The Challenges Of Living Without A Credit Score - Dave Ramsey Rant
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- Опубликовано: 11 дек 2013
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Senior in highschool and this guy has done a much better job teaching me to live financially secure than my corporate sponsored financial literacy class
what state? just out of curiosity
What did you expect? Your teachers are likely idiots living paycheck to paycheck waiting for their excessively generous defined benefits retirement plan to kick in.
At least you have a financial literacy class. I had no such thing in HS and for my engineering degrees.
Good for you though, it’s better to take responsibility for learning into yourself versus letting the government/school do so.
@@benjaminkozma389 So true. I'm dyslexic and terrible with money and numbers. Not to mention until college my education was terrible. Listening to Dave has drastically improved my financial situation.
I had "personal finance" classes back in the 60s, when credit cards were still pretty new; these stressed achieving a good credit rating more than they did building wealth. Fortunately, our math teachers had us calculate such things as the total interest you would pay on a single steak dinner if you only ever sent in the mimimum payment.
Since that time credit companies have become enormously more powerful and wealthy. If they were already controlling the narrative and writing the textbooks back then, it must be just about impossible to install a sensible financial literacy course anymore. I think schools should just quit it so as to at least stop disseminating credit company propaganda.
bob barker and this is why college is a MAJOR waste of time, money, and effort. Just teach yourself bro. Start saving, investing, and learning every day; and you will be just fine for the feast of your life. And I know you said senior in high school, but I’m guessing the class is a “college level” class?
"If stupid is the norm you want to be weird" i love it
I'm 15 and I decided to start listening to Dave and reading his books. Figure it's best to learn now because my only financial life/income is money that I get on my birthday or mowing someones yard. I'm very glad that I'm able to do all of this now so when I start getting into all of this I'll already have a sound mind and solid plan about what I am doing. Already saving just to have a foundation for later!
+Cameron LastName Remember that nobody knows everything. Get what you can out of every situation, but don't take it all as fact. Dave gives some advice that can be detrimental to someone that is blindly learning from Dave without other knowledge and mentors. For example, he says not to get a credit card because it will put you in debt and not worth a score, then puts so much emotion into it that you believe it without question. He doesn't go over the fact that the credit score will save you money, and many times you spend less by borrowing than spending out of pocket. Borrowing money is fine, but you need to always pay on time, and always be aware of the terms and interest rates.
***** True but you can simply build credit without spending money, avoiding charges and interest by always knowing all the terms and conditions. And what happens if you can't afford something now, need it now, know you can pay it later, but can't prove it. That's the reason for the score, it proves itself and there's not always landlords like Dave that'll take something else.
+Chace Bonanno Solutions: 1) save for something you want (kind of old-fashioned, but it works); 2) shop around for a different landlord.
Steve Magruder True but you have to agree that decreases your options significantly
Cameron LastName whatever you do, don't get a part time job, waste of time. mow those yards, run business, study in school. study will pay off when your 21
I hate debt. Everything I have is paid for. If I can’t buy it outright, I don’t buy it. I love having everything I have paid for. No stress!
Spot on!
So simple and powerful yet the majority of Americans don't practice it. I think Dave said that 85% of cars are financed to the tune of around a trillion a year.
Ditto. I just use credit.
Good for you!!! Great job and AWESOME mentality!!!
Yup, if you can't buy a house outright, don't buy one.
If you can’t buy it now then you don’t need it now
"they have student loans so long they think it's a pet" I almost fell outta my chair. he comes up with some great analogies.
That is one of my all time favs
😂😂😂
It's a "debt pet" and it will bite you.
Been on the system for just under two years and have paid off 90% of our debts. I absolutely LOVE that my extended family doesn't get it. It shows we're on the right track.
Nice one...How are you doing now? (year later...)
fritogranito I am assuming you are now debt free, good for you!
