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Old 10-20-2017, 07:32 PM   #21
Huntman3
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Originally Posted by JFolm View Post
I read that your 401k has a 3.5% guarantee the first time.

Would it not be more financially sound to have a cheaper car that doesn't have a note and then put the additional money that was originally directed to paying the car note towards the 401k, potentially maxing it out? You are stating the cheapest way to have a newer financed car. Not the best situation for your 401k.

Are you factoring in the depreciation of your vehicle compared to the 3.5% on your guaranteed 401k?
My 401k is maxed out every year and has been for 37 years. I can afford not to drive a cheaper car and do not want to. So I use the banks 1.8% money to finance my car and earn 3.5% on the cash I am not driving around in a vehicle every day - think about it
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Old 10-20-2017, 10:20 PM   #22
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Originally Posted by Huntman3 View Post
Yes I agree - some of his advice is good and for people who struggle with finances and need guidance he is very helpful. I agree with him on many philosophies -

And I agree all debt is not bad - I use a credit card alot and get 2% credit on every purchase made. I pay it off in full each month. So I am buying everything I buy at a 2% discount - adds up.

I have auto loans on my vehicles. Why? Because I pay under 2% financing charge on them while I earn a guaranteed 3.5% on my fixed account 401K. That is called arbitrage. I can also pay off all auto loans any time but makes no sense.

He just gets a little full of himself at times which turns me off.
Yup..... is there anyone we all can agree upon 100 pct? Likely not , but we all start somewhere and it's just that,,, a start.

Have a good weekend fellas. ..
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Old 11-03-2017, 03:06 PM   #23
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Originally Posted by Huntman3 View Post
Yes I agree - some of his advice is good and for people who struggle with finances and need guidance he is very helpful. I agree with him on many philosophies -

And I agree all debt is not bad - I use a credit card alot and get 2% credit on every purchase made. I pay it off in full each month. So I am buying everything I buy at a 2% discount - adds up.

I have auto loans on my vehicles. Why? Because I pay under 2% financing charge on them while I earn a guaranteed 3.5% on my fixed account 401K. That is called arbitrage. I can also pay off all auto loans any time but makes no sense.

He just gets a little full of himself at times which turns me off.
He is talking to the masses and to them, debt is bad simply because the average person isn't smart enough to handle it. You have a rational approach to debt but I guarantee someone you know is in big debt with no clue how to get out.
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Old 11-10-2017, 04:56 PM   #24
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I think Dave Ramsey is great for his target market. Which is mostly younger people who are swimming in debt with two new car payments, a house that is more than they need or can afford and a boatload of credit card debt.

It's mostly common sense basic financial counseling. Think of it as fiscal responsibility 101.

I would not confuse him with say a Rick Adelman who's financial advice is geared to a little more experienced investor.

I don't think either of them give "bad" advice. And if you follow either one of them you will be fine in the long run. It's just geared for different clientele.

You can retire well following either one's advice. Just pick the approach that works best for you.
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Old 11-13-2017, 05:16 PM   #25
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Listened to him again today - caller asked about parents who are in their 60s - they have $300K in retirement savings and asked if they should use $100K to pay off their mortgage. Only income is their SS.

Dave says - pay the mortgage off and that will leave $200K to generate additional income at $15-20,000 per year. So he is assuming a 7.5-10% return year in and year out with no mention of inflations impact on them.

So if the callers parents and other listeners take his flippant advice most likely they will be broke in 10-15 years.

Listen to his podcast if you like and tell me I am wrong? So once again - he has a place for folks who cannot control spending or debt - but to toss out advice that could truly affect peoples lives in a negative way is flat wrong
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Old 11-14-2017, 08:08 AM   #26
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Originally Posted by al_carl View Post
Wow, I can't imagine how it must be to dislike someone so much that you have to listen to them every day to try and prove them wrong. I've got better things to do with my time.
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never said I listen to him everyday.
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Listened to him again today
LOL, OK, so just most days
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Old 11-14-2017, 06:43 PM   #27
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Originally Posted by al_carl View Post
LOL, OK, so just most days

yeah why do I care or even mess with caring enough to post?

Because this guys is giving much bad advice to the public -

I will just go away now and let Dave keep feeding the general public really really bad advice in most cases - while making his millions off of people who cannot think for themselves - see ya

PS I forgot to add a junior high emoji like you did - nice work
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Old 11-14-2017, 06:54 PM   #28
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Well. Let’s look at it from a different angle. In the other thread you mentioned that 4-5% is a realistic number to go by. The caller actually said they owed $88,000. So their return on that $88K would be ~4K per year. I would guess their interest rate isn’t much different than that so it seems to be a wash. Surely their P&I payment is much higher.

Also, their property is worth $400,000. Would your advice to them be to mortgage to the hilt and invest that money?

But, of course, you also missed the most important point. He specifically said, if they will continue to live beneath their means THEN he would do the deal so that they didn’t deplete their nest egg.


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Old 11-14-2017, 07:14 PM   #29
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Originally Posted by al_carl View Post
Well. Let’s look at it from a different angle. In the other thread you mentioned that 4-5% is a realistic number to go by. The caller actually said they owed $88,000. So their return on that $88K would be ~4K per year. I would guess their interest rate isn’t much different than that so it seems to be a wash. Surely their P&I payment is much higher.

Also, their property is worth $400,000. Would your advice to them be to mortgage to the hilt and invest that money?

But, of course, you also missed the most important point. He specifically said, if they will continue to live beneath their means THEN he would do the deal so that they didn’t deplete their nest egg.


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you listened to an entirely different caller - but no problem - believe on
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Old 11-14-2017, 07:20 PM   #30
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Originally Posted by Huntman3 View Post
you listened to an entirely different caller -


Really? A guy called in for his parents who were 64 and 67. They had a $400,000 property that they owed $88,000 on. They had $300,000 in retirement and their only other income was SS. Sounds exactly like what you described. Dave did use $100,000 and $200,000 instead of $212 and $88 in his explanation though. He also used the $15-20,000 figure you referenced. I’m pretty sure we are talking about the same caller.


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