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Posted by sandybeth on February 22, 2008, 12:35 pm
I downloaded this book when it was offered for a couple days after
Suze was on Oprah. I haven't begun reading it yet and I wonder if
anyone else out there has? I don't want to waste my time because I'm
not her typical viewer who has financial woes or is overextended.
However, I'm hoping I can learn something by skimming it.
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Posted by John A. Weeks III on February 22, 2008, 3:05 pm
In article
> I downloaded this book when it was offered for a couple days after
> Suze was on Oprah. I haven't begun reading it yet and I wonder if
> anyone else out there has? I don't want to waste my time because I'm
> not her typical viewer who has financial woes or is overextended.
> However, I'm hoping I can learn something by skimming it.
I think you should take a look at the book, or get a book on tape
version to listen to when stuck in traffic. You will be surprised
to learn that the topics that Suze covers in her books are quite
different from what she covers on TV. Her books are mainly on
financial planning, while the TV show questions are often from
folks with problems.
At any rate, I think folks with financial problems are better off
looking at Dave Ramsey than Suze Orman. Both have their strengths,
and I think Ramsey has a better and more well thought out program
for getting out of debt and solving money problems.
-john-
--
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John A. Weeks III 612-720-2854 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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Posted by joetaxpayer on February 24, 2008, 1:15 am
John A. Weeks III wrote:
> At any rate, I think folks with financial problems are better off
> looking at Dave Ramsey than Suze Orman. Both have their strengths,
> and I think Ramsey has a better and more well thought out program
> for getting out of debt and solving money problems.
I think that any author likely has some tidbits worth listening to, as
well as advice I'd dispute.
Dave Ramsey states on his web site:
"Myth: Aren't there positive uses of a credit card? Like rebates and
airline miles?
Truth: Responsible use of a credit card does not exist. Credit card debt
is a major problem in America."
Wow! So running all my expenses through a card that's given me 2% cash
into a 529 account, and paying it in full every month was actually not a
good thing? That free semester my child will have in 10 years is what? A
fantasy? That blanket statement 'does not exist' was a bit over the top
for me.
Also, his 'debt snowball' method. Suze used a pejorative against the
author when asked about this method. I agree with her, regardless of the
number of cards or size of each balance, one should pay the highest
interest cards or loans down first.
JOE
www.blog.joetaxpayer.com
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Posted by John A. Weeks III on February 24, 2008, 4:31 am
> Dave Ramsey states on his web site:
> "Myth: Aren't there positive uses of a credit card? Like rebates and
> airline miles?
> Truth: Responsible use of a credit card does not exist. Credit card debt
> is a major problem in America."
>
> Wow! So running all my expenses through a card that's given me 2% cash
> into a 529 account, and paying it in full every month was actually not a
> good thing? That free semester my child will have in 10 years is what? A
> fantasy? That blanket statement 'does not exist' was a bit over the top
> for me.
I also disagree with Dave Ramsey on this point. I see a credit card
as a tool. If you know how to use a tool and can be trusted to use
it properly, then you can use it. If you don't know how to use a tool,
or use it wrecklessly, then you shouldn't be using that tool.
In the case of people who call his show, many are up to their ears
in debt, have cars worth more than their annual income, and have
house payments that are over 50% of their take home pay. For these
people, credit has not been a blessing. Rather, it allowed them to
commit financial hari-cari.
Another point that Ramsey makes is a study that shows that folks who
use credit cards spend quite a bit more per purchase (on average)
than those who use some form of cash. Simply cutting up the cards
and switching to cash can add quite a bit of extra money to your
monthly budget.
> Also, his 'debt snowball' method. Suze used a pejorative against the
> author when asked about this method. I agree with her, regardless of the
> number of cards or size of each balance, one should pay the highest
> interest cards or loans down first.
That is a fair criticism, and one that I made at one time, too. To
defend the Dave Ramsey method, Ramsey states that getting out of debt
is a behavioral and habit change, not a mathematical decision. If
one attacks small debts first, they get some quick wins and see
real progress. As a result, one is far more likely to buy into the
program and stick with it. Interest rates are math, which is a head
thing, while getting out of debt means a decision to do the right
thing, which has to come from the heart.
-john-
--
======================================================================
John A. Weeks III 612-720-2854 john@johnweeks.com
Newave Communications http://www.johnweeks.com
======================================================================
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Posted by Justin on February 24, 2008, 12:05 pm
John A. Weeks III wrote on [Sun, 24 Feb 2008 03:31:09 -0600]:
> Another point that Ramsey makes is a study that shows that folks who
> use credit cards spend quite a bit more per purchase (on average)
> than those who use some form of cash. Simply cutting up the cards
> and switching to cash can add quite a bit of extra money to your
> monthly budget.
However, he always fails to mention that while he advocates the use of a
debit card, the studies show the exact same over spending applies to
debit card usage.
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