Dave Ramsey talks money in GR Thursday

Full story: WOOD-TV Grand Rapids and Michigan

Financial speaker Dave Ramsey is coming to Grand Rapids next Thursday to speak to an audience about financial matters.

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Zuker

United States

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#104
Feb 19, 2009
 
fitz wrote:
<quoted text>
These tax benefits that you speak of. Is that the interest deduction that you get on the schedule A? If so, you have the wrong train of thought. I own a $123,000 mortgage at 6.875% interest (which has since been refinanced but using my tax info). Last year, I paid $8323 in interest. What tax did that save me since I'm in the 15% bracket?$1248.45. What happened to the other $7074.55? It lined a bank's pockets. Why would you want to pay a bank $8323 to save you $1248 at tax time? Personally, I would rather pay $1248 to have an additional $7074 in my pocket. Not to mention, in 2008 you could have written off $1000 of property tax (another tax deduction) in addition to your standard credit. That would have given me a total of $11,900 in deductions compared to $14,000. Big whoop. I still am missing about $5000 in my pocket.
As for anyone else, I was like you in that I didn't understand why people listened to or paid for Dave Ramsey's advice last year. Then I read his book and it gave me the motivation to get out of debt. I've stumbled and am getting back on track now. Sometimes, motivation comes from getting your butt chewed out, or someone giving you common sense advice that no one else taught you.
First of All, I'm not a Dave Ramsey person and I have never listened to him or gone to see him. I just want to pass on some info along to those who are interested.

I just found that if you pay bi-weekly payments on a 30 year fixed mortagage, you will cut 5-7 years off your mortgage. For example, if your monthly payment is $1000 a month and it's due May 1st. If you pay $500 by April 15th and $500 by May 1st, the interest you will save yourself over time will cut off 5-7 years off your mortgage. In addition, if you pay an extra $50 every time you make a bi-weekly payment, that again reduces your mortgage ahead of time. Had I known this, I would have started this process along time ago. Just thought I'd pass it along. I wish I'd have known this along time ago.
dude

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#105
Feb 19, 2009
 
I think some of Dave's stuff is good and some is disagreable, though not really bad.

My wife and I did it, because even though we're both educated and she is Grand Rapids Dutch (read frugal, not cheap) there was alot we didn't know. We have debt from education. I mean A LOT. Private colleges and law schools don't come cheap. So the Dave's program was a good way to get ideas that supplemented what we already knew.

Also, we got some good information about IRA's etc. which we didn't know anything about before. Yeah we paid him for it, but we would have paid an accountant to teach us as well.

Some of his ideas like getting rid of all your credit except housing and no credit card I don't agree with. It's all about responsible credit with things like that. Having some credit history is good because you never know when you will need a loan for something. Also, a credit card is a good idea when travelling (mostly abroad). Just don't go nuts with it.
Zuker

United States

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#106
Feb 19, 2009
 
Sandi wrote:
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Ummm have you ever been to one of his talks or read any of his books? Yes it's common sense - but obviously a lot of people out there need someone to direct them in their finances - i.e., the millions in foreclosure and going bankrupt. I've followed his principles for years and given his book to all 3 of my adult kids. Maybe what needs to be done is to ban all credit card advertising, mortgage advertising, etc that promote spending more than you make.
And let's not forget charging on the credit cards without reading the fine print.

Look, I'm not a Dave Ramsey person, in fact, I've never listened to him or read him, but it does seem that he's helped alot of people get on the right track, which is a good thing. The bottom line, is that people are seeking help and he is providing it and making a living with it.

If he's using Christianity and the Bible to get where he is, he should REALLY beware of what he will have to explain to God. I am a Christian and can see both sides of this argument and both have a good point. If Dave provides information that helps people, that's a good thing, however if he uses Christianity for personal gain, God warns of using the bible for our own purposes.
the truth

Muskegon, MI

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#107
Feb 19, 2009
 
Its the commie libs like Ramsey who are wrecking our freedom
considering

United States

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#108
Mar 2, 2009
 
I have pirated a lot of Dave Ramsey's materials to avoid paying for his ski boat. He constantly references self help 'icons' like Brian Tracy and Zig Ziglar who he says he knows personally. It is also true that his parents played Zig Ziglar tapes in the car when he was a child. He saw the format Ziglar used to make money and revamped it with financial advice.

