George should've brought up 4% withdrawal rate in retirement. His advice is most hated by Dave 😂

@jasonmoquin

7 ай бұрын

That was likely excluded intentionally. Dave probably reamed him out in a very unkind way, for presenting a more reasonable ... and safer... withdrawal rate that conflicted with his advice. He was probably told by Dave to never give that advice again. After I post this I think I'm going to see if he made George take that video down, as well. I follow a lot of high-end financial content creators and they, by and large, agree on this topic. Some will go 5%, but most say 4% just to be safe. They also do the math and break the data down over protracted periods of time, as well as use short-term projections factoring in the down-turns in the current markets just in case you are on the verge of retirement during a down-turn. The consensus is, even if you're lucky and somehow manage that magical 12% return for more years than not(the last 4 years for me have been horrible), you have a MUCH higher chance of running out of money pulling twice the withdrawal amounts every year. That is just asking for trouble, in my opinion. I'm going to aim for 4% so I know that I'll never run out. George gave good advice on this one and Dave is not living in the same realty as the rest of us.

@jasonmoquin

7 ай бұрын

FYI, George's video is no longer on his content page, unless I somehow managed to overlook it(went through the menu 4 times, just to be sure). That is a very unfortunate choice, making George take that down. Zero stars.

@lyndabelknap8367

7 ай бұрын

George caved and took it down.

@nicholas5396

7 ай бұрын

@jasonmoquin can I suggest a different approach. Instead of a % figure out the actual dollar amount you'll need your portfolio to provide. I don't know your situation but if for example you and a spouse were both going to collect $25,000 a year from social security for a combined total of $50,000, and you were going to be gettin another $40,000 from a pension (if you have one), giving you a total income of $90,000. In this fictitious scenario let's say you and your spouse decide you need to have a total income of $130,000 a year in retirement. That means you just need your portfolio to produce $40,000 a year. If you have one million dollars in your portfolio that equates to 4%, but if you have say 2 million, you'd only be taking 2%. The idea is to take what you need not an arbitrary percentage. Again I don't know your situation but look up the bucket strategy for retirment income. It'll give you one example how you can build a perpetual income stream from one bucket having enough cash for 2 years, a second bucket of bonds in 2 to 5 year duration producing income that flows back into bucket one, and the third bucket where your equity and growth stocks are. These have a time horizon of 7 plus years. In that time the dividends will flow also into bucket one. Anyway there's a bit more to it but that's a brief over view. The great part is it is based of a dollar amount. Not a percentage. Just a suggestion. Not saying percentage won't work for ya, just another option.

@nicholas5396

7 ай бұрын

@@jasonmoquin dang, I guess gotta do what the boss wants. Maybe someday he'll go off on his own

My wife and I pay our CC balance every month and get airline miles. We’ve never had a late payment. We aren’t “trying to get rich” off of it. It’s 100% worth it. It’s possible to use a CC responsibly.

@seoulmansupra

7 ай бұрын

That's the thing though some people are not hence why this show even exists.

@tonypreston7278

7 ай бұрын

@@seoulmansupra I don’t doubt that but they act like everybody uses credit cards irresponsibly and there aren’t exceptions to the rule. Plus, CC’s are more secure than carrying cash.

@andidede3653

7 ай бұрын

​@tonypreston7278 remember that they are a, BRAND, the Dave Ramsey Brand, and they can not flip flop with people on advice for the most part. They also say no CC because the airlines or whoever is giving you the perks can do so because 90% of people do not pay their balances off so by collecting fees and interest they can offer you perks where otherwise they would not offer anything if they were only receiving the ghe principle balance each month from everyone. Its more of a integrity thing also, but yea if you put everything on it that you were going to buy any ways and pay it off its a win win situation.

@VampireKa1n

7 ай бұрын

Yeah nobody is trying to get rich on a credit card. You know what else Wealthy people don't do, folks? Leave money on the table. I get back like $40 per month from regular purchases that I would make anyway. That pays a bill or two, it makes a difference. There's no moral argument since the people who are paying interest have made that choice for themselves.

@seoulmansupra

7 ай бұрын

@@tonypreston7278 they have to else they wouldn't be very convincing in the argument. If they say "some is ok and some is not" then it goes against there standards.

I make close to a full month of my family’s expenses on my credit card rewards. Never pay any interest. I purchase all the items that I resell for my side hustle / eBay fees / and shipping on the card, the balance gets paid off with the money stream and I make close to $200 per month in rewards. Being debt free, my monthly expenses are around $2400 per month total.

Create a video comparing the outcomes of an 8% withdrawal rate against a more conservative approach for retirees in various 30-year periods. Analyze which option performed better and provide insights for diversifying a $250,000 portfolio.

@purplebliss6875

7 ай бұрын

predicting short-term market movements is extremely difficult in reality. It also essentially requires the investor to be right twice: they must perfectly time both their entrance to and exit from the market.

@roberttaylor662

7 ай бұрын

Very true. Despite having no prior investing knowledge, I started investing before the pandemic and pulled in a profit of approximately $950k that same year. In reality, all I was doing was getting professional advice.

@arthurworld9768

7 ай бұрын

@@roberttaylor662 I hope you don't mind if I ask you recommend this particular professional you use their service? I have quite a lots of difficulty sorting myself out in this downtime.

@roberttaylor662

7 ай бұрын

Credits to Monica Amanda McClure one of the best portfolio manager;s out there. she;s well known, you should check her out

@arthurworld9768

7 ай бұрын

I was ready to set up a session with her after seeing her website instantly when I looked for her name on Google. So far, it's interesting stuff.

I've never paid a penny in credit card interest in my life. I make a few thousand a year in credit card cash back annually.

It is so silly when people argue about credit cards w Ramsey. If you want a credit card, get a credit card. You don’t need someone else to support you in every one of your choices. Ramseys team is literally helping people out of debt, it is *not* wrong to advise people to kill their credit card habit.

@EricSmyth4Christ

7 ай бұрын

Exactly Just because it’s smart to use credit cards, doesn’t mean it’s stupid to not use them

@mikezerker6925

7 ай бұрын

Irresponsible use of CCs is bad… but if used wisely it can be an asset

@alexm260

7 ай бұрын

The issue is that he goes beyond simply advising people to live within their means. He espouses many fallacies and outright falsehoods related to credit cards and debt. That is why people take issue with it.

@EricSmyth4Christ

7 ай бұрын

@@alexm260 the ends justify the means Smart people will look past it anyways

@joyfulhomemaker8053

7 ай бұрын

@@alexm260 You do not need a credit score unless you plan on forever being in debt.

Paying off debts from smallest to largest changed my life and how I approach things. Small steps, baby steps, helps keep me on track to win

@janelleg597

7 ай бұрын

🎉💪💪

Cliff notes version: 1. Crypto 2. Credit cards 3. $1,000 emergency fund 4. Debt Snowball vs. Avalanche 5. Separate accounts for couples Based on the reaction he received, they probably should put Dave's rant about 8% retirement withdrawal rate vs. 4%. Dave got hammered in the comments and on the internet by numerous financial experts. So much so, that Ramsey took the video down (at least, I can no longer find it). Wasn't a good look for Dave with his hysterical rant and even throwing George under the bus.

