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Old Sep 26, 2012, 09:17 PM   #1
Orange Furball
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Anyone a fan of Financial Peace with Dave Ramsey?

I'm taking this course at my school this year. Has anyone learned anything from this? The guy seems like a genius, but I can't take in all this stuff at once and don't see myself using it. So anyway, what are your thoughts on Dave Ramsey? A great guy, full of crap, or just some rich dude?

Don't let this get political (if that's possible)
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Old Sep 26, 2012, 10:45 PM   #2
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Dave Ramsey

Did it 10 years ago.

Life changing!

Live beneath your means and the money saved adds up quickly.

I only deviate from Dave Ramsey's ideology in having all of my investment money in one stock = Apple. Even he likely wouldn't complain about that when it's returning 70%+ this year!
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Old Jun 22, 2013, 09:29 PM   #3
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I only deviate from Dave Ramsey's ideology in having all of my investment money in one stock = Apple. Even he likely wouldn't complain about that when it's returning 70%+ this year!
How are you feeling about this now?
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Old Jun 22, 2013, 09:44 PM   #4
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I like Dave Ramsey, but I wouldn't listen to him for investment advice.
The rest is good stuff.

-t
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Old Jun 22, 2013, 10:21 PM   #5
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How are you feeling about this now?
Hahahaha this made my night
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Old Sep 26, 2012, 10:51 PM   #6
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We spent a whole week going over that single stock thing. Diversification is key, but I think you're safe with Apple
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Old Sep 27, 2012, 08:39 AM   #7
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I've been a Dave fan for quite some time. I was born and raised in Nashville and my older sister went to school with him so there's a point of personal connection.

His principles are grounded in simple truth, you should control your finances instead of letting them control you. Live on less than you make and know where every dollar goes. Sadly, many people just kind of meander through their financial life allowing circumstances and ignorance to take the lead.

I would highly recommend Dave Ramsey, Larry Burkett, and/or Crown Financial Ministries to anyone who wants to better understand stewardship.
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Old Sep 27, 2012, 11:46 AM   #8
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....
I only deviate from Dave Ramsey's ideology in having all of my investment money in one stock = Apple. Even he likely wouldn't complain about that when it's returning 70%+ this year!
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Originally Posted by Orange Furball View Post
We spend a whole week going over that single stock thing. Diversification is key, but I think you're safe with Apple
Don't know David Ramsey, but that diversification thing.... no, he wouldn't approve. The higher the returns, the more risk is one rule of thumb. There are so many ways that Apple stock could tank, in a day. What happens if Jony Ive wraps his new Aston (with Sir Jony in it) around a telephone pole? What happens if Tim Cook's plane disappears while crossing the Pacific?

What happens if China and Japan start a shooting war over those stupid islands? The USA has signed a treaty to support Japan, but that then gives China the legal right to embargo Apple products from leaving China. It doesn't even have to go that far... what if China and Japan simply start a shouting war that gets Wall Street's attention, and they suddenly realize that Apple is vulnerable should the shouting escalate.

The whole point of diversification is that you accept lower returns in interests of protecting those returns in the event of a setback. Otherwise you are putting all of your eggs in one basket. One drop and - 'poooft' - the whole nest egg is omeletted.
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Old Sep 27, 2012, 02:48 PM   #9
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Don't know David Ramsey, but that diversification thing.... no, he wouldn't approve. The higher the returns, the more risk is one rule of thumb. There are so many ways that Apple stock could tank, in a day. What happens if Jony Ive wraps his new Aston (with Sir Jony in it) around a telephone pole? What happens if Tim Cook's plane disappears while crossing the Pacific?

What happens if China and Japan start a shooting war over those stupid islands? The USA has signed a treaty to support Japan, but that then gives China the legal right to embargo Apple products from leaving China. It doesn't even have to go that far... what if China and Japan simply start a shouting war that gets Wall Street's attention, and they suddenly realize that Apple is vulnerable should the shouting escalate.