The bottom line is it is clear that Dave feels ENTITLED to be a MILLIONAIRE. He got that way selling foreclosed real estate, and that went under due to banking law changes. He has been struggling to get his millions back ever since, and has used a tried and true seminar formula. He does wrap his ideas in biblical teachning and sales to Christians. He is copying a business model used by snake-oil men like Ziglar, Napolean Hill, and Anthony Robbins for years.

I love the way that he refers to his millions of dollars during seminars as if he got those funds by living on 40000 a year and being frugal and staying out of debt. He is rich because he sits on a pyramid of sales produced by middle class families, not because he saved money all of his life. His financial alchemy says that every family that saves will make millions in interest. However, if you had invested in a mutual fund 10 years ago today you would have lost over 1000 dollars. Therefor his advice would be patently false for the past 10 years. You would have been better off with that money in a bank account.

In addition, Ramsey never has to worry about renting an apartment or being approved for a job from his credit. He is too busy on his Ski Jet to worry about the concerns of ordinary Americans. I am glad that I pirated his material and didn't put money in his pocket, but he repeats verbatim self help maxims. He constantly references the Millionaire Next Door book which states that most milllionaires drive american cars, often used. What does Ramsey drive? Why, a Jaguar of course.
tom

Ionia, MI

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#109
Mar 3, 2009
 
considering wrote:
I have pirated a lot of Dave Ramsey's materials to avoid paying for his ski boat. He constantly references self help 'icons' like Brian Tracy and Zig Ziglar who he says he knows personally. It is also true that his parents played Zig Ziglar tapes in the car when he was a child. He saw the format Ziglar used to make money and revamped it with financial advice.
The bottom line is it is clear that Dave feels ENTITLED to be a MILLIONAIRE. He got that way selling foreclosed real estate, and that went under due to banking law changes. He has been struggling to get his millions back ever since, and has used a tried and true seminar formula. He does wrap his ideas in biblical teachning and sales to Christians. He is copying a business model used by snake-oil men like Ziglar, Napolean Hill, and Anthony Robbins for years.
I love the way that he refers to his millions of dollars during seminars as if he got those funds by living on 40000 a year and being frugal and staying out of debt. He is rich because he sits on a pyramid of sales produced by middle class families, not because he saved money all of his life. His financial alchemy says that every family that saves will make millions in interest. However, if you had invested in a mutual fund 10 years ago today you would have lost over 1000 dollars. Therefor his advice would be patently false for the past 10 years. You would have been better off with that money in a bank account.
In addition, Ramsey never has to worry about renting an apartment or being approved for a job from his credit. He is too busy on his Ski Jet to worry about the concerns of ordinary Americans. I am glad that I pirated his material and didn't put money in his pocket, but he repeats verbatim self help maxims. He constantly references the Millionaire Next Door book which states that most milllionaires drive american cars, often used. What does Ramsey drive? Why, a Jaguar of course.
Amen.
pjdutchville

United States

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#110
Mar 3, 2009
 
considering wrote:
I have pirated a lot of Dave Ramsey's materials to avoid paying for his ski boat. He constantly references self help 'icons' like Brian Tracy and Zig Ziglar who he says he knows personally. It is also true that his parents played Zig Ziglar tapes in the car when he was a child. He saw the format Ziglar used to make money and revamped it with financial advice.
The bottom line is it is clear that Dave feels ENTITLED to be a MILLIONAIRE. He got that way selling foreclosed real estate, and that went under due to banking law changes. He has been struggling to get his millions back ever since, and has used a tried and true seminar formula. He does wrap his ideas in biblical teachning and sales to Christians. He is copying a business model used by snake-oil men like Ziglar, Napolean Hill, and Anthony Robbins for years.
I love the way that he refers to his millions of dollars during seminars as if he got those funds by living on 40000 a year and being frugal and staying out of debt. He is rich because he sits on a pyramid of sales produced by middle class families, not because he saved money all of his life. His financial alchemy says that every family that saves will make millions in interest. However, if you had invested in a mutual fund 10 years ago today you would have lost over 1000 dollars. Therefor his advice would be patently false for the past 10 years. You would have been better off with that money in a bank account.
In addition, Ramsey never has to worry about renting an apartment or being approved for a job from his credit. He is too busy on his Ski Jet to worry about the concerns of ordinary Americans. I am glad that I pirated his material and didn't put money in his pocket, but he repeats verbatim self help maxims. He constantly references the Millionaire Next Door book which states that most milllionaires drive american cars, often used. What does Ramsey drive? Why, a Jaguar of course.
Absolutely, 100%, slam dunked, correct!

