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Dave Ramsey on Silver

Joe King

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#2
That advice he gave cost her approx $7500

$14,000 in silver was worth approx 900 ounces in early May. Those same 900 ounces would be worth a bit more than $21,500 today.
 

Fatrat

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#3
Waste of time asking people like that about precious metals, they will NEVER tell you its time to buy PMs, so why should you trust them as to when to sell.
 

Casey Jones

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#4
In the world of investing and/or conserving wealth, Dave Ramsey is a kindergarten teacher.

He's right on the obvious things; but he doesn't understand what ZIRP, QE, and Financialization have done to stocks, bonds, and the currency.

If you know enough to pay off your bills and avoid non-productive debt (debt on consumer goods) then you've moved beyond Teacher Dave's realm.
 

OhWell

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#5
Dave is great for getting out of debt and learning to budget, but he lives and operates inside the matrix. Most of us have taken the red pill and are better able to see what's really happening in the world around us.

If I had gold and silver I would not consider selling any of it...darned boats!
 

EO 11110

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#6
drives me nuts that his debt reduction plan is bad math
 

Son of Gloin

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#7
I read one of Dave’s books, way back in the early 2,000’s. At the time, I was holding a significant amount of debt in mortgage, two car loans, a HELOC and thanks to my wife, two dozen credit cards. It was a potential disaster. Anyway, Dave lit a fire under my ass and I went ballistic on all that debt. We killed the credit cards, one by one and retired all of them, paid off the HELOC, paid off the cars and hammered the mortgage, till it was gone.

For that, I am grateful to Dave. He made me see the light. But, as far as gold and silver are concerned, he is a moron. He gives advice to people to get out of the debt system, by paying off all that debt, then he turns around and urges people to get right back into the debt based financial system, by buying into “good growth mutual funds.” Oh well, at least he’s half right.
 

Treasure Searcher

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#8
I listen to Dave Ramsey on the radio, from time to time. While I agree with his philosophy to pay down debt, I don't always agree with everything he says/recommends. First off, he really recommends mutual funds. I think there are better investments right now, than mutual funds. Second, when he is giving advice to current or potential college/university students, he does not tell them to apply for scholarships. Taking out a loan for certain professions (medical, etc.) will be financially rewarding in the long run, but scholarship funding generally does not have to be paid back. Third, he asks people what their income is. Then he "magically" throws out a figure to use to pay off debt. How about living expenses? He does not take into consideration living expenses, such as health insurance. Health insurance premiums can eat up your income, so that must be factored in.
 

EO 11110

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#9
I listen to Dave Ramsey on the radio, from time to time. While I agree with his philosophy to pay down debt, I don't always agree with everything he says/recommends. First off, he really recommends mutual funds. I think there are better investments right now, than mutual funds. Second, when he is giving advice to current or potential college/university students, he does not tell them to apply for scholarships. Taking out a loan for certain professions (medical, etc.) will be financially rewarding in the long run, but scholarship funding generally does not have to be paid back. Third, he asks people what their income is. Then he "magically" throws out a figure to use to pay off debt. How about living expenses? He does not take into consideration living expenses, such as health insurance. Health insurance premiums can eat up your income, so that must be factored in.
scholarships go to minorities -- with a sprinkling of broken-home-welfare whites.

his audience is great majority white people with jobs. no reason for them to chase smoke.

been there, done that -- with a couple of kickass topnotch white students. they got jackshit despite my wife's hundreds of hours pursuing them. i laughed/mocked her the whole time. she still hates me from that

a large percentage of scholarships require that you submit a picture. makes for easy culling
 
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Treasure Searcher

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#10
scholarships go to minorities -- with a sprinkling of broken-home-welfare whites.

his audience is great majority white people with jobs. no reason for them to chase smoke.

been there, done that -- with a couple of kickass topnotch white students. they got jackshit despite my wife's hundreds of hours pursuing them. i laughed/mocked her the whole time. she still hates me from that

a large percentage of scholarships require that you submit a picture. makes for easy culling
Where I live, I had a banker tell me that they have tons of scholarship funds, that no one applies for. Last school I worked at, principal told me there is ample scholarship fund, that no one applies for. Dig far and wide see what is available.
 

GOLDBRIX

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#12
In the world of investing and/or conserving wealth, Dave Ramsey is a kindergarten teacher.

He's right on the obvious things; but he doesn't understand what ZIRP, QE, and Financialization have done to stocks, bonds, and the currency.

If you know enough to pay off your bills and avoid non-productive debt (debt on consumer goods) then you've moved beyond Teacher Dave's realm.
He has made and lost millions dealing in real estate. Now he makes millions hawking his products of GET OUT of DEBT plans, radio, and TV shows and commentary.
He is a two trick pony, Real Estate and RECOVERING from Real Estate. ( FYI : A REIT for the first time in history has gone bankrupt due to WuFlu / riots & state Law changes on EVICTIONS during WuFlu.).
 