Going through these old videos again on this gloomy Sunday and your comment really resonates with me. My mother (poor) and sister (wealthy) both think I'm broke as a joke or whatever because I don't go out, I don't spend money like they do, drive 20 year old cars, etc. I'm 31 with a wife and 3 sons, my house will be paid off in 2 years, and I saved a lot of money. They think I'm poor because I do concrete but I make $30 an hour on straight time.
My mother is 100% dependent on social security. My sister is a slimey banker. All they do is spend so spend, and they sure like talking about my finances.
It's going to blow their mind when I retire at 35. Can't wait.
@@apersonontheinternet8006 Keep up the good work and don't let them distract your laser focus on the finish line. Good luck!
@@apersonontheinternet8006 why would they think anyone that does concrete is broke? That is hard work and good money.
See, I've always been told that I HAVE to have a credit score to do anything. I've been really worried about that because I've managed to avoid debt, and thus, have no credit score. This is a huge relief to find out that I can actually find a place to rent without a credit score. I can continue to live debt free! Hurray!
I wish I found you years ago.
Ambrose-adventure me to
Me four
Yeeeep
Me too 19 years old with 70k in debt 😥but slowly getting out. I have learned my lesson and will not be getting into more debt happy I learned now over learning later on in life ...
Same July, 2020
“If stupid is the norm, you want to be weird” I love it!
"Who wants to be flipping normal? Normal sucks! Be passionate!"
(Y)
I'm 24 and I started listening to Dave. It is amazing that everything for you to get wealthy is laid out there by this guy. I will be debt free this November and I will be wealthy one day. You can do it too.
Are you wealthy yet
@@ryanthepianoman27 It’s been a year. Don’t be ridiculous.
I love Dave Ramsey he goes 0-100 real quick!!!! 😂
I love Dave. 30 days on his plan
and baby step #2!
Exactly
?
Debt free yet?
But how do we buy a house without credit? My oldest brother works for Bank of America and is a financial advisor. I asked him about Manual Underwriting and he told me it’s a blanket statement, as in it’s not practical for most people. It has some truthiness in it but is not considering the needs of people personally. A credit score is still needed, but just like Ramsey says, a credit card 💳 is like a cigarette. Dave Ramsey is really good for the most part, the only problem is that the government and banks have made it almost impossible to buy a house without credit
Preach! I love using my debit card for everything. I have no debt, no monthly payments. I've always lived by the philosophy that if I cannot buy something with cash then I have no business buying it at all.
"and payments on their STUPID BASS BOAT, GIVE ME A BREAK!!" - This made me laugh out loud and spit out my coffee 😂
All I use is my debit card. I said one day to myself, Lets see how I can do with just using my debit and cash? Its been 4 yrs and it feels good!!! I pay all my bills on time and even ahead of time. With money to save as well. Even before the Holidays roll around, I put away 25 dollars a week for a yr. So, when I buy presents it's all cash. I don't have to worry the following month on how that big that bill will be and if I can afford to pay it. Same thing with vacations, save in advance. I'm not saying credit cards are bad, all I'm saying is I've done well and feel better without using one.
Jonathan Pabon were you able to purchase a house too?
mac1bc why buy a house lol
@@followerofgms8294 shelter?
Me too!!! 😁
30% down payment and pay stubs or proof of income is no credit check, they call it the drug dealer loan.
As someone who has listened to Dave for years and started to look at other sources I can say make sure you find out for yourself remember you don't have to pay interest on a card if you make a payment on time consistently honestly it's more about discipline when using a credit card
Am I the only one that loves when Dave randomly yells to get his point across to only return to the most calm tone two seconds later? I laugh EVERY time
I am Muslim and I love listening to Dave Ramsey. He is so real and does not sugar coat anything. How can people hate on him?
Because he's an idiot.
rudolphg76
For you to think he is such an idiot, why are you trolling on his videos? He's teaching basic principals of money to help people that don't know any better develop a plan for debt or develop a plan to stay out of debt. It's not taught in schools so someone has to do it.
