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I've noticed that a lot of stores and pharmacies in my area won't accept cash right now. For all of those Dave Ramsey followers who eschew credit cards, what are they doing during the this time? The envelope system maybe doesn't work quite as well during a pandemic.
First of all, never tie any purchase to your bank account. I learned this the hard way when I used it to buy gas. within hours there were hundreds of $$$ of purchases across the country on that same debit card. I was reimbursed by my bank, but it took at least a couple of weeks.
What I did was take Tom Sullivan's advice to self-fund a low balance card specifically for online and store purchases. I put a $400 limit on it. Then I pay it off the next day from the checking account. It makes me feel less vulnerable to know the most scammers will get will be $400 or less.
I'm a fan of Dave Ramsey, I wish he would stop encouraging people to use debit cards only. It's way too risky in today's world.
First of all, never tie any purchase to your bank account. I learned this the hard way when I used it to buy gas. within hours there were hundreds of $$$ of purchases across the country on that same debit card. I was reimbursed by my bank, but it took at least a couple of weeks.
What I did was take Tom Sullivan's advice to self-fund a low balance card specifically for online and store purchases. I put a $400 limit on it. Then I pay it off the next day from the checking account. It makes me feel less vulnerable to know the most scammers will get will be $400 or less.
I'm a fan of Dave Ramsey, I wish he would stop encouraging people to use debit cards only. It's way too risky in today's world.
If you have any credit history worth anything there’s no reason to go with a secured credit card
I've noticed that a lot of stores and pharmacies in my area won't accept cash right now. For all of those Dave Ramsey followers who eschew credit cards, what are they doing during the this time? The envelope system maybe doesn't work quite as well during a pandemic.
ONE of my issues with Ramsey is that he also advises people that once they have just $1,000 as an emergency fund, start throwing EVERYTHING, meaning ALL extra money at your debt.
While I know way too many people don't even have 1K saved, I've always thought that only 1K was waaaay to little to have as an EF.
So my question would be: "For all of those Dave Ramsey followers who only had 1K saved who have now been out of work for two months or more -- what are they doing now?
It's almost worth giving him a listen just to hear what he's saying now. "Dave you told me I only needed to have a-thousand dollars in an EF, and only deal in cash or debit card, to stop contributing to my retirement accounts, to not even have even one low limit credit card..... AND that I could always work two jobs. Now what do I do? Answer: well you could still deliver pizzas. And some companies ARE still hiring.
(Food delivery gigs are always a "go to" suggestion for him.)
Instead of mocking Dave Ramsey, I think people should ponder the implications of getting rid of cash, where every transaction can be traced. This isn't being done to benefit the average person and is a perfect example of how a crisis is used to track, monitor, and control the populace even more than was already occurring.
First of all, never tie any purchase to your bank account. I learned this the hard way when I used it to buy gas. within hours there were hundreds of $$$ of purchases across the country on that same debit card. I was reimbursed by my bank, but it took at least a couple of weeks.
What I did was take Tom Sullivan's advice to self-fund a low balance card specifically for online and store purchases. I put a $400 limit on it. Then I pay it off the next day from the checking account. It makes me feel less vulnerable to know the most scammers will get will be $400 or less.
I'm a fan of Dave Ramsey, I wish he would stop encouraging people to use debit cards only. It's way too risky in today's world.
Lies.
Go look at both MasterCard and Visas websites.
They both offer the EXACT SAME protection to both their debit and credit cards.
I have debit card info stolen about 1x every 2 years, I just switch to a different account and only 1x has it taken longer than 24 hours to get my money back.
...but then I haven't even gone to town in over 3 months. I live on <1/2 my pension and I'm one of those crazy prepper/homesteader people and I've been throughly enjoying working in my garden, orchard, and offgrid homestead.
I hadn't listened to DR in probably 20 years till a couple days ago he popped up on my youtube. Listened to a couple and heard one applicable to another comment:
"I meet lots of millionaires and I've never met one who told me it was from credit card points"
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