Lol if you are not listening to Dave Ramsey and flowing the baby steps

[AWSbruh]

I'm going to be a millionaire in 5 years following his advice. Dave Ramsey baby steps is the best solution for financial freedom.

[HMFIC_BROWSIN]

His savings rate reccomendations are too low IMO.

MrMoneyMustache CREW

[MyAvatar]

In on MMM crew

[tyn89]

Only losers need his common sense advise.

[PowerOfTruth]

1) Financial genius advice

2) Common sense advice

pick one, unless you follow Dave... then pick both

[iwant2beswole]

Just googled the baby steps


Lmao if you needed someone else to explain that to you. Who was common sense?

[irollurmom]

Just googled the baby steps


Lmao if you needed someone else to explain that to you. Who was common sense?

his target audience is lower income individuals who don't know how credit cards work.

His whole "pay cash for everything" is really only feasible for someone with poor impulse control or heavy personal debt

[PowerOfTruth]

His whole "pay cash for everything" is really only feasible for someone with poor impulse control or heavy personal debt

Or for someone who is a millionaire (by telling people to pay cash for everything....)

[LiftBigEatBig]

Lmao if you needed someone else to explain that to you. Who was common sense?

It's not common sense for alot of people. Especially those that grew up in households with poor financial habits.

The baby steps are legit, and alot of people, no matter how smart you are, prefer a "system" to help them stay on track.

Here are the baby steps:

[300Lane1]

Anytime I see/hear someone talking about Dave Ramsey I immediately think less of him/her! There is zero hope for you if you don't know/understand this common sense.

[gixxer0.6g]

I think Dave has some good, common sense approaches to long term wealth but I disagree with him when it comes to credit cards.

[MetroBrah]

I think Dave has some good, common sense approaches to long term wealth but I disagree with him when it comes to credit cards.

this

If you can't handle paying off a monthly credit card balance....i got sum bad news

[Rhythm825]

/r/wallstreetbets you fkng dweebs

[RobParks2M]

Good advise minus only having $1,000 emergency savings until you paid off all debt. I decided to get 6 months in savings prior to finishing my school loans and I feel much safer and don't have to worry about really anything bad happening that would wipe me out. Now I can just put the money I have left over at the end of the month straight into the loans no problem.

[MetroBrah]

/r/wallstreetbets you fkng dweebs

Just subscribed. How can I use this information if all I do is index every month?

[Retoaded]

His step 2 and 3 are switched up. you need way more than that as an emergency fund unless you are a miscer incel living in your parents' basement. $1,000 ain't chit monica.

[tyn89]

Just subscribed. How can I use this information if all I do is index every month?

if serious, wallstreetbets are trolls. Better for with /r/stock or /r/invest

[getsumbaby]

If you grew up with financially smart parents it will seem like common sense but his podcast is awesome for people who grew up in a paycheck-to-paycheck house.

Kind of like growing up unhealthy, you might have some ideas on how to be healthy but having an actual blueprint makes a bg difference.

[OffwhiteBrah]

Rice and beans , beans rice. Deliver pizza, sell the car etc etc..

[ErnieMccracken]

Does he ever mention anything about entrepreneurship, building multiple revenue streams, et al?

His whole approach (the classic live like a peasant one) depends on income being higher than cost of living, but wages are dead flat and the cost of everything has only been increasing. You are pissing into the wind when a single major health problem or financial issue can wreck a decade of savings.

[SpeedCheeser]

/r/wallstreetbets you fkng dweebs

this guy fukks.

[jackamo2887]

Wall Street Bets is all you need.

Listen to Dave Ramsey if you wanna drive a Hyundai your whole life.

Read WSB if you wanna be driving a lambo in 5 years.

Trading on margin and options and future contracts...MU and AMD to the FUKING MOOOOOOOOOOOOOOOOOOOOOOOOON.

[ErnieMccracken]

Wall Street Bets is all you need.

Listen to Dave Ramsey if you wanna drive a Hyundai your whole life.

Read WSB if you wanna be driving a lambo in 5 years.

Trading on margin and options and future contracts...MU and AMD to the FUKING MOOOOOOOOOOOOOOOOOOOOOOOOON.

MU 90 calls crew

[tunafishha]

I recommend his books. Theyre pretty good. You can pick them up for $2 at thrift stores.

[IAMBEE]

Only losers need his common sense advise.

Mean while you're afraid to go to your mailbox and see what payments are due.

[Zwicker]

I like Dave's system even though I was always extremely responsible and frugal. It just clarifies things and makes me feel like I'm not wandering aimlessly in terms of my finances. I was debt free, except for my mortgage, with a decently large amount of money just sitting in savings before listening to him. In other words, I wasn't financially hopeless, I just needed some basic guidelines and direction. Since then, I've just been more focused on paying down my mortgage and investing.

Does he ever mention anything about entrepreneurship, building multiple revenue streams, et al?

His whole approach (the classic live like a peasant one) depends on income being higher than cost of living, but wages are dead flat and the cost of everything has only been increasing. You are pissing into the wind when a single major health problem or financial issue can wreck a decade of savings.

A large portion of every show/caller questions deals with the income side of the equation. He uses the shovel-to-hole ratio metaphor. If someone's debt is too large for their income, then the income needs to increase. Hence, the shovel is too big to get out of the hole.

His step 2 and 3 are switched up. you need way more than that as an emergency fund unless you are a miscer incel living in your parents' basement. $1,000 ain't chit monica.

Step 1 is $1,000 as an emergency fund. Step 3 is 3-6 months expenses. Typically $15-25k range for most people. The only point of the $1,000 as Step 1 is to have something to cover minor bumps in the road while you aggressively pay off debts (aside from mortgage). If, out of the blue, you need a new tire, you draw from that $1,000. It doesn't cover major issues, of course.

[iamsocreepy]

Won't let me embed

Fuking vimeo

https://vimeo.com/41152287

[irollurmom]

Or for someone who is a millionaire (by telling people to pay cash for everything....)

not really. That mentality is for, again, the lower income people who don't know how credit cards work. Instead of taking out a car loan, you buy a $5000 car off craigslist. Instead of using your credit card to potentially rack of various bills, you use your debit card and actually see your money go away.

[PowerOfTruth]

not really. That mentality is for, again, the lower income people who don't know how credit cards work. Instead of taking out a car loan, you buy a $5000 car off craigslist. Instead of using your credit card to potentially rack of various bills, you use your debit card and actually see your money go away.

No, that's the line Dave and crew use to sell the product.

Behavior =/= Knowledge

The "poor's" problem is NOT knowledge, that is a false narrative. It is with behavior.

[Bando]

his target audience is lower income individuals who don't know how credit cards work.

His whole "pay cash for everything" is really only feasible for someone with poor impulse control or heavy personal debt

6 figure income, I pay cash for everything, completely debt free, no CC's. Did it listening to Dave and even coordinating his course. It's pretty amazing getting a bi-monthly paycheck and have no payments due so just throw it into savings.