/biz/ - Business & Finance

>>12278531
Solid as fuck. Just ignore the tithing crap and you’re good. I did it, and look at me now! Browsing an Armenian goatshearing forum.

>>12278531

It's solid boomer advice. His whole montra is staying out of all types of debt then loading up retirement accounts and individual accounts. Debt is slavery now matter how you view it, but most businesses and individuals will continue to operate at some sort of leverage since it is advantageous.

The only thing financial advise books achieve is financial success for the book author.

>>12278531
'ehs a cunt. I unintentionally follow some of his preachings.

>>12278531
Dave, please stop shilling your shit on 4chan. Thanks.

>>12278531
It's step by step advice. Some people need that.
Others are creative investors on their own.
Also buy and read Rich Dad Poor Dad and Cashflow Quadrant by Robert Kiyosaki for a different perspective and philosophy.
Dave Ramsey is a great starting point to sound personal finance if you have very little prior knowledge though

>>12278679

Please don't do this. Rich Dad Poor Dad is the absolute worst financial book you will ever read. It's not a surprise /biz/ "buisness" men are shill it.

its great advice for probably 4/5 americans that can read, unfortunately.

>>12278531
how shit are you with money that they got you this? be honest

>>12279242
Not shit at all, really. They're just obsessed with the guy and listen to him on the radio all the time.

>>12279365
>>12279242
It's good advice for the modern dumbass or average woman, who are really bad for money. For anyone with an average IQ it's not really useful.

>>12279365
okay well, if you're in debt, not saving as much as you want, or in school and have never had to think about personal finance, definitely read it and just ignore the religion part. otherwise, it's just basic stuff with little to learn from. the calls from people 200k in debt making 35k are funny on the show though

his voice, style and acting is grating, I can't stand him so I never figured what his message actually was.

His show is pure JUST kino
https://youtu.be/fSBwlBdpKSg

>>12278531
Good advice. I also got trapped in the sports car trap. Used the money to get a old toyota and went back to college. He makes it sound so common sense to not fall into debt traps. To all of you saying it's common sense you clearly don't understand the average consumer. They WILL take on debt to show off for instagram. Cars, vacations, luxury clothing.

The average american isn't that smart when it comes to finances. We are encouraged every single day to consume products to show everyone we live a "good" life. His line I like is "live like nobody else so you can live and give like nobody else later in life" solid advice.

He's based for a boomer.

dude debt is bad lmao

>>12279159
I didnt say it was a good book and I'm not shilling shit
I said read those for a different perspective from Dave

>>12278556
but all securities are debt and money is also a from of generalized iou. basically he just says it matters which side of the cock you are on when it's time to suck cock.

>>12279159

This. Rich Dad/Poor Dad was written by a scammer about how to get rich before he made his own fortune by scamming people with this book on how to get rich. Everything in that book is a lie.

As for Dave Ramsey, he’s made a fucking career out of common sense advice that would fit in a single listicle or 2 minute YouTube video. It’s good and he sells the fuck out of it, but it’s nothing special and he gives horrible investment advice. He didn’t get rich by following that advice—he inherited a shitload from his wealthy parents, built a real estate empire by borrowing tons of money to buy and flip foreclosures, then made another fortune recycling and selling the same 2 minutes’ worth of advice for 30 years.

>>12280642
>and he gives horrible investment advice
Fortunately my uncle gave me this one about a year ago, though I haven't really started reading it yet. I'll probably end up reading it after Ramsey's.

>>12278531
If your parents recommend Dave Ramsey, it says something more about them than it does you.

>>12280339
>Dave Ramsey message:
>> 1. Spend less than you make.
>> 2. Debt is bad. Avoid it.
>> 3. Work multiple jobs and live like a peasant until out of debt
>> 4. Always give 10% of your pay to Jesus, even while paying off debt.
>> 5. Pay off all debt before investing.
>> 6. Buy a house.
>> 7. Invest in mutual funds and have a guaranteed 11-2% return.

That’s it. He’s peddled that same shit for 30 years to be a household name by focusing on marketing to Christians and poorfags. The first 2 points are good. The rest are shit/unreasonable for most people.

>>12280689

If you want to read a book that will get you started on actually getting rich (or at least give you the right mindset) read “The Millionaire Fastlane.” Way better and more honest than shitty celebrity financial books.

