Squeak 17 #26 September 7, 2006 QuoteYou haven't convinced me that Dave Ramsey would approve of your debt. He went bankrupt overnight with real estate investment debt, so he's very leary of that. I'm not saying that his advice is "the Gospel" for everyone. I'm just relaying what I've heard him preaching for years. Well the OZ financial world is s little different to that of the USA, if he went bankrupt in real estate Ican almost garuntee he over capitalised. Thats the one thing I made certain I did not do. I own my home outright, and it is not emcumbered in any way to the investment properties, and i geared in a way that if times are tough I can sell one property and still have a good capital investment. Again not ALL debt is bad debt. Have a read of some of Kiyosaki's books he details good debt bad debt very well.You are not now, nor will you ever be, good enough to not die in this sport (Sparky) My Life ROCKS! How's yours doing? Quote Share this post Link to post Share on other sites
Ron 7 #27 September 7, 2006 Love his show...Do not agree with the religions spin, but I like how he gives real advice and wants people to live life."No free man shall ever be debarred the use of arms." -- Thomas Jefferson, Thomas Jefferson Papers, 334 Quote Share this post Link to post Share on other sites
gmittar 0 #28 September 7, 2006 QuoteQuoteYou haven't convinced me that Dave Ramsey would approve of your debt. He went bankrupt overnight with real estate investment debt, so he's very leary of that. I'm not saying that his advice is "the Gospel" for everyone. I'm just relaying what I've heard him preaching for years. Well the OZ financial world is s little different to that of the USA, if he went bankrupt in real estate Ican almost garuntee he over capitalised. Thats the one thing I made certain I did not do. I own my home outright, and it is not emcumbered in any way to the investment properties, and i geared in a way that if times are tough I can sell one property and still have a good capital investment. Again not ALL debt is bad debt. Have a read of some of Kiyosaki's books he details good debt bad debt very well. What happens when your car is wrecked and you're injured temporarily so you can't work. And it turns out that the renters in both properties decide they don't want to pay you. Interest rates are up so no one is buying, or a crack house opened on the corner of where your property is, halving the value of your places. The point? Shit happens, and it happens all at once. If you're leveraging, you're setting yourself up for an eventual shitstorm. At least that's what Dave teaches, and I believe him more than you, go figure. Another thing he teaches, if you wanna be rich, do what rich people do. He's rich, and he's systemized the process he used to get there, it's what he teaches. |>.<| Seriously, W.T.F. mate? Quote Share this post Link to post Share on other sites
gmittar 0 #29 September 7, 2006 QuoteLove his show...Do not agree with the religions spin, but I like how he gives real advice and wants people to live life. Yeah, I got a bit miffed the other day when he was comparing porn to cocaine. I agree that if you're addicted to porn, you need help, but casual use of porn is very unlike casual use of cocaine. But then, I listen for the financial advice, not the religious. |>.<| Seriously, W.T.F. mate? Quote Share this post Link to post Share on other sites
Slappie 9 #30 April 16, 2007 Had to drag this thread up from the dead. Just started reading TMMO. I'm not that far into debt, just enough to bug me. So it's a good time to start something that benefits me financially. "Find out just what any people will quietly submit to and you have found out the exact measure of injustice and wrong which will be imposed upon them." Quote Share this post Link to post Share on other sites
gmittar 0 #31 April 16, 2007 Fantastic! I'm about 2/3 of the way through FPU and loving it. Hope to be out of debt by end of the year |>.<| Seriously, W.T.F. mate? Quote Share this post Link to post Share on other sites