Aw ♥...hun why are you here then?
going2sleep why would you have to tell everyone that you are Muslim are you special? Or different etc?
What does your religion have to do with the rest of your comment?
I got rid of all my credit cards. And I follow Dave baby steps. I feel free.
Well said, Dave! "Proving" your financial responsibility by building and maintaining a high credit score is like "proving" that you can live a healthy lifestyle by voluntarily acquiring a disease that requires you to live a healthy lifestyle or you'll face serious medical consequences. It's madness. Just live the healthy/responsible lifestyle in the first place; debt and disease need not apply.
*WHAT ARE THE CHALLENGES OF LIVING WITHOUT A CREDIT SCORE!*
1) *RENT* -I had plenty of money but they wouldn't give me my first apartment because I didn't have enough credit history nor renting history
2) *BUYING A HOUSE* - the average person doesn't have $200,000 + in their account to buy a house. And instead of paying rent where your money goes nowhere, it's better to cut it out and put that money into a house. Nowadays rent is just as expensive as a mortgage.
3) *INTEREST RATE ON A HOUSE* - the higher your credit score is, the less you'll get on the mortgage rate. Overall saving even more money
3) *JOBS* - there are jobs out there that won't even hire you if you have a low credit score, so imagine if you had none. The lack of credit score can cost you a job
4) *CAR INSURANCE* - some car insurance (I don't know about all of them) can be affected by your credit score. The higher you have, the less you pay
Noob Icon You can boost score without paying the interest.
Noob Icon have a revolving account. Pay in full before grace period is up, no interest but it shows up on credit report. OR Create a free account on experian, link your checking account and have them check out for regular consistent payment. Both ate free if you pay full and timely. Just need discipline.
@Noob Icon chargeback protection is the exact same on a credit card or on a debit card
Noob Icon Actually that is not true. The two biggest factor of credit score is pay history and utilization. Next is available credit according to how some scores are done. Length of credit history is also a criteria. So it will build over time. But as long as you have 3 months payment history 100% and utilization under 9% you will start off with good credit.
Noob Icon You can do so without paying interest.
Some car rentals won't give you a car without a credit card but it's very minor compared to being *FrEAaKiNg In DeBt To YoUr EyEBalLS!!!!!!1!!* Love the sudden change in tone
Andres Valencia Just because you have credit cards.. It doesn't mean you have debt. People must learn discipline.
@@mastertommy6879 you can use CC and be responsible of course, but Dave's point is that it's easier to save and invest when you're not on debt. However, I get it, just because you have it doesn't mean you should use it.
Itzdm0r3 yes I agree. You don't have to use credit just because you got it People need to remember what they make before spending any money...
No they won’t, but a huge challenge when you are stranded out of state with a dead car, Coronavirus all around and you can’t get home 14 hours away. Just happened to my son and it took him 3 weeks to get home (after he got a credit card, by the way). Another thing I will say is, my husband and I have been married almost 34 years and we do use credit cards and have always paid them in full every month, and have a credit score in the high 800’s. We have done very well and only have debt on our house and one car, which is almost paid off.
Lol🤣😃🤣
😂😂😂 👏 I'm glad to know that I've been doing the right thing when everyone tells me to build my credit. I'm 23 and never had payments or loans
I am 23, doing the same thing as you. How is it working out for you now that you are 26?
@@faxoxo2306 funny that you say that. I just financed my first car YESTERDAY
How that loan going? @@rickrock2221
I went to the bank the other day and they tried to sell me a credit card. They said it flagged up on their system that I would be a perfect candidate. I was like really! I think they wanted me to go into debt. I felt as though it was a bit irresponsible. I kindly smiled and said I'm fine. I have just started watching your videos and I have learned so much in the last 2 weeks than I have my whole life. Thank you Dave I wish there was more people out there like you. It's cool to not be normal! 💱
This man is a genius. I can't get enough of him!
