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Dave Ramsey (self.MGTOW)

Diam35 が 投稿

Dave Ramsey became a millionaire once, then was broke, then in his 40s became a millionaire again. No tricks, just financial discipline. In USA, if a man makes 40 Gs a year and never gets a raise - 2 million dollars (!) flow through his hands throughout his working life. Yet so many people are broke by retirement.

Check out his book The Total Money Makeover which changed my life by following the principles he recommends. I thought I'd share it with my MGTOW brothers.

Edit: forgot to link the book, like I always do smh :)

https://www.daveramsey.com/store/books/dave-s-bestsellers/the-total-money-makeover/prodtmmoclassic.html

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[–]carini_bustout 19 ポイント20 ポイント  (9子コメント)

No tricks, just financial discipline

Yeah, from what I've gathered just listening to him take callers on his radio show, it's pretty simple. Don't carry unnecessary debt and don't spend beyond your means.

Every call it seems, the caller is drowning in credit card debt. Most of them are married couples that are royally fucked from their stupidfuck lifestyle choices they made as adults. You just want to punch these fuckers, at least I do.. and Dave just reiterates, for the millionth time, "Pay off your credit card, and quit spending money ffs", or "Get another job and pay off your debt (you stupid worthless bitch)".

Or, some poor guy is deployed oversees and she's pregnant with number 3, and they can't afford the health care costs for their firstborn with special needs, and they have two credit cards with 48K owed (??). I can't handle it. It's just a litany of stupid fuckers that have no concept of responsibility or respect for themselves or for money. Most of the situations, it seems, involve a woman who has no-doubt crashed the household's finances - filling her closets with meaningless shit from china. What do they do, toggle between Skankbook and Amazon all day? scary

[–]fuckhillaryinthebutt 7 ポイント8 ポイント  (0子コメント)

I think what it really comes down to is one's ability to forgo the outward displays of "wealth" in exchange for financial security. If you are an insecure person and you need to have an expensive car to prop up you ego, then your balance sheet suffers. Rarely those around us see our balance sheet, but they see the everyday items of our lives that are on display (car, clothes, house, smartphone, etc.). It takes alot of will power to build your balance sheet and live modestly.

[–]project_mayhem_[🍰] 3 ポイント4 ポイント  (5子コメント)

It also helps to understand how to take advantage of the tax code. Too many people go all in on dumb ideas for a tax deduction while wasting opportunities to take one for something they were going to do anyway.

[–]Diam35[S] 2 ポイント3 ポイント  (4子コメント)

Very important point. I heard that if you incorporate, you can put away 25% of your pre-tax money toward retirement. How crazy is that?

[–]project_mayhem_[🍰] 2 ポイント3 ポイント  (2子コメント)

I was not familiar with that rule, but it does not surprise me. my employer matches 6% of my income in 401k contributions and I can contribute up to 18%. and I am still allowed to fund an IRA (traditional or Roth). though all I've been able to do has been the 6% prior to this year when I finally got debt free a few months ago. if I can save the full Roth amount after taxes by the end of this year, I will then start a more accessible investment account.

[–]Diam35[S] 1 ポイント2 ポイント  (1子コメント)

What a feeling, being debt-free :) I'm hoping I'll be there soon.

[–]project_mayhem_[🍰] 0 ポイント1 ポイント  (0子コメント)

I used to work a skilled trade, and I do projects in my free time for charity. in the past, I always donated my time to charitable organizations, with them supplying materials for me to work with. the best part of being debt free for me is, I don't need them anymore. I can buy the materials out of my own pocket, and help whoever I like. I don't have to make a business decision, and I don't have to take jobs helping people I think wouldn't help themselves.

[–]grewapair 1 ポイント2 ポイント  (0子コメント)

You don't have to incorporate. You just need to be self employed. It's called a SEP-IRA.

You can put up to 25% of your income in a SEP-IRA and it isn't taxed until you take it out. You can invest it but not withdraw it until you're 57 and a half. I think you can withdraw it for your first home, but again, it gets taxed when you withdraw it.

The idea is that you can avoid your highest marginal tax rate when you put the money in, but when you take it out, you'll be retired with little income, so you can pay a lower tax rate at that point.

[–]Diam35[S] 3 ポイント4 ポイント  (0子コメント)

God damn man, I can really feel the frustration in your comment :D Very true, of course. Though I'd like to imagine one day being like Dave - not dismissing people for making stupid choices (we are all incredibly stupid), but helping them see it and guide themselves better. It's just like helping a lost kitten, we mustn't hate.

