John you're right. The bit you did about working towards doing nothing is bologna. I know many, many super wealthy. They have goals and how to make the world better. Money is a tool to accomplishing goals and meaning
A saw a Caleb Hammer video where he asked someone why they took out a bunch of payday loans, and I swear, the response was "I got it just to have...". Like he was paying 200% interest for pocket money. To call these people poor is an understatement. They're completely deprived of both money and brain cells.
Same here. I tend to keep mine 5-10. This current one I'm going to try to go 12+ years. One of my friends kept his for 20 and gave it to his 16 year old son. If you keep cars for a long time and you pick a good reliable brand. Theres other factors here but you can get really close to the annual cost of a used vehicle and even beat it. The real issue are other factors like trading frequency & buying low quality brands.
That’s my philosophy too. I currently have a 2006 Jeep for bad weather and a 2020 Charger that I’ll keep forever. They’ve both been babied with maintenance and I know they’ve been taken care of. No loan on either.
If you don't get rid of it and keep it beyond a certain number of years, then the depreciation becomes moot. I personally still prefer certified pre-owned because you still have either a renewed warranty for free from the dealer or the manufacturers warranty. But more importantly the car is still so low in mileage that any consideration for mechanical issues is almost 0 + inital depreciation so win-win
@ YESSSSSS! I keep track of mileage monthly. I knew it was time to sell my 2000 F-350 when I was putting less than 2000 miles on it per year, it still had less than 150k miles on the diesel engine and because it was tall but I’m short. The last time it rained and I slipped off the step getting out I realized that it was going to cost me more in medical than it was worth. My current car is a 2014 Hyundai Santa Fe Sport, super comfy, 125k miles but I’m looking for a mid-sized truck. I have a very small horse trailer that the Hyundai can’t pull. I’m shopping, cash in hand.
We have one credit card, which pays a cash reward for paying it off monthly, which is paid into a savings account. We never need the airplane miles and gadgets, but we appreciate the $1000 a year. We also have a habit of paying off all small bills on New Years Day. House and cars are already paid for. We have set aside cash to cover an average stay in a nursing home, rather than purchase long-term care insurance. We drive a Ford pickup and a Toyota 4Runner, purchased 2 years and 5 years old respectively. What amazes me is that we are both impulse buyers and managed not to foul up our retirement. Whew.
I have three rewards cards. The lie they espouse is that it's so hard to keep track of and takes a bunch of brainpower. It really doesn't take a lot of brain power to put the thing on autopay every month.
@@titusvandussen6303it’s not a lie if most people mess it up. This isn’t about you nor you being able to successfully manage your credit cards. The fact is most people carry a credit card balance and think they are beating the system because they get rewards. They are speak to the masses, not just you, me and others who don’t have this issue.
@@titusvandussen6303 Dave's hatred of credit cards is simply irrational, obviously some people are able to reap the benefits. Once you set them up and memorize what card to use for what category you just pull in extra money indefinitely with basically no extra work. The rules of using credit cards properly are extremely simple. I always come out on top and the banks always lose, to the tune of thousands.
Dwanye Johnson has a cheat day a couple of times per month where he eats whatever he wants. Why and why do I mention that? Because controlling your diet and exercise is similar to controlling your finances. If you can control your finances a credit card isn't your problem.
When buying a used car you may just end up buying someone else’s problems. Many people sell their cars because of the maintenance issues. Roll the dice 😊
We are doing pretty well baby step.7. We have never bought a new car. Usually used and 5+ years old...we have yet to spend more than 20k but our next one will be cash and over that for a Lexus or Toyota.
I buy a new car and keep it for 15-20 years. My car is 14.5 years old now, 103K miles. I buy a used car and need to replace it after 5 because it was not taken care of properly by the original owner. I live in Arkansas, I wouldn't buy a used car down here, if it was 50% off the lowest blue book value.
I have a similar experience. All my used vehicles have had major issues. The longest I've ever kept a used vehicle is a truck is have now i drive maybe once a week. I've had it for six years and its had several repairs cause other people abuse it. All my other ones blew up in less than 5. I had one new I kept for 10. My current one I'm shooting for 12-15 at 7 now. I take care of my vehicles. I've only had one minor repair in 17 years on my new cars. Im not saying people should buy new. But there's many other factors here that goes into the cost of vehicle. Its less about newness and more about how long, maintenance, etc.
@@pdxmusl1510 And buying parts to repair is much more costly then buying a new vehicle. And if you're not a mechanic, the cost to install the part is insane.
Depends on the miles and age...bought used and it's lasted 10 + years. New only makes sense to me if you buy with intentions to keep for 15+ years. Buying new and keeping a few years is just pissing money down the drain. Used if good reliable brands is really the best way personally.
That’s exactly what I do. I haven’t had a car payment in twelve years and have a very nice vehicle. It’s nice because I wanted a nice, reliable vehicle not because I care what other people think of what I drive. I couldn’t care any less.
I just got rid of my car. I didn't need your show to know I had no money for it. But your show is essential otherwise I'd feel like a loser & a failure. But you make a " community " for us to feel PROUD of making good financial decisions even if yhe herd raises eyebrows
Great video! It’s amazing how our habits reflect who we are. Your insights really made me think. By the way, do you think remote companies are doing better than us recently? I’d love to hear your thoughts!
I am wealthy by any reasonable standard. I buy new cars with cash when rates are high, finance when rates are low. I keep cars until they no longer meet my needs. I choose to have a mortgage; my investment returns outweigh the debt service. I use credit cards, enjoying discounts and cash back. I pay the full balance every month.
My dad bought a new truck in ‘72 and it more than paid for itself before it got sold in 2001. He also bought a new tractor in ‘80 and it lasted twice as long as most tractors’ life expectancy. Take care of your machines and they will usually last a long time. I am tired of buying other people’s abused garbage. Trying to keep my current vehicles running long enough to save up to pay cash for something new.
"Wait, he got a new tractor in 80 and it lasted twice as long?" What? We have a Ford 8N from the 48(Dad purchased used in the 81), and a Farmall BN from the 45 which dad purchased used in the mid 60s. They still run weekly. So how has your dad's tractor lasted twice as long. The neighbors are running the Case 300 and 700, which were purchased in 1958. The other neighbor has a 1939 JD A purchased in the 70s. Twice as long has not arrived yet. As for the truck, that is a good run, I bet it rusted out if it was in the north. Yes, it is best to buy new, then you know that no one abused it, before you got it.
@ We used it on our dairy so we racked up around 16,000 hours (most tractors are almost shot by 8,000) when the first engine went. It got replaced and we put another 12,000 hours before closing the dairy.
@@flyingwheels6821 Maintenance is the only thing that keeps them going on a dairy farm. The Cases where i worked as a teen in the late 70s early 80s were well maintained(300, 600, and 700). In about 78 the 600, was sold, and a Case 1210 which increased the horse power to 65. That change added some flexibility with the added power and differential lock. One of the things that helped this equipment is that it was kept inside the barns. All of the equipment had a place inside the buildings. That was the only way to keep the family farm in good shape without replacing equipment every few years. Yea 16K is a lot of hours. Why did the farm shut down? No one to take it over? That hit most of the farms on our road in upstate NY.
