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<blockquote data-quote="eric" data-source="post: 449576" data-attributes="member: 7"><p>Dave Ramsey tries to knock some common sense financial advice into the folks who call his show and don't have a clue as to how to handle their finances. He never said you had to drive a pinto or some other cheap car, he only suggests that you drive what you can afford to pay cash for, and not some vehicle which you are paying 30%-40% of your monthly take home pay for. If you listen to him, the first thing he sugggests is getting an emergency fund in the bank, so you dont have to use the credit cards anymore when emergencies pop up, i.e. car repairs/home repairs and unexpected medical bills and such. After acquiring the emergency fund (typically 3-6 months living expenses), then start paying off the high interest rate credit cards, starting with the lowest balance first, until the cards are paid off. Once all your credit cards are paid off and you have a decent savings account, then you should start thinking about a newer car or truck. It amazes me how many people I see around here who have a newish home, 2 new vehicles in the driveway, and every other toy that they feel they need to have to keep up with the Jones's. Most of these people are just one missed paycheck away from a financial disaster. Most people have no idea what it's like to live below your means for a few yrs. Most folks are like little kids and their money burns a hole in their pocket if they dont spend it right away. I have guys who work for me who get paid on Friday, cash their paycheck at the liquor store and by Monday, they barely have enough to buy gas with and eat for the rest of the week. </p><p></p><p>Don't knock Ramsey cause he is trying to preach common sense advice to the people, who more than likely never received the advice from their parents or anyone else.</p></blockquote><p></p>
[QUOTE="eric, post: 449576, member: 7"] Dave Ramsey tries to knock some common sense financial advice into the folks who call his show and don't have a clue as to how to handle their finances. He never said you had to drive a pinto or some other cheap car, he only suggests that you drive what you can afford to pay cash for, and not some vehicle which you are paying 30%-40% of your monthly take home pay for. If you listen to him, the first thing he sugggests is getting an emergency fund in the bank, so you dont have to use the credit cards anymore when emergencies pop up, i.e. car repairs/home repairs and unexpected medical bills and such. After acquiring the emergency fund (typically 3-6 months living expenses), then start paying off the high interest rate credit cards, starting with the lowest balance first, until the cards are paid off. Once all your credit cards are paid off and you have a decent savings account, then you should start thinking about a newer car or truck. It amazes me how many people I see around here who have a newish home, 2 new vehicles in the driveway, and every other toy that they feel they need to have to keep up with the Jones's. Most of these people are just one missed paycheck away from a financial disaster. Most people have no idea what it's like to live below your means for a few yrs. Most folks are like little kids and their money burns a hole in their pocket if they dont spend it right away. I have guys who work for me who get paid on Friday, cash their paycheck at the liquor store and by Monday, they barely have enough to buy gas with and eat for the rest of the week. Don't knock Ramsey cause he is trying to preach common sense advice to the people, who more than likely never received the advice from their parents or anyone else. [/QUOTE]
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