Three things Ramsey overlooks, based on my listening to his radio show but not doing his programs:

1) “Credit doesn’t matter if you don’t borrow money.” 100% false! Try getting insurance with a defective credit score! Also, how many prospective employers look at your credit profile? I’m sure there’s a lot more that hinges in credit, but Dave is insane on this issue alone.

2) “Credit cards are bad - cut them all up.” Whaaaat? Pay it off every month and enjoy the benefits of whatever points program you choose.

3) “Taxes don’t exist.” He does not actually say that, but he does not acknowledge taxes either. Following Dave’s line of thinking, a couple making $100,000 a year can live on half their income and pay off $150,000 debt in exactly 3 years. I don’t think so. Federal income tax, FICA and Medicare diminish a lot of that debt-attack power.

Another thing Dave overlooks is how the hell do you buy a house today by just saving and avoiding a mortgage? Understood that once you get the ball rolling with one house, there’s some leverage to be had. But that first home may never happen via disciplined savings in most US markets.

Ramsey seems like a level-headed, nice guy, devoid of malevolence. If you follow his program, you’ll probably do well versus just coasting along. But their seem to be some holes in his philosophy. Rice and beans, beans and rice has its place, but there are more pieces to the puzzle.

As to 1: there's a big difference between having a bad credit score and having no credit score (technically your score is "indeterminable"). Paying off debt and closing all your accounts will end up with no credit score, and while you may get hit with slightly higher rates on some things, for most people that will more than be offset by the interest they won't be paying on debt.
2. Many reasonable people can do this their whole life (I've never carried a balance on my card in my life), but there are also tons of people with tens of thousands in credit card debt, so for them breaking that cycle means more of a cold turkey style approach. Think of an alcoholic won't really kick his habit by still frequenting bars and drinking "responsibly".
3. When he answers calls he does use "big numbers" in his math, but he does factor in taxes. I think that's more of a motivational effort to get people to believe they can get out of debt and to start the process. There are also plenty of callers who make 100k+ who say they've only paid off 2 grand in a year, which is weak on the other extreme.

To the last point, they obviously prefer paying cash for a house but they never expect that from people, that's why they endorse the 15 year fixed mortgage with at least 5% down.

Seems like everyone went to the UAL forum.

A5S

While wearing a nice butterscotch coloured leather suit, eh Reg?

"I got a good deal on those boys. The scout said they showed a lot of promise."

If you’re vaccinated and a family member gets Covid, if you don’t have symptoms, you’ve been good to go for years. I’m sure you know this, but it’s not as big of a deal as you’re making it sound.

I think Covid is in our rear view mirror, and I hope it stays there.

I'm not making it a big deal. It doesn't really impact me but it is a concession.

Puttin on the foil

Still, a retro/non-retro huge check is worthy of something crazy stupid, surely? God help the Miata lovers.

Personally eyeing a 1st Edition "Germany is Our Problem" - Henry Morgenthau, Jr.

Either that or way, WAY too much on the Folio Society reprints. I'm reasonably certain my wife would divorce me if I purchased their special limited edition LOTR with the newly commissioned Alan Lee paintings.

At $1500 for the Folio's LOTR, the 1945 "FU, Germany" Morgenthau book that looks to have superseded/merely been postponed by the Marshal Plan at a mere $500 seems reasonable by comparison.

(Best not take either on a red eye. Coffee has a way of spilling on the darn things. Don't get me started on how I ruined an original copy of James Burnham's 1943 copy of "The Machiavellians". Absolutely inconsolable. A crime against bibliophiles everywhere. And it was the PLANE COFFEE! Which is to say, shi***)

Don you have any Grey Poupon?

What can I say?

There's some airline pilots who like rental properties to generate long term wealth [we call these "the smartest"]. Some who like GA aircraft. Some travel. Some pour it into second (or third, or fourth) wives. Fancy pools, insane woodworking sheds of astronomical cost to build the penultimate spice rack at the cost of losing a finger, then those who grow their own hops to brew their own beer and keg it for use in a custom nitrogen dispensary system, or boats valued in the six figure range to entertain the youths.

Miatas.

Then there's the real weirdos: rare book collectors.

To each their own. Takes all kinds.

SO are you guys going for a 911 GT3 or a brand new redesign of the Maserati GranTurismo?

Are you more for the performance of a 911 or the styling of the Maserati? I would be pretty torn.

529s for my 1 and 3 year old…(sad emoji)

5:29 gears are pretty steep, what kind of rock crawling buggies are you building for them?

​​​​​​I normally resemble the first sentence, but this money is going into GA rentals, travel and a Lynx grill.

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Their second to last spice rack? Haha.

Not aimed at this particular post, but to the thread…There’s nothing wrong with toys if you do it right. I’ve owned planes, Ferraris and boats, all before I was 40. I’ve broken even or made money on all of them. If you want to have cool stuff, do it smartly and it’s no big deal. Also, commercial real estate is a good side hustle. Doesn’t pay for my toys but will help me retire by 55.

I’m intrigued. How can I make money or break even owning a Ferrari, and if I put you in touch with my family can you convince them this is a good plan???

