this post was submitted on 12 Apr 2024
559 points (94.9% liked)
Not The Onion
12372 readers
461 users here now
Welcome
We're not The Onion! Not affiliated with them in any way! Not operated by them in any way! All the news here is real!
The Rules
Posts must be:
- Links to news stories from...
- ...credible sources, with...
- ...their original headlines, that...
- ...would make people who see the headline think, “That has got to be a story from The Onion, America’s Finest News Source.”
Comments must abide by the server rules for Lemmy.world and generally abstain from trollish, bigoted, or otherwise disruptive behavior that makes this community less fun for everyone.
And that’s basically it!
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
His "no debt" spiel is a decade out of date. The red queen paradox applies here, most people need to run as fast as they can, just to stay in the same place.
The average house here has gone up in value 55 euros a day for the past decade, and rent has risen faster Unless you're already doing very well, you cant budget your way into buying a house anymore. Saving 55 euros a day for a decade means you're standing still, you need to MORE to actually get closer to buying property.
Again, that's 55 bucks a DAY, or 1650 a month, just keep pace. Dave Ramsey can fuck right off when it takes 32 hours at minimum just to stay as poor as you always were.
No debt has worked for me. I don't care for him and any of his advice, but getting out of debt has been great for me.
Going by your comments, you're hardly a struggling gen-z though. When you or I run in place, we're already miles ahead of those who can barely get off the starting line.
But you were in debt, and the example given of a home mortgage is pretty definitively a debt worth taking on, as rent and increasing housing costs will easily outpace accrued interest.
You should pay that debt down quickly, unless you're mortgage rate is crazy good and investment returns are crazy high, but that's not usual. But taking on a mortgage is about the only way you can get into owning a house except for being a trust fund baby.
Some people may have to suck it up and tolerate a car payment, of they can't afford a 6 to 9 thousands dollar car, because they need transportation to get to work, and any car cheaper than that will be very expensive to repair.
Carrying over any balance on a credit card? Yeah, that's always a terrible idea.
His no debt spiel is really only get a mortgage once you have no other debt.