The whole point of diversification is that you accept lower returns in interests of protecting those returns in the event of a setback. Otherwise you are putting all of your eggs in one basket. One drop and - 'poooft' - the whole nest egg is omeletted.
I guess that's right. But Apple stock is quite the basket.

In the video he put around six eggs in a basket and two in a few others. Maybe if instead of doing all Apple, he put a little bit in other companies. Apple will fail eventually. Everyone does. Its your classic risk-return ratio!

Today we learned about saving for collage. One thing that makes no sense is that you can't invest very easily while your under 18, so it puts a layer of difficulty up and I just don't see myself doing that. Plus 2 years and I'll be graduating so that's not much time to save. I wish my school started this class in 9th grade instead of 11th
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Old Sep 27, 2012, 09:11 PM   #10
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I guess that's right. But Apple stock is quite the basket.
....
Yep... quite the basket. But that could change, literally, overnight. They are so dependent in a few individuals that their exposure to risk is fairly high.
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Old Sep 27, 2012, 11:53 PM   #11
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Dave Ramsey turned my life around. 5 years ago, I got laid off. I was in a panic, because I had little savings, a car payment, credit card debt, student loans, and more. I ended up taking a crappy job with a big pay cut, because it was the first offer I got. I hated that job, but I was stuck there for a year. I decided that would NEVER happen to me again. I had half-heartedly tried the plan before, but didn't seriously follow through. After that, I went all in.

It just happened again. I was laid off this week. This time, I'm not sweating it. I have 6+ months expenses in my emergency fund. Stuff like what happened this week is exactly why I did it.
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Old Sep 27, 2012, 03:51 PM   #12
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I went to the seminar and read his book as well. Ramsey's whole theme is learning to live within your means and getting out of debt. He has this system that one follows to take control of one's finances. Take the steps in order and learn the other stuff as you have time.

Dave Ramsey is indeed wealthy but he admits he made some stupid mistakes along the way which helps me personally to relate to him and his message.
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Old Sep 30, 2012, 01:21 AM   #13
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Dave Ramsey turned my life around. 5 years ago, I got laid off. I was in a panic, because I had little savings, a car payment, credit card debt, student loans, and more. I ended up taking a crappy job with a big pay cut, because it was the first offer I got. I hated that job, but I was stuck there for a year. I decided that would NEVER happen to me again. I had half-heartedly tried the plan before, but didn't seriously follow through. After that, I went all in.

It just happened again. I was laid off this week. This time, I'm not sweating it. I have 6+ months expenses in my emergency fund. Stuff like what happened this week is exactly why I did it.
I'm sorry to hear you got laid off, but I'm glad you're prepared! Good luck!
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Old Sep 30, 2012, 11:06 PM   #14
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I'm sorry to hear you got laid off, but I'm glad you're prepared! Good luck!
Thanks! Now I truly get the peace side of Financial Peace. If I still had credit card balances, car payments, and crap like that, I would probably be freaking out again. I may have a different tune if I got 4 months or so without a job, but for now, I'm not too worried. I think I will find something fairly soon.
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Old Oct 1, 2012, 08:44 AM   #15
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I always chuckle when I hear Dave say, "We give you the same financial advice your grandmother would, only we keep our teeth in."

As I grew up, my parents modeled the Financial Peace plan. Okay, they weren't quite that intense, but the foundations were there. I was starting to stress out a bit about money last month when my wife reminded me, "Hey, we planned for this."

I enjoy listening to his radio program. Yah, I'm a fan!
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Old Oct 1, 2012, 12:11 PM   #16
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I always chuckle when I hear Dave say, "We give you the same financial advice your grandmother would, only we keep our teeth in."

As I grew up, my parents modeled the Financial Peace plan. Okay, they weren't quite that intense, but the foundations were there. I was starting to stress out a bit about money last month when my wife reminded me, "Hey, we planned for this."