@SnifferSock

7 ай бұрын

Dang I didn't see that one. The 3% was withdrawal to live on in retirement?

@amireallythatgrumpy6508

7 ай бұрын

The fact is 4% is still too high. You're an idiot if you withdraw more than 1%.

@senseiturtle

7 ай бұрын

I'd love to have enough money to live off only 1% of retirement savings... but the more backrests and scenarios I run, 3.0% to 3.5% seems to be about right. Having a separate HYSA for a buffer so you don't sell into a down market also helps.

@ToastbackWhale

7 ай бұрын

I went to find that video and can't find it anywhere! It's hysterical that Dave was wrong enough that they took down the video. Someone needs to teach Dave that "X% average return" doesn't mean "returns X% every year without fail."

@amireallythatgrumpy6508

7 ай бұрын

If you can't find the November 2nd episode of the full show, then you my friend are what's known as "blind". @@ToastbackWhale

The only thing I disagree about is credit cards. I’ve been debt free for 3 years and pay off credit cards weekly. Why? Because I’m an adult.

@Judi4Him4Ever

7 ай бұрын

Ditto. We’re 100% debt free including our house and I use a platinum card with high points and use it to purchase everything I can. I pay it off every two weeks (more or less) and earn enough points to completely pay for Christmas. I haven’t paid a dime in interest in over a decade. I sure as heck am not going to cut up MY credit card, Dave.

@amireallythatgrumpy6508

7 ай бұрын

So when did you leave the USA?

@Judi4Him4Ever

7 ай бұрын

@@amireallythatgrumpy6508 HUH?!

@amireallythatgrumpy6508

7 ай бұрын

Being an adult requires you to think, something that is frowned on in America.@@Judi4Him4Ever

@jasonrodgers9063

7 ай бұрын

Well said!@@Judi4Him4Ever

Not taking a 401k match when getting out of debt, 8 percent withdrawal rate in retirement and paying down extremely low interest rates would be the big 3 for me

@NoRegertsHere

7 ай бұрын

I’d agree. The baby steps don’t technically have the 8% withdrawal rate. If someone follows the structure outlined versus where they were, they are better off than they would’ve been. I think steps 1-3 are good, 401k match aside. The Money Guy is more for ppl who are a bit better with finances. Debt snowball is better than avalanche for behaviour adjusting

Definitely the absurd 8% withdrawal rate should be in the list! It has been disproven for decades. Go look up the vids with the research done recently. Start with Rob Berger and Jarrad Morrow videos recently. I think George gets it though and Rachel does, but harder for her to voice that.

The first thing that needed to be addressed was the 4% vs 8% withdrawal. That is the elephant in the room. Were you guys banned from talking about it by Dave?

@amireallythatgrumpy6508

7 ай бұрын

Both 4% and 8% is wrong. Anything over 1% is crazy.

@someonethirsty1957

18 күн бұрын

@@amireallythatgrumpy6508 It’s good if you can afford that, although not necessary. It would take 100 years of no growth to exhaust that account. 4% takes 25 years. That’s enough of a cushion to overcome any bear runs.

Should have addressed their suggested 8% withdrawal rate in retirement. There is a lot of controversy around it.

@nicholasmartinez6043

7 ай бұрын

I thought they were going to address this by the thumbnail

@Dividendflywheel

7 ай бұрын

Personally, I am building a nest egg that will support a 2.5% to 3% withdrawal rate. Without lowering my lifestyle (standard of living) The 8% withdrawal versus 4% withdrawal is an interesting one. But individuals who know about these two opinions are already ahead of the game.

@jaredgates4310

7 ай бұрын

I'm just amazed that Dave is so stubborn that he can't admit he's wrong on this advice. From what I've researched an 8% withdrawal rate results in an ~60% chance of running out of funds over 30 years because of sequence of return risk. @@Dividendflywheel

Probably should have addressed the 8% versus 3% retirement withdrawal rate in light of recent events

@wippersnapper2386

7 ай бұрын

True

@BLdontM

7 ай бұрын

They wont address the actual hated (shit) advice they give such as this withdrawal rate. It's weird how they're overly conservative in ALL areas of personal finance except withdrawal rate. How about the "you must get a 15 year mortgage" when you can just get a 30 year and pay it off just as quickly as a 15 if you want... but not being locked into that higher payment rate can help in an emergency situation? You'll never hear them respond to that. Or the fact that interest rates don't matter whatsoever to them.. as a thought exercise, if someone had a billion in cash, a guaranteed billion dollar investment ROI of 1,000,000%, and a billion in debt at a rate of 0.00001%, they would recommend that the debt is paid off first and don't make the investment. Silly.

@fsmoura

7 ай бұрын

Yeah, they need to get this sorted ASAP. The next year is drawing close and I need to know how much to withdraw! ( oДo)

@XennialGuy

7 ай бұрын

Hahaha, it's going to be a while before we forget that one.

@toeknee5565

7 ай бұрын

@@BLdontM I get not agreeing with a political movement, I'm certainly not fan of the BLM movement, but to go as far as you have with your username is too far.

None of these compare to dave's 8% retirement withdrawal rate that every financial youtuber is raving about right now.

@NIN_Mase

7 ай бұрын

I've heard him say 12 percent..

@jayholiday256

7 ай бұрын

Dave needs to stay in his lane, which is budgeting and debt management. His retirement strategy is horrendous

@Latin_boy

7 ай бұрын

@@jayholiday256seems to work for a lot of people though. Just isn’t a one size fits all

@debragiovine9797

7 ай бұрын

Thats because " Dave" thinks in his world""he is the smartest one in the room.. the only license he has is real estate... nothing else.. A lot of financial professional has prove him wrong..."".@@jayholiday256

@crashtestdummy1972

7 ай бұрын

​@jayholiday256 idk man, i pulled up a chart of returns of the s&p 500 since 1985. If you stuck to an 8% withdraw from 1985 to today, you would never touch the principal. Even if you include fees and taxes. I think you are just blinded to the math by people screaming conservative when you get older.

Look, I love what Dave and his team does to help people. His teachings have helped my family and I on numerous levels. But, here lately, I’m leaning towards what ol Caleb Hammer teaches.

@SnifferSock

7 ай бұрын

THA HAMMER!

@normantheforeman9866

7 ай бұрын

I just discovered him, this is a sign lol

@irvin_rodriguez

7 ай бұрын

@@normantheforeman9866 same

@kimharris3322

7 ай бұрын

I like Caleb, too

@drewo6388

7 ай бұрын

Taquitos taquitos taquitos!!! "What are you even doooing?!"

Pretty much love all of Dave’s advice… except for the 8% withdrawal and managed mutual funds.

@Dividendflywheel

7 ай бұрын

😊. The investing world is big enough for different opinions. The vast majority of our population will benefit from Dave Ramsey’s baby steps.

@Zombiebeast1995

7 ай бұрын

@@Dividendflywheelwithdraw 8% on your investments and let me know if you have any left in 10-15 years.

i agree and realize that for the vast majority of people cannot handle using a credit card properly, but i can and ive gotten dozens of vacations paid for by credit card points from my company card which is money i had to spend for the business. if im buying $1m worth of stuff for my company id be a fool not to use a credit card and get some rewards, and the card is paid off without ever paying a dime of interest.