@ I agree with you about maintenance. My dad was a disciple of maintenance but lacked other certain important skills. I won’t go into specifics but I left when I realized the farm was no longer feasible and he was diagnosed with terminal cancer. Gotta know when to quit.
As someone who makes $100k, I still play the lottery. Once a month I buy 2 tickets for about $10. The way I explain it is I am essentially purchasing the ability to hope and dream for a crazy future. The trick is to not rely on that hope to stay grounded in reality.
There’s nothing wrong with gambling as long as you stay within your means. I bet on football all the time. Never a lot, just enough to make it watchable 😁
Every time I hear the car depreciation argument I cringe. If you drive it until it dies you don’t care about depreciation. This works the same as credit scores, I don’t use credit so your score means nothing to me. Yes used cars are cheaper, finding one isn’t always easy. With interest rates sky high you think people are offloading their used cars? During covid used wasn’t possible. You were better off new.
I agree. I don't care about how much my 2001 and 2004 vehicles are worth on paper because i DONT plan on ever selling them. The same for my home. I don't care what the market says it's worth because I don't plan on ever moving. I bought my house for what it was worth to ME and if the value goes down to Zero it is still my house.
i have no issues to my husband when it comes to handling finances, he's frugal type of a person, he got investments, retired in his 50's, we owned a house, no single debt, paid bills in full and always on time, he drove a very old model truck and refused to buy a brand new car despite having the ability to buy one. BUT, my biggest problem about him is that he doesn't allow me to work, every time i told him about my plans of getting a job, he's not happy and we always ended up arguing and makes me upset all the time.
@ main reason is i want to have my own income too. i dont think he wants to undergo some counseling. he's manifesting signs of being a narcissist. He always want to be in control about everything.
@@KittyandOrange I'm sorry you are dealing with that. I'm just a random YT person but that does sound slightly controlling. Maybe consider some counseling for just yourself and always leave the option for your husband to join you. If you ever feel like it turns abusive, please reach out to family and friends. Stay safe.
@KittyandOrange : He is a chivalrous man. I think you should be happy about that. He is performing the traditional role of a man by being a provider and protector. And life would be great if could embrace your femininity by performing your role as a nurturer of the husband/children and hold the home together. This is how it has been throughout history except for the last couple of decades or so. The devaluation of currency and rapid inflation is the reason single income families are becoming rare these days. Women work not because they want “independence”. They are forced to work because of the currency devaluation. But if the man’s income is high enough, be thankful. Working in a job is one of the most boring things one can do. Trust me on that. Be happy that you don’t have to work in a job for a salary.
Credit cards are great for people with control. Not using points in 12 months is a sign they are doing well. I use mine at the end of the year when I'm paying property taxes and buying Christmas.
I use credit cards to pay for everything. I pay it off every month. Then when vacation time rolls around for my family, I can usually cover at least one, sometimes two airline tickets with the rewards.
The thing with a used car is you have no idea how the last person treated it. Carfax just tells you damage from accidents and scheduled maintenance if it’s even reported. Even with warranties, dealerships can deny claims and 5 years ago I would say buy used for sure because it was affordable to fix a car, but now buying car parts is insanely expensive. A remanufactured transmission or engine on average can between $7,500-12,000 now.
This is an extreme viewpoint. Yes, there is risk. But educate yourself on what brands/models are reliable. Buy a certified used car. Learn what to look/listen for when you test drive. Learn to do basic repairs yourself. Good luck.
@@tristan2332 very true. in our case we had a paid off 2022 corolla and it was totaled in a car accident. The other guys Insurance gave us 21k so we did a 30k down payment. Only financed a small amount. On track for a 4 month payoff
Had the same thought. But it might be debt help of some kind. Idk. The ad said it was a debt product for defaulted student loans. There's probably a get out of debt angle here on it.
@ Well they pay down your student loan debt and then you are indebted to them. At least to lower interest rate, hopefully. Still a debt product endorsed by Ramsey.
2% unlimited cash back. We get $900 in free cash a month spending $45-$50k a month, probably get that up to $1200 a month in cash back when we ask for a limit increase. We pay the balance in full every 2 weeks. That’s nearly $12k a year in tax free income.
And where does that bonus money come from? It comes from those that can’t afford to pay off their card each month, those that are poor and struggling financially. It is not coming from the banks pocket. I was you, was proud of how savvy I was - until I learned where these rewards came from. Made me feel horrible, and I stopped using that kind of card.
I dont travel much but i have a little for work recently, we were in Cookeville Tenn and i dont think ive seen more payday loan places anywhere else in my life , seemed like a ridiculous amount of those places
@Jumperman12mac it really isn't you can absolutely have credit cards, pay them off, and gain many benefits from them. Example one I don't and have never paid for an international trip. My family Flys to Italy every year to see family. No cost. (Only use the card for every day to day expenses in life) Example 2 that is critical no foreign transaction fees for card use. Example 3 free rental car CDW. Internationally, which if you leave the country you will understand how unbelievably frustrating international insurance works. Example 4, 1 degree of separation from the bank accounts provides security so you don't risk theft from the bank account due to your card. I could list 100k more but I think you get the idea.
@Jumperman12mac now I'm not gonna say credit cards are why your rich, it has more to do with benefits of responsible use. Being wealthy has to do with your expenses vs your income. Spend less than you make and you will be a millionaire, don't have debts, and you will be surprised how fast you get there.
George doesn’t understand how credit card points work. We have not paid a dime in interest and we never pay for a hotel room and most of our rental cars are paid for with points.
@@amireallythatgrumpy6508 I just redeemed 14 nights at a Hyatt worth 7k with points without spending an extra dime on anything. I made those points through sign up bonuses. I'm a physician, save 60% of my gross income and invest 45-50% of my gross income.
Their point rewards argument is dumb. They need to acknowledge that there is a benefit for using a credit card to pay everything. If you're gonna use a debit card might as well a credit and get some cash back. Obviously some people are not credit card people. I'm talking about responsible adults.
I guess i am atypical. I buy a new car, then hold it until I get tired of it. My current car is from 2012, It was new in 2012. It is 12 and I know who abused that car in my driveway. Maybe it is time for a new car. I am concerned that it will be $33K for a new car(Subaru Legacy or Toyota Camry). I still can't decide which one. Do I want a stronger AWD system, or phenomenal gas mileage with a weaker AWD system?
Get the Subaru. I work for a Subaru dealer and have seen them with over 300k miles with regular maintenance. Yes, the Toyota will do it too, but I’d feel much safer in the Subaru considering the safety features (technology and structure) and the symmetrical AWD. There’s just something about driving a Subaru that makes you feel safer and more confident behind the wheel.
I've just clicked on the most recent dave Ramsey vid to comment this. Can someone tell me why Dave says to pay off all your debt as a priority? Say I have my student loan at 5% interest, and then find an cash ISA that expects an 8-9% return. It surely just makes sense to invest the money I get into the ISA right?
His education is that your not factoring risk by keeping loans. And loss of opportunity costs. Dave went completely broke in his 20s because of debt. If you pay for cash for everything you pay less for it than someone who doesn't. Then you can have your entire income for investing. The other side of this is that the math doesn't really work out always to invest vs pay off. You have to do a break even analysis. And regardless of how much of a spread there is. Its entirely possible that your senario is that paying off early is better, investing early is better, or its a wash and doesn't matter. All 3 outcomes are possible and you cannot determine it by doing an interest percentage comparison. Its an invalid compare. If you pay something off very aggressively. Then take that money and invest. You can frequently out perform the keep the loan and invest approach. Again. Not always.
