Everything I thought about money was wrong

Resources mentioned:

🙋🏼‍♀️Don't Put Your Eggs In One Basket! I Have Multiple Brokerage Accounts!

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Everything I thought about money was wrong
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DISCLOSURE: Some of the links on this page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe.
I am not a financial advisor. The ideas presented in this video are personal opinions and for entertainment purposes only.

[kristinarawlings]

I officially am student loan free as of this morning 🎉

[abbygator]

I completely agree with you on all these points. I do not like Dave ramsey because he gets very angry at anyone who doesn't follow his plan exactly. It makes no sense to me to not atleast get your 401k match while paying off debt. Also credit scores are important for the average person.

[CentsibleLivingWithMoneyMom]

Wow. I remember when you use to think some of these ideas. I love how you share how you changed.

[thereaderbug]

I am definitely a credit card proponent. The last time we had credit card debt was around 10 years ago or so and once we paid them off we kept 1 each (myself and my husband) for large expenses that we didn't carry the money around for. They were planned purchases (like furniture, etc.) and we enjoyed the rewards and would pay them off each time we got paid. So we make 2 payments a month to bring the balance back to zero. This year is the first year that we're putting everything on them. Groceries, gas, clothes...everything. I keep track of it all on a spreadsheet, still pay them off and never carry a balance or pay interest and I am excited to see the rewards we get this year since we've been saving for a big vacation.

[arthrodea]

Dave Ramsey actually now endorses refinancing student loans - but he started doing it after he partnered with Splash Financial. So now he's paid to endorse their company- which makes some level of conflict of interest.
For some people, refinancing their student loans can reduce interest rates and be a really good savings. But they should be aware that once you convert government student loans to private student loans, you lose out of some features/benefits - eg, due to COVID, government student loans have 0% interest right now (Private loans are normal interest rates). There is no hardship deferral in private loans. Some companies will allow you to skip a few payments but interest still acrues. You cannot apply for student loan forgiveness programs (eg the Public Service Loan Forgiveness (PSLF) program) if you refinance to private loans. Biden/congress may or may not end up having some sort of forgiveness program for student loans (10K? 50K? income based? who knows...). but any government forgiveness will not apply to refinanced private loans. If you are going to refinance, look into the details and how they fit your own situation.

[DiamondNestEgg]

"I also need to make my own decisions and LEARN FOR MYSELF whether it's a good thing or bad thing" - love that. There's no one right answer for everyone. Thanks for sharing your experience!

[TammySkipperTV]

We don't find huge value in our Net Worth changes on a monthly basis but we DEFINITELY should have kept investing instead of only paying off debt. Agree completely.

[jasonstupak]

Watched and liked, thanks. All well said.

[vidahappy-frugalspanglishv]

Hello!👋👋 Great video, thank you for sharing your journey with us. I also agree on using credit cards responsibly and build credit. Have a wonderful day, hope to see you soon!🤗🌺💛

[starrose]

Love these tips! I too thought credit cards were bad because my mom used to always drill that into my head! Until one day I got over $2, 000 of work done on my car, which I had more than enough money in my savings to cover it. So I moved it over to my checking account, but when I paid with my debit card it didn't go through because my bank put a hold on my account because the amount was so high. I was mortified standing there and they would not let my drive my car home unless the service was paid. I ended up calling my mom to use her credit card and then paid my mom back. I applied for my first credit card the next day and have been treating it like a debit card ever since! Sometimes moms don't know everything lol and I certainly proved her wrong that day

[davidbirnbaum]

Sounds like you are ready for Robert Kiyosaki's "Rich Dad, Poor Dad" and "CashFlow Quadrant".

[yangiemouie]

I was laughing at some points during this video because I shared some of these silly thoughts!

[simplystephsspace]

I see what you are saying but the reason he says not to refinance is because it makes you feel like you are making progress by doing something when you really aren’t. For example, I consolidated my credit card debt to a loan and then immediately racked up MORE credit card debt. It is more of a psychological thing but I think once you get past that hurdle and are 💯 in paying down debt and getting out, refinancing is good. I think it is more that he didn’t want to say that and then people who weren’t committed did what I did. Once you have that mental shift, do whatever you can to lower rates and pay down debt.

[charlissaberry]

I still mess up on my debt free, we are working on paying off the house and its not been easy. No one is perfect. Most importantly though we learn as we go. When the pandemic hit my husband's job cut his runs and we have to eat through our savings and then we had to as an emergency get a credit card, I didn't want to but we needed to feed and diaper our babies. I love Dave but some things we had to do on our own.. like when we started our family in 2018 and needed to update our small paid off car for a mini van, I had to take a loan out and im soo happy I did and paid that off too but let me tell you I got chewed out for that on the dave community when I asked what should I do... I don't regret it at all. We will get to our debt free moment one day but im loving the tips and talks you give on your channel.

[paulmaguire]

Dave ramseys plan got you to weir you are now I am also Finnish 7 step plan at 56 and 2 of my 5 rental properties are paid for thanks to Dave ramsey steps

[ghfan]

Do you have any thoughts on refinancing parent plus loans into the child’s name? We have been paying my wife’s by logging into her parents’ Nelnet account for a few years. Most of the refinance companies advertise interest rates that are half that of her parent plus loans, but from what I’ve read, it doesn’t look like we could get those rates since it’s technically not a refinance.

Thankfully, the halt on student loan interest this past year has allowed us to hammer the principal of those higher interest loans, but thinking ahead to this fall when interest resumes.

[warrenkatz]

I am glad you have become the anti Ramsey. Using cash back or points on c.c.is the greatest thing since sliced bread .plus there are interest free cards as I am using now to pay for eye surgery not covered by insurance.
14 months interest free plus 3% back. FREE is FREE

[NguyeningLifestyles]

The best time to start was yesterday. The next best time is today!

When you started talking about "Credit Cards are bad" I immediately thought of David Ramsey!

Good thing I learned how credit cards work and got into credit card churning to turn it into another sporadic income stream!

[Sfount]

Does anyone on here have a certain credit card that they recommend for earning credit cards rewards/money/miles? I know I would totally pay it off each month and be putting my regular expenses on it like gas and groceries. Do the points/miles/rewards expire? I have cards that I put nothinggg on currently because I have followed Ramsey for a long time but would love to get stuff back in order to travel with just doing my regular purchases.

[rachaelv]

Investing is powerful. My grandpa put money for an investment account for me as a kid and it is amazing how much it grew before I ever had access to that account. I currently have a positive net worth even though I still have student loans and a mortgage.