Posted on 12/20/2020 12:40:51 PM PST by Rightproud
I am not talking trash. When you buy old debt, don’t you buy it at 10-20 cents on the dollar ?
I saw an old, well-beaten Toyota with this bumper sticker: “Dave Ramsey makes me drive this car” - funny as all hell.
Pfft.
“...I saw an old, well-beaten Toyota with this bumper sticker: “Dave Ramsey makes me drive this car” - funny as all hell....”
I drive a old, beat-up, faded paint, 2005 Honda Civic with 278,000 miles on it every single day. I use it to go everywhere. People that know me make fun of it and me all the time. But that’s ok....I’m totally debt free, not so sure about them. But I’m kinda like “The Little Old Lady from Pasadena” because parked in my rickety old garage is bright red, 6-speed Dodge Challenger SRT8....all paid for.
Thank-you, Mr. Ramsey.
And that's the whole point - debt-free.
That's why that bumper sticker made so much sense, but made me laugh at the same time.
Debt freedom is so worth the effort.
I own a 1990 Toyota 4x4 pickup. Would not get rid of it for anything. I just spent $1,300 replacing the clutch. It’s my work horse and my fishing truck.
Our other vehicle is a 2000 Ford box Van with a lift for my wife who is wheelchair bound.
My home is paid off, and all I need to a few thousand a Month to live, and that is taken care of with my SS, and IRA I work to keep generating cash.
I’ve heard of Ramsey, but never listened to him.
Sounds like he gives the type of advice I have been living by for years.
Total debt free, and doing just fine at 64.
Even Obamacare putting me out of work and loosing my insurance never [ut me under, because my wife and I have always been frugal. Buying when we could afford, and ignoring the things we know we just don’t need.
Interesting. Such debt can usually be “bought” for pennies on the dollar. Okay, a few pennies more than the debt agencies paid to buy it for themselves, but still a small fraction of the nominal debt due.
So I wonder if Ramsey paid something like $1.5M for that $10M of debt. Still a good thing to do, but just a bit different than it initially sounds.
Yep. THey’ll often settle “retail” for less than 20%, which means they’re buying it for still less than that.
Dave presumably paid wholesale on that volume.
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