"Who wants to be normal?! Normal SUCKS!!!" 🤣😂🤣😂
Why rent a phone when you can buy a phone for about 300$?
Exactly
I love being weird!! Debt free for over twenty years!! Wooo hoooo!!!
Congratulations 🎉 😃
I’m 19 and haven’t had debt in my life... I guess I’ll just carry on then :)
sharon ross Debt free but I use credit all the time.
@Noah Vale same
You made me feel so relieved 😢.
Here I am thinking I was a loser & you handed me back my intrigity. Thank you😢 thank you😢 thank you.
The foundation of Dave's advice is old fashion common sense. I'm 58 and have followed this way of thinking all my life. It really works!
bob marker you hit the nail on the head... it’s old fashion, and his advice on this does not go with the times of today. The average house today costs over $200k. It is not practical to buy a house with cash today. It would take a recent collage grad probably decades to save up enough money to buy a house with cash depending on their income. It simply is not worth it to not have a credit score. The negatives are far more severe than he leads people to believe here
I call it a debt score not a credit score :-)
Why? If you pay off your balance everyone month then yes it is a credit score.
moonunit The vast majority do not pay off balances each month - besides my statement was a play on words joke.
WesleyGW Good luck trying to rent an apartment, buy a home, rent a car, get reasonable insurance rates, etc without a good FICO score. Even employers are starting to look at credit ratings. This guy gives terrible advice.
moonunit I disagree but good luck to you too anyway
moonunit - you obviously didn't listen to the clip
If you can't afford it you should ignore it, this is my spending habit plan in life. Swipe now and pay later mentality is a trap that I always tried to dodge.
Pay off debt! That screws banks literally.
I just love when he shout for no reason 😂😂😂
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His message seems to be directed to people without discipline. I have one credit card and use it and pay off the balance in full each month ( no debt or interest). In the meantime, I rack up reward points that I can redeem for things I enjoy in life, and I have purchase protection for the items I have charged. I had a costly pair of eyeglasses stolen at the gym, but because I purchased them with my credit card, I was fully reimbursed by the credit card company. I'm not sure that a debit card does all that for you.
27 yrs old. Never have gotten a credit card. Refuse. They are scams and a nightmare and I’ve seen it firsthand too many times.
I buy everything cash.
If you don’t have the money, DONT BUY IT!!
Rikki Granger how are they scams? I have one and pay it off in full every month and make money off of them. You have to know how to use them not the other way around
David Anderson haven’t you listened to what Dave talks about?
He mentions all the time that it’s been PROVEN that paying with plastic, especially credit cards, you tend to spend more than you would if you use cash or even a debit. The pain sensors of your brain get activated when you use cash. When you use card, it doesn’t hurt as bad so you end up spending more. Obviously this is not 100% across the board for everyone but there has been in depth research done to prove this theory.
@@dr.bradshaw That's the individual's fault. As long as you continue to breath you will make mistakes. There is no such thing as car accidents there human accidents. People over pay because they pay out of their means. When you get a credit card nothing changes just the mind set of paying later.
The problem stems from individual spending habits and not having a budget. If you really monitor your spending, and make a conscious decision for everything you buy and not just go on a spending spree, you will be just fine. Just got my second credit card the other day. The perks and benefits are great as long as you pay them off every month. I have paid 0% interest, but get decent money back. I got $120 through the year this year I otherwise wouldn't have by using my credit card, and the new one I just got gives $200 sign on bonus!
I wonder what his reaction is to mobile payment, as Samsung pay has all sorts of good benefits, but you aren't even using anything physical besides your phone.
My countdown continues I’m now 1499 away from being debt free!! So exited!! Best wishes to everyone
I'm am so happy my high school finance teacher showed us your series. I have an unbelievable confidence, I have never had a credit card. And ive learned how to handle tons of things that are thrown ar me
22 years old and 10k net worth, cash flowed school, doing a master in Scientific data management and still cash flowing it. No debt, no credit card, my most valuable possesion is a 800 bucks road bike that i use to commute everywhere. Dave Ramsey's words is priceless. My financial life is truely peaceful.
good for you. keep it up!