[–]ScatteredCastles 0 ポイント1 ポイント  (0子コメント)

Sometimes there's a link from this subreddit to one of his calls (which are on YouTube). The most memorable was a young man, fresh out of law school, already a junior lawyer, AND DEBT FREE. But married, or so-to-be married, to a woman with a graduate degree in lesbian dance theory and $300k in student loans.

I'm exaggerating a bit, but those were the tentpoles. Dave wasn't MGTOW enough to say the obvious, but you could see it in his face, and hear it in his voice.

[–]antishock8 15 ポイント16 ポイント  (4子コメント)

I'm a huge Dave Ramsey guy. He saved my life. I'm 46, have been retired from the Army for two years, and thanks to him (and my Dad who gave me solid advice about the S&P index) work is an option despite two divorces, two kids, and a world of bullshit that women have caused.

[–]Diam35[S] 5 ポイント6 ポイント  (0子コメント)

Yeah lol women are a disaster financially.

[–]project_mayhem_[🍰] 0 ポイント1 ポイント  (2子コメント)

two divorces

what was your MOS? sniffing for landmines?

[–]antishock8 1 ポイント2 ポイント  (1子コメント)

Nah. MI. One of the best things I ever did was take my bonuses and roll them into investments in addition to avoiding debt like the plague.

[–]project_mayhem_[🍰] 1 ポイント2 ポイント  (0子コメント)

two divorces

Nah. MI.

well, that explains a thing or two.

(only kidding, of course. and good for you!)

[–]CIAC50 10 ポイント11 ポイント  (2子コメント)

Always ask yourself 'why am I spending the money on this particular product? Is it really for myself or a status symbol to ward off anxiety?

[–]Diam35[S] 3 ポイント4 ポイント  (0子コメント)

Excellent point, we grow out of it eventually, some later than others.

[–]StorkSlayer 0 ポイント1 ポイント  (0子コメント)

It helps to think of expenditures in terms of time; how many hours of my life am I burning away at my job to pay for this? Is it really worth it?

[–]reddit_throwme2 5 ポイント6 ポイント  (0子コメント)

Love his show. Simple and to the point, calling out people's consumer driven bullshit.

[–]aanarchist 3 ポイント4 ポイント  (2子コメント)

thanks dude, i've been looking for resources on securing financial freedom. what has this book done for you in particular, got a story to share?

[–]Diam35[S] 4 ポイント5 ポイント  (0子コメント)

Sure, no particular success story here. I was drowning in debt: electric company, gas company, bank personal loan, credit card balance, car loan, father's loan, friend's loan, and always a nerve wreck living paycheck to paycheck. By following Dave's advice, I've paid off almost all my debts, am more confident.

So, the advice is:

  • Get an emergency fund first, start out small, like $1000. it's an untouchable fund. Increase it eventually to 6 months' living expenses

  • Pay off your smallest debts first. The sense of victory trumps the lower interest you would pay if you worked on paying off your highest debt

  • If for any reason you have to tap into your emergency fund, stop paying anywhere else until it's replenished

  • Pay only in cash, never cards. Budget how much cash you need between pay checks

  • Once you've paid off all your debts, and have gotten used to that cash budget between pay checks, take the huge left over and put it into whatever you want, I'd suggest index funds, but some people like houses - fine, get a house loan. Me, I like the freedom of renting and being able to pick up and go wherever the heck I want. Just me tho :)

[–]ransay3277 4 ポイント5 ポイント  (4子コメント)

I have been a student of Dave's for over a year. Good solid non-complicated advice. He should be required reading for MGTOW and RP guys. Period.

[–]Diam35[S] 2 ポイント3 ポイント  (1子コメント)

Absolutely! I wish I discovered him earlier. Isn't it strange, how everything he says is just basic common sense, nothing complicated - yet we've (me, at least) never started practicing it until later in life?

[–]ransay3277 1 ポイント2 ポイント  (0子コメント)

Agreed, the beauty of his system is uncomplicated simple common sense. What a concept.

[–]fuckhillaryinthebutt 1 ポイント2 ポイント  (1子コメント)

I agree with his recommendations to get out of debt, pay off your house and invest, but I think religiously, he promoted marriage and the family unit because of Christianity. I also think his investment advise sucks. I lean towards low cost index funds, he recommends actively managed which rarely outperform index.

[–]Diam35[S] 0 ポイント1 ポイント  (0子コメント)

So the man believes in marriage. God bless him, hopefully the wife won't decide one day to just take 50% of his worth.

[–]sgt_squirrel 5 ポイント6 ポイント  (1子コメント)

Poverty in America is a joke. If you just don't do frivolous shit you're out of American "poverty" in a year.