@kathleenphillips7145

7 ай бұрын

💯 That’s exactly what my daughter’s boss does. She’s takes fabulous vacations every year from credit card points she uses for her business that she too pays off each month without ever paying a dime of interest.

@stevemount

7 ай бұрын

I do the same. BS7. My card is paid daily.

Let’s talk about this 8% withdraw rate

George kissing Dave's rear in this video because he knows he's in trouble over the 3-4% withdraw rate video. 😆

@SykoManix

7 ай бұрын

What was that about?

@amireallythatgrumpy6508

7 ай бұрын

3-4% is wrong. Should be less than 1%.

@acrobizer1238

7 ай бұрын

Yet George is correct

@aaront936

7 ай бұрын

​@@SykoManixdave tells people to take an asinine 8% withdrawal rate.

@amireallythatgrumpy6508

7 ай бұрын

No he isn't. He recommends a withdrawal rate over 1%. That is INcorrect.@@acrobizer1238

Dave says the S&P 500 goes up 12% and inflation is at 4%, so you can pull 8% out every year. But also says you should pay off your 3% mortgage when you can make 12% by investing it in a mutual fund.

@NealCruco

7 ай бұрын

Because 100% of foreclosures happen on a home with a mortgage. Are you willing to take that chance?

@staceyworkman5184

7 ай бұрын

@@NealCrucoexactly!!! Banks have been engaging in risky business forever. What happens when the government can’t bail them out? They call in their loans and sell off YOUR house.

@Ravetar101

7 ай бұрын

He also talks about 12% mutual funds for the past 50 years but notice he has never told you which ones those mutual funds are

@mattschmitt9924

7 ай бұрын

​@@NealCrucobecause foreclosures happen on mortgaged homes. How many paid off homes are seized due to back taxes? There's always a chance.

@tomdriscoll7041

7 ай бұрын

​@Ravetar101 so very true 👍

Ironic that you didn't address the real most hated Ramsey advice...That 8% withdrawal rate

@Columbus1152

7 ай бұрын

It must be a sore subject in the Ramsey family circle.

@tofuhunter3797

17 күн бұрын

This is the one reason I always take the Ramsey advice with a huge pile of salt. They are objectively wrong on this one, and it's because their view is overly simplistic to the point of not matching reality. Dave is right on many things, but also wrong on a few things. I would like the rasmey folks to improve they way they teach some of these topics. (Coming from an engineer with no expertise in finance, so don't listen to me either!)

Meme coins (the MLM style hype) and actual crypto like BTC & ETH that have blockchain utility are not the same thing. If you don’t believe in crypto that’s cool and understandable, but to say “crypto is a meme coin w/ no utility” shows he doesn’t understand how Bitcoin & Ethereum works, they are not meme coins

Did pausing the 401k match come up? Leaving 100% return on the table is a biggie. I get what you guys are saying to focus on debt for a brief period of time, yet doing just the company match will add up more in the long run due to compounding interest. My wife and I did a side hustle in lieu of pausing.

@aidanbush4910

7 ай бұрын

It's because when you take care of your debt you can put more towards retirement

@abrahamflores2566

7 ай бұрын

​@aidanbush4910 you can't put more time in a 401k

@zachjones2346

7 ай бұрын

@@abrahamflores2566 You aren't taking years to pay off the debt. You should be done in less than 2-3 years in most cases. That isn't significant. You can quickly recoup what you didn't invest because you now have no debt.

@abrahamflores2566

7 ай бұрын

@@zachjones2346 you mean 3 years of not getting the 100% rate of return from your employer. The average 401k barley doubles every 7 years. Extending the debt a bit longer to get free money is worth it. Not everything is doom and gloom

@bobcantstandzyobitz9778

7 ай бұрын

I've always felt that saving at least 15% is mandatory. As my income has increased, there are years I've saved over 50% (this year will be one). At 39, doing blue collar work, I'm close to a 1 mil net worth, which will snowball very fast. My investment manager averages around 14 percent a year after fees. It's all because I started investing at 22 and didn't make excuses, and never got in debt in the first place. I didn't have tv or internet for the first 10 years living alone, I saved it.

I think the most controversial of all wasn't addressed. Buying a house with 20% down, a 15 year mortgage and less than 25% of your take home pay. To buy a house worth $500k (barely a starter house in most coastal states) at 7.5% interest you'd need $100k cash laying around (plus any closing costs) and need to make around $300k/year so that you're taking home $200k/year after taxes, so that your take home pay is about $16k/month so that you can swing a $4k monthly mortgage payment.

@emclaire18

7 ай бұрын

“You’ve got an income problem” would be the response lmao

@alvinjenson3320

7 ай бұрын

I'm looking to buy a house soon, still following Dave Ramsey's advice, and it's not as hard as you say. I can tell you how, but only if you want me to, because I like to avoid arguing on the internet

@Old-Boy_BEbop

7 ай бұрын

@@alvinjenson3320 honestly say your mind, if ppl don't agree with you that's their prerogative. you don't always have to feel compelled to entertain the counter argument. that's the beautiful thing about free speech. if your advice is sound advice and you happen to help 1 person out of 10 you did your job.

@alvinjenson3320

7 ай бұрын

@@Old-Boy_BEbop Based response. So my argument isn't perfect, and even Dave might critique me a little. But my brother and I are both in our young 20's and we both feel screwed by the housing market. So we are going to combine resources and buy a house together. He has saved $30K the last 3 years, making $50K per year. I have only saved $10K since I recently got married and have a kid now. Also, my wife is a stay at home mom, so we can't use her income. So we agreed that he will pay the down payment on just a town home that currently costs about $300K here in Utah. 2-3 beds, 1 bath, condo type of house. And then my income is twice higher than his (idk how he's so much better at saving than me, with my income being much better than his, lol) and I make between $6-8K per month and so that gives me the ability to pay the monthly payment of $2,000 while only using 25-33% of my income to do it. However, even with this strategy, I'm still not able to get a 15 year, I have to settle for a 30. But that's ok because if I pay just 1 extra payment each year towards my mortgage, it ends being a 21 year loan. So that's how my brother and I plan to still use Dave's advice to the best of our ability. And my brother isn't even planning on living in this house. He just wants to help me beat the housing market game, and the goal is that when I'm in a better financial situation then I'll help him in return, paying for his down payment on a house too, etc. Anyway this whole strategy of combining resources ends up saving SOOOOOO much money from interest going to banks. Again, it's not perfect, but I hope this helps. Basically combine resources with people you trust.

@natefreeman1466

7 ай бұрын

This is assuming you have people in your life who also have a lump sum ready to use immediately, and you two are willing to even move in together which isn’t exactly easy if one or both parties have a family. Could lead to issues later on as to who will remain at the house and who will be the one required to find a new house.

I have a question. I'm looking to retire soon. I have 200k saved up, 33 years old, and I'm wondering if a 60% withdrawal rate would be safe for my retirement? Please send help.