- Father, you gave me 2 dollars yesterday to go to school on a bus, but I didn't get on the bus, I was running behind it. See how much money I have saved! - You idiot, you had to run behind a taxi, we would have saved much more!.. That's the pajamas joke the guy with glasses is talking about )).
I'm likely considered wealthy since I have zero debt and an eight-figure net worth. I purchase new vehicles (keeping them for a long time), for which I always pay cash. I have two credit cards, whose balances I pay off in full every month without fail. I haven't paid a single cent in credit-card interest in decades. My last cash-back check was for $4,750.
When you are talking to the demographic that Dave Ramsey targets its black or white. Obviously lots of wealthy people use credit card rewards and buy new cars, you just cant give this demographic any grey areas. They can discover those on their own when they understand how to live a fiscally responsible life.
I heard a story the other day about how 20% of people are still paying off Christmas from 2023. Not 2024, but 2023. People are clueless when it comes to their finances.
I guess im somewhere between average and wealthy, i did buy a new car but i paid cash, i dont buy useless stuff and I have been investing in my retirement for 17 years now.
Bro where are you getting this idea that you can’t redeem your cc rewards for cash back? Literally all of my ccs lets you do that. You say it with such confidence too. It’s so arrogant.
@@raedorin979 I sold the car that I was leasing to CarMax. You can sell your leased vehicle at any time to anyone. I'm not talking about them taking over the lease, they are literally paying off the lease early and the residual left over. This is what they don't tell you on shows like this. A car lease is nothing more than a car loan that the bank holds the title to. At any time, you can sell the vehicle and the buyer pays off the lease, and if there is equity, you actually pocket the difference in the lease because the equity belongs to you the consumer, not the bank. If the vehicle is worth less when you turn it in, the bank has to eat the negative equity. That's why a lease can be a protection against massive depreciation. The bank takes all the risk, not the buyer. And if there's equity, the buyer gets to keep it in most cases. That's one of the positive things about a lease. There are other benefits like tax savings because you were only paying tax on the payments that you made. So, I essentially only paid a few hundred dollars in tax on a 50K Jeep because I only kept it for a few months before I sold it to a dealer. If you sell it to a dealer, you don't pay the remaining tax.
It not actually entirely true. You cannot compare interest paid and interest earned percentages and determine from that comparison which direction is better to put your money. Regardless of the spread, you can be in a senario where any of the 3 possible outcomes happen. Investing early, pay off early, or it doesn't matter. You actually have to project the math out. Added to that. Your projecting 15-30 years or whatever in a steady state. You have no idea what opportunities you may miss because a good chunk of your income is shackled into a house payment. Home ownership is not all what it's cracked up to be.
@haloimplant7678 it's humorous how so many think like you. Try a mind shift and see how having No mortgage pmt allows All of that money to be invested.
Credit cards are a great tool when used wisely And they gonna stop that trash of a new car dropping 60% after 5 years, thats is complete bullshit unless its an EV or maserati
All cars these days are made to last no longer than 8 years. Manufacturers want to make people buy cars often. Cars made in the 2000s are going to outlast cars made in the 2020s.
I still don’t know what world the Ramsey team lives in with cars. I sold my 2018 Crosstrek in 2024 with 45k miles for $3k less than I bought it for. All the old new/used car wisdom seemed to go out the window with COVID
Can't stand seeing a person get completely fleeced for an old, worn-out car. I think a lot of it is that people don't know how to save. They get a little bit of money and they just have to spend it. So saving up a few grand seams impossible to them..
Some of us that have 50% or more in disposable income need something to keep us entertained, which is why we play the credit card rewards game. It’s literally a game because finances are way too easy.
Thanks for the breakdown! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
2:20 this is not true. Air France for example will give you free round trip ticket from LAX to anywhere in Europe for 40,000 points, if you pick the right dates. That is an example where you can utilize your points well. It took me about 0.000001% of my brain power to figure that out 😅
Something else broke people do. Cry about being “oppressed” from imaginary people while in reality the only thing holding them back is their laziness and poor life choices.
A lot of people are broke because of medical debt which was beyond their their control so I think it's a little unfair to make a generalization like that.
@@donjohnson1416 I don't understand what you mean? Are you saying that everyone can afford top insurance? Healthcare costs are the most common cause of people being broke.
Dave Ramsey website: "About half (48%) of those with a credit card don’t pay their balance in full every month" So if you don't pay it off every month, you're in the minority.
He is talking about rewards points you get from stores, I get 1000 points from the Boba store for every $10 I spend there, has nothing to do with if you pay using cash, debt or credit.
its not about CC rewards, its about cash back. All standard CCs give 1-5% cash back. If you arent financially wise and responsible, you shouldnt have a CC. The kind of people that feel like so called ""EXTRA"" money, it burns a hole in their pocket. I get around $3-4/ year in cash back never using my own cash and keeping my cards paid off every 2-3 weeks having never had a dime of interest fees in the past decade. I know Ramsey team will NEVER have a positive thing to say about CCs because its part of the baby steps commandments, you cant have CCs hah.
If you're truly wealthy, the cost of a new car is chump change provided you buy a sensible car. I love Honda Civics and own them for many years. I don't buy a new one with each model year.
That life insurance game is ridiculous. It's like saying "you know what rich people do? They buy a mansion. You should buy a mansion, too." You're not rich, so playing games like taking loans against stock packages like executives do, isn't for you. If you are rich enough to play these games, you wouldn't be getting your financial advice from a TH-cam video.
Not saying you should. But.. look at the total cost of ownership. Where they get things wrong is that not all new cars loose there value as fast as Ramsey claims. And if you tend to keep your vehicles for an extended time. The lost amount in the first 5 years becomes negligible. One of my new cars that 5 year drop cost me something like $200 per YEAR since i owned it so long. I forget the actual numbers but it was small. Hardly worth actually worrying about. One major repair in a used car can close the gap in costs for buying new. All I'm saying is you need to look at total cost of ownership. Its not a new vs used issue. I would agree the odds of spending less are greater with used if you randomly selected a vehicle. But people don't do that.
People aren’t poor because they do those things. They are poor so they have to do those things. Rich guys criticizing poor people with no real guidance or solutions to help them out of their desperation is not a good look for the Ramsey team
A HELOC isn’t such a bad deal honestly as long as you’re not buying liabilities!You should buy cash flow appreciating Real Estate assets!!! Not remodel your current home or that new flashy car!!!!
As usual, I have a few reservations with a few things that were said. First off, 70% of millionaires have a credit card. But we're not going to beat that dead horse. But I wish they would stop generalizing loans and attacking all forms of interest. Nearly all millionaires put something on credit when they can make more through other means. And leasing... Millionaire's lease vehicles because of the tax incentives. I know it because I've done it. You're going to lose that depreciation anyways and you get back the difference if you trade the car in rather than turn the car in. A lease is nothing more than a loan where the bank holds the title until it's paid off by someone.. that can be you, the next dealer you traded into, or the dealership you turn the car into. I actually made a profit on my last few leases, yes, a profit, as in I drove the cars for free because they were worth more than the starting lease and I just sold them to CarMax.
