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I remember as a kid back in the 70's shoppers used to have these clicky things to keep track of the amount in your carts.
I try to shop with a list at the grocery store but often get side tracked if something is marked down. Overall it all balances out as I tend to buy the same things over and over. Sometimes they are on sale and sometimes they aren't.
For grocery shopping a always make a list in the order that I walk through the store (a little OCD perhaps)and I stick to the list he vast majority of the time.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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IMO, for his target audience, CC are a problem.
IMO, Don't believe in cash back/rewards cards.
I do use a credit union CC @7.5% interest to manage cash flow and a 24% Chase rewards card to build Credit scores.
Dave Ramsey makes the false claim that in order to get a good credit score, you have to pay $100,000 in interest. I have no idea whether he really believes this or not, but it is still false.
Strange. You don't have to pay a penny in interest. Unless he's counting mortgages and cars .....
Credit Cards are fine...just another form of payment. I use debit and cash only...because of the simplicity of it. We generally do our best not to spend money...the points wouldn't add up to much.
I don't spend much, but I get 2% back at the grocery store, so to me, why not? free money. Let it accumulate and then give it to savings or (for me) the mortgage. I get 1% anywhere and 5% when I have to make an electronics purchase. Another card gives me 2% at gas stations so that's another why not? 5% on Amazon purchases
I go ahead and use the Amazon points right away on the next purchase. Makes everything 5% off all the time. /shrug
The 5% I get back on my fuel - which is a fixed expense because I'm going to drive to work everyday - outweighs any sermon by Dave Ramsey about the evils of credit cards. That said, I don't put anything else on the credit card, so...
Sometimes you don't get the money back. My older friends just got stuck paying $1000.00 on their stolen card. If the charges go through before you call the back it is your loss.(at least that is what their bank told them) Debit cards are horrible.
How can that be? My cc doesn't tell me every charge I make as I make it. I have never heard of being held liable for unauthorized fraudulent charges. What bank cc is this?
How can that be? My cc doesn't tell me every charge I make as I make it. I have never heard of being held liable for unauthorized fraudulent charges. What bank cc is this?
Yeah that isn't right. I didn't know my card was used because it wasn't missing. A server at a restaurant copied the info and charged that way. I didn't know until my statement came and said those are not mine and that was the end of that.
He also thinks it is a good idea to drive a clunker. Not surprising coming from a millionaire. He also doesn't have a good answer for how to build up your credit score without ever going into debt. I guess we are supposed to save money to buy a house. By then we are 80 years old and will be leaving the house for the kids. Thank you Dave. I'd rather go into debt but live.
Yeah that isn't right. I didn't know my card was used because it wasn't missing. A server at a restaurant copied the info and charged that way. I didn't know until my statement came and said those are not mine and that was the end of that.
Yup. I had a similar thing. All I had to do was call when I received my statement signed a declaration stating the charges were fraudulent and that was that. CC companies are getting smarter and forcing the vendor to demand the customer show ID at the transaction.
Quote:
Originally Posted by HappyRider
He also thinks it is a good idea to drive a clunker. Not surprising coming from a millionaire. He also doesn't have a good answer for how to build up your credit score without ever going into debt. I guess we are supposed to save money to buy a house. By then we are 80 years old and will be leaving the house for the kids. Thank you Dave. I'd rather go into debt but live.
Well I think the clunker deal is only while you're getting out of debt. I don't think he's saying drive a clunker forever. At least that's my impression.
If you're buying cash all the time your credit score isn't as important f you don't need to have credit extended. Granted he' got a few million bucks at his fingertips so he doesn't need credit. I doubt most people using his system will get that rich. If they do that's wonderful.
As for buying a house cash ok really that depends on where and the COL in that area. The COL and the wages for a area are are usually inline with one another. But a person that saved up money can move to a lower COL and buy cash. Otherwise a person making $35k is going to have the same issues saving as a guy making $70k a year. Each will have a price/savings ceiling. Hell I won't buy a house cash. The interest rate I got on my loan I would have to be insane to pay it off all cash. I can simply make high enough additional payments over monthly payment to kill any profit the bank will make. That's going to absolutely kill that loan fast enough. If I need the money for something I simply make my normal payment. I allocated a certain amount per month to the house payment. I'm below that allocation for my payment. So the extra is still allocated to that payment
While DR advice is good on how to get out of debt that's it. It's all about getting out of debt. There is nothing after that imo. His advice for building wealth is so so imo.
The problem with getting out of debt is it requires a lot of self control and sacrifice. That's harder for most than anything else. The mental change in spending and saving patterns are next to impossible for most.
Last edited by Electrician4you; 03-09-2017 at 05:07 AM..
I can simply make high enough additional payments over monthly payment to kill any profit the bank will make.
It doesn't change the percentage of profit the bank makes but it will reduce the length of time they will make that percentage of profit. They just loan the extra money back out again and collect the fees for originating the new loan so their profit may actually go up.
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