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Dave Ramsey: Broke people shouldn't go on vacations

Young_ChitlinYoung_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force GeneralASUville, PhoenixPosts: 22,084 ✭✭✭✭✭
¡No contaban con mi astucia!
5 Grand wrote: »
I see a lot of people saying they'd "give" family members money.

Thats not what you want to do.

You want to set up a trust fund so they get a monthly payment. You can set up a trust fund so your mother gets, say, $10,000 a month for the rest of her life. According to my math, $10,000 per month for 20 years is $2.4 million. That's better than giving her $2.4 million up front because she can blow it all in a matter of days and then she'll want more and you'd feel obligated to give it to her.

So if you win, don't "give" anybody anything. Set up a trust fund.

Now that I think about it, I could set up a trust fund for my brother. I'd give him $10,000 a month. He's about 45 now so $10,000 per month for 40 years is only $4.8 million. That makes more sense than giving him the money in one lump sum.

AggyAF wrote: »
Anyone else think it's crazy only about 10 posters regularly post here and we got damn near 500 pages?

All the other sports threads on here are people with hobbies. This is football - the beautiful game. We eat, sleep and drink football.

hqg-277.gif


Chi Snow
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Replies

  • Young_ChitlinYoung_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force General ASUville, PhoenixPosts: 22,084 ✭✭✭✭✭
    I will share a quick anecdote.. - I credit Dave for helping me get my finances in order. My turning point was when I was short $140 on my bills. That was the only payment I was ever late on in the past 4 years my student loan payment. That got me gas and food for the next 12 days until the next paycheck.

    Hermano there's nothing wrong with enjoying your success, I just believe that it is not wise to do so putting​ it on a credit card or having your success on payments.
    ¡No contaban con mi astucia!
    5 Grand wrote: »
    I see a lot of people saying they'd "give" family members money.

    Thats not what you want to do.

    You want to set up a trust fund so they get a monthly payment. You can set up a trust fund so your mother gets, say, $10,000 a month for the rest of her life. According to my math, $10,000 per month for 20 years is $2.4 million. That's better than giving her $2.4 million up front because she can blow it all in a matter of days and then she'll want more and you'd feel obligated to give it to her.

    So if you win, don't "give" anybody anything. Set up a trust fund.

    Now that I think about it, I could set up a trust fund for my brother. I'd give him $10,000 a month. He's about 45 now so $10,000 per month for 40 years is only $4.8 million. That makes more sense than giving him the money in one lump sum.

    AggyAF wrote: »
    Anyone else think it's crazy only about 10 posters regularly post here and we got damn near 500 pages?

    All the other sports threads on here are people with hobbies. This is football - the beautiful game. We eat, sleep and drink football.

    hqg-277.gif


    LEMZIMUS_RAMSEYCinco
  • Crude_Crude_ Legend Posts: 19,820 ✭✭✭✭✭
    edited March 16
    Crude_ wrote: »
    I've posted this before but Dave Ramsey spouts a bunch of noise about delayed gratification which is fine.

    Problem is Dave preaches about living off the bare necessities as if tomorrow is promised, sometimes it's good to just enjoy life and not simply live to work and pay bills.

    Dave will have you eating tuna fish sandwiches everyday, living in a tiny home or studio apartment paying the cheapest rent or mortgage, driving a 1987 Ford Escort, using a prepaid flip phone, and some clothes from the good will.

    That isn't living in my opinion.

    I respect your opinion. In my opinion having payments is not living.

    Unless you're paying for everything in cash which I doubt you're probably financing larger items such as a house and vehicles unless you lease which still is a reoccurring debt which still has terms.

    Even wealthy people like Trump for example go get loans. No one is paying for everything in cash no you not me no one.
  • Young_ChitlinYoung_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force General ASUville, PhoenixPosts: 22,084 ✭✭✭✭✭
    edited March 16
    Crude_ wrote: »
    Crude_ wrote: »
    I've posted this before but Dave Ramsey spouts a bunch of noise about delayed gratification which is fine.

    Problem is Dave preaches about living off the bare necessities as if tomorrow is promised, sometimes it's good to just enjoy life and not simply live to work and pay bills.

    Dave will have you eating tuna fish sandwiches everyday, living in a tiny home or studio apartment paying the cheapest rent or mortgage, driving a 1987 Ford Escort, using a prepaid flip phone, and some clothes from the good will.