It's not accurate to use millionaires as an example. It only takes one million to be a millionaire. Stop comparing us to those with double digit millions. Wealthy people are those for whom a new car is a trivial expense. I'm not there so I don't know what it takes but it's more than one million net worth.
I don’t buy the fallacy that high school juniors and senors can’t do the baisc arithmetic (elementary school arithmetic) of student loans, to with: $$ principal x % interest rate $$ interes amount per year / 12 months = $$ interest amount per year x term of the loan $ total amount of interest over the life of the loan. Does that look like rocket science to y’all I come from the lowe middle class, at best (I could give Dave a run for his hillbilly, redneck money with a European flavor) in a middle income country at best. But I would never, ever keep a 2% mortgage alive to make even 200% interest somewhere else because that 2% mortgage is slavery and bondage, which was otherwise abolished by the 13th Amendment to the Consitution. of the United States of America. Obviously the 13th Amendment does not apply to loans, credit cards, etc., still….
Towards the beginning of this year, James Tabb tried to appeal for the second time. This go around, anything and everything was thrown at the wall to see what sticks. My commentary: “only engaged in one course of criminal conduct” yet does not specify which one. I am as curious as you which one he claims responsibility for. “He claims he is not among the worst class of offenders” PPPPPPPAAAAAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAAAAAAAHAHAHAHAHAHAAAAAAHAHAHAHAHAAAAHAHAHAAAAAAHAHAHAAAHAHAHAHAHAA Okay, anyway. So, he is admitting culpability, but again, which is he claiming? Out of all of this, the one that really tickles me is the double jeopardy claim. For starters, it shows the desperation. Again, I'm going to say throwing it all at the wall (everything about this case from the start has been one giant bowl of Nonsense Spaghetti). He was arrested in 2018 and convicted and sentenced in 2022. Double jeopardy concerns were never brought up during that time. Secondly, and most importantly, it reveals more about his person than he (probably) realizes. Because, in his mind, robbery and murder have this codependent relationship where one cannot exist without the other and should be regarded as one. If one act is being committed, then the other must follow. TrueAllele is used on both sides of the court as well as for giving names to John or Jane Doe (most famously used for 9/11 victims). There have been lawsuits against Cybergenetics to force them to reveal how the software works. So far, all have been in favor of Cybergenetics. As is says here, his counsel never objected to the use of the software on top of never questioning defense's DNA expert about it…who is also a defense attorney (never acted as co-counsel in this case). I posted in the comments where I found parts of our case were used at a symposium a few years ago. The last one seems to be his "Aha! Gotcha!" moment. Of his three sentences, only one specified without benefit, aka no parole. Because two lacked this clarification, he saw it as major incompetence to leverage his way out. Honestly, if he had waited 10-15 years, he could have used this and MAY have gotten better results than "Oh, thank you for pointing this out for us. We'll make note that all sentences are to be served without parole." But no. He wanted to bum rush the starting gate. I believe I posted these in the proper order.
Here another one that keeps you average or broke. Buying something because you got a discount or coupon for it WHEN you don't need the item.
Also needless clutter. While easy to move and seize opportunities if you have few physical possessions
Ouch! That used to be me! 😂
Yep this is a very hard habit to break for women
@@XxJoeswansonxX lol!!!
John you're right. The bit you did about working towards doing nothing is bologna. I know many, many super wealthy. They have goals and how to make the world better. Money is a tool to accomplishing goals and meaning
A saw a Caleb Hammer video where he asked someone why they took out a bunch of payday loans, and I swear, the response was "I got it just to have...". Like he was paying 200% interest for pocket money. To call these people poor is an understatement. They're completely deprived of both money and brain cells.
I think I seen that one and there are other ones also
I bought a 5yo car just under two years ago, with the intention of having it for probably 15 years at least. Newest car I've ever owned!
We've bought almost all used cars, but we did get a new car for my wife in December, and we paid cash. Yes, we have no debt and a paid-off house.
Why did you cave to the princess?
My wife and I are on our venture to become wealthy. We have begun the snowball way.
I’ve bought new cars with cash and kept them well beyond the 5 years and 60% depreciation.
Same here. I tend to keep mine 5-10. This current one I'm going to try to go 12+ years. One of my friends kept his for 20 and gave it to his 16 year old son.
If you keep cars for a long time and you pick a good reliable brand. Theres other factors here but you can get really close to the annual cost of a used vehicle and even beat it. The real issue are other factors like trading frequency & buying low quality brands.
That’s my philosophy too. I currently have a 2006 Jeep for bad weather and a 2020 Charger that I’ll keep forever. They’ve both been babied with maintenance and I know they’ve been taken care of. No loan on either.
If you don't get rid of it and keep it beyond a certain number of years, then the depreciation becomes moot. I personally still prefer certified pre-owned because you still have either a renewed warranty for free from the dealer or the manufacturers warranty. But more importantly the car is still so low in mileage that any consideration for mechanical issues is almost 0 + inital depreciation so win-win
@ YESSSSSS! I keep track of mileage monthly. I knew it was time to sell my 2000 F-350 when I was putting less than 2000 miles on it per year, it still had less than 150k miles on the diesel engine and because it was tall but I’m short. The last time it rained and I slipped off the step getting out I realized that it was going to cost me more in medical than it was worth. My current car is a 2014 Hyundai Santa Fe Sport, super comfy, 125k miles but I’m looking for a mid-sized truck. I have a very small horse trailer that the Hyundai can’t pull. I’m shopping, cash in hand.
We have one credit card, which pays a cash reward for paying it off monthly, which is paid into a savings account. We never need the airplane miles and gadgets, but we appreciate the $1000 a year. We also have a habit of paying off all small bills on New Years Day. House and cars are already paid for. We have set aside cash to cover an average stay in a nursing home, rather than purchase long-term care insurance. We drive a Ford pickup and a Toyota 4Runner, purchased 2 years and 5 years old respectively. What amazes me is that we are both impulse buyers and managed not to foul up our retirement. Whew.
I have three rewards cards. The lie they espouse is that it's so hard to keep track of and takes a bunch of brainpower. It really doesn't take a lot of brain power to put the thing on autopay every month.
@@titusvandussen6303it’s not a lie if most people mess it up. This isn’t about you nor you being able to successfully manage your credit cards. The fact is most people carry a credit card balance and think they are beating the system because they get rewards. They are speak to the masses, not just you, me and others who don’t have this issue.
@@titusvandussen6303 Exactly! It just drops $60-$100 into our savings every month automatically.
@@titusvandussen6303 Dave's hatred of credit cards is simply irrational, obviously some people are able to reap the benefits. Once you set them up and memorize what card to use for what category you just pull in extra money indefinitely with basically no extra work. The rules of using credit cards properly are extremely simple. I always come out on top and the banks always lose, to the tune of thousands.
Dwanye Johnson has a cheat day a couple of times per month where he eats whatever he wants. Why and why do I mention that? Because controlling your diet and exercise is similar to controlling your finances. If you can control your finances a credit card isn't your problem.
