/biz/ - Business & Finance

Credit is a tool for smart people and a trap for dumb people.

>>15279649
This.

>>15279649
Basically.

>>15279641
He's got some good advice but like the other anon said credit has it's uses for people who aren't shit with money.

>>15279641
his advice is good but doesnt work in this scam keynesian economy where people who want to save a delay their purchases get assfucked by (((inflation)))

>>15279682
save or delay*

>>15279649
and which category do most people belong to?

>>15279741
Average

>>15279682
this. real inflation is 6-10% not the paltry 2% we're told. It makes very little sense to save.

>>15279752
>real inflation is 6-10% not the paltry 2% we're told.
show me where the last CPI report is wrong

>>15279753
based retard

>>15279641

In general you shouldn't buy a car or something you can't actually afford. However, if you're jsut starting life not having a credit score is brainlet tier advice in burgerland. You need to have a credit score to do basically anything when you're younger than like 35

>>15279641
Without a credit score, how are you even going to get an apartment while you're saving up for a house?
Where are you even going to LIVE? You can't even get a job without permanent residence.

>>15279752
Unless they're saving in gold

>>15280015
Man things have gotten bad that they're doing hard pulls for fucking apartments.

Either way Ramsey is 100% correct. It's a trap to borrow.

>>15279641
I don't pay the Jews, the Jews pay me!

Gordon "boomer doomer" Ramsey BTFO for all eternity!

>>15279752
look at the cost of everything. my house was worth 40k in 2009 now its worth 210k. that's at least 10% inflation

>>15279921
a lot of people struggle with averages

>>15280202
meant for >>15279840

>>15280202
>my car was worth $30k in 2010 but is now worth $8k!
>The US dollar is growing in value!

>>15279641
Yes, he is right. Most people's money problems are behavioral not mathematical and trying to outkike the kikes lile >>15280151 will fuck you in the end since you inly uave to fuck a payment up once to lose all your "gains".
And, yes, they know about this trick the goys who think they are smart try to pull. It's bait.

>>15279641
His advice is geared toward literal brainlets, the people who call his show are the most promethean knuckle-dragging morons on the planet, they'll never be able to understand any form of discipline when it comes to not abusing lines of credit so his strategy is just to say "fuck it, don't use credit at all". He does a great service for these people but if your IQ is above room temperature you can use a credit card sparingly.

>>15280428
I think it just proves that the credit industry is inherently predatory, but not just in a nietzschean "strong shall prevail" sense. It's parasitic and dysgenic.

i think its ok to borrow for things that will guarantee a return. rule is only borrow money to make money.

>>15279641
ok i'll just be homeless then thanks

>>15279641
He is a boomer and was right in boomer times when you could buy a house for 1 year's income but not anymore

>>15280476
live with your parents

>>15280443
Well no shit it's predatory, and who do you think gets preyed upon the hardest? It's the kind of people who call his show. He does a service to these people by telling them to just avoid using credit altogether because they have dysfunctional brains.

>>15280485
I am currently but it's really messing me up mentally
All my adolescence I was waiting to move out and become an "adult", but it feels like I'm stuck at being a manchild. I am basically a child, only grown up and with a job. It's fucked

>>15280303
>my car was worth 30k in 2010
except it wasnt. cars are not worth even half of what they sell them new

>>15279641
based

>>15280506
I don't think you should feel like a child at all. People have lived with their families for basically all of human history, including incredibly recently. I'd wager the push for young people to buy new houses away from their parents and where they grew up is purely economical- it gets them in more debt and also keeps them farther away from their families. You should live with your parents, hey maybe buy a new house and then move them in with you. That's what old money does and that's why they are and will remain old money.

>>15280062
the jews found a way to cuck gold through paper derivatives, otherwise gold would outperform FIAT every year and every national currency would hyperinflate
the jews will never allow this

>>15280443
it's parasitic to retards with no self-control. Just like drugs and gambling.

