/biz/ - Business & Finance

He says you shouldn’t pay off your highest interest loans first

>>19076024
>only buy a house with cash
nah

>>19076024
his entire philosophy revolves around banking your entire life on SPY outpacing inflation

>>19076078
he doesn't say no to Mortgages

>>19076091
... and why wouldn't it? it's been that way for 50+ years

>>19076162
>buy a house on a 15 year mortgage with a payment of 1/4th your take home
If you make 4k you could spend 1k a month on a house

Good luck with that
He also acts like taxes are 5% or nonexistent

>>19076054
Yeah, the point is to let yourself progress. Most people don't have the mental fortitude to go years before reaching a goal.

>>19076024
he believes in the system. The new crisis is upon us, and its gonna be a lot worse then 2008, and he still thinks he can have the high moral ground. He is just a boomer, who will in couple of years say, well that was crazy, who could have predicted that?

Also he will lose shit ton of money in the process.

>>19076024
The world is changing, and has been, way faster than this fucking boomer’s brain cells can move. And it’s not like he’s going to get any sharper with age. Nigger doesn’t even know the world he lives in.

>>19076162
and in the last 10 yrs the fed balance sheet and treasuries went vertical, there are a lot of structural changes since his boomer era, it would be one thing if he articulated that and debated it, but hes completely ignorant

>>19076479
bruh if there's a crisis nothing will help you. I'd rather be optimistic.

>>19076545
Precious metals and crypto?

>>19076549
If the world is fucked your scam pajeet coins and shiny metals will not be useful.

>a lot worse than 2008
[CITATION NEEDED]

>>19076024

>caller: Well I'm 50k in debt and I'm working 3 jobs and having a hard time paying it off
>Ramsey: You need to find a better job. Also eat rice and beans

>>19076545
>If their is a currency crisis NOTHING will help you
>Nooo people in weimar germany who had gold didn't do well noooooo it's not trueeeeeeeeee
stfu retard. Gold and Silver is real money and a store of value.

>>19076024
He wants you to stay away from credit cards because debt bad. He's right if you're an idiot with no self control. Going to be hard to get a decent mortgage with little to no credit history.
He also preaches paying down debt before investing. My $44,000 mortgage is at 4.25%. I also maxed out my 403(b) last year with ~32% growth. Even now my portfolio is beating my mortgage interest. Why would I scramble to put off my mortgage when paying the minimum allows me to pay it down and give me more freedom to invest and allow for growth over time?
I think he does a lot of good for a lot of lazy people, but he should be the gateway drug into personal finance at best.

>>19076931
Gas and ammo will get you further if shit really goes down.

>>19076024
The whole economy runs on debt, you not utilizing that intelligently(this word is important) you're basically running a race with 1 leg.

>>19076024
He's dead wrong on how he says the mutual funds he shills will return you 12.5% a year

You will get that nowhere by default and eventually sooner than you think "growth stocks" stop growing

>the dignity of work, you must love your boss and your job
>you must chase a higher salary like a dog on a leash or you're a loser
>the basis of debt avoidance is scripture
>diverse asset classes is a liberal lie and you should only hold US corporate stocks
>the life script is the only way to be wealthy

>>19077308
...he recommends international stock funds, though.

>>19077128
Most people who stack gold and silver also stack brass and food. At least I do.

>>19076024
Although he does have the basics down. Don't be a retard and accrue consumer debt, save money, budget, invest for the longer term. Pay everything off like your house and don't be a greedy consumerist cunt if you can't afford it.

>>19077402
Buying food from Mormons?
If not, you're missing out.

>>19076162
>... and why wouldn't it? it's been that way for 50+ years
You're at the tail end of the inflation cycle, we're going into a deflationary depression and then you can buy stonks and they will only go up. Boomers get screwed unironically.

>>19077496
Haven't done that yet. But honestly its almost worth becoming Mormon if you are even a slight prepper. In some places they have sessions at the church where they teach survival skills and basic farming and things of that nature. They are also mandated by the church to have at least a years supply of food. On top of that you usually have a close knit community of people you can rely on in times of trouble.

>>19076557
>[CITATION NEEDED]

>Deflation despite record money printing and low interest rates
>Unemployment up to 20%+
>Only stocks with earnings and growth potential are being piled into pushing P/Es into triple and quadruple digits
>Gold bull market starting
>Mortgage freeze

>>19077716
You don't need to be a member to buy food from their pantry. Most of it has a 30 year shelf life and is sold pretty much at cost. This shit is why I farm. Also, I don't want my kids to grow up being inept with their hands.

>>19076024
he's not wrong, but his advice is only good for poorfags

>>19077834
>Dumb poorfags
ftfy

>>19076535
He's aware I'm sure, but talking about it would invalidate his entire strategy. What's he realistically supposed to shill to an entire country to put their retirement in, bitcoin? Everything's fucked when the dollar collapses.