@bigpicturethinking5620

4 ай бұрын

Yes this will work out just fine.

The way, Dave Ramsey handled this whole issue, he was a complete a-hole about it. Regardless of whether he was right or wrong, talking about his own staff, the way he did and on-public air, was the kind of leader you do not want to follow or trust.

@nicholasselke5214

7 ай бұрын

And if you were to let your feelings get in the way of doing your job, I would fire you in a heartbeat

@tomiasthexder7673

7 ай бұрын

@@nicholasselke5214 Actually Dave preaches no berating your staff in his entre leadership stuff, so he is a hypocrite.

@MrJr1976

7 ай бұрын

Am I missing something? Dave wasn't even in this episode

@helloken

5 ай бұрын

Well said, Dave handled this situation poorly. Dave is basically looking for yes men and yes women to preach and forcible agree to what he believes. George disagrees and we all know it, but he caved because big bossy Dave insisted he take it down. I've lost a lot of respect for Dave over this whole ordeal. Not just for forcibly removing an honest opinion, but also for how he basically berated George live on air. That was asshole behavior and if Dave is a MAN he needs to suck it up and apologize not just to George but PUBLICLY because we all saw him do it. Dave can still disagree, and I would respect his choice and opinion, but to insist it and in the way that he did, very poor. Very disappointing... I used to recommend Dave's teachings to others, but not sure I can anymore when he is ok with this toxic behavior. You build trust over years, but you lose it very quickly. Dave outta know this, he is a smart guy. But he is also a stubborn guy...

@helloken

5 ай бұрын

@@MrJr1976 I guess it's the so called elephant in the room...

when I started following Dave Ramsey I was deep in debt with no savings and excellent credit score. now I still have debt with 200k in savings. I learned Dave Ramsey lead me in the correct path to debt free but not the best road to wealth.

George, when you have a zero credit score, you pay MORE for auto insurance and other insurance including homeowners. I digress, you need a FICO score unless you're self insured like Dave. Have credit and discipline with your credit, money, spending, and saving. I followed the Ramsey plan, had a zero=bad credit score, and all my insurances went through the roof due to no score, sorry I don't want to spend more money on insurance and other credit-rigged items that cost me more. High score + paying less for insurance. Don't say they don't use credit scores,oh yes they do its the first thing BEFORE your driving record then your CLUE report then your driving record.

@amireallythatgrumpy6508

7 ай бұрын

No you don't. You just need to live in one of the many better countries than the USA.

@chief5981

7 ай бұрын

I moved my family into a rental, went to local utilities company to set up account with my 750+ credit score and they wanted a $300 deposit to start my utilities. My wife went I with her 0 fico score and only had to pay $50

@nicholasselke5214

7 ай бұрын

Or you could save up enough money to deposit into a bond with the DMV. I did that and my car insurance is exactly $0, and I’m legal to drive. It’s called self insuring your vehicle

The year is 2060, they still insist 1k wasnt enough 70 years ago and it now only has enough buying power for 5 gallons of gas.

@aaront936

7 ай бұрын

​@@sanshinobi3664I think you're the one who missed his point.

@JudeDude409

2 ай бұрын

@@aaront936regardless you suffered a lot less with 1k back then than you would now with 1k

What about Dave’s name-calling and trashing rant against experienced Retirement Planners by claiming it is safe (it is provably not safe) to withdraw 8% from your retirement accounts every year?

@danerook

7 ай бұрын

It is safe

@M22Research

7 ай бұрын

@@danerook… might want to do some real research on that prior to relying on a single source for your financial security.

@lkj0822g

7 ай бұрын

@@danerook No, it is foolhardy advice by Dave and is easy to disprove. Let's say you retire on 12/31/1999 with $1 million in your IRA. Withdraw $80k per year and see how long it lasts before you run out of money (Hint: ten years). Dave's advice ignores Sequence of Returns risk.

I agree with all your advice except # 2, Come on guys, there is no crime getting FREE money from cash back credit cards as long you pay your balance EVERY SINGLE MONTH, budget, live frugally and use your credit card like a debit card. You will spend money on your basic living expenses anyway, might as well get paid for doing that!!! The advice to stop using credit cards is for people who don’t budget and lack self control. Credit cards was never the problem, only poor personal finance skills and lack of self discipline; that is what banks prey on. But they reward you when you spend wisely. 😇

It seems like the people who have been following Dave’s advice are the happiest, and the ones who disagree with his advice are the grumpiest.

@amireallythatgrumpy6508

7 ай бұрын

Grumpy is good.

@joshdawson5850

7 ай бұрын

We’re not unhappy, we’re concerned about Dave telling people to pursue inefficient and reckless strategies, like expecting 12% Returns, or an 8% withdrawal rate.

@chief5981

7 ай бұрын

@@joshdawson5850what do you recommend we do and expect?

@washboat1

7 ай бұрын

So, the people voicing agreement sound happier than people voicing disagreement? 🤯

@acrobizer1238

7 ай бұрын

Don’t forget, you cannot interpret tone in a text unless you hear it spoken, it is only one’s interpretation

Black rock just invested into crypto..Blockchain is a technology, once it’s adopted (and it has been adopted on the backend you just don’t know that) it will make sense.

I really don’t see anything wrong with having a Rewards Credit card and paying it off every month (paying zero in interest or fees) to accumulate points to use for flights, etc… Please someone comment and explain why this would be bad.

@crowtservo

7 ай бұрын

If you can keep it under control and not spend more than you can afford to pay off every month, then credit cards with rewards are probably ok.

@koohami

7 ай бұрын

I have a credit card no debt and a emergency fund and investment

@karenjensen2345

7 ай бұрын

Agreed

@mikezerker6925

7 ай бұрын

@@crowtservo yes, I only have 1 card with a $3k limit that I use for ALL my monthly bills (electric, water, insurance, etc) - stuff I have to pay for anyway… and pay it off every month and have paid zero in interest for years! I use my accumulated points to “buy” gift cards at the end of the year for Christmas gifts for my nieces.

@barnabusdoyle4930

7 ай бұрын

Dave sees debt in the same way a former alcoholic sees booze. Avoid at all costs no matter the positive side of the potential debt, and reward cards are in that category. He teaches self control but also advocates that you will never have enough self control to have a rewards card that you always pay off. It’s insanity.

Great advice. I learned how to handle my money through Ramsey, but once i became financially responsible, it ironically made me a responsible credit card user lol. Not everyone should use CC's though. Some people just don't have self-control when using them.

@JA-zh5xi

7 ай бұрын

Agreed - I pay off ccs weekly.

@senseiturtle

7 ай бұрын

Paying them off weekly is the way. I understand the whole brain / chemistry/ pain argument they make when using cash, but it also applies to debit cards. There is also a significant difference between fraud cases... when my debit card got hacked in 2009, it was MY money i was trying to recover. If my chase card gets hacked, chase can go get its own money back.

@jasonrodgers9063

7 ай бұрын

Spot on!@@senseiturtle

I just sold a property in Portland and I'm thinking of putting the cash in stocks, I know everyone is saying it's ripe enough,but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

@Anacleta-titarobles

7 ай бұрын

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in-depth market knowledge.