The issue I run into is if your credit score is too low you get denied when applying for apartments. While every situation is different for everybody, being a single mother on a lower income and taking care of debt they didn't directly build up, I just want to be able to get approved for a place where my son can be safe and secure. Every place I have looked at has required a decent credit score. It is hard to find those places that don't care about that or willing to work with you when you are relocating. Using credit cards responsibly could be very beneficial to building back up a credit score, but I do understand why he would be against them. Most Americans aren't responsible with them, and there is always that temptation and risk when you know you have that option.
We are on the 9th class of FPU 💝💝💝💝💝
On step 2 and we have paid 2debt 💪💪
This week we are paying off capitol 1 c/c😭😭✂️✂️✂️
Next week the Visa c/c✂️
The hubby and i are so excited!!!!!!!!!!
Lol I was listening in the background and he started screaming and I was like "what's going on!"
Dave actually makes sense, even though many will disagree.
Many companies now do credit checks as part of the employment process. I can see this being a problem as well.
From NerdWallet:
"‘Will they reject me because I don’t have a credit history?’
Probably not. Credit-check-based rejections are typically the result of bad credit - not a lack of credit. The Nerds did some digging and couldn’t find an example of someone losing out on a job because they had no credit history.
Research also shows that when employers look at applicants’ credit histories, they’re usually looking for red flags, like collections or current outstanding judgments; they don’t sweat the small stuff. Eight in 10 human resource professionals who ran credit checks on applicants said that their organizations had hired people whose credit reports included negative information, according to a 2012 study by the Society for Human Resource Management. Considering that, having no credit history likely won’t be a deal breaker for most employers."
Bob only 11...
Bob just cause they don’t require it doesn’t mean they can’t do it. Many financial positions require a good credit score or they won’t hire you
@@dynamichunter843 that's absolutely pathetic. How's it even legal?
@@fgsaramago what do you mean “how is it legal“ it’s a private business they can choose not to hire you if your shoelaces aren’t tied correctly.
Dave Ramsey makes sense, no doubt.These are the kind of life lessons that should be taught in school starting with grade 9. So many kids come out of school with no understanding of taxes, costs of living, how to manage money and credit.
A mortgage or car loan without a credit score could cost you thousands. I agree that a fico score is not a measure of financial health. Paying these high interest low payment credit cards get people into a lot of trouble. I admire you debt free and no bs approach. I think it's a good way to avoid many of the problems that can be brought on. But personally, with my normal spending habits before credit cards, I've found that the rewards and perks of credit cards have saved me money. I pay my balances in full every month so I don't pay any interest. For me, credit cards have saved me thousands and have complimented my personal lifestyle without me having to fork over my hard earned money to banks. That being said, credit is not for everyone. Just because something works in my favor doesn't mean that it will work in yours.
See part 2
Me: i love my credit card
Dave: starts yelling👀
Me: 🥺🥺
thank you! Right in line with Prov 13: 18 - Poverty and shame shall be to him that refuseth instruction: but he that regardeth reproof shall be honoured. KJV
One of my favorite “getting my head back in it” rants.
When I started the Dave Ramsey plan many years ago, my credit score was over 800. I know because I refinanced a house to a 15-year, fixed-rate mortgage just like he recommended. My lender told me that was one of the highest scores he had ever seen. Now this house is completely paid for, and my credit score dropped by 200 points to just over 600 today. I knew then that it would drop if I got out of debt, and sure enough, that was true. So, I am financially much better off, but my credit score is lower. So, I definitely agree with Dave Ramsey that a credit score is not important. The only time it might be an issue is applying for a job where it is checked, but even then, a low credit score can be explained with supplemental information.
Dan Buchner AMEN - and louder for the folks in the back!!
