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incognito_man
Joined: 11 Jan 2007
Posts: 26371
Location: Madison
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 Posted: Sat Sep 29, 2012 11:25 pm Post subject: |
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| Matts4313 wrote: | | IrishGreen wrote: | | the biggest benefit of a CC compared to a debit card is the credit card company is going to have more firepower to fight for you when something has gone wrong |
Biggest benefit to me is the rewards. This year I have already used CC rewards for 3 free flights (myself roundtrip to vegas, my wife and I round trip to cancun). Ive already started stock piling for next year  |
yeah, i'll be getting a free flight to fiji i've been workin on for this January  |
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theJ
Joined: 20 Mar 2005
Posts: 15889
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| Posted: Tue Oct 02, 2012 12:30 pm Post subject: |
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| incognito_man wrote: | | Matts4313 wrote: |
I didnt watch that video, but I have seen a lot of his videos. I wouldnt classify him as that at all. He does take the notion of debt free to an extreme. You need to understand though, some of the people he talks too need to be spoken too in extremes. They NEED to change their life styles. |
Yeah it's the only i've ever seen from him so that's why i put the caveat that if it was representative of him. He sounded like a tele-evangelist or some other crazy salesman on that sound bit. |
I know i'm kind of digging this back up from the grave, but i was busy all weekend.
He's not some crazy guy. Like Matts said, he speaks in extremes sometimes because a lot of people need that. You may use your credit cards responsibly, but many treat them like a mortgage. Put $5,000 on it and pay it off over 12 months.
I guess when it comes down to it, when it comes to paying off debts, investing, etc, his method works great for me for a few reasons:
A) I like the idea of only having a mortgage in terms of debt. I want the student loans gone, so that if something would happen to my job or my wife's, my monthly expenses are much lower (and therefore i need a smaller emergency fund).
B) I know that even though my debts and mortgage are low interest and i could make higher returns, the interest is a guaranteed saver. But like i said before, when the mortgage is the only thing left i'll probably do a combo of investments and paying down the mortgage faster so i'm not putting all my eggs in one basket.
Dave also has some other good recommendations that i like.
1) Investing a large chunk of money in 401k or rothIRA. He recommends 15% of income. It might be high, but you never know what the returns will be, and i don't mind leaving some extra on the table when i die to leave to my kids.
2) Saving for college for kids early. It's kind of dumb to wait until they're 16 and go "oh @#%$#". I'll be saving starting next year, and i don't even have kids yet.
3) Making investments early in life, so they can really snowball.
4) Dave invests a lot in real estate for rental properties. I like the idea of this. After renting for years, i have a pretty good feel for rentals, how the tenant-landlord relationships work, and the housing market in my area. I'd love to pay cash for a house down the road and have another $1000/month coming in. That kind of income is a little more liquid than the returns on stocks, mutual funds, etc.
5) Do a budget! Listed number 5, but probably the most important of all these things. The easiest way to save more of your income is to figure out where it's going. I was a pretty good saver before. Saved for a 20% down payment on a house in less than 2 years. But now my saving power has increased by 10% or so, all because i do this budget monthly and know where every nickle is going.
Anywho, those are just some other thoughts that don't revolve around credit cards.
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“Never let your persistence and passion turn into stubbornness and ignorance.”
~ Anthony J. D'Angelo
Why do fans care about fines? It's not their money, and it goes to charity. |
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rAmFan39
Joined: 08 Apr 2012
Posts: 384
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| Posted: Wed Oct 03, 2012 5:04 pm Post subject: |
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Just recently recieved a collection I guess you would say or series of CD's of him giving advice on all things financial from my mother in law. I have been really busy with work and a baby, but plan on listening to them soon. Seems like for the most part everyone has been positively affecteded by his advice.
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Mohr
Joined: 15 Sep 2009
Posts: 3185
Location: University of Louisville
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| Posted: Wed Oct 03, 2012 7:04 pm Post subject: |
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Got his book in the mail today, can't wait to get started reading it.
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[quote="Silver&Black88"]
IS SHE STUPID WITH THE LIGHTS OFF?!?[/quote] |
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theJ
Joined: 20 Mar 2005
Posts: 15889
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| Posted: Wed Oct 03, 2012 8:39 pm Post subject: |
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| rAmFan39 wrote: | | Just recently recieved a collection I guess you would say or series of CD's of him giving advice on all things financial from my mother in law. I have been really busy with work and a baby, but plan on listening to them soon. Seems like for the most part everyone has been positively affecteded by his advice. |
Is it a recording of financial peace university? Lots of good stuff in there. I got the mp3's from someone a while back and re-listen to them occasionally. Just makes me re-evaluate what i'm doing with my money.
And yeah, i haven't heard anyone say "his method didn't work for me" unless they didn't try. Even if you think you're good with money, there's probably some stuff you can do better, and it could open your eyes.
_________________
“Never let your persistence and passion turn into stubbornness and ignorance.”
~ Anthony J. D'Angelo
Why do fans care about fines? It's not their money, and it goes to charity. |
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