[quote]sen say wrote:
WolBarret wrote:
READ THIS POST!!!
Ok. Since you guys are swearing by Dave Ramsey. Are there any OTHER authors or experts we should read up on to better our finances.
I like Ric Edelman. He has a different take on debt than Ramsey. I’m curious if Rainjack has any info. on Ric and what he thinks about his ideas compared to Ramsey.[/quote]
Thanks for the reply, Sen Say. I guess no one else saw the post. Fuckers.
You guys suggest any other authors/books for finances in general? I get the point, Ramsey is good…at least it seems when you’re in debt. Are his books (or whoever else you suggest) good at explaining managing your money in general, not just ‘getting out of debt’?
I like Suze Orman as well, read a few of her books a while back. Some of it goes against Ramsey, but you just have to cipher through and pick out what you like :shrug:
wolbarret- who is in your avatar?
[quote]jehovasfitness wrote:
I like Suze Orman as well, read a few of her books a while back. Some of it goes against Ramsey, but you just have to cipher through and pick out what you like :shrug:
wolbarret- who is in your avatar?[/quote]
That would be me. Sexy aren’t I. Seriously, I have no clue who she is. I just saw the GIF and saved it. Just imagine the face is as great as the rest of her.
[quote]WolBarret wrote:
jehovasfitness wrote:
wolbarret- who is in your avatar?
That would be me. Sexy aren’t I. Seriously, I have no clue who she is. I just saw the GIF and saved it. Just imagine the face is as great as the rest of her.[/quote]
Ummmm…what?
I like GetRickslowly.org, lots of great info from getting out of debt, to saving, and getting your money to work for you vs the other way around.
I’m going to be 25 in a few weeks and I’m thinking about getting into house flipping. Not looking to quit my job and get rich off it, but I figure I can buy a few houses that need some work, stick some money and sweat into them and sell them for a decent profit. That way I can kind of slowly upgrade to whatever I want in a house over time without ever having to say “I wish I had thought of that when I built!”. (Assuming the housing market gets off it’s ass one of these years)
Congrats on getting a good financial base. Wish I had done the same thing when I was younger.
I bought my first house at 27. Put $10k down on a $75k house on a lake. Fixed it up, got divorced, and sold it for a 46% profit. Took my half of the cash (even though I was the one that put all the sweat equity into it) and bought a complete “fixer-up” that sat abandoned for the previous year. Spent the next five years gutting and remodeling each room of that house. Sold it myself last January and CLEARED 42% profit. I am currently framing out a barn on seven acres with a three acre pond and intend to move in the next six weeks (waiting on water line permits from the EPA and the Whore of Engineers).
My suggestion to you is to find a house that is structurally sound, yet in need of updating. Think “Mike Brady lived here”. If it is in a good neighborhood and you are reasonably competent with a hammer and saw, you can make a pretty penny flipping them. Or you can use them to leapfrog your way to better properties without assuming too much debt. Without my first two houses, I would never have been able to afford my current property - which will be a 20-year dream realized.
I listen to both Edelman and Ramsey on the radio. Both have what I believe to be good financial strategies. Ramsey essentially has a zero tolerance for debt and Edelman tends to identify certain debts as good and others as debt that you should avoid. Edelman also tends to primarily focus on investment advice. That said, I would think that you would gain some knowledge from both of them.
There’s also Clark Howard. He’s good. Seems like a nice guy as well.
[quote]WolBarret wrote:
Seems like a nice guy as well.[/quote]
Guys named Clark generally are.
These “gurus” aren’t bad but you have to realize what they represent. They think debt is bad and preach it because 99.99% of the population is fucking retarded with money. You’ll never get rich with their tactics. You may retire with everything paid off and a decent nest egg but it won’t be rich.
Unless you inherit money or win the lottery the average person can’t become rich unless they own a business that turns a profit. Businesses have lots of debt but that isn’t bad. You just have to manage it.
Once you get some discipline then you can start looking into advanced techniques like using a low rate HELOC to finance other investments, etc. But like I said earlier 99.99% of the population is fucking retarded with money.
