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Dave Ramsey


rms128

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Both of my parents grew up really poor. When they raised me and my sisters they really pushed ideals of saving money and working hard and most importantly: PAYING OFF DEBT. Both me and my sister G, who went to college, paid off our student loans in record time. I paid until it hurt sometimes... just because I wanted the debt off my back. I was talking to a coworker about this yesterday and he suggested that I must be a Ramsey fan.... I did not know who he was talking about..... Turns out it was this guy, Dave Ramsey... a debt expert, who writes books and has a radio show. What I read from him so far I really like! I don't agree with all of his principles---- such as No credit cards, ever (you have to build credit some how)... but he seems pretty cool....does anyone here follow his advice?

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I've never heared of this guy but...i'll say that my folks come from a poor background and they have thought me to spend only what i have, and pay my bills on time.

 

And so far that what i have been doing. As for the gurus well its common sense save, spend what you have, if money is tight don't buy what you don't need, and pay your bills on time.

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I'm pretty financially minded and wasn't a fan of him when I found out about him....I started watching some of his shows recently and realized that while a lot of his approaches aren't always the strongest, they are usually the best advise for the greatest number of people.

 

For someone who doesn't know a lot about finance and is interested in learning, I'd recommend his stuff, David Bach (Automatic Millionaire) and the 'Rich Dad, Poor Dad' series. The Richest Man in Babylon is also a great short story that presents a lot of information in a very simplistic way.

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Yeah I've heard of him and have listened to his show on the radio when I'm doing longer commutes. I enjoy the show and I really should listen to it more. I like how he really just gets down to the nuts and bolts of things and does not try to sugarcoat a lot of stuff.

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I don't agree with his theory on credit cards (don't have them, pay for everything in cash).... You have to carry a little debt. When I got out of college I had never had a credit card and as a result had no credit. My dad had to co-sign for everything. If I had a credit card and had paid the bills I would have had some credit. Overall I think some of his extreme principles could help someone who really needs help.

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That's the thing, yes, cash is king but if you also don't have credit which for most middle income earners, it's impossible to buy a house or any major purchases that may be necessary.

 

Of course that doesn't mean a person needs a $50,000 high end luxury vehicle for whatever reason while he/she can probably pay cash by saving and buying something used for fraction of the cost.

 

It's all about responsibility, I don't believe in completely starting your life out without a credit but also start out small and only have credit that's needed to grow the score until you need to purchase something like a new home. If you're saving and investing the rest wisely, chances are you won't need to slap down a credit card because your car or something major happens that you cannot pay in cash. Some use a 0% balance transfer and take advantage of the system and pay the balance full within few months. There are many ways to avoid paying interest and keep your monthly payment down that's unnecessary.

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