T Nation

Bailout & Dave Ramsey

[quote]RhunDraco wrote:
Interesting. Does his religious beliefs crop up in his writings on finances? Is this why some people say his books are so life-changing, that they incorporate faith-based practices?[/quote]

No. His financial principles can be used by adults who are wise enough to see exactly what is going on, or children who have phobias about hearing the name of God.

He is a man of faith, and is not ashamed of that faith, however.

If you are in debt, or have your finances out of whack - you will never understand how life changing his principles are until you use them.

[quote]jehovasfitness wrote:
RhunDraco wrote:
Interesting. Does his religious beliefs crop up in his writings on finances? Is this why some people say his books are so life-changing, that they incorporate faith-based practices?

To be honest, I hate religion, but his “preaching” doesn’t bother me.
[/quote]

x2

[quote]rainjack wrote:
III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous�??and immediate�??liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it�??s not a time for politics. It�??s time for all of us, as Americans, to
stand up, speak out, and fix this mess.[/i]
[/quote]

I kind of like Ramsey…but not sure if I understand how he can claim that removing the capital gains tax costs nothing. In fact, it will mean lost revenue for the government…so taxpayers will have to lose out somehow…either through a reduction in services or more borrowing by the gov to pay for services.

Is he arguing that the capital investments will lead to more jobs, which leads to more income tax revenue? If so, he should back it up with some sort of numbers.

[quote]rainjack wrote:
theAnj wrote:
Thanks for the summary, Rainjack. My dad gave me one of his books a couple months ago and I’m a big fan now. Maybe he should be running for pres, lol. :smiley:

I am an accountant by profession. I have the entire library of his products, and I feel it is my responsibility to loan it out to all of my young and/or newly married clients.

Putting his principles to practice changed my life. [/quote]

What books do you recommend? I’m seriously thinking about getting the Total Money Makeover book.

[quote]En Sabah Nur wrote:
rainjack wrote:
theAnj wrote:
Thanks for the summary, Rainjack. My dad gave me one of his books a couple months ago and I’m a big fan now. Maybe he should be running for pres, lol. :smiley:

I am an accountant by profession. I have the entire library of his products, and I feel it is my responsibility to loan it out to all of my young and/or newly married clients.

Putting his principles to practice changed my life.

What books do you recommend? I’m seriously thinking about getting the Total Money Makeover book.[/quote]

Same here. Now that I’ve moved into a house, I want to be extra-careful when it comes to my finances.

[quote]En Sabah Nur wrote:
I’m seriously thinking about getting the Total Money Makeover book.

[/quote]

without a doubt

i’d actually recommend getting his recorded version, hearing him talk is very valuable as well and he makes it entertaining

I was give one of his books, think it was total money makeover.
Glad I got it when I did (I’m only 21) made me realise I was wasting money paying interest on my car loan. I buckled down and paid it off 3 years early. saved myself 2K.
I’m not going to be able to avoid a univerity loan though which sucks.
Dave is not well known here in Australia but his message is definately needed here. I think his religeous views would be a barrier to Australians accepting him as legit though.
I trust this guy and hope his ideas are considered by the appropriate people. The American economy has a big impact here in Australia too.

i agree with some of his stuff. The capital gains tax part is skeptical as stated previously and mark to market needs to COMPLETELY be removed as it is the most assinine thing ever. Instead of letting companies be more creative with valuing assets they should have to be more concservative so we dont into this mess again. Also, the CD’s market needs to be regulated agian. That is also another huge part of this mess.

My parents started giving me his books when I was 14, told me not to screw up like they did. I attribute them as the why I’m not in the same financial mess as my friends.

[quote]jehovasfitness wrote:
RhunDraco wrote:
Interesting. Does his religious beliefs crop up in his writings on finances? Is this why some people say his books are so life-changing, that they incorporate faith-based practices?

To be honest, I hate religion, but his “preaching” doesn’t bother me.
[/quote]

You hate religion but you have a screen name with the word Jehova in it?

Good grief. The guy focuses on personal finance issues.