The score dropped because your mortgage account was closed and because you now have less varied types of accounts open. Not because you got out of debt. Closing any accounts drops scores and having different types of accounts raises them. There's many people with scores over 800 who were never in debt and only used CCs to raise our score. A high score is important if you want the cheapest interest rate on a mortgage that you can get. High scores makes houses and cars cheaper. The only thing even cheaper than that is paying full in cash, which of course is ideal.
Its not important until you need that high credit score again...dumb advice to have a low credit score on purpose
@@Sparkle-ey7iw Yup, it's good to have an emergency fund, a growing investment portfolio, 0 unsecured high-interest debt, and a great FICO score.
I use credit cards for rewards points and buyer protections. I don't carry a balance unless it's 0%, like Home Depot offers for 24 months on projects. I also finance affordable used cars at low interest rates. Why pay cash? I'd rather keep my money invested.
Don't over-extend yourself though. Leveraging yourself to the hilt is courting disaster.
I’m 18 and a few days before I found this channel I was looking at credit card options. Now I never want a credit card and I am saving almost everything I make
Good save as much as you can .
And here i was always told that i need a line of credit to be a responsible adult.
It's PASSION and the PURSUIT OF TRUTH and a PERFORMANCE. Entirely in control. He's an actor as well as a financial expert. And it's important to emphasize that EVERYONE CAN BE WRONG. He's ranting against the conventional point of view. Sometimes you have to be violent in REBELLING against "normality."
Thank god my mother listened to Dave for as long as I can remember. I'm 21, going to college, debt free and going to graduate debt free as well. I also own my car. I do have a credit card but NEVER spend what I don't have. I paid the bill in full on time every month and have a credit score in the upper 700's. Having a credit card can work but most people are STUPID
Who cares
@@keithen8708 I do! I think what Zach is doing is inspiring!
@@aronortiz2136 he’s just a hater
Ramsey had an Alex Jones moment 😂😂
Boy oh boy I wish I had ran into this guy 10 years ago before going into debt just to establish a credit score
Yeah but if you have a bad credit score itll be hard fo get a house and car
@@MisterUrbanWorld , Yes Hard , but Not Impossible
I lived without a credit card my entire life. I have no debt, I own my house, my car, 100% of my business that makes me 2m euro/year in sales. I started my business from scratch with little money but NO debt at all.
I get it. It's not easy and your options are limited significantly, but it is the truth.
I just discovered this - how the heck is this not taught in every classroom every year to every student in the US??? So sad that I have discovered this as late as 40!
I totally agree
Love his intensity and passion!!
Dave thank you so much. I binge watch your videos. Im currently in debt. I build my house with mybown money. House is not yet finish. Everybody gossips about my house that are not yet plastered etc. People send the minicipality's inspector for our house that are not done. He threatened me with a lawyer letter. Never did it because its my property. I almost went to bank for a loan but listened to you. I even send my Fortuner back tobthe bank so that i can have money to finish my house building project. I'm done with debt.
Just found out my credit score is now 0...paid off the cards in 2012, never looked back. Homeowner now, no mortgage and paying cash was my way...debit cards for two banks...and sleep well every night. Thought is was a problem once...and did the right thing this time. Thank you, Dave Ramsey. A fan for decade now...debt free. A few minor aged bills to get rid of, but nothing serious. I buy used tires for the car that's running well, good mechanic and DIY skills here...still rolling after 25 years and loving it. Even the AC still works...transportation is the thing. Cost effective for anyone. I feel blessed at 65 to have this peace of mind now. Others judge my style but I still work as a professional contractor and the diversity of my work keeps me going...tech guy here. IT support for local company seasonal and I stay current with software and apps that help the company do well. I learned to code and do HTML because people compensate well for such skills. God is Good, as is life. Cherish and learn to appreciate people daily. You get back what you put into the universe. Biblical principle...got to read it to understand. Then live it...with humility and gratitude. Life isn't as hard when you get your priorities in order. Listen to Mr. Dave Ramsey...he's been there and done it, so some of you won't have to. Common Sense...it's time, folks. Wake up America...the coffee's brewing for living well by living with less. Or better put, enough.
