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theJ
Joined: 20 Mar 2005
Posts: 15888
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 Posted: Sat Sep 29, 2012 9:52 pm Post subject: |
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| incognito_man wrote: | | theJ wrote: |
My wife and i recently started doing this. I can profess that this is true. And not only that, but if you take out $100 from the bank at the beginning of the month and say "this is what i get for everyday, general use (not counting food)". If you run out, you're out. There's no cheating with this method like there is with credit.
With credit: oops, i spent $100 already. Oh well, one more won't hurt me. |
Seems like a tactic to overcome mental weakness.
If you are truthful with yourself there's no need to avoid credit. |
That's exactly what the plan is.
| incognito_man wrote: | Follow-up question, what's the disadvantage of using a CC instead of a debit card?
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The risk. Plain and simple. You miss one payment, and you've undone all the "smart" stuff you've done with credit cards over the years with cash back and blah blah blah.
I understand most people use them to build credit, and i understand that. Truthfully i understand your whole argument (i love playing devil's advocate). But ask yourself this: if you've already bought a house, and you plan for all purchases ahead of time, what do you need credit for? Even if you don't own a home and plan to get a mortgage, you do know you can get approved without credit right?
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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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BornToFly
Joined: 08 Jan 2006
Posts: 9905
Location: SE Wisconsin
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| Posted: Sat Sep 29, 2012 9:53 pm Post subject: |
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| incognito_man wrote: |
wow
if this is an accurate representation of him I cannot believe people find him worth listening to.
yikes... |
What about it is making you think that?
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husker_vikes3 wrote:
| Quote: | | you have the best ideas. |
BornToFly's Relationship Advice V14 |
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theJ
Joined: 20 Mar 2005
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| Posted: Sat Sep 29, 2012 9:53 pm Post subject: |
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| Matts4313 wrote: | | BornToFly wrote: |
Not only that, but debt=risk. Always. Nobody ever thinks that when they buy a computer from best buy on a credit card with 0% int for a year that they might lose their job and have a hard time finding another. Thus can't repay the comp ( or whatever you bought with a 0% credit card ) |
There is risk in everything. One could just as easily argue that if you lost your job, it would be better to have the $1500 in your pocket (with a ~$50 monthly payment) vs the computer paid off. What it boils down to is overextending yourself financially.
The Ramesy method is great for a certain segment of the population... but it doesnt make the most sense "by the numbers". |
If you lose your job and you really needed that $1500, it should be argued that you shouldn't have bought the computer in the first place. I know, i'm nitpicking. Sorry, couldn't help it. 
But yes, i essentially agree with you. Sometimes with his method you miss out on a few cut corners. But with his method, you have the highest chance of not extended yourself too far.
Retreating now.
_________________
“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.
Last edited by theJ on Sat Sep 29, 2012 9:55 pm; edited 1 time in total |
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theJ
Joined: 20 Mar 2005
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| Posted: Sat Sep 29, 2012 9:54 pm Post subject: |
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| incognito_man wrote: |
wow
if this is an accurate representation of him I cannot believe people find him worth listening to.
yikes... |
He's a Tennessee boy. Still has some hillbilly in him.
_________________
“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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incognito_man
Joined: 11 Jan 2007
Posts: 26371
Location: Madison
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| Posted: Sat Sep 29, 2012 10:18 pm Post subject: |
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| theJ wrote: |
The risk. Plain and simple. You miss one payment, and you've undone all the "smart" stuff you've done with credit cards over the years with cash back and blah blah blah.
I understand most people use them to build credit, and i understand that. Truthfully i understand your whole argument (i love playing devil's advocate). But ask yourself this: if you've already bought a house, and you plan for all purchases ahead of time, what do you need credit for? Even if you don't own a home and plan to get a mortgage, you do know you can get approved without credit right? |
There's no risk with automated payment set-up.
You have just as much (if not more) risk of overdrawing your checking account on a debit purchase...
I mean, heck - I just saved up to put a new roof on my house. Because I paid with a credit card I got a free $2500 30 day loan and got $50 toward a flight i'll take in January this year. Wouldn't have that with a debit card.