@Karenjohnsoncuevas.

7 ай бұрын

It all depends on how long you're willing to hold for, stocks might likely tank further, but making serious gains in this downtrend wouldn't be a problem if you're a pro.

@Anacleta-titarobles

7 ай бұрын

The reason I decided to work closely with a brokerage adviser ever since the market got really tense and the pressure became so much(should be retiring in 17months) so I've had a brokerage adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

@Manuelgreg2

7 ай бұрын

​@@Anacleta-titaroblesHi, please who is the expert assisting you and how do I reach out to them?

@Anacleta-titarobles

7 ай бұрын

My financial advisor, Theresa Anne Cann, is a highly qualified and experienced professional in the financial market. She possesses a broad understanding of portfolio diversification and is recognized as an expert in this field.

the CC take is dumb. Trying to frame it as a moral issue is even dumber

I use a CC for ALL monthly bills including gas and groceries. I pay it off in full every month with my bi-monthly income. I have had my identity stolen three times when using my "secured" debit card. I will never use a debit card again for daily purchases.

1:40 "We talk to so many people..." Prime example of selection bias. People would have more respect for your "air tight" study and what you do if you also talked with people who actually know how to handle money.

@ctownskier

7 ай бұрын

This just in: people willing to take a Dave Ramsey survey didn't get rich by using credit cards....so never use them?

did george just say women use logic? lol since when

@MattPryze

7 ай бұрын

yeah that right there set the tone for the video lol

@amireallythatgrumpy6508

7 ай бұрын

No American even knows what logic is. It's an alien concept to them

@Big-Government-Is-The-Problem

7 ай бұрын

yeah that was funny... Women are objectively known to be the gender that is more likely to think irrationally and emotionally

May I add Dave being a fan of the zero FICO score? Most people believe that FICO score is very important.

@leechburglights

7 ай бұрын

Do your friends care about your fico? Lol 😆 no

@amireallythatgrumpy6508

7 ай бұрын

Most people live in civilised countries that laugh at the absurd concept of a credit score

@aolvaar8792

7 ай бұрын

I go to buy a house, in less than a minute. " The approval letter is in your inbox." $100K/yr pension, 846 FICO score, $100K down payment. I forward the letter to the relator, who moves to get the house off market.

@amireallythatgrumpy6508

7 ай бұрын

I'm sorry to hear you have a credit score.@@aolvaar8792

@jasonrodgers9063

7 ай бұрын

Well said!@@aolvaar8792

George has become so smug 🤦‍♂

Simp said "women use logic" 😂😂😂

The mental gymnastics to justify some of the advice in this video are incredible. Maybe I've just outgrown their advice. Watch The Money Guy or Caleb Hammer instead.

@amireallythatgrumpy6508

7 ай бұрын

All three channels are nothing but entertainment.

@ctownskier

7 ай бұрын

True but at least one of them has a certified financial planner

@derekdevore3002

7 ай бұрын

I watch all 3 and can agree every day I feel myself preferring the money guy’s content. I do still like what George is saying and doing, but not much else Ramsey related. Caleb has some really good content too, I really like what he’s doing.

did he just say “women use logic wile with guys it’s like a flex” Nice white knighting there sport

@fkillah

7 ай бұрын

He’s a simp

The $1000- Dave himself has said again and again and again the initial $1000 emergency fund *is just a BABY STEP* Considering most people can't even cover an unexpected flat tire or your kid faceplants while riding his bike and his eye glasses go crashy smashy- bam-there you $1000 to cover it. The point of the $1000 BABY STEP is to set you for the larger 6 to 8 months emergency fund that comes later (and is not part of the $1000 baby step) Getting to $1000 and replacing what you spend of the $1000 ASAP is important. The real emergency fund comes down the line.

Only use a credit card for online purchases. Never use a debit card.

@amireallythatgrumpy6508

7 ай бұрын

Never purchase anything online *AT* *ALL*

Finally started working on getting started on the baby steps. Currently saving 15% of each paycheck

@0num4

7 ай бұрын

Nice! Remember to keep up your EF as you build your lifestyle, and keep saving for the things you eventually want to purchase. You're doing better than so many others, regardless of generation.

@XeRo333

7 ай бұрын

@@0num4 EF?

Dave’s advice works for the financially challenged and big spenders. Savers should look elsewhere for information.

@NealCruco

7 ай бұрын

Not sure what this is supposed to mean. Dave's advice turns spenders into savers. It's how he made that change himself. But it's not the Gospel; if you think you can find financial peace elsewhere, go right ahead.

@zackwheat5770

7 ай бұрын

If you used Dave’s withdrawal rate of 8%, history shows your portfolio would have a 70% chance of going to zero in 30 years or fewer.

@NealCruco

7 ай бұрын

@@zackwheat5770 I didn't say anything about retirement portfolios. Did you reply to the wrong comment?

@amireallythatgrumpy6508

7 ай бұрын

In other words it works for 99% of the American population

@mattschmitt9924

7 ай бұрын

​@@NealCrucoYou brought up Dave's advice. Dave advises on retirement portfolios. Looks to me like they were replying to your comment. Let me know if you have any other questions I can help you with.

I love your comments! Keep 'em coming!

Here is an idea NEVER brought up about using a credit card v. a debit card. Look into the regulations and provisions afforded you for each. Using a credit card will always be my go to because of the fraud protections I’m afforded through government regulations. Please someone at Ramsey let Dave know he is not giving people the whole picture when it comes to credit card use. Feel free to reach out to me for your rights when you use a credit card vs a debit card!

@lkj0822g

7 ай бұрын

I posted the same comment numerous times when Dave starts his nonsense of debit cards offering the same fraud protection as credit cards. Uh, no they don't. One has a direct link to your financial accounts and the other does not. Let's say it is the first of the month, $1500 rent is due, you just got paid, and a fraudster wiped out your checking account through debit card fraud. What are you going to do?The bank may or may not make you whole, but it may take up to ten days for them to put the money back into your account, and if they can prove you were negligent, such as giving your debit card information to a Nigerian prince who promises that millions await, then the bank may not reimburse. I was in the CPA / audit / financial investigations world for twenty-five years, attended many seminars and anti-fraud training, and there has not been a single subject matter expert who says debit cards offering the same anti-fraud protections of credit cards. In fact, many of these experts refuse to carry debit cards for this reason.

@craigb4449

7 ай бұрын

You get the same protection using a debit card as well

@cglegobuilds9430

7 ай бұрын

Not exactly. Read how they differ. It’s important to remember that a debit card is tied to your checking account so if you become a victim of fraud your checking balance is at risk. Not so with a credit card account.

@craigb4449

7 ай бұрын

@@cglegobuilds9430 I’ll check it out. Thanks for the info.

Well I just bought Bitcoin at $17k a year ago. Tell me I’m an idiot.

@Bitcoinwholecoiner

7 ай бұрын

I bought BTC @ $ 16.5 K on Jan1st.....Dave has no clue, what's he going to say when it's $ 100 K ? In crypto Dave's an idiot, YES, I said that ! Maybe he should talk to Larry Fink ( Blackrock )

If you took Dave’s advice and withdrew 8% from your S&P 500 mutual fund in 2022, a $1M portfolio on Jan 1, 2022 would have been worth about $750K on Jan 1, 2023.