    That isn't living in my opinion.

    I respect your opinion. In my opinion having payments is not living.

    Unless you're paying for everything in cash which I doubt you're probably financing larger items such as a house and vehicles unless you lease which still is a reoccurring debt which still has terms.

    Even wealthy people like Trump for example go get loans. No one is paying for everything in cash no you not me no one.

    I have 15.5k left in my debt snowball. My last debt in the snowball is my car which yes I did Finance it because I literally had zero cash, neither did my family to be able to help me out. Crazy thing is I didn't take out a loan to get my Jeep I put zero money down. Only the Lord knows why I was able to get my Jeep zero money down.

    I realize that I may have to take out a loan to make a downpayment on a house but I'd like to think that I'm disciplined enough financially at that point where the loan won't be so overbearing. I understand your point you have to get a loan and there may be enough justification for doing so, I was just trying to make a Counterpoint to your gratification opinion.
    ¡No contaban con mi astucia!
    5 Grand wrote: »
    I see a lot of people saying they'd "give" family members money.

    Thats not what you want to do.

    You want to set up a trust fund so they get a monthly payment. You can set up a trust fund so your mother gets, say, $10,000 a month for the rest of her life. According to my math, $10,000 per month for 20 years is $2.4 million. That's better than giving her $2.4 million up front because she can blow it all in a matter of days and then she'll want more and you'd feel obligated to give it to her.

    So if you win, don't "give" anybody anything. Set up a trust fund.

    Now that I think about it, I could set up a trust fund for my brother. I'd give him $10,000 a month. He's about 45 now so $10,000 per month for 40 years is only $4.8 million. That makes more sense than giving him the money in one lump sum.

    AggyAF wrote: »
    Anyone else think it's crazy only about 10 posters regularly post here and we got damn near 500 pages?

    All the other sports threads on here are people with hobbies. This is football - the beautiful game. We eat, sleep and drink football.

    hqg-277.gif


    Crude_
  • Bender RodriguezBender Rodriguez Kiss my shiny metal ass!! New new YorkPosts: 2,022 ✭✭✭✭✭
    The only thing you should be making payments on is a house
    sticker,375x360.u1.png
    T. SanfordMrMinimalist
  • twenty2twenty2 My Ideals May Not Be Ideal But I Deal...Posts: 195 ✭✭
    I think Dave is on point with most of what he says..........but nah...not this son...

    And I completely get where he's coming from with it too... But if a person can at all set some money aside little by little to eventually get out and experience some life before they're barely clinging to it...then go for it. Don't dig yourself into MORE debt by tryin to do the shit...but even the most strict budget plans you run across have a section for entertainment expenses. If you gotta take that portion and not see a movie or go on a dinner date for 2 years then that's what you gotta do. But E'ERBODY need to get out of the neighborhood...city...state...and see something different.......and not just that dusty ass place in the country where our eldest kinfolk be.
  • blacktuxblacktux Posts: 4,491 ✭✭✭✭✭
    Hard pill to swallow but hes right.

    Last thing you should be doing when you are hurting is putting yourself further in debt.
    -Shive-
  • AZTGAZTG Posts: 6,280 ✭✭✭✭✭
    Didnt watch the video cause I dont need dude yelling at me.

    But hes right. I mean im all for balance. Im not the guy that says you should save everything. I think people should spend on fun, but, going on vacation while youre in debt is just not right.
  • Young_ChitlinYoung_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force General ASUville, PhoenixPosts: 22,084 ✭✭✭✭✭
    AZTG wrote: »
    Didnt watch the video cause I dont need dude yelling at me.

    But hes right. I mean im all for balance. Im not the guy that says you should save everything. I think people should spend on fun, but, going on vacation while youre in debt is just not right.

    He yells at you in the think America rant, not really this one
    ¡No contaban con mi astucia!
    5 Grand wrote: »
    I see a lot of people saying they'd "give" family members money.

    Thats not what you want to do.

    You want to set up a trust fund so they get a monthly payment. You can set up a trust fund so your mother gets, say, $10,000 a month for the rest of her life. According to my math, $10,000 per month for 20 years is $2.4 million. That's better than giving her $2.4 million up front because she can blow it all in a matter of days and then she'll want more and you'd feel obligated to give it to her.