>>15280202
this, real estate is the only thing inflation should be meaured again because most other things ar meaningless in the grand scheme of things
the jews want to own it all, all land, all properties to keep everyone slaves, feudalism 2.0

>>15280536
I understand what you're saying, but you'd ideally need a big house for that. I live in a 500 sqft apartment with my parents and 15 year old brother. There's no privacy, no space, everything's awkward. I can't even imagine bringing a girl home, if I ever had such an opportunity

>>15280553
exactly. neofeudalism with Hebraic lords is the plan

>>15279649
FPBP

>>15280320
m8 I use my chase card as my primary card and log into it every day to pay off whatever's been posted. For me to "fuck up", I'd have to go on an uncontrolled buying spree, max it out, and then completely forget to make a payment for 30 days... It's REALLY not hard to manage credit. Now some people have to live on credit and I'm not going to sit on my high horse and call all of those people bad with money either. Some people are just so poor that they need to subsidize some of their basic necessities with credit, and will be in debt until they die, and that's a situation I hope to never find myself in.

>>15280799
I wish you the best and I wasn't really trying to throw salt your way though that's how it came out. Some people are outliers. For instance, I'm a phenomenally successful day trader despote the incredible odds against me. You are great with managing your credit cards and beating the man. We can probably agree most people trying both of these things will get rekt sooner or later. That's all I was getting at. Carry on.

>>15279641
This guy teaches finance level 1 to basic people who have no idea what they're doing.
This is not Gordon Ramsey on master chef. This is like teaching kids how to walk. If your IQ is higher then 90, you shouldn't need his advice

>>15280799
Statistically this represents less than 1 in every 25 or so thousand people. It's an obvious LARP.

>>15280549
And such a system requires as many retards as possible to keep itself alive. So it will do its best to CREATE more.

>>15279641
Imagine not using and auditing engagement with debt as a tool.
Imagine seeing debt as a consumable resource.

>>15280560
I don't have so many answers but if you're living in a city you are being ripped off and should move. Also, love hotels seem like a novel idea if you can't get privacy in your own house for some reason.

The only credit card worth looking at

>>15281081
>Paying your bills on time in current year is a larp

Moot should have shut this shithole down Jesus Christ.

>>15280553
based and redpilled. what's money if you cannot buy/afford land? people have forgotten the value of land

>>15280799
same, chase bro
points are free income
debt is slavery

>>15279641
is a credit score pointless if you don't have a job.

>>15279641

It depends.

Borrowing for consumption goods like a car or a holiday is stupid and retarded.

Borrowing for investment purposes, such as purchasing a business, or borrowing capital to start a business, can be smart if you have done your research and reckion you have a decent shot of making it.

>>15279682

That's why you need good dividend paying stocks, metals and crypto which aren't subject to inflation so much.

>>15281511
>Borrowing for consumption goods like a car or a holiday is stupid and retarded.
this is what 98% of wagies do

It's good advice for the average retards that watch his show. If you aren't retarded, you charge up all your expenses on your credit card month to month and pay it off in full and keep the cash back. Effectively getting a 2%+ discount on everything that you buy.

>>15281511
You are wrong the borrowing is a god way to get into a business. People who start up with (((loans))) are fucked.

Yes taking loans for cars and consumer stuff is dumb. The only time you should borrow is to buy a house. Apart from a few total messes, home value increases nearly everywhere outpace mortgage rates. That gap increases if you pick a house in an area that is on the upswing (ie gentrifying).

>>15280015
Wtf, all I needed for an apartment was my last 3 check stubs...

>>15280553
>housing going up
>muh inflation
>not cause by millions of foriegn dollars and millions of shitskins pouring into the country
Fucking potato iq

>>15281136
Stupid parents create dumb children and they're the only ones to blame. Retards should be taken advantage of by institutions.

>>15281642
>You are wrong the borrowing is a god way to get into a business. People who start up with (((loans))) are fucked.

Friend, you do understand that pretty much all businesses run on credit, right? That doesn't mean they aren't turning a profit necessarily, just that they run on credit.

>>15281724
3 month net invoices are NOT consumer credit

>>15281743
I'm not equating the two, but it's still credit. Saying it's not a good way to get into business is pretty silly. What would be a bit concerning is if you try to start a business with credit directly under your name and not under an LLC/S corp, or something, which to be fair, people still do and succeed at, but you're also accepting a lot more risk if you do go bankrupt.

>>15281692
The institutions you are defending have every incentive to influence society to create more stupid people. This is bad for you and your own offspring as institutions will make it harder for you to outcompete the subsidized stupidity. Cows were domestically bred to be milk and meat machines for a reason.