Make sure to teach your children cause it really will improve the quality of life. Who wants to be afraid to answer the phone because you are always past due on bills?
How is house hunting?
[quote]analog_kid wrote:
WolBarret wrote:
jehovasfitness wrote:
wolbarret- who is in your avatar?
That would be me. Sexy aren’t I. Seriously, I have no clue who she is. I just saw the GIF and saved it. Just imagine the face is as great as the rest of her.
Ummmm…what?
[/quote]
Ah, the glory of posting while constantly changing your avatar.
WolBarret, I miss the bouncing aquatic boobs that I think (hope) jehovasfitness was inquiring about.
[quote]Qaash wrote:
rainjack wrote:
Qaash wrote:
Honestly it starts at home…you treat money the way your parents treat money and sometimes thats a bad thing. I’ve only recently really started to tackle my finances, even though I bought a home at 29. I wish I knew even half of what I know now in my early 20’s.
I disagree. You treat money the way you treat it. Economics has a bigger play in how you treat money than how your parents treated it.
Until a few years ago, my spending was very much like my dads, always going for that immediate gratification, whether I could really afford it or not
…still a habit I’m trying to break…my dad was always in the now and keeping up with the Jones and that eventually ended in the worst way possible. Economics of the times do play a part but I still believe you can pick up habits from your parents that can either hurt or help. I know when I have kids, I fully intend to teach them the lessons I learned from my mistakes with money. [/quote]
My dad never wasted a dime. He saved like every penny was the last penny he was ever going to have.
I have never been that way.
[quote]GhorigTheBeefy wrote:
These “gurus” aren’t bad but you have to realize what they represent. They think debt is bad and preach it because 99.99% of the population is fucking retarded with money. You’ll never get rich with their tactics. You may retire with everything paid off and a decent nest egg but it won’t be rich.
Unless you inherit money or win the lottery the average person can’t become rich unless they own a business that turns a profit. Businesses have lots of debt but that isn’t bad. You just have to manage it.
Once you get some discipline then you can start looking into advanced techniques like using a low rate HELOC to finance other investments, etc. But like I said earlier 99.99% of the population is fucking retarded with money.
Make sure to teach your children cause it really will improve the quality of life. Who wants to be afraid to answer the phone because you are always past due on bills?
How is house hunting?[/quote]
Bullshit. I own one business, and co-own another. Both are debt free. Both are very highly profitable.
The average person will never be rich, regardless - hence the term “average”.
You mistake being lucky with being smart, and being conservative with being retarded.
Acquire all the debt you want. But don’t call others retarded just because you disagree.
Rainjack - Hats off to the PE son of yours. I am a PE and we are right there together on the mortgage and all.
Larry Briquet died a few years back but somebody still keeps up his business I think.
Dave Ramsey promotes consumer debt as bed but doesn’t consider mortgage debt to be bad because typically you are gaining appreciation unlike cars, credit card items, boats, etc. I can say he has done very well for himself. All the V-Diet behavior changes have reminded me of his advice too. He is all about behvior modification for sustainable success.
I disagree too with the not being able to acrrue wealth without luck, business ownership, inheritance, etc. Like DR says, “Live now like no one else, so that later you CAN live like no one else.”
No matter how you cut it money is fluid = always leaving. That money is either going where you tell it to go or not.
I am not kidding a 15% self-raise is obtainable following Dave Ramsey’s principles just by naming all your dollars and spending them on paper before they reach your account - try it. Sounds like bonidage doesn’t it - there is nothing more financially freeing than knowing everything is accounted for, paid for and wealth accruing, etc. Planned Spontaneity…
Ed
[quote]educote wrote:
Rainjack - Hats off to the PE son of yours. I am a PE and we are right there together on the mortgage and all.
Larry Briquet died a few years back but somebody still keeps up his business I think.
Dave Ramsey promotes consumer debt as bed but doesn’t consider mortgage debt to be bad because typically you are gaining appreciation unlike cars, credit card items, boats, etc. I can say he has done very well for himself. All the V-Diet behavior changes have reminded me of his advice too. He is all about behvior modification for sustainable success.