Voodoo

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#13
He's always been very anti-gold. I like him and most of his advise but its geared to the majority and keeps it simple. His investing knowledge is not great. Plus he's really right most times gold is a bad investment. He just doesnt understand that every once in a while' at least 40 or 80 years it can completely save your bacon. So when his beloved RE is hammered gold is going to look real good
 

Voodoo

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#14
scholarships go to minorities -- with a sprinkling of broken-home-welfare whites.

his audience is great majority white people with jobs. no reason for them to chase smoke.

been there, done that -- with a couple of kickass topnotch white students. they got jackshit despite my wife's hundreds of hours pursuing them. i laughed/mocked her the whole time. she still hates me from that

a large percentage of scholarships require that you submit a picture. makes for easy culling
Well that's disappointing but hardly a surprise. Why not just send a pile of random pictures?
 

GOLDBRIX

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#16
GUUGle can be your friend. I'm sure he pops up.
 

Bigjon

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#17
GUUGle can be your friend. I'm sure he pops up.
I should have said this is a rhetorical comment.
I don't really care, who he thinks he is.
 

Ebie

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#18
I read one of Dave’s books, way back in the early 2,000’s. At the time, I was holding a significant amount of debt in mortgage, two car loans, a HELOC and thanks to my wife, two dozen credit cards. It was a potential disaster. Anyway, Dave lit a fire under my ass and I went ballistic on all that debt. We killed the credit cards, one by one and retired all of them, paid off the HELOC, paid off the cars and hammered the mortgage, till it was gone.

For that, I am grateful to Dave. He made me see the light. ,,,,t.
You needed him to tell you get rid of 2 dozen credit cards?
Not you. It is obvious.
 

Ebie

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#19
The dollar is losing value.
Those with dollar debt will benefit from this (if properly positioned.)
Common sense,
(The biggest debtor is the US gov't.
It will benefit the most.)
 

gringott

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#20
I love hearing the horror stories, such as the callers before the first crash in 2007-08. Morons making $150-300k and up to the nose in debt.
It's always good for the ego to find out you are not the stupidest person around when it comes to money.
I take it as entertainment, he is clueless on investing, I guess he is out of touch, the few times I have heard him the last couple of years he was still promoting 10% or more returns on mutual funds without naming them [legal reasons he claims]. Well, I call bullshit and take it as a lie.
Good for dumb a$$es that would never find their way out of debt otherwise. I agree he never brings up scholarships, which is odd. I remember a dumba$$ that I knew in the Army, he was reading the post newspaper and saw an article about a LTC's daughter getting a scholarship to some school, he made the statement, "See, you have to be in the clique to get anything, any help at all, my daughter has to take out loans, the rich get richer, etc"

I responded to him with one question. "How many scholarships did you or you and your daughter apply for?"

Silence.

Then, "None".

I walked away. There was nothing more to say.
 

Son of Gloin

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#21
You needed him to tell you get rid of 2 dozen credit cards?
Not you. It is obvious.
Gee, thanks. You’re swell. The HELOC was all blown up and the credit cards were all due to the wife. I said, he “lit a fire under my ass” to get it all under control, which meant a massive confrontation with my wife, which I was trying to avoid, for a variety of reasons. But, I’m sure everything in your world is all squared away, isn’t it?
 
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gringott

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#22
The dollar is losing value.
Those with dollar debt will benefit from this (if properly positioned.)
Common sense,
(The biggest debtor is the US gov't.
It will benefit the most.)
That sounds great, and I can't challenge it from personal knowledge, but my thoughts about this is always:

If I owe a million dollars, and they inflate the FRN so even a loaf of bread costs $1,000, it sounds like I got a real debt reduction.
But at the same time my income most likely went to ZERO, and I have to pay $1,000 for a loaf of bread, looks like I actually got fVcked, good and hard, like I deserved for being stupid, because any and all liquid money I have will go to survival not debt and I will lose everything, just like the good people in Germany who lost everything and a small group of people who were smart enough to have real money stashed, not even big amounts, were able to buy all the good stuff and move from the ghetto to high society in the blink of an eye. Got a lot of them killed and they lost everything including their gold teeth down the road, due to resentment, but happened none the less.

But that's me, I'm not very smart and I am not rich, just debt free and don't have to worry myself about such things. I will leave it to the financial wizards like yourself who know better.
 

gringott

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#24
Right on hernancortes.
 