When buying a used car you may just end up buying someone else’s problems. Many people sell their cars because of the maintenance issues. Roll the dice 😊
Happy New Year y'all
Thank you! And happy year for you 👋🏻
We are doing pretty well baby step.7. We have never bought a new car. Usually used and 5+ years old...we have yet to spend more than 20k but our next one will be cash and over that for a Lexus or Toyota.
I buy a new car and keep it for 15-20 years. My car is 14.5 years old now, 103K miles. I buy a used car and need to replace it after 5 because it was not taken care of properly by the original owner. I live in Arkansas, I wouldn't buy a used car down here, if it was 50% off the lowest blue book value.
I have a similar experience. All my used vehicles have had major issues. The longest I've ever kept a used vehicle is a truck is have now i drive maybe once a week. I've had it for six years and its had several repairs cause other people abuse it. All my other ones blew up in less than 5.
I had one new I kept for 10. My current one I'm shooting for 12-15 at 7 now. I take care of my vehicles. I've only had one minor repair in 17 years on my new cars.
Im not saying people should buy new. But there's many other factors here that goes into the cost of vehicle. Its less about newness and more about how long, maintenance, etc.
@@pdxmusl1510 And buying parts to repair is much more costly then buying a new vehicle. And if you're not a mechanic, the cost to install the part is insane.
Depends on the miles and age...bought used and it's lasted 10 + years. New only makes sense to me if you buy with intentions to keep for 15+ years. Buying new and keeping a few years is just pissing money down the drain. Used if good reliable brands is really the best way personally.
That’s exactly what I do. I haven’t had a car payment in twelve years and have a very nice vehicle. It’s nice because I wanted a nice, reliable vehicle not because I care what other people think of what I drive. I couldn’t care any less.
The point they are trying to make is don’t spend money you don’t have!
Happpppppy New Year 🎉🎉🎉🎉🎉🎉 Yall.
I’m average wanting to go to wealthy. Thanks. So practical. New year - new habits
I just got rid of my car. I didn't need your show to know I had no money for it. But your show is essential otherwise I'd feel like a loser & a failure. But you make a
" community " for us to feel PROUD of making good financial decisions even if yhe herd raises eyebrows
Great video! It’s amazing how our habits reflect who we are. Your insights really made me think. By the way, do you think remote companies are doing better than us recently? I’d love to hear your thoughts!
I can’t wait to see if a remote job is in my future next year. A company like yours could really turn things around for me!
I’ve heard about the meaningful work you’re doing and wanted to learn more, so I watched your TH-cam video
I have never heard about them
Do you know how to connect with them
I watched your TH-cam video and visited your website. I’m eager to work from home but not sure how to connect with you
I am wealthy by any reasonable standard. I buy new cars with cash when rates are high, finance when rates are low. I keep cars until they no longer meet my needs. I choose to have a mortgage; my investment returns outweigh the debt service. I use credit cards, enjoying discounts and cash back. I pay the full balance every month.
My dad bought a new truck in ‘72 and it more than paid for itself before it got sold in 2001. He also bought a new tractor in ‘80 and it lasted twice as long as most tractors’ life expectancy. Take care of your machines and they will usually last a long time. I am tired of buying other people’s abused garbage. Trying to keep my current vehicles running long enough to save up to pay cash for something new.
"Wait, he got a new tractor in 80 and it lasted twice as long?" What? We have a Ford 8N from the 48(Dad purchased used in the 81), and a Farmall BN from the 45 which dad purchased used in the mid 60s. They still run weekly. So how has your dad's tractor lasted twice as long. The neighbors are running the Case 300 and 700, which were purchased in 1958. The other neighbor has a 1939 JD A purchased in the 70s. Twice as long has not arrived yet. As for the truck, that is a good run, I bet it rusted out if it was in the north. Yes, it is best to buy new, then you know that no one abused it, before you got it.
@ We used it on our dairy so we racked up around 16,000 hours (most tractors are almost shot by 8,000) when the first engine went. It got replaced and we put another 12,000 hours before closing the dairy.
@@flyingwheels6821 Maintenance is the only thing that keeps them going on a dairy farm. The Cases where i worked as a teen in the late 70s early 80s were well maintained(300, 600, and 700). In about 78 the 600, was sold, and a Case 1210 which increased the horse power to 65. That change added some flexibility with the added power and differential lock. One of the things that helped this equipment is that it was kept inside the barns. All of the equipment had a place inside the buildings. That was the only way to keep the family farm in good shape without replacing equipment every few years. Yea 16K is a lot of hours. Why did the farm shut down? No one to take it over? That hit most of the farms on our road in upstate NY.
@ I agree with you about maintenance. My dad was a disciple of maintenance but lacked other certain important skills. I won’t go into specifics but I left when I realized the farm was no longer feasible and he was diagnosed with terminal cancer. Gotta know when to quit.
As someone who makes $100k, I still play the lottery. Once a month I buy 2 tickets for about $10. The way I explain it is I am essentially purchasing the ability to hope and dream for a crazy future. The trick is to not rely on that hope to stay grounded in reality.
Same! Nothing wrong with throwing some fun money into the lottery if you can afford it.
There’s nothing wrong with gambling as long as you stay within your means. I bet on football all the time. Never a lot, just enough to make it watchable 😁
Every time I hear the car depreciation argument I cringe. If you drive it until it dies you don’t care about depreciation. This works the same as credit scores, I don’t use credit so your score means nothing to me. Yes used cars are cheaper, finding one isn’t always easy. With interest rates sky high you think people are offloading their used cars? During covid used wasn’t possible. You were better off new.
I agree. I don't care about how much my 2001 and 2004 vehicles are worth on paper because i DONT plan on ever selling them.
The same for my home. I don't care what the market says it's worth because I don't plan on ever moving. I bought my house for what it was worth to ME and if the value goes down to Zero it is still my house.
The new car argument only makes sense if you actually do keep it for at least 10+ years. Sadly, most Americans don't and renew every 3-4 years.
These 2 with their credit car rewards.
You pay if off every month, there's no problem.
Right, but most people don't. They don't have the discipline to pay the balance. They should not have credit cards to begin work.
@@jimroscoviusDave's website claims that 52% of people pay them off every month. So the majority of people actually do 🤷
Nah, they correct.
@@jimroscovius But not everyone have trouble paying it.
It is not a one size fits all.
@@Jumperman12mac No they are not.
i have no issues to my husband when it comes to handling finances, he's frugal type of a person, he got investments, retired in his 50's, we owned a house, no single debt, paid bills in full and always on time, he drove a very old model truck and refused to buy a brand new car despite having the ability to buy one. BUT, my biggest problem about him is that he doesn't allow me to work, every time i told him about my plans of getting a job, he's not happy and we always ended up arguing and makes me upset all the time.
Why does he get mad that you want to work? It sounds like you guys could use help from a marriage counselor. What is the reason you want to work?
@ main reason is i want to have my own income too. i dont think he wants to undergo some counseling. he's manifesting signs of being a narcissist. He always want to be in control about everything.
@@KittyandOrange I'm sorry you are dealing with that. I'm just a random YT person but that does sound slightly controlling. Maybe consider some counseling for just yourself and always leave the option for your husband to join you. If you ever feel like it turns abusive, please reach out to family and friends. Stay safe.