When you buy, be patient and find the right car. When you sell, be patient and find the right buyer. Don’t be afraid of the big numbers, it’s all relative. Shop around for low interest financing. Cash flow beats paying cash for an exotic. Ferraris aren’t magical. Their engines go up and down, same as a Honda. No need to take it to the dealership. Even better, learn how to maintain it yourself. It’s not cosmic and there is no magic Ferrari dust in it. Yes, oil changes cost more than a normal car, but not crazy. Slightly more than say a BMW. As I said, do it smartly and it’s not a big deal. I really am surprised that more people don’t give one a try.

You are definitely on to something with a Ferrari purchase. I've been tracking used Ferrari prices and watching depreciation curves on a few models. There are YouTube channels dedicated to the topic. At one point I had it narrowed down to a California or F360. California is more car for the $$, but the engine is in the wrong location. I'll probably pull the trigger in two or three years. In hindsight, buying a used Testarossa instead of a new 2015 Stingray would have been a better financial decision. Live and learn... I wish all my financial.mistakes were that fun. :D

+1 on the commercial real estate. Every pilot here could afford a Dollar General by year 5 and have an $8,000 monthly "pension" adjusted for inflation at retirement.

Damn, Ferraris? I thought I was splurging with a refurbed macbook, some wedges, and a new putter.

Dollar generals don’t franchise, I already checked. Neither do waffle houses anymore. Good idea though.

Seriously an F’in Ferrari? You know you can get CD’s that are risk free 5-6% range right now right?

I got a 20.9% return on my Ferrari over 3 years. And I got to drive it. Cost about $400 a month in maintenance, insurance and interest.

Edit: it was a 20.9% return on the purchase price. It was more like 28% on my cash investment.

You buy the property, not the business. You can’t swing a dead cat without hitting a Dollar General thats for sale. Look on LoopNet especially in the mid west. They’re a dime-a-dozen.

nobody on their deathbed has ever said “I wish I had bought a CD instead of owning that Ferrari”

its a good way to limit the top speed for the young uns

perhaps, but I bet they thought “I really am glad I set them up to be as financially secure as I could”, and maybe they will move on a little more peacefully knowing they didn’t let a burden fall on anyone that is by their side when the maker comes a calling.

if only it were possible to both enjoy yourself with toys and leave an estate after spending decades as a six-figure earner

If you are serious about buying a Ferrari - go join FerrariChat and see what to look for and what to avoid. Provenance and service history is absolutely essential for a Ferrari (or really any exotic) to appreciate. If going the 360 route, get a 6MT car (you will pay a premium), but any Ferrari with the gated manual is key right now. Although more expensive than a 360, I would go 550 if you can make the numbers work. 456s are cheaper, but require very expensive service. It goes without saying, but you will most likely do a lot better with a CD or other investment instrument than an exotic - but assuming you are already invested smartly, there are ways to own an exotic and make a bit of money when you go to sell (even after factoring in maintenance, interest payments, etc).

I am going the Porsche route and have zeroed in on a 997.2 Coupe (2010) with the 6MT.

One can tell the Delta pilots got a decent contract when we have gone from talking about Miatas to Ferraris.

​​​​​​I'm looking for the best entertainment ROI not financial. Ferrari definitely wins that comparison. The more accurate comparison would.be new Miata vs used Ferrari.

IMHO capital that doesn't beat inflation should be liquid not tied up for months or years at a time. TBills, CDs and cash are simply storage places where money sits while the investor is finding a purpose for it. Cash is like short call, the purpose is being "promptly available" if needed.

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Exactly this. That 5-6% isn’t “risk free”. It doesn’t even beat inflation! This is a losing investment! So your cash is tied up for what, 2, 3, 5 years? Shoot, you could’ve put it all in the S&P and in 5 years, dollars to donuts you’d at least have beaten inflation! Short term CDs should be used in lieu of a savings account for when you need to set cash aside for a purchase next year.

Aren't we supposed to be at the top of the upgrade list for deadheads now? I deadheaded the other day and had a crappy seat in the back with no ability to even move to comfort plus.

it's gonna take Delta IT a decade or two to figure out how to integrate that into the software.

I figured :D but isn't this a contract violation?

You might want to look at MOA 23-01 deferred Implementation. It mentions PWA 8.F.1.b DH seat selection

Whoops. Missed that was deferred also.

When you build a large enough portfolio of money producing assets (CDs, dividends, business payments) then you can actually live without working and still grow your wealth. Unless you are a professional trader I don’t see how a Ferrari is part of an investment strategy. What is insurance costs on something like this? Where does a normal person drive something like this in a northern city where massive potholes are the norm?

To ensure I’m not misinformed, we can board ASAP now on DHs? I was on a DH yesterday…and my boarding pass was main 1. The MOU doesn’t list boarding…so good to cutoff those wheel chairs and infants?

not everything has to be a maximized effort at wealth accumulation. You can buy a lot of niche cars, enjoy them, and make a little or not lose a lot of money on them. A CD is great, but it’s way more boring than a 70-year-old Vincent.

Correct, we can board as soon as the boarding process starts.