GOLDBRIX

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#25
You can cut the first THREE MINUTES if ya want:
 

Thecrensh

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#26
You can cut the first THREE MINUTES if ya want:
I think he's right about the "end of currency" - they're going to make PMs illegal at some point methinks. When they do, misery will soon follow. The thieves will then be able to loot everyone en masse on a scale we've never seen before. They've already begun with their lockdowns that are allowing mega corps to expand while killing their smaller competition.
 

SilverBuyer

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#27
I think he's right about the "end of currency" - they're going to make PMs illegal at some point methinks. When they do, misery will soon follow. The thieves will then be able to loot everyone en masse on a scale we've never seen before. They've already begun with their lockdowns that are allowing mega corps to expand while killing their smaller competition.
Is that really needed though? They are already pilfering the serfs quite successfully and turning the USA into a 3rd world nation. I don't think they will push their luck by making PM illegal. Certainly isn't needed now but I guess it could become an issue for them if the dollar hyperinflates and no one wants to use their new funny money replacement system.
 

Thecrensh

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#28
Is that really needed though? They are already pilfering the serfs quite successfully and turning the USA into a 3rd world nation. I don't think they will push their luck by making PM illegal. Certainly isn't needed now but I guess it could become an issue for them if the dollar hyperinflates and no one wants to use their new funny money replacement system.
If you're a greedy control freak tyrant, yes. If you aren't happy with having almost everything and want literally EVERYTHING in your control, then yes. If you have aspirations of being the "King of the World" then yes.
 

Son of Gloin

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#29
One of the Rothschild’s is on video saying that they will be happy when they own the world, plus 5%. That should tell everybody what their mindset and belief system is. They do, in fact, think they should own it all and then be able to charge interest on it. They think everybody living on “their world” should pay them for living on it. They’re evil people.
 

kiffertom

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#30
here is something that arrogant dick doesnt tell people with high interest credit card debt. pay half of your monthly payment on the 15th and the other half on the 30th(im using those dates just for reference). credit card debt is figured differently than mortgage debt. somehow it resets the balance due.
it can save up to 75% of the total payback. the higher the interest rate the more the savings! i heard this on fox one day years ago. they didnt repeat it. here's another one. if you are buying something on time make sure you make the first payment the day the loan is generated. there is no interest. a girl i dated 20 years ago was buying a condo for 175,000 dollars i think it was 8% interest. she said if she never made any extra payments on a thirty year loan it save her $18,000 dollars!
 

kiffertom

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#31
One of the Rothschild’s is on video saying that they will be happy when they own the world, plus 5%. That should tell everybody what their mindset and belief system is. They do, in fact, think they should own it all and then be able to charge interest on it. They think everybody living on “their world” should pay them for living on it. They’re evil people.
if the world collapses they like all the other gazillionare will have to live on an island forever. louisXVI
 

Casey Jones

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#32
You can cut the first THREE MINUTES if ya want:
Interesting recap. No really new information, but he does tie it up neatly.

BUT.

After spending time on Roosevelt's illegal gold-ban and devaluation, he goes and stresses ownership of...you guessed it, GOLD. W...T...F!

He doesn't spend a SECOND on why "It's different THIS time!"

And Sh!tcoin is an even worse argument. A government that can ban dollars; a government which lets (anti)Social Media ban posters for opinions, while not holding that medium responsible for violent threats and doxxing...a government selectively editing and controlling Internet content...it will have no moral qualms or physical limitations in also banning non-Central-Bank digital currency.

Bitcoin, banned. If they can argue that having $10,000 CASH is evidence of criminal intent, it won't take F. Lee Bailey to frame an argument that Bitcoin, favorite of Silk Road and other illicit sites, is also evidence of nafarous intent.
 

SilverBuyer

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#33
If you're a greedy control freak tyrant, yes. If you aren't happy with having almost everything and want literally EVERYTHING in your control, then yes. If you have aspirations of being the "King of the World" then yes.
They already are the kings and charge everyone for living on their planet. People don't seem to get we are already conquered and have SS numbers (mark of the beast)

They don't give a shit if some us peons own a little gold or silver. Don't forget to pay them capital gains on those "profits" now serfs!

The illusion of freedom is critical to maximizing the potential earnings of their tax cattle. Yes they are control freaks but unfortunately they are smart enough to see that if you go too far you'll destroy that illusion and real opposition will arise. (rather than their controlled opposition like dem vs rep)
 