Dave Ramsey is great. He doesn't bullshit people or sugar coat things. I don't personally follow his no credit cards advice, but I understand why he gives it. Most people have no self control with money and treat credit cards like cash in their pocket.

https://www.youtube.com/watch?v=IzFYfnndAno

[–]Diam35[S] 3 ポイント4 ポイント  (0子コメント)

Exactly. No excuse. "muhfugga I'z bee'z discriminavement, I'z be riotting!"

[–]gods_bones 2 ポイント3 ポイント  (4子コメント)

This reminds me, I downloaded his Dave Ramsey Financial Peace University program once and totally forgot about it. Hopefully it's still in my mega.nz account.

[–]Rotten_Red 0 ポイント1 ポイント  (3子コメント)

My wife and I did the Financial Peace University class (9 weeks) and it is a good program. I often recommend this to people, especially engaged couples or newlyweds. It provides a forum to discuss things like how much money is ok to spend on clothes, entertainment and basically everything in a neutral, classroom like setting instead of at home arguing over where the money should go.

He also strongly pushes people to have a WRITTEN BUDGET every month, which we do, and it is both a pain in the butt some times and brutally effective other times.

[–]Diam35[S] 0 ポイント1 ポイント  (2子コメント)

What am I missing by just reading Dave's book and not attending the class? Just curious.

Edit: kickass job on having a written budget.

[–]Rotten_Red 1 ポイント2 ポイント  (1子コメント)

Everything is in the book so you want be missing any information. What you will miss is if you do this as a couple then there are opportunities to discuss different situations that might come up in a non-confrontational "what if" situation instead of when something really happens. For example, if you have in the budget that she can spend X dollars on clothes per month then you can easily not care and she won't feel guilty coming home with stuff from the mall. Same thing when the situation is reversed, if it is in the budget there is not guilt over spending the money on that thing.

[–]Diam35[S] 0 ポイント1 ポイント  (0子コメント)

Ah, I see, I can see how it can be valuable even bringing up 'inside' arguments in that setting as a couple, with the benefit of impartial advice of Dave & co.

[–]ghostingthrowaway 1 ポイント2 ポイント  (0子コメント)

Dave Ramsey is GOD as far as I'm concerned and I'm a younger guy (25). He goes tradcon and brings Christianity into his programs a lot of the times because of his target audience but the guy is preaching financial advice that does more good than harm in this society. How many people can you really say that about?

I still keep a credit card with no balance for things like car rentals and EXTREME emergencies but cash for everything else. I have 0 stresses in life because of my savings amount and my low expenses thanks to that bald bastard.

[–]Trek13 1 ポイント2 ポイント  (3子コメント)

does Ramsey still hate credit cards?

I love my credit cards. Cash is a pain. I take out about $100 cash from the atm about once every 2 months. I use credit cards for everything. All my financial dealings are on line and if I could completely eliminate cash I would.

Ramsey reminds me of those people selling diet plans. It never ends and very few of the suckers that buy their stuff benefit long term. I suspect the way Ramsey got rich is by selling his "feel good" self help stuff. Smart, responsible finance is not rocket science and you dont need Ramsey's advice to be smart about it. I figured it out as a little kid with my first saving passbook account. Unfortunately, if you dont learn this basic stuff from an early age it is very tough to find the discipline later in life

[–]slappydapussy 0 ポイント1 ポイント  (0子コメント)

Most of his advice is sound. But it's also advice I learned growing up. Not everyone has so he would be good for them. He doesn't have a problem with using a debit card or choosing credit on your debit card when you have money in the bank. He is against using lines of credit that then have to be paid back with interest. Save up before you buy.

[–]Rotten_Red 0 ポイント1 ポイント  (0子コメント)

I do the cash in envelope thing instead of credit cards and it is brutally effective at keeping you on budget. Having no debt and cash to pay for things brings a lot of peace to your life.

I only ever use credit cards for things like car rentals, airplane tickets and hotels. Cash for everything else.

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[–]StorkSlayer 0 ポイント1 ポイント  (1子コメント)

I'm a bit skeptical of David Ramsey as it pertains to his hard line against debt. I bought a car recently. It was a modest vehicle and a sensible choice for my needs. I could have paid cash had I chosen. However, it makes no sense to liquidate my emergency savings to avoid financing a car when I can get a rate under 2%. Alternately, why would I pay cash on a car when that money could go into paying down a mortgage that carries a higher interest rate?

Responsible use of debt helps one maintain liquidity.

[–]Diam35[S] 0 ポイント1 ポイント  (0子コメント)

You know, I have to agree. I'm in a similar situation, and for the first time in many years I can finally be debt-free, yet I choose to maintain my emergency buffer fund, and pay it down gradually. I think his idea is that all the combined interest payments take their toll throughout life as lost $. (Capt. Obvious, at your service lol)