All the decent, convenient, and safe rentals in your area require a good credit score?
No problem!!...just buy a house or condo for cash!
RIGHT!!! You can’t live in any good area here in Canada without a credit score.
@@canadiankaren2426 thats true , neither do you need the hassle of a 750 $ car that you bought from kijiji ....
I have a credit score but I am also debt free. It's called buying off your bills in full each month.
jvolstad beautiful comment
Cathy Jones you’re an idiot
😳😲 😃😀😄😆 I was going about my business while listening to this calm voice. Then I hear this sudden yelling, which made me almost lose my milk! 😆😅😂😭
You don't have to borrow money to buy a car at the bottom of it's depreciation. If your spending money to get a credit score you're doing credit wrong.
Multimillionaire thinks the average American should be able to afford a $200K house in cash.
A Credit score is just proof that you can make payments on time, you don't even need debt to build credit.
I agree.
Winston Gonzalez in FPU he calls it an "I love debt score"
@@insideoutsideupsidedown2218 I understand his reasoning but there is a bit of misinformation about credit scores in the video. Generalizing and stating things as absolutes can lead people to make poor decisions. Just make sure you do your own research and use credible sources.
I'm in FPU after the sudden and unexpected death of my husband of 40 years. I'm in Baby Step 2 paying off my debts with the life insurance proceeds I did get. I'm now looking for a credit union to park my emergency fund in. It feels good to pay off credit cards and cutting them up. I'm never looking back to the old ways. It's incredibly hard not to get preachy to friends when you see them doing something that is not smart tho.
I'm confused. What you are saying makes no sense. Why would you make payments to someone if you are not indebted with them? A credit score is defined on a combination of making payments on time but ALSO on the range of debt you are willing to acquire.
Right on, Dave Ramsey! Love the rant! I was 50 with no credit history, but got married and must have lost my mind and applied for a credit card! Couldn't get one, even a "secured" one. 21 years later, I'm divorced, have a paid for house, paid for vehicles, a credit score of 812 and 7 months to "debt free". Dave's plan didn't help me but I found my way anyway and love his helping folks to shuck and shun debt! Bravo Dave!
God bless you brother Ramsey! We perish for the lack of knowledge. I appreciate the knowledge!😊
I use to think having a credit card was a big don’t like you. But then I realized it’s only bad if you have no self control.
I'm 25 and I'm taking this mans advice i was almost about to sign up for a credit card glad i didn't
DON'TTTTTY DO ITTTTTT RUNNNNN THE OTHERRRRR WAYYYYYY PLEASEEEEE.
Thank you Dave Ramsey! You have taught me so much! You have become a father whom I have never met. Everything that comes out of your mouth is for the good and well being of others and I just want to take a moment to thank you for what you do. I know it gives you joy to help and serve others and I am thankful I purchased your total money makeover audio book and learned how I can get out of debt and that it is possible to be financially secure and to create a financially secure legacy. Thank you Dave.
"If stupid is the norm, you want to be weird!"
Love it!❤👍🏼😂😂👏🏼👏🏼👏🏼
Part 2:
I think people get drawn in by fancy perks that they'll never use, points they don't understand, and cash back that is pennies in a bucket while at the same time not maintaining their pre-credit spending habits. Running balances on credit cards will cause you to pay interest that will negate the perks of the card and turn a rewards program into a penalty program (especially if you begin spending more after you get the card). Working credit to your advantage is a discipline that requires minimal effort, but requires financial awareness.
I respect your passion and agree that steering away from the heard is often times the right direction. I believe that you picked the option that works best for you. I just don't think there is a one size fits all solution to this.
Problem is it's impossible for the whole country to live like this, because without debt there would be no money.
+FortNikitaBullion ummm... WHAT?