They tried to shove the Zig Ziglar philosophy down our throats 20 years ago, when I got into my profession. I have heard him speak...makes you want to puke! The instructor I had at MSU to get my licenses (Don Aschomb), said to us on the last day of class, "I will ask you to only do one thing after you leave this room, no matter who you go to work for. Go out every day, and try to remove a little bit more of the black eye from the insurance and financial planning industry."

As a matter of fact, I am required by law to report any suspected money laundering activities or pyramid schemes.
Seenitbefore

Jenison, MI

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#111
Mar 3, 2009
 
the truth wrote:
Its the commie libs like Ramsey who are wrecking our freedom
You think Ramsey is a Liberal? IF you could get past his screener call in and tell him he's a liberal and listen to the viscous retort you'd get.

Let us know when you call in and I'll be sure to listen.

Neo-liberal yes. But a Liberal Dave Ramsey is not.
Ralphy

United States

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#112
Mar 3, 2009
 

Judged:

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Dave Ramsey is a CON-MAN!
Seenitbefore

Jenison, MI

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#113
Mar 3, 2009
 
Ralphy wrote:
Dave Ramsey is a CON-MAN!
I (personally) wouldn't go so far as to say he's a con-man. He's doing exactly what the American business model is. Recycle the same stuff that used to be free with different packaging and the people will buy it.

I think his basic message is sound fiscal reasoning. I just have to get past his radicalism.

And there is just no possible way that people who have and don't exceed the average income level in America is going to get rich. The only way to accomplish that is to risk on investments and the investment structure in this country is....well just look around. It's in the control of those who have the most to gain and they certainly are not going put their interests behind their clients.

Don't get me wrong. There are some very ethical investment "brokers" out there. A BUNDLE of money can be lost in the process of finding them. All are allowed to embellish on their abilities in order to drum up business.

After all, that Ramsey hated government has allowed business the same legal rights as a person, and a person has the "Right" to exaggerate. Even lie.
considering

United States

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#114
Mar 3, 2009
 
Seenitbefore wrote:
<quoted text>

And there is just no possible way that people who have and don't exceed the average income level in America is going to get rich. The only way to accomplish that is to risk on investments and the investment structure in this country is....well just look around. It's in the control of those who have the most to gain and they certainly are not going put their interests behind their clients.
This is true, past performance of mutual funds, which is the basis for Ramsey's financial prosperity promises, are not guaranteed, as we can see from the nearly halving of the value of the stock market recently. The roughly 100 year history of the stock market is a short time period in the scheme of things and gives no absolute promises to the future. I could be wrong, but I have some doubts that compound interest is going to work cleanly for frugal savers expecting to be millionaires at age 70. Too many people are skimming off the top of the investments made, and this current financial crisis is the result of that.

Perhaps people should just get used to being satisfied with a middle class lifestyle, which is basically the same as being a millionaire to the person eading mud cakes in Haiti because they are unable to afford meal.
tom

Ionia, MI

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#115
Mar 4, 2009
 
if you're making $40 grand a year, you're not going to be rich, no matter what this boastful, self-absorbed profiteer says.
there will be stress, difficulty in many ways, worry, but you and your family can be happy in this world livign without lusting after wealth that just isn't going to happen. it is what it is, and we all shoulf just do the best we can with the focus being on family.
ramsey's rambling about "I'm worth this, and that's more than this guy or that guy isn't what life should be about, think about it\
whether using Christ in all of it is totally sincerely, who knows, but the Bible's reference to the money-changers isn't very positive.
Seenitbefore

Jenison, MI

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#116
Mar 4, 2009
 
tom wrote:
if you're making $40 grand a year, you're not going to be rich, no matter what this boastful, self-absorbed profiteer says.
there will be stress, difficulty in many ways, worry, but you and your family can be happy in this world livign without lusting after wealth that just isn't going to happen. it is what it is, and we all shoulf just do the best we can with the focus being on family.
ramsey's rambling about "I'm worth this, and that's more than this guy or that guy isn't what life should be about, think about it\
whether using Christ in all of it is totally sincerely, who knows, but the Bible's reference to the money-changers isn't very positive.
"whether using Christ in all of it is totally sincerely, who knows, but the Bible's reference to the money-changers isn't very positive."

You're right. Jesus wasn't too enamored with the pursuit of carnal riches in the first place. And to chase money in the holy "places" was an abomination.

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