@ thank you
@KittyandOrange : He is a chivalrous man. I think you should be happy about that. He is performing the traditional role of a man by being a provider and protector. And life would be great if could embrace your femininity by performing your role as a nurturer of the husband/children and hold the home together. This is how it has been throughout history except for the last couple of decades or so. The devaluation of currency and rapid inflation is the reason single income families are becoming rare these days. Women work not because they want “independence”. They are forced to work because of the currency devaluation.
But if the man’s income is high enough, be thankful. Working in a job is one of the most boring things one can do. Trust me on that. Be happy that you don’t have to work in a job for a salary.
🎉🎉Happy New Year!!!!🎉🎉
Happy and blessed 2025 to you on Jesus name ❤❤❤😊
Someone can still take your home with a paid off mortgage. Try falling behind on your property taxes…
Sure, but property tax for a year costs as much as rent for a month. If you can't pay your property tax you have serious issues.
@ don’t know where you live or how tiny your property is but property tax is wayyyy more than that buddy.
Happy New Year
Credit cards are great for people with control. Not using points in 12 months is a sign they are doing well. I use mine at the end of the year when I'm paying property taxes and buying Christmas.
How do you use your points to pay property taxes? Genuinely interested!
@karengoetchius794 I use my points to pay for food, gas for my car, my phone bill, etc. Then I use my paycheck to give cash for Christmas.
I use credit cards to pay for everything. I pay it off every month. Then when vacation time rolls around for my family, I can usually cover at least one, sometimes two airline tickets with the rewards.
The thing with a used car is you have no idea how the last person treated it. Carfax just tells you damage from accidents and scheduled maintenance if it’s even reported. Even with warranties, dealerships can deny claims and 5 years ago I would say buy used for sure because it was affordable to fix a car, but now buying car parts is insanely expensive. A remanufactured transmission or engine on average can between $7,500-12,000 now.
This is an extreme viewpoint. Yes, there is risk. But educate yourself on what brands/models are reliable. Buy a certified used car. Learn what to look/listen for when you test drive. Learn to do basic repairs yourself. Good luck.
good stuff
Credit card rewards work if you don't carry a balance. It allowed me to pay for all the holiday gifts.
I must be an oddball. 🙄I buy a new Honda with a warranty and drive it until the wheels fall off. 🚗💨
I would normally buy used cars but the used car market is stupid at the moment.buying new is for once smart based on current prices.
I'm looking at minivans now and used are only a few thousand less than new. It's definitely a better deal to buy new.
Yep. Was looking at used Honda accord in 2024 and it was close to the same price of the new 2024. I went with buying a new one in cash
Used makes sense but it has to be older than a year to get real savings.
@@tristan2332 very true. in our case we had a paid off 2022 corolla and it was totaled in a car accident. The other guys Insurance gave us 21k so we did a 30k down payment. Only financed a small amount. On track for a 4 month payoff
Used means >3 yr old. So please don’t compare same year car prices to new
That’s new, Ramsey promoting a products that gets you into debt.
Had the same thought. But it might be debt help of some kind. Idk. The ad said it was a debt product for defaulted student loans. There's probably a get out of debt angle here on it.
@ Well they pay down your student loan debt and then you are indebted to them. At least to lower interest rate, hopefully.
Still a debt product endorsed by Ramsey.
And how many years have we heard Dave tell us not to consolidate debt.
We paid off our house in 2024 thanks to Ramsey.
Great video!
2% unlimited cash back. We get $900 in free cash a month spending $45-$50k a month, probably get that up to $1200 a month in cash back when we ask for a limit increase. We pay the balance in full every 2 weeks. That’s nearly $12k a year in tax free income.
@@flybyav8tor And you overspent by 17%. Just think if you would invest that 17% instead of spending it.
If this was most people, then credit card companies wouldn't offer it.
And where does that bonus money come from? It comes from those that can’t afford to pay off their card each month, those that are poor and struggling financially. It is not coming from the banks pocket. I was you, was proud of how savvy I was - until I learned where these rewards came from. Made me feel horrible, and I stopped using that kind of card.
@@carolineb7796so you don’t ivenst? Surly those same people spend their money on most of the companies listed on the s and p
@@carolineb7796 who cares about those losers? What an idiotic statement
Man, I was stuck on a payday loan loop when I was younger. It sucked. Glad that era is over.
I dont travel much but i have a little for work recently, we were in Cookeville Tenn and i dont think ive seen more payday loan places anywhere else in my life , seemed like a ridiculous amount of those places
"Broke" category described was actually the Poor category.
"Average" category described was actually the Broke category.
Average is broke.
i go for cash back credit cards and apply it to my balance that i pay off timely
I travel a lot. I love traveling. So I almost always have travel expenses. I throw my points on that.
Everyone should be extracting money from the banks by getting credit card rewards.
Solve for peace instead brother!
If they did, the banks would put an end to credit card rewards.
Banks extract that money from the lower socioeconomic customers that don’t pay off the balance each month.
77% of millionaires report having (and using) one or more credit cards.
right i can add to that stat as i am one of them
BS
@Jumperman12mac it really isn't you can absolutely have credit cards, pay them off, and gain many benefits from them.
Example one I don't and have never paid for an international trip. My family Flys to Italy every year to see family. No cost. (Only use the card for every day to day expenses in life)
Example 2 that is critical no foreign transaction fees for card use.
Example 3 free rental car CDW. Internationally, which if you leave the country you will understand how unbelievably frustrating international insurance works.
Example 4, 1 degree of separation from the bank accounts provides security so you don't risk theft from the bank account due to your card.
I could list 100k more but I think you get the idea.
@Jumperman12mac now I'm not gonna say credit cards are why your rich, it has more to do with benefits of responsible use.
Being wealthy has to do with your expenses vs your income. Spend less than you make and you will be a millionaire, don't have debts, and you will be surprised how fast you get there.
I'm surprised it's not more
George doesn’t understand how credit card points work. We have not paid a dime in interest and we never pay for a hotel room and most of our rental cars are paid for with points.
He understands that they do NOT work.
@ But they do work for a lot of people.
@@dawnt5587 Incorrect. They just have the illusion of working.
@@amireallythatgrumpy6508 I just redeemed 14 nights at a Hyatt worth 7k with points without spending an extra dime on anything. I made those points through sign up bonuses. I'm a physician, save 60% of my gross income and invest 45-50% of my gross income.
@@Vazcov1609 They got you. Imagine being so stupid you actually stay at a Hyatt.
They really said that giving a 17-18 yr old $100k+ for their business idea of going to college. I never thought of it like that
Their point rewards argument is dumb. They need to acknowledge that there is a benefit for using a credit card to pay everything. If you're gonna use a debit card might as well a credit and get some cash back. Obviously some people are not credit card people. I'm talking about responsible adults.
Responsible people would never consider living in America.
I guess i am atypical. I buy a new car, then hold it until I get tired of it. My current car is from 2012, It was new in 2012. It is 12 and I know who abused that car in my driveway. Maybe it is time for a new car. I am concerned that it will be $33K for a new car(Subaru Legacy or Toyota Camry). I still can't decide which one. Do I want a stronger AWD system, or phenomenal gas mileage with a weaker AWD system?
