Does anyone watch/listen to Dave Rsmsey or.. dislike him?

[Marc_LFD]

I started watching and listening to his short segments and full episodes for a week and it has begin to change how I manage my finances.

I used to use CC a lot for the cashback incentive and there's nothing wrong with that, but I'm commencing to steer away and only use my own checking account instead. Some people get a CC, start spending money they don't own, and then can't pay back so they get in debt.

Here's a great example of why it can go horribly wrong:



The comments on there are worth reading too since some did that and regretted it.

 

[Deleted member 114266]

He gives some good advice for people with no financial experience or self-control. But he pushes a zero debt strategy which feels great as you don't owe any money. But averaging out is terrible advice back when we had 2-3% mortgage rates.

Once you learn about good debt and cash flow a lot of his lessons fall apart. Another example is he recommends paying off an account that has a small balance first even if it has the lowest interest rate of all your debts. This gives you positive reinforcement to continue paying down your other debts. That psychologically makes sense, but you end up paying more in the long run than paying down your highest interest rate debts first.

But as a starting point for someone with a bunch of debt, it's a solid option.

 

[chrisrlink]

being on Social security myself I cant have credit cards which in itself is a trap cause i have no credit record sortta stuck here couldn't even get a loan for school if i tried the govenment pacifiy's you in this trap if your disabled like me