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GOLDBRIX

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#34
He doesn't spend a SECOND on why "It's different THIS time!"
Between this another information I figured out:
#1. The Governments no longer controls the price of gold.
1a. The world markets ( TBTF bankers trying) control the price of gold and silver. TODAY.
#2. The government still only recognizes a gold price of $42.22 per oz, ( from article May 2010 attempt). May be higher but no where near current Market Value.
2a. If the US Gov. attempts to go to Market Rates think how much more DEBT that will be placed on the books.
2b. IDK about Federal gold stored in NYC or West Point but the gold at Ft. Knox is NOT GOOD DELIVERY bars. All those bars were melted down gold coins (90%Au 10%Ag) or bars meant to be processed into gold coinage. Another addition cost to bring the US Gold Reserve up to International Standards.
3. How many holders would voluntarily surrender their gold at that rate of $42.22 even $50.00 per Oz. ?
4. The govs. won't be able to get away with a late night edict as FDR did. Who waited until Congress had left town to pull his fast one , an E.O. Not a LAW.
5. Too many well connect folks are now holding gold. Any attempt to confiscate will jam up the courts with lawsuits. New people put into office another Tea Party but Au oriented.
DYODD,
YMMV
 

Casey Jones

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#35
I hope you're right. This is not an argument; not a challenge.

3. How many holders would voluntarily surrender their gold at that rate of $42.22 even $50.00 per Oz. ?
How many subservient cucks put on face diapers, on orders, without any thought or question?

That's how many. MOST, IMHO. Of course, those of us who stack, are not reflexively obedient. We're independent thinkers. The sheeple who have a few gold coins, will be the ones rushing to sell to government.

BUT. Outlawing it makes it quite illiquid - the whole point of owing gold is to be able to pay for what's needed, later. Laws preventing ownership or sale, make that very hard.
4. The govs. won't be able to get away with a late night edict as FDR did. Who waited until Congress had left town to pull his fast one , an E.O. Not a LAW.
5. Too many well connect folks are now holding gold. Any attempt to confiscate will jam up the courts with lawsuits. New people put into office another Tea Party but Au oriented.
Remember...we're over all that Constitutional nonsense. Dead White Men, remember? Equal Protection Under Law, is dicta. It's all about Social Justice, now - and Identity Politics.

So, the illiberal Liberal Elites will not even PRETEND to force their own ranks to sell gold - going right after small businessmen and truck drivers who DARED hold onto some of that nastybad GOLD.
 

GOLDBRIX

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#36
BUT. Outlawing it makes it quite illiquid - the whole point of owing gold is to be able to pay for what's needed, later. Laws preventing ownership or sale, make that very hard.
Hard but not impossible.
We still have Flea Markets, Craigs Lists, Swap meets, ....
Supply and Demand, There are always people who want what they can't have. REMEMBER: Prohibition ? Cities with STRONG anti-gun laws, but high shooting numbers ( Chicago).
Some will learn how to turn Chicken Shit into Chicken Salad.

Boy Scout motto : Be Prepared.
 

Casey Jones

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#37
This one has earned ol' Dave some opprobrium over the years:
I was with him...until he went to the Greek Chorus:

BUY....STAWKS....

I don't know who's getting ROE of twelve percent. What's causing the market to go endlessly up, is the Powell Put.

That won't last. It's "unsustainable." And once the Fed is busted, there are no Bigger Fools to take your stawks off your hands at higher prices.

Nope. Given the lack of actual dividends or interest...PMs, Dave.
 

hernancortes

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#38
There's more erroneous stuff in there besides the buy mutal funds shtick.
Sell your car for about what you paid for it?
Also you could be incurring some major repair bills driving a used car of the value they're talking about.
 

Casey Jones

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#39
There's more erroneous stuff in there besides the buy mutal funds shtick.
Sell your car for about what you paid for it?
Also you could be incurring some major repair bills driving a used car of the value they're talking about.
Correct on the repairs.

As for selling it for what you paid for it...that can happen. There's a sweet spot in used-car depreciation...the first depreciation hits you like a hammer when you drive off. It continues, steeply...until you get into the 6-9 year mark. Then it slows down, depending on vehicle condition.

With the coming inflation, it may be that in that nadir of depreciation time, nominal value may not decrease at all.

BUT. A while after that, the depreciation chart kicks in again. The trick is to time it to where it's good getting out - if you can. Because the difference between a $6000 car and a $600 car, may be one transmission failure; or it may be a suddenly-unpopular model. Like, say, minivans - which were blazing hot in the 1990s but poison on the lot, today. Or the car brand - 20-year-old Toyotas sell for unbelievable money. Twenty year old Fiats, don't exist - and probably won't, even twenty years after their re-intoduction. They are crap.

You can see ungodly prices on 1983 Jeeps (AMC); but try to find a 1983 AMC-Renault Alliance. They aren't out there; but the few that are, are unsaleable.

Toyotas, as mentioned, hold value. Look at similarly-aged VWs. A third the price - and because they're far riskier.

Yes, it's more complicated than Teacher Dave laid out. Because he was being facile - trying to sell a paradigm shift. Trouble is, the numbers don't add up so neatly as he'd like to pretend.