I enjoy listening to his radio program. Yah, I'm a fan!
He had this big 20th anniversary show on Friday. All kinds of guests and they had a party at his office building with food and prizes. I watched the live stream, and it was pretty cool. I almost drove there to see it in person, since I have a lot of free time now, but I decided against it.
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Old Jan 15, 2013, 08:40 PM   #17
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Thinkingo f taking this course with my dad, and fiancé. Is it better to do it in person, or online ?
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Old Jan 15, 2013, 11:12 PM   #18
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Thinkingo f taking this course with my dad, and fiancé. Is it better to do it in person, or online ?
If its in person and near you, do it. If not then just do it online. I'm officially done with my course. I learned a lot. We have an exam for it tomorrow
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Old Jan 16, 2013, 06:11 AM   #19
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If its in person and near you, do it. If not then just do it online. I'm officially done with my course. I learned a lot. We have an exam for it tomorrow
Thanks. I was just thinking online may be better since its self paced and I could get through it quicker.
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Old Jan 16, 2013, 10:29 AM   #20
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Thinkingo f taking this course with my dad, and fiancé. Is it better to do it in person, or online ?
One of the advantages of taking the class with other people is accountability. Just like going to the gym or losing weight, when you do it as a group you are more likely to stay with it. There's a built in motivation when you hear successes from other families.

Also, I read the TMM book in two days. I got the basics, but it didn't really have time to sink in. Taking the class over a few weeks would give you time to really grasp how this stuff applies to you. (Or do what I have done and listen to the radio program for about two years now...)
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Old Jun 5, 2013, 03:59 PM   #21
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After looking over his sight, is he associated to church's?
He is a Christan but I dont think he is actually associated officially

----------

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i'm following Dave Ramsey's baby steps now, and I am looking for a good debt snowball software (free) for my MacBook Pro (version 10.5.8). Anyone know of one that is decent??
Check Dave's site
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Old Jun 20, 2013, 10:16 AM   #22
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I am a recent graduate of Dave Ramsey's Financial Peace University and I have to say it has been quite a life changing experience. After years of being unhappy with my finances and feeling I was wasting time in my life with the bills piling up and my retirement fund going nowhere, I finally had a moment where I had enough and knew I had to make a change.

This change has been amazing. In my opinion I was not in terrible financial shape, but knew it had to change. With our mortgage, student loans, cars and credit card bills, my fiancé and I were around $200,000 in debt at 27 years old. Now that we have adjusted our lifestyle and got our mind right this last February, we have knocked out around 30,000 in debt from selling a car, tax returns, and moving all the money from our savings except our Baby Step 1, $1000 emergency fund.

The best news is that due to eliminating that debt, selling things, and sticking to our spending plan, our debt free date except the mortgage is June of 2014!! This will free up $2000 a month of our money to start sending to a 3-6 months of expenses for an emergency fund, retirement fund, and paying off the home early!

It is crazy how just a few months can improve someones happiness in life so much. Now we are just counting down the days until we can be debt free!! I encourage all of you even if you have a small amount of debt to go through his program. It will give you, and has given us the peace of mind in knowing that if we follow these steps, can retire when we want, on our terms, and how we want to. That is truly financial peace.
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Old Jun 21, 2013, 10:25 AM   #23
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The overall ideas he teaches are good, but he goes too far on a few, such as:

People who take out student loans are morons.
No dave, not everyone wants to spend their college years getting 4 hours of sleep a night because they have to work 40 hours on top of their school and homework in order to "cashflow" college. Not everyone wants to live like a homeless person for the best years of their lives.

There's a biblical answer for [insert financial question here].
No dave, there isn't. The bible will tell you "treat others the way you want to be treated" and a few other things that some basic empathy and rational thought would also tell you. But when you try to relate a car loan to a bible verse, you sound to devout christians like a great guy (which is why he does it), and to the rest of us like an idiot or a panderer. We want your financial advice. If we want to hear your preaching, we'll go to your church.

