The poor man goes to....the rich man goes to....

[quote]Flagpole Willy wrote:

For people wanting to get out of debt, I recommend listening to Dave Ramsey --

http://www.daveramsey.com

. You can listen to archived shows of his (which I recommend because you can skip past commercials) or listen live from 2-5 p.m. Eastern. He pretty much has my same philosophy except that he says to NEVER use credit cards, and I find them just too convenient not to use; for people who have trouble paying the bill each month though, maybe it's a good idea to cut them up. I was doing what he preaches before I ever heard of him. I listen for entertainment's sake, not for advice since he's preaching to the choir with me.

[quote]

I used to find Ramsey really aggravating because of things like the no credit card at all thing, but then I realized he probably isn't suggesting that because it's the best financial idea, but because he's trying to instill habits and behaviors in people that are out of control. Like perhaps with an overweight person - eating a single donut isn't going to make you fat, but if you've demonstrated that you can't handle treats, it may be best to avoid them at all costs.

Arguing with flagpole is like trying to teach a pig to sing. It only wastes your time and annoys the pig.

at peace with ramsey wrote:

I used to find Ramsey really aggravating because of things like the no credit card at all thing, but then I realized he probably isn't suggesting that because it's the best financial idea, but because he's trying to instill habits and behaviors in people that are out of control. Like perhaps with an overweight person - eating a single donut isn't going to make you fat, but if you've demonstrated that you can't handle treats, it may be best to avoid them at all costs.

You are correct.

1) NOT three pages of me bragging about myself. I'm CERTAIN that some people here not only make more than me but have more invested for retirement than me. I just have a financial philosophy that I espouse.

2) People ask me questions about myself, so it's hard not to talk about yourself when you get a pointed question. I realize I do that also when not asked, but it's always to illustrate a point or to refute something that someone has erroneously said about me.

3) You are correct that most financial experts would give the information I give. That's because it is solid. Finances come up a LOT on this message board, and most of the time those topics are NOT started by me. It just happens to be a subject that I am passionate about so I respond when they come up. You can't say that people don't need to hear what I say either because if that were true no one would have debt, and everyone would be well on the way to multi-millionaire status come retirement time. That isn't even close to being the case.

5) Regarding the 15-year mortgage, many experts agree with that stance. Can you make a 30-year mortgage work in a reasonable financial strategy? Sure. Is buying your house quicker (which helps limit risk) a better idea? Yes. Do I think you're an idiot for disagreeing with me? No. (By the way, you notice that I never call people idiots or anything close for doing something that I don't do). I'll disagree with them, but to each his own. It's just that some decisions are better than others.

6) This thread was about the differences between poor men and rich men. My comments have been on topic. Not thread killing at all.

I offer proof that FPW now knows nothing about what he is talking about! If he simply cannot count between one and six, how do you expect him to give out "solid" financial advice?

All kidding aside, FPW does give out good, basic advice. I do also disagree with the 15 year versus 30 year debate (as shown in Excel in a thread long ago). For basic investing though, he has it right.

I do wonder though, as you seem to have five or six basic principles that you rely on. First, have $1000 in savings. Second, 401k to company match. Third, IRA. And on and on. Do you have these saved to a Word document so you don't have to type it up every day?

Wow that is the biggest load of crap of read here and hear from everyone else..... The best credit score is actually zero...

zzz wrote:

Wow that is the biggest load of crap of read here and hear from everyone else..... The best credit score is actually zero...

CORRECT! Something I'm striving to achieve.

Hey Flagpole, could you put together an essential reading list for all this? I'm seeing the light of the end of the long, dark, heinous tunnel that is grad school, so I'll be able to start investing soon. I've got some stuff left over from my college fund, but it's time to start thinking about the future. Thanks.

cassio598 wrote:

Hey Flagpole, could you put together an essential reading list for all this? I'm seeing the light of the end of the long, dark, heinous tunnel that is grad school, so I'll be able to start investing soon. I've got some stuff left over from my college fund, but it's time to start thinking about the future. Thanks.

Try:

Financial Peace AND Total Money Makeover by Dave Ramsey

The Millionaire Next Door by Thomas J. Stanley and William D. Danko

DO NOT TRY:

Rich Dad, Poor Dad (he's just real estate)

Anything by Suze Orman (she worships at the FICO altar)

Online read:

Motley Fool at

Bob Brinker at

Dave Ramsey at

CNN Money at

Read everything you can about IRAs, 401ks (or 403(b) or whatever retirement plan is available to you), mutual funds, bonds, money market accounts, CDs, etc. to understand what they all are and how to use them.

If you do all that and you still have trouble, talk to someone at

or

and get advice about how to structure a mutual fund based on your age and financial goals.

Good luck brother.