Get the Subaru. I work for a Subaru dealer and have seen them with over 300k miles with regular maintenance. Yes, the Toyota will do it too, but I’d feel much safer in the Subaru considering the safety features (technology and structure) and the symmetrical AWD. There’s just something about driving a Subaru that makes you feel safer and more confident behind the wheel.
Subaru just overtook Toyota for most reliable car brand
@ yes that’s right, I saw that by Consumer Reports. Although they’ve always been in the top 5 recently. Impressive!
@raiden031 In the real world, did Subaru get better, or did Toyota get worse?
@@gibblespascack1418 Toyota def got worse
I've just clicked on the most recent dave Ramsey vid to comment this. Can someone tell me why Dave says to pay off all your debt as a priority? Say I have my student loan at 5% interest, and then find an cash ISA that expects an 8-9% return. It surely just makes sense to invest the money I get into the ISA right?
His education is that your not factoring risk by keeping loans. And loss of opportunity costs. Dave went completely broke in his 20s because of debt. If you pay for cash for everything you pay less for it than someone who doesn't. Then you can have your entire income for investing.
The other side of this is that the math doesn't really work out always to invest vs pay off. You have to do a break even analysis. And regardless of how much of a spread there is. Its entirely possible that your senario is that paying off early is better, investing early is better, or its a wash and doesn't matter. All 3 outcomes are possible and you cannot determine it by doing an interest percentage comparison. Its an invalid compare. If you pay something off very aggressively. Then take that money and invest. You can frequently out perform the keep the loan and invest approach. Again. Not always.
One is a guaranteed return the other is not.
- Father, you gave me 2 dollars yesterday to go to school on a bus, but I didn't get on the bus, I was running behind it. See how much money I have saved!
- You idiot, you had to run behind a taxi, we would have saved much more!..
That's the pajamas joke the guy with glasses is talking about )).
I'm likely considered wealthy since I have zero debt and an eight-figure net worth. I purchase new vehicles (keeping them for a long time), for which I always pay cash. I have two credit cards, whose balances I pay off in full every month without fail. I haven't paid a single cent in credit-card interest in decades. My last cash-back check was for $4,750.
Likely considered wealthy? I'm sure you're fully aware you're in the global top .001%
When you are talking to the demographic that Dave Ramsey targets its black or white. Obviously lots of wealthy people use credit card rewards and buy new cars, you just cant give this demographic any grey areas. They can discover those on their own when they understand how to live a fiscally responsible life.
Starting 2025 right now
Dave says avoid the comment section 😂
I heard a story the other day about how 20% of people are still paying off Christmas from 2023. Not 2024, but 2023. People are clueless when it comes to their finances.
I guess im somewhere between average and wealthy, i did buy a new car but i paid cash, i dont buy useless stuff and I have been investing in my retirement for 17 years now.
Student loans r like mortgages. Pay it off as the roi may be great
You could buy your house in cash and not pay the property taxes and the government can take it away from you
6:51 then who’s driving the Lamborghini’s ?
Bro where are you getting this idea that you can’t redeem your cc rewards for cash back? Literally all of my ccs lets you do that. You say it with such confidence too. It’s so arrogant.
The car thing is more complicated now. I bought a new jeep wrangler for 27 grand out the door and sold it for 22 3 years later.
I leased a new Jeep Wrangler 4xe for a summer and actually made $5K when I sold it to CarMax.
@XennialGuy you sold the lease or the vehicle?
Jeeps and Hondas hold their values very very well! I have both! 👍🏻
@@sharonb519 that's true. I have driven a Toyota for the last 5 years and right now it's valued at 20 and we paid 26 for it. It's a crazy time
@@raedorin979 I sold the car that I was leasing to CarMax. You can sell your leased vehicle at any time to anyone. I'm not talking about them taking over the lease, they are literally paying off the lease early and the residual left over. This is what they don't tell you on shows like this. A car lease is nothing more than a car loan that the bank holds the title to. At any time, you can sell the vehicle and the buyer pays off the lease, and if there is equity, you actually pocket the difference in the lease because the equity belongs to you the consumer, not the bank. If the vehicle is worth less when you turn it in, the bank has to eat the negative equity. That's why a lease can be a protection against massive depreciation. The bank takes all the risk, not the buyer. And if there's equity, the buyer gets to keep it in most cases. That's one of the positive things about a lease. There are other benefits like tax savings because you were only paying tax on the payments that you made. So, I essentially only paid a few hundred dollars in tax on a 50K Jeep because I only kept it for a few months before I sold it to a dealer. If you sell it to a dealer, you don't pay the remaining tax.
You can always tell when your in the poor part of town by counting the number of payday loan businesses you drive past.
The math cares that my mortgage is at 2%. The payment into investments would take years to put the money back.
It not actually entirely true. You cannot compare interest paid and interest earned percentages and determine from that comparison which direction is better to put your money. Regardless of the spread, you can be in a senario where any of the 3 possible outcomes happen. Investing early, pay off early, or it doesn't matter. You actually have to project the math out.
Added to that. Your projecting 15-30 years or whatever in a steady state. You have no idea what opportunities you may miss because a good chunk of your income is shackled into a house payment. Home ownership is not all what it's cracked up to be.
@haloimplant7678 it's humorous how so many think like you. Try a mind shift and see how having No mortgage pmt allows All of that money to be invested.
Credit cards are a great tool when used wisely
And they gonna stop that trash of a new car dropping 60% after 5 years, thats is complete bullshit unless its an EV or maserati
All cars these days are made to last no longer than 8 years. Manufacturers want to make people buy cars often. Cars made in the 2000s are going to outlast cars made in the 2020s.
I still don’t know what world the Ramsey team lives in with cars. I sold my 2018 Crosstrek in 2024 with 45k miles for $3k less than I bought it for. All the old new/used car wisdom seemed to go out the window with COVID
Can't stand seeing a person get completely fleeced for an old, worn-out car. I think a lot of it is that people don't know how to save. They get a little bit of money and they just have to spend it. So saving up a few grand seams impossible to them..
Truth
Some of us that have 50% or more in disposable income need something to keep us entertained, which is why we play the credit card rewards game. It’s literally a game because finances are way too easy.
Na.. I just tie mine directly into my budget. There's no game. It doesn't require any additional efforts on my part. Keep it simple.
Thanks for the breakdown! Could you help me with something unrelated: I have a SafePal wallet with USDT, and I have the seed phrase. (alarm fetch churn bridge exercise tape speak race clerk couch crater letter). How should I go about transferring them to Binance?
2:20 this is not true. Air France for example will give you free round trip ticket from LAX to anywhere in Europe for 40,000 points, if you pick the right dates. That is an example where you can utilize your points well. It took me about 0.000001% of my brain power to figure that out 😅
“I don’t care whether your interest rate is 2% or 9%”
And that is exactly why nobody should take your financial advice seriously.
If you have an interest rate you have a terrible interest rate.
Consider their target audience it makes sense.
The government can and will take your paid off house if you can’t afford the property tax. There’s no such thing as a paid off house.
No cell phone or cable tv. 😁
Something else broke people do. Cry about being “oppressed” from imaginary people while in reality the only thing holding them back is their laziness and poor life choices.
A lot of people are broke because of medical debt which was beyond their their control so I think it's a little unfair to make a generalization like that.