I disagree too with the not being able to acrrue wealth without luck, business ownership, inheritance, etc. Like DR says, “Live now like no one else, so that later you CAN live like no one else.”
No matter how you cut it money is fluid = always leaving. That money is either going where you tell it to go or not.
I am not kidding a 15% self-raise is obtainable following Dave Ramsey’s principles just by naming all your dollars and spending them on paper before they reach your account - try it. Sounds like bonidage doesn’t it - there is nothing more financially freeing than knowing everything is accounted for, paid for and wealth accruing, etc. Planned Spontaneity…
Ed[/quote]
He was not my son. He was the son of a client who actually followed my advice. My son still has about 5 years left before he thinks I have anything worth saying.
I used to listen to Larry Burkett on the radio all the time. I actually bought some of his Money Matters software back 15 years ago, or so - when it came on like 5 floppy discs.
I don’t get where people say that taking ownership of your money is retarded. I own everything I have - how is that retarded?
[quote]rainjack wrote:
I don’t get where people say that taking ownership of your money is retarded. I own everything I have - how is that retarded?
[/quote]
because it goes against the norm of what we’re taught in this country, as well as how we treat money.
sad, really.
It’s funny, because before X-Mas, I had a debate with my cousin and cousin in-law about debt, and it got pretty heated with my aunt taking their side as well “we can never get out of debt” (they make probably $150k/yr b/w my aunt and uncle).
Now after reading/listening to the stuff I gave them (at least the cousin in-law), their thinking is totally changed.
With regards to good reading I’m going to suggest the following:
The Total Money Makeover by Dave Ramsey
The Millionaire Next Door
The Millionaire Mind by Thomas J. Stanley
The Richest Man in Babylon by George S. Clayson
Clayson’s book is one of my all time favorites and has been around forever.
[quote]rainjack wrote:
Bullshit. I own one business, and co-own another. Both are debt free. Both are very highly profitable.
[/quote]
You didn’t get any debt to start those businesses? Both businesses from day one owned their locations and had enough bank to pay for salary, goods/services, utilities, etc.? Ever have a car loan, mortgage, student loans? Where did you inherit all that money?
You know any big businesses that have no debt? Since you are the fuckin financial man why don’t you teach me o great one.
[quote]rainjack wrote:
The average person will never be rich, regardless - hence the term “average”.
[/quote]
I never said the average person should be rich I know what the term average means but thanks for putting it in quotes. The “average” person wants to be “rich”. The “average” person likes “money” and wants more “money”. Kind of why we are having this finance discussion.
[quote]rainjack wrote:
You mistake being lucky with being smart, and being conservative with being retarded.
[/quote]
So where do I mistake being lucky with smart and conservative with retarded? Did you even read what I wrote? Honestly it looks like you just skimmed every 10th word. But hey you own one business and co-own another and they have no debt right now so hey go you.
I’m gonna take it as you were applying that to my statement on inheritance, lottery, and using debt especially with businesses.
A conservative would use good debt while a retard would use bad debt. You seem to have it in your head all debt is the same.
I’m not sure where the lucky/smart comment goes unless you are smart if you choose the right lotto numbers or right parents to be born to.
[quote]rainjack wrote:
Acquire all the debt you want. But don’t call others retarded just because you disagree.
[/quote]
I said 99.99% of the population is retarded with money. It seems you disagree with me on that point (that is if you even fucking read all of it). If the population is so good with money how come the average Credit Card debt of college students is over 12k by the time they graduate?
Why is the average CC debt per household more than twice that? I’m sure it is because everyone is spending that credit meaningfully. Wake the fuck up man! Just because you may be part of the .0000000001% that is decent with money doesn’t everyone else is.
Seriously, it seems you took my other broad post as a personal statement/attack about you and your life. Here I’ll help you out this time.
THIS IS THE PERSONAL POST!!!
Oh and make sure to attach your winning business programs that need no startup money. This way we can all be rich with 1 and 1/2 businesses like you.