Posted on 02/24/2013 9:26:07 PM PST by Altariel
Dear Dave,
What do you think about the practice of credit card churning?
Ethan
Dear Ethan,
I think it's a pretty dumb idea. The concept is to run up the balance on one card as high as you can, then flip the balance from card to card in order to get perks like airline miles. But if you want to go through all the trouble and hassle over such a small amount of money, be my guest.
I've met thousands of millionaires, and none of them have ever credited their success to credit card churning. Think about it: With all the time you'd spend, and risk you're taking on a scheme like that, you could actually have made some money.
If you want success, Ethan, you have to mimic what successful people do. This means living on a detailed plan, saving, and investing!
--Dave
Dear Dave,
Both of our daughters will start college next year. We have $25,000 set aside for each in their custodial accounts, but my financial advisor says we should take the money out because it will keep them from being awarded as much in scholarships and other assistance. What do you think?
John
Dear John,
I disagree. It's like saying you should quit your job to get food stamps. You guys obviously aren't poor, and any financial advisor who says you need to fake being poor in order to get help is not a person whose advice I want to follow.
When your kids apply for scholarships and assistance, your entire financial picture will be assessed. More funding goes to kids from poor families than rich ones, but that's only fair. Chances are, you fall somewhere in the upper-middle portion of the scale.
But no, I wouldn't move the money or try to hide it. It's just not honest to try and act like you're poor when you're not. I don't believe in that kind of stuff.
--Dave
*Dave Ramsey is America's trusted voice on money and business. He's authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.
Dave Ramsey: Encouraging every Freeper to work towards Financial Peace with every PING.
The bankrupt Dave Ramsey? Yeah, right.
“More funding goes to kids from poor families than rich ones, but that’s only fair.”
Why is that fair? Guess merit doesn’t matter anymore...
Eh???
His real estate “empire” ended in bankruptcy court.
When?
And, Life happens...
Oh for Pete’s sake. It happened so many years ago and he’s built up another fortune and future since then. So Narses, have you built your FIRST fortune yet?
Kinduh where I wuz gonna go next.
I know everyone in Silicon Valley, Philthadelphia, NYC and Hollywood.
They make it, break it, screw up and then get their gumption to repursue their dream or just get out their hell.
I don’t know anyone that stays down.
They take their ass kicking and keep going.
“It’s a great life if yer tough”
So stoopit. I got a friend that was a school teacher and now flies private jet.
She woke up one day and just went a different direction.
Still another friend who also flies private jet. Took an azz whooping from life and a wife.
kept going and now doesn’t allow strifeful people in his life. Seems everyone gets a chance or two to act KuhRayZee and if they make it to a 3rd time, they end up making new friends.
It ain’t the falling the counts, it’s getting up that matters.
Maybe narses isn’t a crook.
ROFLOL!!
Maybwe not even trying...
Cept for the rock throwing thing...
Why would I think he is?
I have little problem with helping qualified and worthy ‘poor’ young people get needed financial aid. My skepticism is in who determines ‘poor’ and why as to such. My years of life tells me that there are ‘somewhat poor’ and ‘somewhat comfortable’ families that are just as worthy of help. I speak from experience of a WWII vet who besides getting G.I.Bill aid had to ‘hash’ in addition to attend a world class public system without any family support. No moans but I can see a spectrum of worthy young people.
Looks like I struck a nerve?
Never knew anyone named dave so I don’t give a damn what he says!
Dear Dave, What if I fake being rich by buying shoes for the kids instead of making them wear my old ones?
Dear Parents: Take that money and buy new furniture, big screen tv’s, fur coats, fancy wheels for your ride, steaks at grocery store, PowerBall tickets, drugs, wild parties and jewelry before you apply for that student aid. It is important to build a proper profile before apply for “free” Obama Bucks! ;-)
Any idiot that STILL advocates putting money in the stock market is an idiot I will not listen to.
Putting money in now is like putting money in in June 1929.
What an ass... he even states repeatedly that you can “earn” 8%+ in growth mutual funds ...
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