisor needs to make a living.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #544 on: November 24, 2020, 11:20:46 PM »
A large part of the equation is how much time you will be able to spend on managing it and how consistent you will be in doing so. Another part is how well will you be able to stick to your plan in the face of losses or gains from a portion of your portfolio. Just for this it is often worth paying an advisor.
valid points. current and near future portfolio size is difficult to have an advisor. I do have one lined up that told me to come back when its a bit larger.
#TYH

Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #545 on: November 24, 2020, 11:23:25 PM »
Another part is how well will you be able to stick to your plan in the face of losses or gains from a portion of your portfolio.
This is a big concern for everyone.
I have my youngest daughter in set it and forget it mode. She gets matching funds from employer. Contribute the max and don't even look at it.
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Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #546 on: November 24, 2020, 11:24:34 PM »
valid points. current and near future portfolio size is difficult to have an advisor. I do have one lined up that told me to come back when its a bit larger.
You are the point of getting your feet wet and being comfortable in what you are doing.
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Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #547 on: November 24, 2020, 11:25:31 PM »
You are the point of getting your feet wet and being comfortable in what you are doing.
Finally.  after all these posts tonight you finally figured out where I am at ;D
#TYH

Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #548 on: November 24, 2020, 11:28:09 PM »
Finally.  after all these posts tonight you finally figured out where I am at ;D
I knew where you were at with my first post on this.
I was trying to help and I either didn't make it clear or ...
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Offline avromie7

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Re: Dave Ramsey Plan
« Reply #549 on: November 24, 2020, 11:31:16 PM »
I am not big on mutual funds. I would stay away from international funds at this time since the US should outperform others.
Also with the market at an all time high I would highly recommend DCA (dollar cost average). Tons on articles explaining it if you are not familiar with it.
The bottom line is you need to do your research. If not just put it in a major S&P fund.
Based on his current situation, he will be doing something close to DCA by default.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #550 on: November 24, 2020, 11:36:32 PM »
Based on his current situation, he will be doing something close to DCA by default.
I have no idea. He might have 5k he is thinking of investing.
Either way it is good to understand this basic principal.
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Offline Yehuda57

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Re: Dave Ramsey Plan
« Reply #551 on: November 24, 2020, 11:41:40 PM »
Does he bring up DCA at all? I didn't see it glancing over the link.

He does speak about this. Googling dca Dave Ramsey will produce results.

I knew where you were at with my first post on this.
I was trying to help and I either didn't make it clear or ...

Definitely wasn't clear. Just looked like you were using it to take shots at DR. That's why a little explanation would have gone a long way.

Like I said in my initial post on this thread, once you get to the investing stage, you should be getting an advisor, even according to DR.

Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #552 on: November 24, 2020, 11:45:07 PM »
Like I said in my initial post on this thread, once you get to the investing stage, you should be getting an advisor, even according to DR.
I strongly disagree. Most people will never need an advisor.
Definitely wasn't clear. Just looked like you were using it to take shots at DR. That's why a little explanation would have gone a long way.
I try to be short and to the point.
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Offline yitzgar

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Re: Dave Ramsey Plan
« Reply #553 on: November 24, 2020, 11:48:16 PM »
Was hoping for some real popcorn here now that certain people were banned on other threads.....don't stand down so quickly CV!

Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #554 on: November 24, 2020, 11:50:15 PM »
Was hoping for some real popcorn here now that certain people were banned on other threads.....don't stand down so quickly CV!
This isn't JS so no popcorn from me. I try and help in these threads even if it is not taken that way.
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Offline Mordyk

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Re: Dave Ramsey Plan
« Reply #555 on: November 24, 2020, 11:50:26 PM »
I strongly disagree. Most people will never need an advisor.

 I try to be short and to the point.
To your first point, I disagree.   I can be the best at what I do. I can't be the best at everything.  But I can sure hire the best of each field that I need. If I build a house I can technically learn how to do everything, but I'm better off hiring the person that knows it best and can tell me which sheetrock will be best and then I will understand. Same with a financial advisor.


To your second point,
You were short and to the point. But your point came across as just another one of your shots against DR. So perhaps it was a bit too short ;)

Offline CountValentine

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Re: Dave Ramsey Plan
« Reply #556 on: November 24, 2020, 11:54:15 PM »
To your first point, I disagree.   I can be the best at what I do. I can't be the best at everything.  But I can sure hire the best of each field that I need. If I build a house I can technically learn how to do everything, but I'm better off hiring the person that knows it best and can tell me which sheetrock will be best and then I will understand. Same with a financial advisor.
What's the difference between a financial advisor and the S&P 500? S&P 500 will out preform most of them. Now before anyone gets their panties in a knot, yes a FA will do more than just recommend stocks.
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Offline neveryou

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Re: Dave Ramsey Plan
« Reply #557 on: November 25, 2020, 12:10:23 AM »
What's the difference between a financial advisor and the S&P 500? S&P 500 will out preform most of them. Now before anyone gets their panties in a knot, yes a FA will do more than just recommend stocks.
Difference is that I'm up 375% in the past 5 years with a financial advisor

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Re: Dave Ramsey Plan
« Reply #558 on: November 25, 2020, 12:13:54 AM »
Difference is that I'm up 375% in the past 5 years with a financial advisor
...and TSLA blows that out of the water. What's your point?
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Offline neveryou

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Re: Dave Ramsey Plan
« Reply #559 on: November 25, 2020, 12:14:33 AM »
...and TSLA blows that out of the water. What's your point?
Compared to sp500