Credit scores are not important and getting credit to raise your credit score is stupid.
He actually goes so far as to say that you can lease an apartment or get a mortgage with no credit score, by showing them paystubs, employment history, and bill payment history. You know, because apartment managers and loan officers are fine with spending hours on your paperwork, and going out on a limb for you based on data they aren't used to working with.
And the whole not getting credit to raise your credit score thing– he asks "why would you go into debt in order to raise your credit score so that you can go into more debt?" Well dave, if you do it right, you don't go into debt. I've got an awesome credit score that allowed me to buy a house at a very low rate because I opened a few credit card accounts year ago, and use them for everything, paying them off in full every couple of weeks.
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Old Jun 21, 2013, 01:11 PM   #24
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The overall ideas he teaches are good, but he goes too far on a few, such as:

People who take out student loans are morons.
No dave, not everyone wants to spend their college years getting 4 hours of sleep a night because they have to work 40 hours on top of their school and homework in order to "cashflow" college. Not everyone wants to live like a homeless person for the best years of their lives.

There's a biblical answer for [insert financial question here].
No dave, there isn't. The bible will tell you "treat others the way you want to be treated" and a few other things that some basic empathy and rational thought would also tell you. But when you try to relate a car loan to a bible verse, you sound to devout christians like a great guy (which is why he does it), and to the rest of us like an idiot or a panderer. We want your financial advice. If we want to hear your preaching, we'll go to your church.

Credit scores are not important and getting credit to raise your credit score is stupid.
He actually goes so far as to say that you can lease an apartment or get a mortgage with no credit score, by showing them paystubs, employment history, and bill payment history. You know, because apartment managers and loan officers are fine with spending hours on your paperwork, and going out on a limb for you based on data they aren't used to working with.
And the whole not getting credit to raise your credit score thing– he asks "why would you go into debt in order to raise your credit score so that you can go into more debt?" Well dave, if you do it right, you don't go into debt. I've got an awesome credit score that allowed me to buy a house at a very low rate because I opened a few credit card accounts year ago, and use them for everything, paying them off in full every couple of weeks.
I 100% agree. My parents had set up a college fund for me since I was a kid. Unfortunately that didn't cover the ever-increasing tuition costs. I could have worked more hours at work, went out with friends less, and studied instead of sleeping. But that is not real life. It just doesn't happen that way.

I borrowed the CD set from a friend and listened to every one of those CD's. A lot of it is common sense (emergency fund, car loans/financing, saving and living beneath your means...etc.).

Also the Bible incorporation was unnecessary. I am a religious person, but the constant insertion of random verses was actually annoying.

What I really hated was what he said about credit scores. Ridiculous. You can't do anything with a bad credit score. I don't care if you have thousands of dollars in a brief case with you. If you go to rent an apartment and have a bad credit score you will not be accepted as a resident (at least in my area). Having a credit card does not equate to having debt. If you do not manage your finances correctly, even if all you carry is cash and a debit card, you can still screw yourself up.
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Old Jun 21, 2013, 09:42 PM   #25
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I 100% agree. My parents had set up a college fund for me since I was a kid. Unfortunately that didn't cover the ever-increasing tuition costs. I could have worked more hours at work, went out with friends less, and studied instead of sleeping. But that is not real life. It just doesn't happen that way.

I borrowed the CD set from a friend and listened to every one of those CD's. A lot of it is common sense (emergency fund, car loans/financing, saving and living beneath your means...etc.).

Also the Bible incorporation was unnecessary. I am a religious person, but the constant insertion of random verses was actually annoying.

What I really hated was what he said about credit scores. Ridiculous. You can't do anything with a bad credit score. I don't care if you have thousands of dollars in a brief case with you. If you go to rent an apartment and have a bad credit score you will not be accepted as a resident (at least in my area). Having a credit card does not equate to having debt. If you do not manage your finances correctly, even if all you carry is cash and a debit card, you can still screw yourself up.
He doesn't say have a bad credit score......he says to have no credit score. I've never seen a place that will deny you based on having no credit. They generally require a higher deposit and/or references from a previous landlord. But it is not a deal breaker in any situation I have ever encountered.
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