Financial Advice for those wanting to be an O/O

Pretty sad that he thinks financial wealth makes people smarter or better than others.

 

Financial advise for budding O/O.

1)Unless you have $100K cash in the bank, stuffed in a sock, wherever, you're broke.

2) Until you get $100K cash in the bank, stuffed in a sock, wherever, you are broke.

PM me if you have questions.

 

I think 11 pages is enough to get the general idea. Lots of opinions and observations but Ramsay clearly wins. The majority of the criticisms don't rise above the level of nitpicking which nothing is one size fits all so that's to be expected. The guy had enough work ethic to write down what is common sense and build an empire off of it while people who bought it for the most part appear to find great value in it. Some can't separate the work from the personality and that goes both ways, followers and detractors alike. Ramsay's little hustle clearly provides more value than risk so welcome to 'Murica vote with your pocketbook.

 

Everyone here just giving away their knowledge for free. Dave says to charge for it.

 

So I should buy the $5k, 150,000 mile hooptie that will cost me $400 month fix? Here's a perfect example of my comment above, this afternoon, Martino took a call from a lady named Lauren, in Oct. 2021, she paid $6K cash (money from her previous car that was wrecked) for a 2007 Mazda CX7 with 128,000 miles. When she bought it, on the "We Owe" statement from the used car dealer, they wrote up: Check Engine light, power steering leak, steering rack leak. They never fixed the car, she's taken it back to them a couple times, they blow her off, or what they tell her it will cost is more than she can afford. She listed the repairs she's paid for since buying the car: ECM, ECM reprogram, Intake manifold runner assembly, it took 4 months to get the car to pass emissions. You know in Colorado, it's illegal to sell a car that won't pass emissions, unless you sell it as a "tow away". The car still constantly breaks down, to date she's put $4k into repairs and the car still isn't fixed. She's lost two jobs as the result of unreliable transportation. Tell me what advice, from Dave you would give this woman, or imagine this woman is your daughter?

 

And all this takes more money than many people have, and it depends on the company you work for. Yes, it's foolish to have dozens of payments at once, pay off one thing before you buy the next thing, if practical, or get a second job if you need it to pay that bill off.

BTW, one item Dave rails against is credit cards. While he's right, he's also very wrong. Large purchases should always go on credit cards, 1. for the protection offered from the credit cards if the purchase is defective and the seller/manufacturer won't help you, the credit card will help you. 2. In the event of fraud, credit cards offer better protection for fraud than a debit card/checking account. A smart credit card user will also use points to put towards payments, yeah, Dave rails against this, but a smart user would do it properly.

 

Breaking News at 9! Local Man Advises Others to Get Paid for Work!

 

Funny, was reading some financial threads on Reddit and Dave came up. A few posters made a very persuasive argument that some people need it.
As a self made middle class, mid/late life career change crisis kind of person i find it very difficult to relate to personally and then skimming the news tonight i found the incredulous ‘I’m paycheck to paycheck.’ I make $350K a year, but have $88K in student loans, $170K in car loans and a mortgage I pay $4,500 a month on. Do I need professional help?

 

WTF does he drive that he still owes $170,000 on?