    So if you win, don't "give" anybody anything. Set up a trust fund.

    Now that I think about it, I could set up a trust fund for my brother. I'd give him $10,000 a month. He's about 45 now so $10,000 per month for 40 years is only $4.8 million. That makes more sense than giving him the money in one lump sum.

    AggyAF wrote: »
    Anyone else think it's crazy only about 10 posters regularly post here and we got damn near 500 pages?

    All the other sports threads on here are people with hobbies. This is football - the beautiful game. We eat, sleep and drink football.

    hqg-277.gif


    Trollio
  • numbaz...80's babynumbaz...80's baby Posts: 4,926 ✭✭✭✭✭


    Rich or poor, some ppl including myself, need to get away sometimes. My sanity is worth more to me than money.



    13669056_495515447310776_1649422438188903135_n.jpg?efg=eyJpIjoidCJ9&oh=03172f7dbc0a1be38acfd07b5788dd81&oe=582E3D6161jot2uiausr.jpg
    Swiffness!MeesterKoltrain
  • marc123marc123 Posts: 15,189 ✭✭✭✭✭
    Dave Ramsey: Broke people shouldn't go on vacations

    I assumed that was common knowledge.
    KamPushMegoldenja
  • EmM HoLLa.EmM HoLLa. Rolex Watches & Diamond Chains.. Posts: 2,986 ✭✭✭✭✭
    Crude_ wrote: »
    I've posted this before but Dave Ramsey spouts a bunch of noise about delayed gratification which is fine.

    Problem is Dave preaches about living off the bare necessities as if tomorrow is promised, sometimes it's good to just enjoy life and not simply live to work and pay bills.

    Dave will have you eating tuna fish sandwiches everyday, living in a tiny home or studio apartment paying the cheapest rent or mortgage, driving a 1987 Ford Escort, using a prepaid flip phone, and some clothes from the good will.

    That isn't living in my opinion.

    THIS
    it's about balance....

    i think more people are ready to party than pay off debt.

    that's the problem.

    AND THIS

    When the ice hit the light it be going off.. I'm livin' life I aint showin' off.. -Don Q
  • Young_ChitlinYoung_Chitlin YCN Chief/FCC Member/#RedVelvetSquad Member/IC Task Force General ASUville, PhoenixPosts: 22,084 ✭✭✭✭✭
    One of his biggest slogans is live like no one else so later you can leave and give like no one else. The way I interpret it is you got to really make sacrifices in your life to get to where you want to go.. as I said in one of the threads in strictly business, having a debt-free plan and really sticking to it especially one as Extreme as mine, not a lot of people can do it. As long as you have a plan with your finances and stick to it you're going to do great. If you have debts and you had doubts about a plan, I can understand because I was the same way compas.

    That's why a lot of the people that work with Dave Ramsey really endorse the envelope system because if you have $100 extra that you're undecided about putting it all in your debt put the amount you feel comfortable at the debt and then put the the rest in your envelope for whatever you want to do. As I just said my debt free plan is Extreme and I don't want envelopes because I want every red Cent that I earn that I don't need for bills and other things to go to my debts. Dave says it's whatever you want to do and I feel that, for me I just want to get out of debt and live like no one else
    ¡No contaban con mi astucia!
    5 Grand wrote: »
    I see a lot of people saying they'd "give" family members money.

    Thats not what you want to do.

    You want to set up a trust fund so they get a monthly payment. You can set up a trust fund so your mother gets, say, $10,000 a month for the rest of her life. According to my math, $10,000 per month for 20 years is $2.4 million. That's better than giving her $2.4 million up front because she can blow it all in a matter of days and then she'll want more and you'd feel obligated to give it to her.

    So if you win, don't "give" anybody anything. Set up a trust fund.

    Now that I think about it, I could set up a trust fund for my brother. I'd give him $10,000 a month. He's about 45 now so $10,000 per month for 40 years is only $4.8 million. That makes more sense than giving him the money in one lump sum.

    AggyAF wrote: »
    Anyone else think it's crazy only about 10 posters regularly post here and we got damn near 500 pages?