Money is loaned into existence by the Federal Reserve and private banks. I encourage you to read "Modern Money Mechanics". Unless Dave Ramsey also proposes we go back to bartering with gold and ignore the US dollar, it's technically impossible for everyone to follow his advice.
+FortNikitaBullion The government can deal in debt without people having personal debt. Two different animals.
He's right, if the bank has 10,000, they can turn that into 50,000 through people taking out loans and paying that back into the bank. It's Macroeconomics.
This man is a comedian. He is HILARIOUS! I love Dave Ramsey!
When he said drivers license as the third piece of plastic I smiled, thank you sir your southern hospitality is getting these young folk like me through it
I’m really on board with everything you say, no way will I ever have a car payment, no I’m not a millionaire. But I don’t see the issue with having a $500 credit card to combat these problems.
This man is telling the truth!
43 and finally hearing this.
I use a credit card, BUT you said something that caught my attention. Paraphrasing, 'I gave my money to the bank by using their credit card and spending too much INSTEAD of using my money wisely and investing. Then I would not be broke. Could even become a millionaire.' Thanks Dave😁. I have some rethinking to do. Appreciate the help 😊
Actually, some employers will check your credit score before hiring you. It's stupid, but they do it.
No, they don't check your credit score, they check your credit history for potential problems that might indicate you are irresponsible or susceptible to bribery/blackmail. You don't need to maintain a credit score for employment, just prevent issues like bills in collections, bankruptcy, foreclosure, etc. from being on your credit report.
Man I love u.. And I think that hate mail coming from the Government to be real with you.
I just discovered this RUclips channel 3 weeks ago. It has changed my life.
Wow. Thank you Dave! I knew this instinctively, but you have validated and cemented it for me.
im happy to say that my fico score is dropping like a rock
Forget Dave Ramsey, we should call him Save Ramsey.
SEEEEEEE PEOPLE SOMEBODY GETS IT.
Thank you very much for your content ... you are now my favorite channel on RUclips ... I've made some mistakes in my finances that I regret but am looking forward to making my future better with your help , thank God for you 👍🏾
goota love how Dave just jumps into the split personality, definitely could tell this guy's has been through some stuff big time
Just paid off my credit card thanks Dave for your guidance
I agree with this Mr. Ramsey. I tried using a credit card and because I only used it once and paid it off and never used it again the credit card company turned off my access to this card. I was raised that if you have to ask how much it cost you cannot afford it, I either use my debit card or cash I do have a checking account but I never write checks I feel that is too old school for my taste. Thank you Mr. Ramsey for posting this video it is truthful I agree about the FICO score being total and utter nonsense as you said it does not tell what ones net worth is, or how successful they are at managing money. My fico is 550 and I really do not give a rip I own a home that is leased out monthly and it is just about paid off.
Fico! Really???
Benjamin Williams "I was raised that if you have to ask how much it costs, you can't afford it." That does not make sense. I don't care how much you can "afford," you should always concern yourself with how much something costs so you are not overpaying with money that could be used for better purposes.
Why do you still have a FICO score? Shouldn't it have disappeared when the credit card was closed?
No fico scores are an on going record of ones personal finance history. It does not go away just because you close this or that account(s)
i bought my last 4 cell phones cash, i love it. i always wait for the new phones to be discounted. for example my cousin bought the galaxy s7 for $780 on payment. i just bought it brand new for $350. i love it
I used to think that having a credit score was a good thing.... you are a great eye opener. Now that I know that I was an idiot, I can start unlearning what I have learned
no where in my town can you rent any apartment without a good credit score, and i own a home just ask any mortgage loan officer about a good credit score . or try buying a car unless its private
If you buy with cash you don't need credit
5:07 the rant begins🔥🔥🔥
“but God hath chosen the foolish things of the world to confound the wise; and God hath chosen the weak things of the world to confound the things which are mighty;”
1 Corinthians 1:27 KJV
Uncle Dave love you man!
They should include a Dave Ramsey subject in high school along math, biology and other subject