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  1. #1
    Registered mogger MetroBrah's Avatar
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    What are your thoughts on Networth maxxing? srs

    Me and a bud were talking about this the other day. How Dave Ramsey doesn't even buy investment properties unless he can buy them 100% cash. Now this kind seems absurd when you think about it, but his argument was that taking out a mortgage would be a ding to his networth and therefore, not be worth it, I suppose plus any risk taking on that debt would incur. And of course he is 100% against car notes.

    This got me thinking, this anti debt at all costs philosophy is mostly just based on balance sheet networth, which in my mind doesn't really matter that much, maybe outside of your credit-worthiness and personal risk tolerance? Maybe I'm wrong.

    Cliffs

    - Dave Ramsey method focuses on eliminating all debt and having a greater networth

    - Robert Kiyosaki method doesn't seem to care about networth, especially in the short term and focuses purely on income.
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    Retired at 42 wave_length's Avatar
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    Originally Posted by MetroBrah View Post
    Me and a bud were talking about this the other day. How Dave Ramsey doesn't even buy investment properties unless he can buy them 100% cash. Now this kind seems absurd when you think about it, but his argument was that taking out a mortgage would be a ding to his networth and therefore, not be worth it, I suppose plus any risk taking on that debt would incur. And of course he is 100% against car notes.

    This got me thinking, this anti debt at all costs philosophy is mostly just based on balance sheet networth, which in my mind doesn't really matter that much, maybe outside of your credit-worthiness and personal risk tolerance? Maybe I'm wrong.

    Cliffs

    - Dave Ramsey method focuses on eliminating all debt and having a greater networth

    - Robert Kiyosaki method doesn't seem to care about networth, especially in the short term and focuses purely on income.
    Networth doesn't go down when going into debt for an asset that's worth the money.
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  3. #3
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    Cash is king baby fuk debt
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    Dave Ramsey has a good mentality for people who are clueless about money, but he's not very sophisticated.

    Cash-on-Cash is one of the most important metrics for evaluating an investment property. Sure it might make sense to buy a property cash and take debt later, but why have 100% equity in one house when you can have 25% equity in 4 houses(and capture appreciation and rent increases on 4 houses simultaneously rather than 1)?
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    Originally Posted by OliverHeldens View Post
    Dave Ramsey has a good mentality for people who are clueless about money, but he's not very sophisticated.

    Cash-on-Cash is one of the most important metrics for evaluating an investment property. Sure it might make sense to buy a property cash and take debt later, but why have 100% equity in one house when you can have 25% equity in 4 houses(and capture appreciation and rent increases on 4 houses simultaneously rather than 1)?
    He has good advice how to get and stay out of debt, if that's what you want. His advice on investing is nonsense though.
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    I'm sure everyone that wants a house has the cash or makes enough money to buy it in 2-3 years tops... Yea I'm not listening to him when it comes to anything outside of debt.

    This is where credit is king. While you are taking 10 years saving up money for a house because Dave Ramsey told you, most smart people would've leveraged their credit to get it and make bank off the equity.
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    I think home loans can be really useful, especially at these low rates. His advice is mostly targeted toward people who are bad with money and can't be trusted with any type of debt. I would disregard if you're good with money
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    He is managing risk because he leveraged like crazy and went bankrupt, so he is gun shy and 100% down now.

    There is obviously a position in between, it just depends on how much you are willing to risk. After I pay off primary, I think I would be comfortable with 20% down on a rental as long as it’s a fraction of my total net worth.

    But he is not wrong that there is always a chance that if an economic crisis happens, you could get crushed and lose everything if you can’t pay. I am guessing the eviction moratorium right now is probably beating up some land lords pretty bad.
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    Originally Posted by OliverHeldens View Post
    Dave Ramsey has a good mentality for people who are clueless about money, but he's not very sophisticated.

    Cash-on-Cash is one of the most important metrics for evaluating an investment property. Sure it might make sense to buy a property cash and take debt later, but why have 100% equity in one house when you can have 25% equity in 4 houses(and capture appreciation and rent increases on 4 houses simultaneously rather than 1)?
    its called risk
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  11. #11
    u wot m8 MyBaddBrah's Avatar
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    His strategy is ignoring long term net worth at the expense of short term (meaningless) net worth. He speaks to people who have only completed 7th-8th grade level math, which is like 90% of people.
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    Dave Scattino owned Ramsey outdoor but the store was in his wife’s name.
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    Originally Posted by yieldtonothing View Post
    Dave Scattino owned Ramsey outdoor but the store was in his wife’s name.
    Motherfuker also slept in a tent in the store to pretend like he was camping lol!
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    I personally keep all of my money under my mattress.
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    Originally Posted by OliverHeldens View Post
    Dave Ramsey has a good mentality for people who are clueless about money, but he's not very sophisticated.

    Cash-on-Cash is one of the most important metrics for evaluating an investment property. Sure it might make sense to buy a property cash and take debt later, but why have 100% equity in one house when you can have 25% equity in 4 houses(and capture appreciation and rent increases on 4 houses simultaneously rather than 1)?
    Who the hell even gives loans in 2020 for personal investment properties (not personal residence mortgage) anymore?
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    Originally Posted by MyBaddBrah View Post
    His strategy is ignoring long term net worth at the expense of short term (meaningless) net worth. He speaks to people who have only completed 7th-8th grade level math, which is like 90% of people.
    Can’t believe im wasting my 10,000 th post on this, but that isn’t his strategy at all. Jesus.
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    Originally Posted by samsbolton View Post
    Can’t believe im wasting my 10,000 th post on this, but that isn’t his strategy at all. Jesus.
    Shows ur a troll then, don't it!!
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    Probably shouldn't base 'networth maxxing' on a guy who clearly doesn't know how net worth is calculated.
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    Originally Posted by wave_length View Post
    Networth doesn't go down when going into debt for an asset that's worth the money.
    Much less one that increases in value
    Bought a house last year, on a mortgage
    It has increased at least $15,000 in value since then
    Guess what op?
    That $15,000 gets added to my networth

    Yeah, according to Dave’s system I should not have bought my house and kept living in my tiny, chitty apartment for $600/month
    But I refinanced my mortgage this month and now will be paying $850/month for a 3 bed 2 bath house
    And now I’m considering getting roommates and renting out the extra bedrooms for $350-$400 each so I can have passive income while I try to launch my porn career
    That is true networth-maxxxing
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    Registered User Coltylou's Avatar
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    Originally Posted by wave_length View Post
    Networth doesn't go down when going into debt for an asset that's worth the money.
    Thread over
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