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Oh yeah, he's a genius. He tells people making 6 figures that if they will just cut back on luxury items they can save money and pay off debt. He's brilliant.
If caller are struggling on lower incomes (which is most of America), he tells them they have an "income" problem. His suggestion is often to just go out and get an extra job "delivering pizzas".
Apparently, delivering pizzas is paying very well these days. Who knew?
Also, be sure to pay cash for your car. Don't you know there are lots of great, reliable used cars out there for sale for $5,000? He says there is. I haven't seen such a thing in about 20 years.
Additionally, most people these days are not using credit cards for frivolous wants. They are using them for emergencies because years of stagnant wages have made it very difficult to build savings.
I think he is a snide sounding, out-of-touch jerk.
Timeshare Exit Team told the Morrills that it would cost them more than $41,000 to get them out of their timeshare. The couple agreed to do so, figuring they could put the financial mishap behind them, according to prosecutors.
Yet once the contract with Timeshare Exit Team was executed in May 2020, the company allegedly advised the couple that their $41,200 contract with them would make it harder to get out of the timeshare contract with Diamond Resorts, the lawsuit claims. After advising the Morrills to not tell the timeshare company of their efforts to get out of the timeshare, Timeshare Exit Team allegedly suggested that the couple stop making payments on the agreement. When Diamond Resorts put the couple into collections for their lack of payment, Timeshare Exit Team stopped returning calls from the Morrills, the lawsuit says. The experience devastated the couple’s credit.
When it comes to time shares, just say NO. I once went to a time share presentation for the freebies. I would rather be kicked in the groin area with a steel toed boot than go to another presentation.
When it comes to time shares, just say NO. I once went to a time share presentation for the freebies. I would rather be kicked in the groin area with a steel toed boot than go to another presentation.
I actually managed to get thrown out of a presentation (still got the freebies). Seems the salesman got a little touchy when I pressed him about getting the financials for the development he was peddling, he'd only give the financials for a broker they recommended for selling weeks you wouldn't be using.
Oh yeah, he's a genius. He tells people making 6 figures that if they will just cut back on luxury items they can save money and pay off debt. He's brilliant.
People making 6 figures (low 6 figures at least) are his target audience. Most of his callers are upper-middle class people with spending problems. They can certainly afford to have a comfortable life, but live like they're rich and as a consequence they're deep in debt.
Quote:
Originally Posted by RogueMom
If caller are struggling on lower incomes (which is most of America), he tells them they have an "income" problem. His suggestion is often to just go out and get an extra job "delivering pizzas". Apparently, delivering pizzas is paying very well these days. Who knew?
What other advice do you have for such people? You can hold your breath and hope that the government raises the minimum wage or cancels student loan debt, but that's not going to happen. Getting an extra job can raise your income substantially.
Quote:
Originally Posted by RogueMom
Also, be sure to pay cash for your car. Don't you know there are lots of great, reliable used cars out there for sale for $5,000? He says there is. I haven't seen such a thing in about 20 years.
You also don't need to drive an $80,000 Jeep Grand Cherokee. this is Dave's typical response when a caller drives a $50,000+ new car and is deep in debt because of it. Dave's advice is out of date but you don't need to spend a lot of money to get a reliable car. And paying cash is the best option because most people are financing cars they can't afford.
Quote:
Originally Posted by RogueMom
Additionally, most people these days are not using credit cards for frivolous wants. They are using them for emergencies because years of stagnant wages have made it very difficult to build savings.
Maybe, but that doesn't negate the fact that there are many people using credit cards for frivolous things.
Quote:
Originally Posted by RogueMom
I think he is a snide sounding, out-of-touch jerk.
I've gone on some pretty insane trips and RARELY return to the same destination but certainly not annually. With VRBO why would you even want a 2nd home or timeshare? Rent for a week, save for 51 more weeks!
People making 6 figures (low 6 figures at least) are his target audience. Most of his callers are upper-middle class people with spending problems. They can certainly afford to have a comfortable life, but live like they're rich and as a consequence they're deep in debt.
What other advice do you have for such people? You can hold your breath and hope that the government raises the minimum wage or cancels student loan debt, but that's not going to happen. Getting an extra job can raise your income substantially.
You also don't need to drive an $80,000 Jeep Grand Cherokee. this is Dave's typical response when a caller drives a $50,000+ new car and is deep in debt because of it. Dave's advice is out of date but you don't need to spend a lot of money to get a reliable car. And paying cash is the best option because most people are financing cars they can't afford.
Maybe, but that doesn't negate the fact that there are many people using credit cards for frivolous things.
No disagreement there.
While I agree with all of this, I am saying that he is not some kind of financial genius or brilliant guru for pointing out these things. Aren't they all just common sense? Isn't it fairly simple that if you don't live within your means you will get into financial trouble and a lot of debt? Adjusting your spending when you make enough money to live comfortably just by cutting out extra luxuries is not some miracle. Or maybe I'm wrong and a lot of people don't know this simple wisdom and need to be told these things. Wouldn't you think that people with enough intelligence to make six figures would already possess enough common sense to figure this out on their own? Maybe not. If that's the case, I guess Dave deserves credit for tapping into this and being hugely successful at it.
Or maybe I'm wrong and a lot of people don't know this simple wisdom and need to be told these things. Wouldn't you think that people with enough intelligence to make six figures would already possess enough common sense to figure this out on their own?
This. Have you ever heard the phrase “a fool and his money are soon parted?” Many people, regardless of intelligence, make very foolish money decisions. As Dave Ramsey says, “common sense is so rare today, if you have it, it’s like a super power.” Sadly, he is 100% correct.
This. Have you ever heard the phrase “a fool and his money are soon parted?” Many people, regardless of intelligence, make very foolish money decisions.
Agreed 100%. People have lots of reasons why they overspend and/or do not save adequately, ranging from jealousy to insecurity to making up for a deprived childhood, etc. You can be an intelligent, successful person and be horrible in managing money. I am an attorney and have seen it many, many times.
You also don't need to drive an $80,000 Jeep Grand Cherokee. this is Dave's typical response when a caller drives a $50,000+ new car and is deep in debt because of it. Dave's advice is out of date but you don't need to spend a lot of money to get a reliable car. And paying cash is the best option because most people are financing cars they can't afford.
Paying cash isn't the best option though. Currently have close to 50k car note. The interest rate isn't spectacular at 4.5% but with inflation what it is right now also not terrible. I don't leave that kind of money stuffed in a savings account making .15% interest to pay cash. What I do leave in checking/money markets is an emergency fund, not my buy a vehicle mattress stuffing fund. I do have enough outside of tax deferred retirement accounts I could pay cash. Liquidating them to pay cash though isn't the best options.
Nobody needs a 50k car. It's a luxury purchase that you make because you can afford it and want to spend your money on it. I had my budget I was comfortable spending which really has nothing to do with affordability. If I wanted to liquidate investments I could have paid cash for a more expensive car and the amount that banks will lend to you is way more than I'd be comfortable with.
The problem with "cash is the best option" mentality for people who have to spend all their money is they still have to spend all their money. Rather than doing something financially intelligent, they're relying on really a stupid rule that limits how stupid they can be. That's dumb. If cashed out my non-tax deferred investments and drained my bank accounts, I could go pay cash for a 125k Lucid Air, Porsche Taycan, or Tesla Plaid. I have absolutely no business paying that much for a car. The reason I could is because I don't have the spend all the money mentality.
actually at 70 we are well situated financially and my reward is going to be a porsche macan T.
i always loved cars but so far while owning quite a few bmws i never spent as much as i will on what will likely be my last high end vehicle
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