He never recommended link

>>19077113
If the fed wasn't currently doing the biggest prop job in human history your 403(b) invested in stocks would be below 2015 levels and continuing down. This is unprecedented and no one knows how this is gonna end.

>>19078141
all it takes is a couple down days and the doomer bobos are back

Ramsay has good advice for poorfags who can't stop spending. I like some of his stuff but it's really just some basic ass investing advice with a whole lot of personal advice. When he started talking about how credit cards are shit and everyone should only use debit I stopped watching his shit.

>>19078340
I've been bullish for years, but this whole "unlimited QE" thing is beyond the pale. Its ok to let the market reflect the fact that millions are out of work. The fact they think line must constantly go up no matter what is concerning.

>>19076024
> Invest in growth stocks
Invest in actively managed growth stock mutual funds to be more specific. The greatest investors in history were and are not growth investors. Actively managed mutual funds are trash and have been since the numbers came in for index funds. Furthermore he judges mutual funds on past performance which is a terrible way to invest.

didnt he mention at one point that its better to let your credit score cycle out after a couple of months to 0?
what is the advantage to this?

Personal finance for goyim.

Robert Kiyosaki has the best advice imo

>>19078795
He says your financial end goal should be a zero credit score. Rich people don't need to borrow money or obsess over a pointless debt enslavement good boy score.

>>19078141
Doesn't matter for me right now. I'm not touching that money for at least 30 years and the number of shares I own doesn't go down and all I'm doing is buying more. The market has shit times but still seems to average ~8% annually despite depressions/recessions/corrections. Should we all get on the precious metals wagon?

How dumb would it be to move my 401k to bonds until after any incoming drop?

>>19079067
Bonds are not in the best of shape right now. Cash is better.

>>19079067
It would have been good to do that before the market crashed. Now you'd just eating a loss. Keep buying low until the market recovers.

>>19078889
Keep in mind that Dave Ramsey is mostly opposed to the "bad debt" that Kiyosaki talks about. There is mild overlap. However, Ramsey's advice is about fixing bad financial decisions whereas Kiyosaki's advice is about thinking like the rich. In a way one can graduate from Ramsey to Kiyosaki.

>>19079264
This. A thousand times this.

>>19079214
why is cash better when tbills still have a fuck ton of liquidity?
help a newfag understand

>>19079344
Cash is more fungible than t-bills. You should always maintain a cash position so that you can buy during a market downturn for cheap and then build it back up over a bull run.

Furthermore, right now the world wants dollars so it is not inflating in spite of printing. With so many people out of work many companies are going to get wrecked for the next quarter at least so there will be and already is deflation - your cash is gaining purchasing power right now. In time this will reverse and that will be the time to start buying up assets, preferably ones that create cash flow streams.

>>19078889
Kawasaki is also just another boomer that profited from an extinct system, good with basic finance knowledge but that's the end of it. Real estate and landlords are gonna get fucked in the next decade. Values will go down, tenants won't pay rent because they're broke, and laws will be passed so that you can't evict them. You may get gov subsidized rent like section 8 but no doubt it won't be nearly enough to cover your losses and in the mean time your property will get destroyed by people that don't give a shit. Every single one of these boomer are systematically gonna get fucking wrecked.

>>19079699
> tfw there will be no WWIII
> COVID-19 cleanses the world, wipes the slate clean, and creates a new paradigm
Would that be good?

>>19079760
Covid is bullshit. WW3 will happen, it's the only way out other than boomer genocide or a massive scale civil war. I give it ten years, tops, more than likely it will take less time for everything to boil over.

>>19076024
>>All debt is bad
>>Thinks you can work yourself though a medical or law degree without debt
>>Doesn't understand the idea of opportunity cost

Yeah just rent the same apartment until you save up 250k to buy it all at once, don't take out a 2% loan while you name 10% in the market and throw away rent for 10 years

He says you shouldn't use credit cards which is dumb because they are literally free money.

>tfw paid off your mortgage and just finished a study on 1000 millionaires and guess what bucko none of them use credit card points

>>19079699
Manufactoring is returning to the west.

Replace real estate with factories and invest in the future.

>>19076024
He's often not wrong, his advice is just typically suboptimal for anyone with moderate financial literacy.

>>19076054
I think it’s a cool idea (unless your high interest loan is really high interest). By paying off a loan you free up more monthly income

>>19076479
Bro, if everyone did what he says there will be no ducking crisis. 6 months of expenses in an emergency fund. HELLO!

>>19076024
Throwing your kids out at 18 because Jesus said its good

>>19076024
>12-10% returns
Bernie madoff plz

>>19081581
Found the 28 year old Doomer leeching off mommy

>>19080301
>credit cards are literally free money.

>>19080472
>Manufactoring is returning to the west
LOL

>>19080472
>just buy and operate factory bro
the poor retards on this forum never fail to disappoint