That’s way different from macroeconomics. Not even in the same stadium.

He has no qualifications to speak to the bailout issue.

[quote]CaliforniaLaw wrote:
Good grief. The guy focuses on personal finance issues.

That’s way different from macroeconomics. Not even in the same stadium.

He has no qualifications to speak to the bailout issue. [/quote]

In that case, the senators who wrote and voted on that 451 page piece of shit legislation are no more qualified than Dave Ramsey. Except for the first 93 pages and the last page, it has nothing to do with economic stabilization. As far as the those 94 pages that do, I saw nothing in there that will help the average American or fix the underlying cause of instability. There’s a lot to be said for a simple approach to stimulating Wall Street by getting rid of the capital gains tax.

[quote]CaliforniaLaw wrote:
Good grief. The guy focuses on personal finance issues.

That’s way different from macroeconomics. Not even in the same stadium.

He has no qualifications to speak to the bailout issue. [/quote]

Sorry, pal, but his plan is not just his idea. It was put together in concert with several economists, and some wall street guys.

But - since he’s such an idiot, tell me which part of his plan is so bad.

Everything in it will increase cash flow immediately.

[quote]MaximusB wrote:
jehovasfitness wrote:
RhunDraco wrote:
Interesting. Does his religious beliefs crop up in his writings on finances? Is this why some people say his books are so life-changing, that they incorporate faith-based practices?

To be honest, I hate religion, but his “preaching” doesn’t bother me.

You hate religion but you have a screen name with the word Jehova in it?[/quote]

yup, you have to read the rest of the screen name for it to make sense

[quote]jehovasfitness wrote:
MaximusB wrote:
jehovasfitness wrote:
RhunDraco wrote:
Interesting. Does his religious beliefs crop up in his writings on finances? Is this why some people say his books are so life-changing, that they incorporate faith-based practices?

To be honest, I hate religion, but his “preaching” doesn’t bother me.

You hate religion but you have a screen name with the word Jehova in it?

yup, you have to read the rest of the screen name for it to make sense
[/quote]

Ooooooohhhhh, now I get it! :stuck_out_tongue:

Emailing this to a bunch of people and emailing my representatives as I speak!

[quote]jehovasfitness wrote:
i’d actually recommend getting his recorded version, hearing him talk is very valuable as well and he makes it entertaining[/quote]

I got the audiobook from the library and agree that he does a terrific job, but I’ll be buying a printed copy as it’s nice to have something solid and easy to refer back to. When you purchase the recorded version, does it come with any printed material like reference sheets or summaries of the principles?

[quote]Doyle wrote:
Dave is not well known here in Australia but his message is definately needed here. I think his religeous views would be a barrier to Australians accepting him as legit though.[/quote]

Anyone who doesn’t take good advice because of the religious views of the source deserves whatever happens to them. It’s personal finance, what does his religion matter at all, other than he advocates giving to charity?

[quote]California Law wrote:
Good grief. The guy focuses on personal finance issues.

That’s way different from macroeconomics. Not even in the same stadium.

He has no qualifications to speak to the bailout issue. [/quote]

Similar to above, if the plan is solid, why does it matter what his primary business focus is?

Basic economic principles always hold true. If you spend more than you make, you’re fucked. Whether or not this matters on a personal or national level can be debated.

http://www.bloggingstocks.com/2008/09/25/businessweeks-brilliant-solution-to-the-financial-mess/

i feel this is a MUCH better plan as far as the bailout goes.

[quote]Anonymous Coward wrote:
jehovasfitness wrote:
Doyle wrote:
Dave is not well known here in Australia but his message is definately needed here. I think his religeous views would be a barrier to Australians accepting him as legit though.

Anyone who doesn’t take good advice because of the religious views of the source deserves whatever happens to them. It’s personal finance, what does his religion matter at all, other than he advocates giving to charity?
[/quote]

It matters because he is selling his books and advice and it’s completely against human nature to completely separate the seller from his product. If Charlie Manson had some excellent foreign relations ideas, I still doubt he’d muster many votes for president.