@amireallythatgrumpy6508

7 ай бұрын

And will probably be worth $2M sometime in the 2030s...

Is George out of the dog hose from Dave's public rebuking?

@amireallythatgrumpy6508

7 ай бұрын

His advice was to withdraw more than 1%. Therefore it's still irresponsible.@@Take_America_Back

With the divorce rate at 65%, is joint accounts still the way to go?

Generally, i think about 98% of the advice is sound. The only one that is silly is the 15 year mortgage at 25% of gross.

@iGimmie

7 ай бұрын

Well I can't even afford a 50 year mortgage at these prices LOL so all hope is lost.

@booya6437

7 ай бұрын

This is my biggest issue. On a VERY respectable income, that puts our budget at around a $240,000 home in our area.

@amireallythatgrumpy6508

7 ай бұрын

That's sound. If you can't afford that you simply can't afford home ownership.

@heatheranderson2618

7 ай бұрын

It’s 25% of take home pay, not gross pay.

@MBD-BDBF

7 ай бұрын

@@heatheranderson2618 thats even crazier

Credit cards are not for everyone, it takes discipline and maturity to pay the balance off each month although if used responsibly they can be a benefit to a personal financial plan!

I agree with George, don't take financial advice regarding crypto when the financial adviser knows nothing about crypto. that being said invest into crypto in assets that are strong projects, decentralized and have real world use utility. example decentralized computing, cloud storage, ai tech etc. Financial advisors would only recommend crypto once the space becomes fully understood and regulated by governments who once know how the tech works. do your due diligence and never ever store your crypto on an exchange... This is probably what George basic researched showed him, leaving your crypto on an exchange is like leaving your money with an unregistered bank. and remember the markets are volatile til its all regulated but thats where the reward comes... if you wait til the crypto space becomes fully regulated you will no longer be able to generate wealth in the space. not your keys not your crypto

Yep, we don't have to agree on everything. As long as we are living within our means.

How come they didn't address the "safe withdraw rate" scandal?

@hollyb6885

7 ай бұрын

What was that about? I didn’t hear about that.

@Zombiebeast1995

7 ай бұрын

@@hollyb6885they say you can withdraw 8% from your investments and that is just flat crazy. You’ll run out of money most of the time in less than 15 years

I use a CC because of the purchase protection. If someone steals my debit card info I'm screwed. Now you could argue that debit card should be attached to an account with a finite balance, but still.

@amireallythatgrumpy6508

7 ай бұрын

There is no purchase protection either way. If someone steals your info you're screwed regardless of whether it;s debit or credit.

So here's a question, student loans are generally broken down in multiple smaller loans, but held usually by one entity, with one grand total. Do you tackle student loans like that as the individual and just work the debt smallest to largest, or do you tackle it as the grand total?

@LannaLann

7 ай бұрын

While it was in forbearance I paid down and off my lowest balances which were coincidentally my highest interest rates. I paid off 3 out of 8 during that time

@Ratkill9000

7 ай бұрын

@@LannaLann I had a few during forbearance and paid them all off this past spring. Was well worth it.

@aidanbush4910

7 ай бұрын

Smallest to largest

@alishavogel7926

7 ай бұрын

Depends on how it shows up on your reporting. I had ten student loans, but it was under one account on my credit report and it paid by smallest disbursement first then to the largest so when I paid extra, it would distribute to the smallest first then to the largest.

"It's so freeing" How in the world is paying for a vacation with points you've earned by paying no interest on your Credit Card not freeing, but somehow paying for one via cash is?

@jasonrodgers9063

7 ай бұрын

SO true! Also, what IS it with their convoluted notion that by being responsible and paying off your CCs monthly that you are somehow "Simon Legree" to poor single Mothers? BEYOND bizarre!

@tcgtpl

7 ай бұрын

@@jasonrodgers9063Every time you swipe your credit card an innocent, pure as the wind-driven snow angel of a woman miraculously gets knocked up I guess. /sarcasm

@nathangallagher5112

7 ай бұрын

It's freeing because you are not stuck in the consumerism mindset of buying whatever you want with your credit card, going on multiple extra $5000 vacations because you can save $500, and repeating. Even if you pay no interest on your card, just the fact that you have a card and are spending enough for it to be any noticeable savings means the CC company loves you and your wallet is suffering.

@jollama

7 ай бұрын

@@nathangallagher5112Then buy what you need/ not want bozo

@tcgtpl

7 ай бұрын

@@nathangallagher5112 If you think getting an extra 5-20% more purchasing power out of the dollars you are already spending is insignificant, you better also be against using coupons or buying anything when it’s on sale because it’s the same mentality.

I've noticed they didn't bring up their investing strategies. Dave prefer actively managed funds vs. most people like myself prefer passively managed funds(index funds and lost cost ETFs).

@janelleg597

7 ай бұрын

Yes they do. Dave just talked about it with Graham

Wouldn't it be great if they learned from criticism? Dave is determined to provide mediocre, consistent advice over time to everyone. No credit cards and not adjusting for inflation are one thing, but front-load mutual funds and paying off low-interest mortgage are pure math crimes that rob people of millions of dollars (collectively billions of dollars).

@Yoyomanmanholla

5 ай бұрын

Ramsey is a dmbass

Love you guys. You will never get it from the point of view of the people who brilliantly use the credit card game perfectly. I have $26K in travel points from everyday purchase and paying bills ahead of time and never payed a late fee and pay off the card 2x a month. Best choice I’ve made compared to making the exact payments on a debit card. I get if people can’t do it right they shouldn’t.

I'm not sure if the states have the same thing, but up here there are several debit cards that work as a mastercard and have just as good spending returns as credit cards. Also, most stores have their own points cards.

@MKK-wg7fz

5 ай бұрын

No our debit cards on average only give 1% cash back but lots of credit cards give 5-6% cash back which adds up quickly. Our household gets $720 cash back per year just from utilities & groceries alone then another $600 to $1000 per year on all other cash back. A person who invests that in the S&P 500 over an entire lifetime will have about a million dollars at 65 just from the cash back. Ramsey would never tell you that truth.

What about the dumb idea of stopping 401k contributions? I paid off debt without stopping contributions.

@LittleMopeHead

7 ай бұрын

What kind if debt and interest rate?

@Tre2cool96

7 ай бұрын

Depends on the situation, but 9/10 I wouldnt advise anyone to stop contributing. At the very least, you should always contribute up to what your employer may match.

@Theman2075

7 ай бұрын

@@LittleMopeHead pretty much credit card debt and personal loan. Around $8,000 worth of debt. But even if I had a lot more and it would take me years to pay it off, never stop your 401k contributions. It’s future dollars for retirement. Not worth stopping over debt

@ChaimS

7 ай бұрын

Unless your debt is above the match (i.e. payday loans at over 100%) in which case you're going to cost yourself more retirement money by keeping that debt around vs. paying it off as quickly as you possibly can. Also, even The Money Guys want a simple e-fund before funding the match.

