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What the hell cars are they buying that cost 1100/month and 400/month to insure??
I know a family that spends more money to insure a Ford Explorer and a Honda Accord than my buddy does to insure a 2018 Ferrari. All have clean licenses but the Ford/Honda family has a teenager on the policy. Both live in the same area. The Ford/Honda combo isn't worth 30K, the Ferrari was bought new for just over 300K.
It also depends what else you cover. My car insurance is probably expensive to most people, I don’t know, I never shop around and won’t ever either. My carrier is the best and I’m not paying for the cheapest I’m paying for the best. That means my cars all carry agreed upon value insurance so if I wreck my Camaro I get a check for $40,000 no questions asked. I don’t have to haggle over what it was “worth.” There is no real depreciation on my vehicle as it has 8,000 miles, six years old or not, so since the replacement cost would be about $40,000 that’s what I expect if it’s totaled. Not some pathetic KBB value that doesn’t put me back into the same exact car. This already happened once when I got hit by a drunk driver and my 2010 Camaro was totaled. Got a great rental, Dodge Challenger I think (Charger? I can’t recall which is the better one), for two weeks while the thing processed then got my check and bought a brand new Camaro. That’s the service I expect and am willing to pay for it.
I also have to carry a high liability policy to protect myself so I’m not looking for cheap insurance. I’m looking for a great company with a top notch legal team and that treats me the way I want. The whole experience with them means I’m untouchable by other insurance companies because I’m loyal to mine
WRONG. If you followed his advise, you would be a millionaire within 20 years of being out of debt, and certainly wouldn't work until your 75.. No idea where you got that from, must be just making stuff up... . Dave Ramsey has never said anything along the lines of working until your 75, more like the exact opposite..
The OTHER part, that people seem to ignore on this forum, is after you are out of debt, you invest, save, and become a millionaire.
He backs up how to become a millionaire with actual data, and facts, $350 / month for 20 years in 4 different mutual funds, all the data and statistics show you will be a millionaire
All of his Mutual funds outperform the S&P500 ..
so, tell me what it’s like being employed by Mr. Ramsey
I know a family that spends more money to insure a Ford Explorer and a Honda Accord than my buddy does to insure a 2018 Ferrari. All have clean licenses but the Ford/Honda family has a teenager on the policy. Both live in the same area. The Ford/Honda combo isn't worth 30K, the Ferrari was bought new for just over 300K.
Risk is the true driver of insurance costs.
Risk is just one driver. While they can no longer use the color of your skin, they use residency, age, credit score and even how long you've had the policy (higher rates for loyal customers). Surprisingly, mileage is considered a minor factor.
If you're paying cash for the car, who cares whether it's new or used? Mid-market cars depreciate so slowly that if you are the type to keep a car until it ages/wears to the point where it's unreliable, the cost of ownership is the same new vs late model used. If you're buying from the "this car depreciates like a stone" list, then yeah. Don't buy new. Let someone else eat that depreciation.
From a personal finance point of view, the issue is borrowing to buy a car or leasing a car where it's really easy to fall into the trap of "It's just another $100/month" or "It's just another 2 years of payments." I always pay cash for my cars. It keeps me from over-spending. If you have to borrow money to buy a car, you should be buying to meet your transportation needs, not feed your ego.
Sorry if this has been said (wasn't going to read through all 51 pages)
I've never been very impressed with the Dave Ramsey disciples. Most only care about being debt free without realizing that your net worth is more important. I don't buy for a 2nd that all debt is bad debt. If I'm in debt and paying 3% and have an opportunity to make more (with a minimum of risk), I'll have no problem being in debt. It has served me well over the years versus people that were so overly conservative that they basically took no risk and got little in return.
Sorry if this has been said (wasn't going to read through all 51 pages)
I've never been very impressed with the Dave Ramsey disciples. Most only care about being debt free without realizing that your net worth is more important. I don't buy for a 2nd that all debt is bad debt. If I'm in debt and paying 3% and have an opportunity to make more (with a minimum of risk), I'll have no problem being in debt. It has served me well over the years versus people that were so overly conservative that they basically took no risk and got little in return.
Years ago the logic was farmers should not retire with debt.
A neighbor, who was a risk taker said,........." If my neighbor is debt free and has a net worth of $500,000, is he better off than me who still has debts of $500,000 but my total worth is $1,500,000."?
Sorry if this has been said (wasn't going to read through all 51 pages)
I've never been very impressed with the Dave Ramsey disciples. Most only care about being debt free without realizing that your net worth is more important. I don't buy for a 2nd that all debt is bad debt. If I'm in debt and paying 3% and have an opportunity to make more (with a minimum of risk), I'll have no problem being in debt. It has served me well over the years versus people that were so overly conservative that they basically took no risk and got little in return.
Clearly those people have to be small thinkers and not understand real estate at least. Try building $40-100 million buildings with no debt. It’s called leverage, and every wealthy entrepreneur uses it.
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Dave Ramsey has never said anything along the lines of working until your 75, more like the exact opposite..
