Do any of you listen to David Ramsy? For those of you who don't know who he is, he went bankrupt, and ended up digging himself out of debt. Now he has a radio show giving people advice on how to save money, and how to save for the future. One thing I like about it is he doesn't talk about politics or religion. The only exception was today when he was giving advice to some guy about how to save money for his kids college funds. He told this guy to not feel bad if he couldn't pay for 100% of their college. He said that if he could pay for 75%, they could get a job to pay the extra 25%. He then used the term snowflake.
Anyways, he is interesting.
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I prefer Suze Orman from back in the day. I still live by "People first, then money, then things." (I think I still have some old personal finance books around somewhere that suggested renting movies from video on demand rather than video cassettes/DVDs, as that way you will not accrue late fees. That's how old they are.)
Ramsy is too weird with the religious stuff for me. Much of his financial advice, strictly speaking, seems pretty good. I just can't help getting a "prosperity gospel" vibe surrounding the notion of mixing up Christianity and personal finance. And I've seen his face plastered on a couple of churches announcing help to Christians with finance problems, etc. Maybe I'm being overly sensitive, but it's just weird to me.
greyeyed123
Level 7
Oct 2, 2019
1
If you want to make plans for the future my advice is to educate yourself. Forget using stock brokers, if you want to be in the market learn how to do it yourself. If you want to buy real estate, take a class on it. There are many ways to invest, here are some NOT to use: Annuities, there is no version that is fiscally sound. Whole Life Insurance, also known as
variable life, any insurance other Straight Level Term which is not an investment but necessary if you have a family. Accidental Death is also a scam. Right now the stock market, I've made a lot on the market but we are on the edge, things could be worst than 2008. If thing start going bad re-allocate you 401K into a "safe haven" like treasury bonds or similar mutual with low growth until the market corrects, after that there will be many opportunities. What I'm saying is don't trust media advisors, they could give a rats ass about you and more often than not have bills to pay. Believe in yourself alone, you can do this.
clarkatticus
Level 7
Oct 2, 2019
3
Most people that invest themselves in the stock market loose their ass. Look at IRA's and Mutual Funds. I started investing when I was 19. Some years I lose money, but other years I have made close to 25% interest. The people that pick the bonds are professionals. Friend of mine thinks he is making so much money on the stock market. I promise that he is not making money. This is the same guy that bought $100 on lottery tickets in one go. He lost it all. I think he got some free tickets, but that's it. I was listening to the radio, and I think it was the mega millions that was at 40 mil. But the odds of winning are one in over 300 mil. This is the same guy that claimed he could make $800/day mowing lawns. That business went south. Also look at the little old ladies from Florida that claimed they were beating the stock market. They did their paperwork wrong, and were losing money.
@TheGreatShadow I hear ya. I was up on my 401K until 2007, at one point I lost 40K in one month. My account was frozen because I was in the middle of a divorce, not that I would have known what to do then. The 401K advisor kept telling me to hold on until it reversed, by the time I got smart I was down to 40K. I was so mad I went to school and got an insurance license with the intention to get a brokers license next. What I learned was a rude awakening, the entire financial industry is a fraudulent ponzi scheme. The market was down 6500 so I figured WTF, no guts, no glory, so I went back in-figured if the market went any lower money would be worth nothing and we would be shooting the neighbors for the water in their pool. Cashed out in 2016 when the market hit 17,500 with enough to buy 2 rental houses and retired with 4 incomes-I do work part time. Made the most on a Fortune 500 Index fund believe it or not. Those conditions will never happen again I think.
I'd recommend a boring ass book by Gerald Loeb, The Battle For Investment Survival. Loeb is a famous investor, lived during the Great Depression, and while the book is out-of-date as hell, boring as hell, it has some real good takes on investing. Going long is asking for trouble nowadays. He also favored focusing on maximizing gain, not limiting yourself.
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If there is anything I detest, it's a mechanistic formula for anything. People should use their heads and go by logic and reason, not by hard and fast rules. - Gerald Loeb
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Investing in the stock market requires the right state of mind. My favorite quote with regard to it is by Machiavelli, although I am sure Machiavelli was not thinking about the stock market when he wrote it.
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“All courses of action are risky, so prudence is not in avoiding danger (it's impossible), but calculating risk and acting decisively. Make mistakes of ambition and not mistakes of sloth. Develop the strength to do bold things, not the strength to suffer.” ― Niccolò Machiavelli
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I started out with a small amount and traded small for about four years before I started finding consistant ways of making money. If you cannot prove to yourself that you can consistantly make money, then you probably should indeed go with an investment firm.
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Anyone who wants to do well in the stock market should study the masters . . . . people from history or contempory who have done well in the market.
He doesn’t hide his religious beliefs, but he doesn’t beat people over the head with it either.
I usually listen to him if I’m working nights on AM radio before Coast to Coast am comes on at midnight.
Haemish1
Level 8
Oct 2, 2019
1
Coast to Coast AM! I used to listen to that all the time back in the day. Art Bell was great fun.
@greyeyed123
It’s been a while since Art Bell was on, but George Noori (sp?) keeps things interesting, although I tend to enjoy the weekend hosts a bit more.
@greyeyed123 Isn't Art Bell a looney tune? He's the one that is all about conspiracy theories, isn't he?
@TheGreatShadow Art is dead now, but yeah. I loved all that stuff back then. It was free entertainment! There were several segments that qualified as performance art.
I have listened to him for many years and I like him .I think he gives excellent advice.I get the impression that he is a believer in god from some of the conversations he has had with some viewers over the years .
richiegtt
Level 8
Oct 2, 2019
1
I guess I haven't heard him talk about religion. Doesn't surprise me. Just about anything on AM radio is full of right wing propaganda, and god. Maybe I haven't been listening to him long enough. Yes, he does give some good advice.
I have listened to him and have often heard him discuss religion. He believes money and God are intertwined. His Financial Peace University is based on his evangelical beliefs. He does have good common sense advice if you can ignore the religious hype.
Pamscwf1
Level 7
Oct 2, 2019
1
He does talk about religion some though, right? i don’t listen to him but my brother does, and he’s complained that he guy talks about how his money doesn’t belong to him but belongs to god.
basher
Level 5
Oct 2, 2019
1
I never have heard him talk about religion. Then again I hardly listen to him.
What is "didding"?
LiterateHiker
Level 9
Oct 2, 2019
0
It was supposed to say digging.
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