@JeanValjean875

7 ай бұрын

​@Theman2075 Not trying to minimize your debt, but $8,000 is really low compared to what most people who call into the show have. If you have hundreds of thousands of dollars in debt, it may simply be impossible to pay it off without stopping contributions. Also, debt accumulates interest, which cancels out any returns you get from investing.

How is that my problem that I get 3% back bc someone can’t live within there means?

@KENTUCKYUSA1

7 ай бұрын

I think Dave made this a moral issue simply to add credence to their advice. I see no moral problems with credit card rewards. Banks are rewarding you because they use your money before you pay it off every week or every month. That harms no one at all.

@MrJimmy3459

7 ай бұрын

Go ahead and get your measly 3% back, not gonna matter in the long run.......

@mattschmitt9924

7 ай бұрын

What's next? Your job is just paying you because disabled people can't do the labor? You should feel terrible charging for your time!

@libertarian4323

7 ай бұрын

@@MrJimmy3459 You must be mathematically challenged. Spend $50k per year on a 2% cash back card. That gives you an extra "measly" $1,000 per year. Invest that "measly" $1k in an S&P index fund with a 10.5% return over your entire career. You'll retire with a "measly" $1,030,007.96 more simply by using a 2% cash back card rather than cash. You would be a CASH BACK MILLIONAIRE! Doesn't sound so "measly" now, does it?

@MrJimmy3459

7 ай бұрын

@@libertarian4323 Man your mental gymnastics are off the charts LOL!!!!!!!!!!!!!

Did Dave snap you back into place George? Are you not going to address that whole withdrawal rate thing. 😅 Frauds.

@Pstmstr

7 ай бұрын

Why do you even watch this except to be a comment troll?

And living life without a credit score. Having a great credit score saves money and hassle. It’s not only used for debt. The credit score is used for things such as auto insurance and jobs. How trustworthy are you?

@amireallythatgrumpy6508

7 ай бұрын

Sorry honey, but credit scores don't even exist in civilised societies. Credit scores are one of the many reason the rest of the world points at America and laughs.

Lmao. I put $240 into crypto and cashed out $18,500… Yeah it’s dumb.

@jonasyracheta2185

7 ай бұрын

And use it to pay off debt and get out of this federal (not federal) reserve (no reserves) but private elite system.

@jasonrodgers9063

7 ай бұрын

Not dumb for an "early in" investor like YOU in this Ponzi scheme! That's how Ponzi schemes WORK! They start off with skyrocketing returns for the FIRST people, then the gullible boobs that come later are left holding the bag! Hey, not blaming YOU. You have no responsibility for other's greedy stupidity! Kudos!

@John3.36

7 ай бұрын

Its dumb for all the people that helped prop up the pyramid scheme enough for you to get out in time.

@kevinconners3685

7 ай бұрын

@@jonasyracheta2185Let’s see you do that again. You hit the lottery, you didn’t make a good investment.

@SnifferSock

7 ай бұрын

I made about $450 off freaking Doge, but if I sold 12 hours later, it would've been about $7000... it's *very* stupid. My single stocks is a very red story though. Which is why Dave says it's a bad move.

I got out of debt BEFORE discovering Dave Ramsey. I say that, because I chose the 'snowball' strategy on my own (although there was no name for it). I initially started with the 'avalanche' (again, no name for it), but I didn't feel like I was getting anywhere. Once I went to the snowball, I felt like I was making progress. Once I paid off a smaller debt, I took than money, and added it to the minimum payment for the next one, and so on. It was a great psychological boost, and I actually felt like I was making progress. Any difference in the total interest paid was really negligible.

@jcherestal

7 ай бұрын

Always wondered why ppl put so much emphasis on the interest when they want to get outta debt but never cared when they carried a balance month over month😅

The only criticism I have for the Dave Ramsay method is: saving and paying cash for a house in today’s market is unrealistic unless you want to accomplish it when you’re 160. I know many people have said that and I find it funny that they don’t address it in this video because I suspect they don’t have an honest answer for it. Paying down a mortgage early is definitely something I can support however, even doing that before investing if that’s necessary, but I personally wouldn’t want to sacrifice the time available to take advantage of compound interest on investments while paying down a mortgage, unless the math proved otherwise that it was worth it.

@Caliabra

7 ай бұрын

I think the housing prices have finally stagnated. I get your point. My husband and I almost bought a home in 2020 for 600 k but backed out because of potential layoffs. The price went up by at 200 k ish. There is no reasonable way we could save that in 2 years none…so we actually have a bigger mortgage now.

I always win wit my credit card: 1,5% cash back. Everytime I use it I pay balance off right away...

I agree marriages win when you combine money …but the woman wins in the divorce 😂

Rachel, I know the video you’re referring to and I had so many people to @ me and say I was crazy for agreeing with you. I told them, I said what I said and if you can be married to someone and can’t trust to commingle your money (minus abuse & addictions) there is something wrong there. I still stand on that!

I use to pay my CCs off every month but that was killing my score. Now I pay them down to $10 and my score skyrocketed to close to a 800 Fico

Smallest to largest is sound advice it is all about the wins.

So stupid for financially literate people to not use a credit card. 😂 have just started viewing some of this content but that is a huge red flag to me. I have saved so many thousands of dollars on flights and not paid any credit card interest, how would that help me have more money - it wouldn’t.

@spyros5528

7 ай бұрын

You're not wrong, but I think it's okay that they advise no credit cards. If you struggle with debt, then using credit cards can ruin you and prevent you from getting better. If you're good with money and definitely don't spend more due to using credit cards, then avoiding credit cards is very bad advice as they have a large number of benefits including better consumer protection. Based on statistics, most people listening to this show fall in the former camp. I think if the show provided both options and explained them then most people would get confused and fail.

@cmc9823

7 ай бұрын

@@spyros5528 That is very well said. I completely agree that if you struggle with debt you should stay away from credit cards 100%. And they are trying to help that particular group (and do a great job at it)

Having high income earners stop retirement accts when they get co match, is throwing money away.

@lkj0822g

7 ай бұрын

I agree, and the only time I would stop contributing for the company match is if you cannot put food on the table and pay the rent.

@Pstmstr

7 ай бұрын

So is paying 29% interest on credit cards when you could pay them off and then invest.

@chief5981

7 ай бұрын

Some of Dave’s most screwed up callers are high income earners. Making $250k a year and living check to check

@acrobizer1238

7 ай бұрын

Agreed. Unless you are in complete dire straits, pause the match. Passing on 100% return is nutty.

@aaront936

7 ай бұрын

​@@Pstmstr100% return > 29% return.

I was in a Bible study group and they attacked me for not using credit cards! I didn’t even bring up the subject, they did. Not sure what they were thinking.

I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal..

Credit cards only work for people with self control. Those that spend irresponsibility will still burn up their cash

@mystico21p

7 ай бұрын

You can control it or it can control you.

@LittleMopeHead

7 ай бұрын

I've been good with cc by paying every month. There's the risk added to cc use. I am going to try no cc and see how it goes.