    All the other sports threads on here are people with hobbies. This is football - the beautiful game. We eat, sleep and drink football.

    hqg-277.gif


    blacktuxLEMZIMUS_RAMSEYKoltrain
  • AP21AP21 Posts: 16,419 ✭✭✭✭✭
    another Dave "supporter"...but Dave's logic is SUPER extreme...i agree with what Crude has said almost verbatim

    you need to take a break from it all but do what you can do. Nobody is advocating you staying at the four seasons for a week, but like if you live down south, you within in driving distance from so many states. You can do a nice lil extended weekend centered around some discounted activities or something. Or maybe there is a free event open to the public or something

    but there are ways to be creative when taking a vacation that wont leave you broke or delay your payments toward paying down your debt.
    LEMZIMUS_RAMSEY5th Letter
  • aneed123aneed123 Posts: 22,499 ✭✭✭✭✭
    U only live once. Enjoy life no matter how rich or poor u are. Be financially responsible but also Di things u want or enjoy from time to time cuz u can die tomorrow and someone else will be spending ur money. Dude went to the extreme with it
    tompetrez3MeesterValentinez A. Kaiser
  • Bulletproof WalletsBulletproof Wallets Posts: 1,366 ✭✭✭✭✭
    Every $2000-$3000 in debt that I erase I usually take a small trip somewhere. Catching a cheap flight on Southwest and getting away for 3 days is a huge motivator and a good way to recharge for me. I'm not breaking the bank or accumulating new debt when I take these trips. I understand Dave's view but if you just absorb 50% of it then you're on the right path.
    aneed123
  • konceptjoneskonceptjones Old School Playa Posts: 12,108 ✭✭✭✭✭
    Crude_ wrote: »
    I've posted this before but Dave Ramsey spouts a bunch of noise about delayed gratification which is fine.

    Problem is Dave preaches about living off the bare necessities as if tomorrow is promised, sometimes it's good to just enjoy life and not simply live to work and pay bills.

    Dave will have you eating tuna fish sandwiches everyday, living in a tiny home or studio apartment paying the cheapest rent or mortgage, driving a 1987 Ford Escort, using a prepaid flip phone, and some clothes from the good will.

    That isn't living in my opinion.

    If that's what your money allows, that's what it allows.

    What Dave preaches is to be smart with your money and not to go broke trying to live up to some bullshit expectations.

    - You can buy new clothes that look decent from places like Target, Walmart, Old Navy, etc.
    - Buying an older car outright doesn't mean you're stuck with an '87 escort; just take a look at CL for what you can cop for under $3000. We just got rid of this 2003 minivan we rolled for two years and paid $1000 for and went back into a car note for a 2012 SUV. I miss not having a car note to worry about.
    - A phone is a phone. If the purpose is to get calls/texts while you're out and about, why not get a prepaid joint? I mean... we JUST switched back to Sprint after 4 years on Net10. Truth be told, I'm regretting the decision already 'cause I got used to paying only $35 a month when I had a smartphone, and $25 a month when I went back to a feature phone. If shit ain't adding up in a few more months, I'm probably going to reactivate my old assed Galaxy S4G on Net10 and roll with it

    As for food, no one says you have to eat tuna, but you do need to be smart with your purchasing decisions. Fuck you spending $45 at whole foods or trader joe's on a meal for yourself when that same money could be better spent and have you eating for 3 or 4 days?
    i'm not sure which entity leaves people more abused and lost; the Porn Industry or Bad Boy Records.
    AP21Revolver Ocelot
  • NoCompetitionNoCompetition Posts: 3,661 ✭✭✭✭✭
    I think, in watching clips of dude, he is reacting to all the people who call him asking for economic help and they do things like go on vacations that cost thousands, buy new cars, eat out all the time, just various behavior that has made him short about it over the years. Like duh people type of thing. Like this is one of those things. Somehow I've managed to go to many states and cities through the years without balling out on no big vacation. Somehow it was always a thing where there was a reason to go or somehow I could go with someone. "where would we stay?" If they say hotel which I cant afford, Im not going into debt to go. Havent really been int'l yet but been all over US. Still a lot of places I want to go though.
    Its a timing thing sometimes its not a good idea to spend out on a vacation you really cant afford because you "need one" then call this dude like "Help!". Of course you can get away if its something your able to do taking things into consideration. If your broke though common sense says maybe overseas to ball aint in the cards right now but maybe somewhere closer for different reasons can be.
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