One can save ahead of time and still use credit to save MORE.
Last edited by incognito_man on Sat Sep 29, 2012 10:21 pm; edited 1 time in total |
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incognito_man
Joined: 11 Jan 2007
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Location: Madison
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| Posted: Sat Sep 29, 2012 10:19 pm Post subject: |
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| BornToFly wrote: |
What about it is making you think that? |
His appeals to fear and hyperbole are cultish.
It was pretty absurd overall. |
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theJ
Joined: 20 Mar 2005
Posts: 15888
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| Posted: Sat Sep 29, 2012 10:23 pm Post subject: |
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| incognito_man wrote: | There's no risk with automated payment set-up.
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That's a whole different animal i won't touch. I've been billed double or triple too many times to trust them with automatic payments.
In any case, again i understand where you're coming from. For some people credit cards are ok. I still have one i use for gas. But everything else is debit or cash now, which makes our monthly budget so much easier to calculate.
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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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Matts4313
Joined: 08 Dec 2004
Posts: 30416
Location: Cowboys Forum ROH Class of 12
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| Posted: Sat Sep 29, 2012 10:23 pm Post subject: |
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| incognito_man wrote: | | BornToFly wrote: |
What about it is making you think that? |
His appeals to fear and hyperbole are cultish.
It was pretty absurd overall. |
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.
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incognito_man
Joined: 11 Jan 2007
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Location: Madison
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| Posted: Sat Sep 29, 2012 10:31 pm Post subject: |
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| 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. |
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incognito_man
Joined: 11 Jan 2007
Posts: 26371
Location: Madison
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| Posted: Sat Sep 29, 2012 10:32 pm Post subject: |
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| theJ wrote: | | incognito_man wrote: | There's no risk with automated payment set-up.
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That's a whole different animal i won't touch. I've been billed double or triple too many times to trust them with automatic payments.
In any case, again i understand where you're coming from. For some people credit cards are ok. I still have one i use for gas. But everything else is debit or cash now, which makes our monthly budget so much easier to calculate. |
Hm, those sound like terrible companies then. I've never heard of anyone having issues with auto-payments. |
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Superman(DH23)
Joined: 03 Jan 2008
Posts: 16416
Location: Abdi on the sick sig
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| Posted: Sat Sep 29, 2012 10:35 pm Post subject: |
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| theJ wrote: | | incognito_man wrote: | There's no risk with automated payment set-up.
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That's a whole different animal i won't touch. I've been billed double or triple too many times to trust them with automatic payments.
In any case, again i understand where you're coming from. For some people credit cards are ok. I still have one i use for gas. But everything else is debit or cash now, which makes our monthly budget so much easier to calculate. |
AOL billed me for about 9 more months after I cancelled their service a long time ago. That was the last time I ever used an autopay. I just don't trust others well.
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| OneBadCat wrote: | | Ahah Okay first of all Gamble was lost to IR this year but when healthy he proved to be 2nd only to Revis last season. |
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incognito_man
Joined: 11 Jan 2007
Posts: 26371
Location: Madison
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| Posted: Sat Sep 29, 2012 10:44 pm Post subject: |
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| Superman(DH23) wrote: | | AOL billed me for about 9 more months after I cancelled their service a long time ago. That was the last time I ever used an autopay. I just don't trust others well. |
Benefit of getting a CC thru the credit union i do all my other financial business with i guess.
hard to screw up a simple shift of funds  |
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IrishGreen
Joined: 22 Mar 2007
Posts: 30808
Location: Wisconsin
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| Posted: Sat Sep 29, 2012 10:57 pm Post subject: |
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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
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Matts4313
Joined: 08 Dec 2004
Posts: 30416
Location: Cowboys Forum ROH Class of 12
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| Posted: Sat Sep 29, 2012 11:02 pm Post subject: |
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| 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
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IrishGreen
Joined: 22 Mar 2007
Posts: 30808
Location: Wisconsin
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| Posted: Sat Sep 29, 2012 11:03 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 |
haha definitely very nice!
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