@mbank3832

7 ай бұрын

@@LittleMopeHead you are not paying extra if you are paying on time. so if you are paying cash and paying with CC, you are still paying out the same amount. With CC, you earn reward points that grant you free stuff like traveling. But Dave and his mutts think all cc are bad just because some irresponsible losers hurt themselves with debts lol

@front331

7 ай бұрын

I agree with you and I'd love for Dave to pull up statistics like he usually does about people spending more with a cc than they would with cash because it's a myth. Those people are irresponsible either way like you said.

@mbank3832

7 ай бұрын

@@front331 Dave is old fashioned and his mutts will ofc need to go his way. If it weren’t for my enjoyment to see people in different financial trouble here, I wouldn’t bother listening to Dave’s show

I feel like this isn’t going to age well…

@5:15 - $300 is insignificant? If that’s the case, I’ll take $300 off your hands since you really won’t miss it since it’s such a small amount. This coming from the same two people that will talk about how to save a few bucks on your weekly grocery bill by shopping at Trader Joe’s or Aldi instead of Whole Foods.

Ok use credit cards, but apply those uses to monthly take home Pay ex. Budget it in with actual cash simple

Yeah, you haven’t convinced me. I pay off my cc and like that cash back.

I was very hesitant about my credit card. I finally destroyed and cancelled it after a year or two. It felt a bit awkward for a moment and then meh, it was nothing at all. Go for it.

@StephanDavisson

7 ай бұрын

Awesome! You don’t need them. Life is just fine without them.

@happygirl7258

7 ай бұрын

Same. It’s been 5 years now and I’m loving it!

Crypto: can be up to 5% of your portfolio, mainly Bitcoin. Credit cards: can be used responsibly. Separate accounts can work well. And finally, yes, it is often good to buy a new car. It's reliable transportation, to get you to and from work.

The moral argument against credit cards is a silly one to me. Should I feel bad about buying beer because I am contributing to someone else's alcoholism?

@jasonrodgers9063

7 ай бұрын

They seem to think so! (I'll drink to that!)

@danielmarkelon7807

7 ай бұрын

@@jasonrodgers9063 lol

I think the combining accounts in marriage argument just shows that a lot of people do not trust their spouses. If you are not going to trust your future spouse, then maybe you shouldn't get married.

@JA-zh5xi

7 ай бұрын

Yep - my friends who have separate accounts all have marriage issues and money issues. We don’t.

@MisteRRYouTuby

7 ай бұрын

While there is some truth to that, it also comes down to trust. If you are on point with paying your taxes and your spouse is not…by YEARS…It falls to you both to pay the back taxes. And if the spouse doesn’t WANT to pay, it falls to you. For some, this is a minor footnote and is easily overcome. For others, it leads to divorce. That’s the friction/fear of joint filing.

@jasonrodgers9063

7 ай бұрын

Or... MAYBE... They love each other DEARLY, but just have some different outlooks on life! It's 100% OK for a loving married couple to not march in lockstep with one another on every topic!

Women get into crypto when single nerds get a fat gain

I had a guy tell me that the dollar is fiat and is backed by nothing…..buy crypto…..I said what backs crypto……he said nothing.

This is so glaringly obvious but if you’re with someone who you wouldn’t want to share a bank account with you shouldn’t be married to them.

@SnifferSock

7 ай бұрын

"BuT pEoPlE cHaNge" - you can't even trust yourself with that mindset...

@03Mach1dmb

7 ай бұрын

Yea I never understood separate accounts. Ok, I make significantly more than my wife. So I just one day retire 15 years before her and go "peace out, I'm moving south, meet me when you finish your half of the mortgage"

@torbjrnthue4922

7 ай бұрын

That's why I'm single

@aidanbush4910

7 ай бұрын

Agreed 👍

Getting a 15 year fixed with 20% down is so impossible for most people and have held people off from buying a house before the market went crazy. Getting a 30 year but paying it off in 15 is the best option and gives the most flexibility for emergencies. Going in with little down isn’t going to make that big of a difference in the long run then throwing money away on rent while saving up that 20%.

@mousejackson2523

7 ай бұрын

They recommend 20% down to avoid private mortgage insurance. Which is in fact money down the drain.

@amireallythatgrumpy6508

7 ай бұрын

Buying a house in general is impossible for most people. By the way if you get a 30 year mortgage it will take you *exactly* 30 years to pay it off. Nobody has the discipline required to make extra payments they don't have to, least of all Americans

@truthserum5310

7 ай бұрын

@@amireallythatgrumpy6508 Speak for yourself, I'm American and religiously send in an extra $500 per month towards principal on top of my normal mortgage payment. Even though I'm at 3.25%, I still always pay extra. Some months I send in $1,000 extra.

@0num4

7 ай бұрын

@@amireallythatgrumpy6508 that's right. No one, absolutely no one, has the discipline required to make any extra payments on their principle, especially in America. Oh wait: You're wrong. There's a Sacramento couple who just finished paying off their 30-year mortgage...in 9 years. They started with 2 full extra payments each year, and every time they received a bonus, gift, or pay raise, they included that toward principle. My wife and I are on track to pay our 30-year in less than 15 years, possibly as little as 10-12 years. This will save us over $100k of interest payments over the course of the loan. All we do is take a third of our surplus money each month, put it toward principle--this amounts to about 2-3 extra monthly payments per year. The other third goes to our children's savings, and the last is extra toward our retirement fund. It's actually not complicated or difficult to manage at all.

@amireallythatgrumpy6508

7 ай бұрын

1 person constitutes nobody in comparison with the whole USA. It's not difficult or complicated for an intelligent person. Americans are not intelligent people though. The average IQ in the USA is 25. @@0num4

I’m having to disagree with the credit card. All I use is a credit card. I use it as a debit card. It gets paid off every two weeks. It’s more of a security blanket from people trying to steal your card info and buy stuff. It’s a lot easier to dispute and not have to pay it. Where a debit card yeah that’s pretty much gone. I understand people are terrible with credit cards but if you are able to use it correctly then it’s perfectly fine.

The credit card did not get people in trouble: the people's behavior got them in trouble.

Their "never use CC's" is truly dumb. I pay mine in full each month, have never paid a cent in interest, get 2% cash back. I use it for things like utilities, groceries, etc., NOT dumb impulse buys. CCs are WAY safer than debit cards, where a thief drains YOUR money! My beloved late wife & I had 34 wonderful years together with separate accounts (enthusiastically on both our parts). We wouldn't have lasted 3 months if combined.

@Rashaadthegr8

7 ай бұрын

That's cute until you become unemployed or injured.

@beaniemac

7 ай бұрын

My credit cards all pay between 2.63%-5.25% cash back on every purchase. It'd be dumb not to use them when they aren't costing me any interest. I recently booked a hotel that charged me twice and I had to dispute it. Much easier done with a credit card than on my debit card.

@SnifferSock

7 ай бұрын

Sounds like you each spent 3.5 decades ignoring something about each other if you wouldn't have lasted 3 months with a joint account.

@amireallythatgrumpy6508

7 ай бұрын

Using both credit and debit cards is dumb.

@Big-Government-Is-The-Problem

7 ай бұрын

@@Rashaadthegr8 thats what an emergency fund is for... you act as if the OP is saying to carry around $10k of credit card debt while having nothing in the bank