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I don't really follow this guy and some people think he's a moron but if you tell someone they need to change their spending habits and they refuse.. Well, they are the bigger moron.

Archive: https://archive.today/vedU3

From the post:

>Financial guru, Dave Ramsey, tore into a Missouri couple after the husband reveals they have $240,500 of debt, but won't give up the family car - but they're not the only Americans unwilling to make urgent changes. John, of St. Louis, called into Ramsey's show last month to ask for help getting his and his wife's 'monster debt' under control, but the guru had no time for his antics after he told him he refused to get rid of the family car that was bogging them down with $28,000. 'John, I don't really care if it's the family car,' he said. 'You people are broke, you're starving to death making $150,000 a year. You don't get to say it's the family car, you get to say everything's on the table, we're selling so much stuff the kids think they're next.

I don't really follow this guy and some people think he's a moron but if you tell someone they need to change their spending habits and they refuse.. Well, they are the bigger moron. Archive: https://archive.today/vedU3 From the post: >>Financial guru, Dave Ramsey, tore into a Missouri couple after the husband reveals they have $240,500 of debt, but won't give up the family car - but they're not the only Americans unwilling to make urgent changes. John, of St. Louis, called into Ramsey's show last month to ask for help getting his and his wife's 'monster debt' under control, but the guru had no time for his antics after he told him he refused to get rid of the family car that was bogging them down with $28,000. 'John, I don't really care if it's the family car,' he said. 'You people are broke, you're starving to death making $150,000 a year. You don't get to say it's the family car, you get to say everything's on the table, we're selling so much stuff the kids think they're next.
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[–] • 1 pt

His advice is great for 95% of people. It's ok but sub-optimal for the top 5% of personal finance competence. Spend less than you make, prioritize paying off debt, aggressively save - it's all good advice. Sure, paying down your 4% mortgage when you could invest that money at 8% in an index fund isn't ideal...if you're the top 5% who're competent enough to do that. The other 95% arent going to arbitrage that 4%, they're going to blow it on a leased Range Rover so "pay off your mortgage" is better advice for them.

[–] • 2 pts

People that cant figure out the "live below your means" just baffle me. I worked at a place once where the typical salary was around 60-70k/yr. There was a guy making $120k/yr and was living paycheck to paycheck because of his retarded decisions.

[–] • 2 pts

It's R-selected reproduction strategy at work. They haven't been exposed to "if you have no money, you will freeze/starve/die" so they act like paychecks will always keep coming.

[–] • 1 pt

Yeah, I find that people that act like that tend to come from wealth (minor wealth) and never had to worry about anything and got whatever they want. Then they are no longer living with their parents that gave them anything they wanted anytime they wanted and they want to replicate that lifestyle without having the funds or intelligence to do it.

If you are at least average intelligence (For a White person) Making money is not all that hard if you are willing to work and have perseverance.

[–] • 1 pt

I'm trying to coach my son to make better financial decisions like this. For example, he took out a high interest loan to buy a more expensive car than he needed. I've been trying to get him to refinance that high interest loan because he's been making the payments on time. But, he's not interested in doing the work to do that.

[–] • 1 pt (edited )

Sorry to hear that. Might take a while to beat it into his brain that he is wasting money.

Maybe a good approach would be "If you were to do this now, you will have far more money in the future to make your stupid decisions (not phrased that way, you know what I mean)".

I am "doing well" but part of the why is growing up with little. People I know that grew up with "everything" are barely getting by and half of them are underwater. Knowing what waits you at the bottom is a strong motivator to not end up there, at least it is for many people.

For ref, I drive a 20 year old car even though I could go buy something "fancy and fun" tomorrow in cash if I wanted to. But that is through very hard work and through living below your means. Sure, It would be fun/nice to have the new shiny thing but I don't need it and I do not give one fuck about what others around me think about what I drive. It works for me and does everything I need it to. I bought it in cash and have no loans.

I did the same with my last car that I ended up selling because it was a bitch to maintenance (Not buying a VW ever again). I bought it in cash after saving for ~8 years working shit jobs and random crap to pay for it. In the end, it was not worth having no matter how nice and fun it was to drive.

Not everyone thinks about that when they are younger and some do as they get older but not all. Some of them still care about "status" or "looking cool". It is all so fucking pointless. Point your kid at the picture "The pale blue dot" and ask him if he thinks his car matters after seeing that.