@@GeoffCook1000 So all medical is beyond a persons control? Got it
@@donjohnson1416 I don't understand what you mean? Are you saying that everyone can afford top insurance? Healthcare costs are the most common cause of people being broke.
Once the EBT funds dry up expect them to go on riots or a new movement coming out.
Dave Ramsey website: "About half (48%) of those with a credit card don’t pay their balance in full every month"
So if you don't pay it off every month, you're in the minority.
I think Dr. Daloney admitted @2:32 that he uses credit cards? lol
He is talking about rewards points you get from stores, I get 1000 points from the Boba store for every $10 I spend there, has nothing to do with if you pay using cash, debt or credit.
News flash, you can buy things online with a debit card.
its not about CC rewards, its about cash back. All standard CCs give 1-5% cash back. If you arent financially wise and responsible, you shouldnt have a CC. The kind of people that feel like so called ""EXTRA"" money, it burns a hole in their pocket. I get around $3-4/ year in cash back never using my own cash and keeping my cards paid off every 2-3 weeks having never had a dime of interest fees in the past decade. I know Ramsey team will NEVER have a positive thing to say about CCs because its part of the baby steps commandments, you cant have CCs hah.
We buy a lottery ticket when it’s high. We are debt free millionaires.
Some wealthy people also rent but y’all not ready for that convo
If you're truly wealthy, the cost of a new car is chump change provided you buy a sensible car. I love Honda Civics and own them for many years. I don't buy a new one with each model year.
BUYING A MODEST CAR NOW FOR CASH AND KEEPING IT FOR 20 OR MORE YEARS IS NOT A BAD PLAN.
That life insurance game is ridiculous. It's like saying "you know what rich people do? They buy a mansion. You should buy a mansion, too." You're not rich, so playing games like taking loans against stock packages like executives do, isn't for you. If you are rich enough to play these games, you wouldn't be getting your financial advice from a TH-cam video.
Currently working towards paying home off in 19 years. I’m good with that.
So, you're broke. LOL
How long did it take you to pay off your house?
@@IrisP989 When the balance was $903K, I paid it off in 30 months.
Are you safe?
I will never buy a a brand new car unless im crazy rich
Not saying you should. But.. look at the total cost of ownership. Where they get things wrong is that not all new cars loose there value as fast as Ramsey claims. And if you tend to keep your vehicles for an extended time. The lost amount in the first 5 years becomes negligible. One of my new cars that 5 year drop cost me something like $200 per YEAR since i owned it so long. I forget the actual numbers but it was small. Hardly worth actually worrying about. One major repair in a used car can close the gap in costs for buying new.
All I'm saying is you need to look at total cost of ownership. Its not a new vs used issue. I would agree the odds of spending less are greater with used if you randomly selected a vehicle. But people don't do that.
What if it's a cocaine habit?
Cut up credit cards pay cash for everything dont gamble and work hard im working 65 hours a week and make 114k a year
George, why are you looking at girl pajamas? 😝
Girl math 😆
People aren’t poor because they do those things. They are poor so they have to do those things. Rich guys criticizing poor people with no real guidance or solutions to help them out of their desperation is not a good look for the Ramsey team
A HELOC isn’t such a bad deal
honestly as long as you’re not
buying liabilities!You should buy
cash flow appreciating Real Estate
assets!!! Not remodel your current
home or that new flashy car!!!!
But they will still take your house if you don’t pay property taxes lmao they can still take it if it’s paid off
I never thought I’d agree with this, but seriously, who needs a brand new car when you can save a ton by getting a used one? 💸💡
As usual, I have a few reservations with a few things that were said. First off, 70% of millionaires have a credit card. But we're not going to beat that dead horse. But I wish they would stop generalizing loans and attacking all forms of interest. Nearly all millionaires put something on credit when they can make more through other means. And leasing... Millionaire's lease vehicles because of the tax incentives. I know it because I've done it. You're going to lose that depreciation anyways and you get back the difference if you trade the car in rather than turn the car in. A lease is nothing more than a loan where the bank holds the title until it's paid off by someone.. that can be you, the next dealer you traded into, or the dealership you turn the car into. I actually made a profit on my last few leases, yes, a profit, as in I drove the cars for free because they were worth more than the starting lease and I just sold them to CarMax.
It's not accurate to use millionaires as an example. It only takes one million to be a millionaire. Stop comparing us to those with double digit millions. Wealthy people are those for whom a new car is a trivial expense. I'm not there so I don't know what it takes but it's more than one million net worth.
Don't tell people not to buy a new car, how am i going find a cheap used car.
I don’t buy the fallacy that high school juniors and senors can’t do the baisc arithmetic (elementary school arithmetic) of student loans, to with: $$ principal x % interest rate $$ interes amount per year / 12 months = $$ interest amount per year x term of the loan $ total amount of interest over the life of the loan. Does that look like rocket science to y’all
I come from the lowe middle class, at best (I could give Dave a run for his hillbilly, redneck money with a European flavor) in a middle income country at best. But I would never, ever keep a 2% mortgage alive to make even 200% interest somewhere else because that 2% mortgage is slavery and bondage, which was otherwise abolished by the 13th Amendment to the Consitution. of the United States of America. Obviously the 13th Amendment does not apply to loans, credit cards, etc., still….
IDGAF anymore.
About what? I got time today.
Towards the beginning of this year, James Tabb tried to appeal for the second time. This go around, anything and everything was thrown at the wall to see what sticks.
My commentary:
“only engaged in one course of criminal conduct” yet does not specify which one. I am as curious as you which one he claims responsibility for.
“He claims he is not among the worst class of offenders”
PPPPPPPAAAAAHAHAHAHHAHAHAHAHAHAHAHAHAHAHAAAAAAAHAHAHAHAHAHAAAAAAHAHAHAHAHAAAAHAHAHAAAAAAHAHAHAAAHAHAHAHAHAA
Okay, anyway. So, he is admitting culpability, but again, which is he claiming?
Out of all of this, the one that really tickles me is the double jeopardy claim. For starters, it shows the desperation. Again, I'm going to say throwing it all at the wall (everything about this case from the start has been one giant bowl of Nonsense Spaghetti). He was arrested in 2018 and convicted and sentenced in 2022. Double jeopardy concerns were never brought up during that time. Secondly, and most importantly, it reveals more about his person than he (probably) realizes. Because, in his mind, robbery and murder have this codependent relationship where one cannot exist without the other and should be regarded as one. If one act is being committed, then the other must follow.
TrueAllele is used on both sides of the court as well as for giving names to John or Jane Doe (most famously used for 9/11 victims). There have been lawsuits against Cybergenetics to force them to reveal how the software works. So far, all have been in favor of Cybergenetics. As is says here, his counsel never objected to the use of the software on top of never questioning defense's DNA expert about it…who is also a defense attorney (never acted as co-counsel in this case). I posted in the comments where I found parts of our case were used at a symposium a few years ago.
The last one seems to be his "Aha! Gotcha!" moment. Of his three sentences, only one specified without benefit, aka no parole. Because two lacked this clarification, he saw it as major incompetence to leverage his way out. Honestly, if he had waited 10-15 years, he could have used this and MAY have gotten better results than "Oh, thank you for pointing this out for us. We'll make note that all sentences are to be served without parole." But no. He wanted to bum rush the starting gate.
I believe I posted these in the proper order.