I don't have credit card debt but 401k match is 100% rate of return first day

Aug 5, 2017
3:41:05pm

cougarfann888 All-American

You would probably lt come out ahead taking the 401k math 💰 by the early withdrawal penalty to pay off that cc debt. So if you have any self control you should still take advantage of 401k match unless your interest rate is over 100%

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cougarfann888

Bio page: cougarfann888
Joined: Oct 10, 2010
Last login: May 5, 2024
Total posts: 27,583 (83 FO)

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Messages

Author

Time

So I don't know much about dave Ramsey but I have friend that raves about him

cougarfann888

8/5/17 3:22pm

There are certain personality/under-educated types that are absolutely horrible with finances.

mulletino

8/5/17 3:24pm

I listen to his show sometimes. It blows me away that there are so many people

Hambone

8/5/17 3:30pm

We are constantly taught in our church to avoid debt,

Mister P

8/5/17 3:58pm

During the recession I rarely saw a credit card app in the mail...2-3 a day now.

Bonoman

8/5/17 5:42pm

2/3 of American adults can't pass a basic financial literacy test.

ag4cougs

8/5/17 3:37pm

I don't disagree. I didn't put a % on the number of people out there that don't have a clue what they're doing.

mulletino

8/5/17 3:39pm

I was not told that there would be math on this test

SJS

8/5/17 4:23pm

He's what half of America needs, but probably not you.

Cougarrr

8/5/17 3:24pm

If you're in a total mess and don't know how to deal with money it's good

v1k0u6

8/5/17 3:27pm

His advice is very good for people with large credit card debt

CougarThug

8/5/17 3:30pm

I don't have credit card debt but 401k match is 100% rate of return first day

cougarfann888

8/5/17 3:41pm

Depends on vesting. I can see where Dave is coming from on this. Most don't stay at a job long enough to be 100%.

mulletino

8/5/17 3:42pm

If you don't have massive credit card debt, then he preaches to the dumbest of..

ToasterChive

8/5/17 3:39pm

Your math is right- but most people and people that need his advice don't follow

RedlandsCoug

8/5/17 3:42pm

That's not what he teaches. But he tries to dumb it down.

SouthernBlueBlood

8/5/17 3:47pm

That was an exact line from the book

cougarfann888

8/5/17 3:56pm

I've heard him discuss this and similar issues. And I'm sure it's just an overview comment. But I've never heard him say

SouthernBlueBlood

8/5/17 3:59pm

You're a smart guy. Just listen to him and apply what makes sense. It's a good

HoustonCougar

8/5/17 3:48pm

Pay smaller debts first, roll payments into larger ones.

delux_247

8/5/17 3:48pm

he spends way too little time discussing the benefits of raising your income.

HarlemCoug

8/5/17 3:52pm

Come on. All you need is to eat rice and beans and you'll pay off that $70K debt in no time on your $40K salary.

mulletino

8/5/17 3:55pm

No Totino's?

TNT

8/5/17 3:57pm

TNT has debt? How?

mulletino

8/5/17 3:58pm

Simple. Huge 600 sq ft cardboard box, a nice computer, and a Geo Metro

TNT

8/5/17 4:00pm

People lend money on wet cardboard and Geo Metros? What a time to be alive!

mulletino

8/5/17 4:07pm

If you listen to his show he talks about that ALL the time

mudpupper

8/5/17 5:16pm

I was forced to listen to him once on a road trip. he never mentioned it. glad to hear that it's a point of emphasis for

HarlemCoug

8/5/17 5:21pm

He provides a plan, which is more than most people have

CocaColaRecovery

8/5/17 3:55pm

what % of his show would you say he discusses the importance of raising your income?

HarlemCoug

8/5/17 4:00pm

RE: what % of his show would you say he discusses the importance of raising your

CocaColaRecovery

8/5/17 4:09pm

He's not a religion. You don't have to follow everything,

Mister P

8/5/17 3:56pm

I think he's generally OK, but he has absolutely no clue about 401k retirement

DumpsterFire

8/5/17 4:29pm

The church's SRS initiative for personal finance will eventually get to Utah

ryebrye

8/5/17 4:47pm

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