>>15281668
hi boomer

>>15281860
>The institutions you are defending have every incentive to influence society to create more stupid people
And stupid people get what they deserve.
>This is bad for you and your own offspring as institutions will make it harder for you to outcompete the subsidized stupidity
When you find out how, let me know. Until then, anyone with common sense is impervious to
>muh big bad credit card companies
and they're little more than cash back machines.

>>15282019
who do you think pays for muh cash back? you do in the form of higher prices from credit cards charging merchants

>>15279649

>>15282114
Merchants would surcharge regardless of me because there's a big pool of stupid people who are in debt and use credit cards. The only way to avoid that is cash and since I don't live in the middle of nowhere, a store isn't going to let me negotiate the price down.

So if the vendors around me are going to surcharge either way, I still have the benefit of being at least 2% ahead of most people, and realistically I'm a lot of % ahead of most people, because most people are fucking idiots and watching their financial struggles makes everything worth it.

>>15281511
>investing with borrowed money

>>15281692
You may not realize this, but they did a hard credit check.

>>15279649

Credit should be used to purchase assets that can provide an income or appreciate in value. Not for purchasing depreciating assets.

stop taking on debt

>>15282019
>And stupid people get what they deserve.
You are literally stupid for defending institutions as they make more stupid people to drown you out.
>When you find out how, let me know
"Yeah a society full of low time preference consumer cows will surely NOT affect me or my offspring in any negative way ahaha" the only way this statement could ever be true is if you were a fully fledged and protected member of the banking cartel. Would such a person really be posting on 4chan? I'll assume you haven't even watched Idiocracy of all films.
>muh big bad credit card companies
I'm clearly talking about more than just one specific type of company, but yes credit does play a negative role as I've already stated... and you've never even challenged.

>>15279641
Back in high school they bought his course for our personal finance class.

>>15279641
He's a retarded boomer. Less than one percent of American could buy a house in cash. You can have a mortgage and still be smart with money.

>>15279649
There you go. That’s why I just took a 20k loan to buy 1btc and 4300 link

>>15281511
My auto loan from a credit Union is 1.7%. I'd rather keep the 15k I have saved for my next car and get back 10% in the markets over the course of the loan (3 years). My 15k will become $19,964 during that time, and I will have paid the credit union $15,778 for the car. I increased my worth by $4186. Of course if this happens during a market correction, I'd be down money, but the loan will still be only 1.7%. This is what wealthy people do. This is leveraging.

>>15279649
>trap for dumb people.
>>15282851

Yup

>>15282769
Fucking shit course.

Baby steps are for babies. Step your game up.

That guy Dave is such an idiot he is afraid to use credit

>>15282845

ignoramus, dave doesn't yell at people for getting a mortgage.

he tells you to get a 15 year fixed rate, no 30 year, no baloon, no bullshit. says the average guys following their plan pay the house off in around 10 years.


there's so much ignorance about dave and the baby steps from broke people and those who think they can out earn their stupidity. i really don't get the hate.

>>15282975
I’m already up $500 so we’ll see about that. Cap this.

he gives that advice to people who are trying to unfuck themselves

even he knows some debt is good debt

>>15279641
*Blocks your path*
>Pays off mortgage with loans,and other cards,using the capital to rent out more apartments

>>15280015
You can get an apartment without a credit score. It’s just a pain in the ass.

>I don’t believe in borrowing money or debt
>Tell them it’s against your religion or some shit
>They will ask for your paycheck stubs or proof of income
>They will ask for a rather large deposit up front usually
>It just takes longer and is much more of a haste

Basically you can get any appartment you want if you have money and are halfway presentable

Screw this guy and everything he represents.

>>15282695
>You are literally stupid for defending institutions as they make more stupid people to drown you out.
They don't make more stupid people. They capture them. Stupid parents raise stupid children like you, who can't distinguish clauses.

Dave Ramsey is for people swimming in debt and no fucking clue what they're doing. His advice helped a friend of mine unfuck his personal finances, after which he got a credit card and started using it responsibly to slowly repair his credit score. He will teach prudence, which many people lack.

>>15280320
pretty sure capital one waives their late payment fees if you're speedy about making the payment and calling in after. not too difficult to setup autopay either, takes like 10s.

>>15280799
pretty much this. it is mindblowing how people are able to fuck up so badly

>>15284165
thinking about doing that too desu. really closing to pulling the trigger on a 6% loan at 20k or so. i have enough in savings to eat the loss and i definitely think only a breathtaking recession would cause a price drop