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/biz/ - Business & Finance

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>> No.57640738

>>57640694
don’t care, I’m 32 make 45k have 100k in my 401k a house I owe 135k on and 5k in crypto

>> No.57640931

>>57640694
I mean mathematically he is wrong. You can make more money investing for a higher rate of return than you pay in interest on a mortgage. He tells people to pay full cash for their houses even when interest rates were around 2%.

If you ask his reasoning about this, he always gives some variation of these 2 shitty answers, every single time:

1. There's a psychological component to debt that causes you to spend more so you need to use hard cash, literally cash and not even cards, for everything.
2. What if a catastrophe strikes and your house/car/whatever is completely destroyed?? Now you owe money for something you don't even have.

That's his way of weaseling out of anyone who explains the math to him about this. I've seen enough of his shit to know his MO. I'm actually angry he's even getting media attention in the WSJ.

>> No.57640971

>>57640694
His advice isn't just "to live frugally", it's to use hard physical cash for literally everything and never ever get a mortgage no matter what. Fucking disingenuous headline.

>> No.57640991

>>57640931
>2. What if a catastrophe strikes and your house/car/whatever is completely destroyed?? Now you owe money for something you don't even have.

Because screw paying insurance, right?

>> No.57641001

>>57640931
His advice is actually correct for the majority of Americans because the majority is financially illiterate and has no actual interest in learning to be literate.

>> No.57641038
File: 69 KB, 794x641, TIMESAND___FreeMoney.png [View same] [iqdb] [saucenao] [google]
57641038

Debt is a great way to make money, especially unsecured debt. If you can find someone to buy your unsecured debt, you should sell it to them. If you're planning on trying to do something with your credit score, this is will be counterproductive, but if you're not, selling debt to creditors is a great way to make money. I made a ton of money like this.

>> No.57641073

>>57640738
>debt
>crypto
Ramseybros, get him!

>> No.57641096

>>57640991
>>57641001
Ahaha no wait I remember now where I got number 2 above. It's because of this interaction.

Somebody called in and said
>I use a credit card because when I go on company-sponsored travel I can use my card to rack up points and then my company reimburses the full amount, every single time.
And his fucking response was
>What if your company goes bankrupt while you're on your trip? You could spend $10,000 traveling thinking the company will pay you back and then they go bankrupt and you're responsible for paying that $10,000. YOU. So you need to use physical cash for everything and if your company is paying for it, ask them to give you the cash in advance. No cards.
What he's saying might even be technically correct, but I'm not giving up free 5% in credit card reward points because the multi-billion dollar corporation I work for MIGHT somehow go bankrupt in the 2 days I'm required to travel. It's not good advice.