Step 1: Save $1000
>Only 39% of Americans have enough savings to cover a $1,000 emergency
https://www.cnbc.com/2018/01/18/few-americans-have-enough-savings-to-cover-a-1000-emergency.html

Step 2: Pay off non-mortgage debt from highest interest to lowest interest
>The average non-mortgage debt per household was $24,706.
https://www.fool.com/credit-cards/2018/03/25/the-average-americans-debt-balances-anything-look.aspx

Step 3: Save enough money to handle an emergency

Step 4: Put 15%+ in tax-advantage retirement accounts
>Only 16 percent of survey respondents say that they save more than 15 percent of what they make, which is what experts generally recommend.
https://www.cnbc.com/2018/03/15/bankrate-65-percent-of-americans-save-little-or-nothing.html

Step 5: Save for large purchases, pay off mortgage, and invest

Its good advice and most Americans need it, so I don't see any problem with him catering his anti-usury message to less intelligent people.

>>12280756
i did all this but i'm now stuck. my investments are going nowhere (except down) and money is accumulating slower and slower proportionally. at first it was easy to double my savings every few months now i can't even get them higher.

>>12280715
Ah yes it's coming back to me now. They played him in some personal finance class. What fucking mutual fund gets you a fucking stable 12% return?

>>12280813
The retirement savings are long-term investments that you don't touch for decades. They go down some years and up some years. If you do dollar-cost averaging (put a fixed amount of money in monthly regardless of the price), then long-term the yearly return doesn't matter.

The reason why is that by doing this it ensures you buy more of the asset when the price is low and less of the asset when its high.

>>12280834

Good question, but he tells his audience they’re out there and it’s a big part of what pisses me off about him. You won’t go broke following his advice (except maybe the “Pay your tithes” part) but you won’t get rich, either.

>>12280834
No mutual fund has a stable 12% return but the stock market over decades averages 10%/yr

>>12280869
i don't want my retirement to take decades 7 years tops that was my goal. it's just getting harder and harder instead of easier and easier.

>>12280878
You can't retire after 7 years unless you're making really good money.

At best the average person can retire comfortably in perpetuity at like 40 if they save most of their money

>>12280893
i'm 39 so yeah 40 would be awesome.

>>12280893
You didn't get in on this 10 year bull run?

>>12280930
>>12280909

>>12278531
Dave Ramsey is the kind of advice all young people laugh at who think they'll live forever and make millions effortlessly.
The reality is it's the kind of advice you wake up 40 years later wishing you'd taken all along. Unfortunately it takes those 4 decades to actually figure this out and since you guys are so fucking GODDAMN SMART or think you are, no amount of talking will ever do any good. Experience is the best and worst way to learn anything.

>>12280930
i was a bit late various shit investments and whatnot started investing into funds that contain stocks and bonds last year mostly developed markets us and stuff. they are all in deep dive ever since.

>>12280457
I understand not being financially versed if your family never prepared you for it, but how can somebody take out loans/refinancing to pay for some silly extravagance like a sports car and expect it to be fine? If you have the money that's one thing, but you deserve to be played like a rube if fall into that as a "trap".

>>12280875
Over 50 years maybe, over 20 years tho you can sometimes get less than 1% real average returns. 60-70s, 2000s to now.

They should’ve given you rich dad poor dad. Read that and then read the bitcoin standard and then the 48 laws of power. You should be good.

>>12280951
There’s good debt and bad debt and you’re using debt to accumulate cash flow generating assets that will pay down the debt and leave you with profit then that’s a better long term strategy. Maybe I’m not a genius but you don’t really need to be to understand this. Ramsey also is against owning hard money (bitcoin/gold) so really anyone who is against that, I have a hard time taking anything they say seriously.

People mistakenly think you buy gold/bitcoin as an “investment”. I think it’s more about conserving your purchasing power so you are able to accumulate capital to invest into bigger assets down the road.

>>12280978
true shit, saw some post about that the other day and was shocked at how poor the ROI really are taking into account inflation

>>12281042
>I think it’s more about conserving your purchasing power
please don't say that to me gold has been fucking me in the ass since 2013 and bitcoin let1s not even talk about bitcoin!