Millennials flocking to Dave Ramsey

Discussion in 'Business, Investing & Finance' started by divits, Apr 16, 2019.

  1. Detroitgator

    Detroitgator Well-Known Member
    Lifetime Member

    Joined:
    Jul 15, 2014
    Messages:
    17,370
    Oxbucks:
    $11,986
    Ratings:
    +19,495 / -126
    I wouldn’t say they necessarily “lack discipline and self-control”, they lack education, and those are symptoms
     
    • Gator By Marriage

      Gator By Marriage A convert to Gatorism
      Lifetime Member

      Joined:
      Dec 31, 2018
      Messages:
      6,965
      Oxbucks:
      $10,485
      Ratings:
      +11,619 / -170
      No argument from me.
       
    • Detroitgator

      Detroitgator Well-Known Member
      Lifetime Member

      Joined:
      Jul 15, 2014
      Messages:
      17,370
      Oxbucks:
      $11,986
      Ratings:
      +19,495 / -126
      It’s just interesting that some will say these people lack self-discipline and self-control while simultaneously saying that those that achieve success are “lucky”. ;)
       
      • Politigator

        Politigator L-boy's Cousin
        BANNED

        Joined:
        Oct 5, 2018
        Messages:
        2,863
        Oxbucks:
        $984
        Ratings:
        +993 / -1,500
        It is good being lucky!

        You are right, much of it is education. But part of it is values and just the nature of the person. More than once I've been told by people who don't save money is "I don't want to be one of those millionaire next door types".

        I suspect it will be challenging with my daughter. By her nature she is impulsive and pretty much runs through whatever money she gets. We will continue to harp on the need to save and avoid debt - hopefully that sticks.
         
      • Detroitgator

        Detroitgator Well-Known Member
        Lifetime Member

        Joined:
        Jul 15, 2014
        Messages:
        17,370
        Oxbucks:
        $11,986
        Ratings:
        +19,495 / -126
        Why is it that so many that lack self-discipline and self-control are so "unlucky" while so many that have achieved success and possess self-discipline and self-control are "lucky?" Could it be that "luck", whether good or bad, is overrated as a factor? Could it be that throwing around the word "luck", whether attributed to good or bad is a convenient excuse for ones position relative to others?
         
      • Politigator

        Politigator L-boy's Cousin
        BANNED

        Joined:
        Oct 5, 2018
        Messages:
        2,863
        Oxbucks:
        $984
        Ratings:
        +993 / -1,500
        I really don't want to have this argument again. It doesn't have to be either / or. It can be both.
         
      • Detroitgator

        Detroitgator Well-Known Member
        Lifetime Member

        Joined:
        Jul 15, 2014
        Messages:
        17,370
        Oxbucks:
        $11,986
        Ratings:
        +19,495 / -126
        So, good or bad, what percent is attributable to "luck?"
         
      • BMF

        BMF Bad Mother....
        Lifetime Member

        Joined:
        Sep 8, 2014
        Messages:
        15,783
        Oxbucks:
        $18,231
        Ratings:
        +24,738 / -364
        I haven't read the modern day version/updated version of Millionaire Next Door, but I read the 1996 (original version) and it's something that every millineal should read. I'm one of "those millionaire next door types" and live a really good life. Along w/ Dave Ramsey, this generation should buy and read that book as well. Nothing in that book says "live a boring life". Great read, I wish I had read it in my 20's.
         
        • Politigator

          Politigator L-boy's Cousin
          BANNED

          Joined:
          Oct 5, 2018
          Messages:
          2,863
          Oxbucks:
          $984
          Ratings:
          +993 / -1,500
           
        • Detroitgator

          Detroitgator Well-Known Member
          Lifetime Member

          Joined:
          Jul 15, 2014
          Messages:
          17,370
          Oxbucks:
          $11,986
          Ratings:
          +19,495 / -126
          Just don't ever say again that you are open to honest debate, because you aren't.
           
        • Politigator

          Politigator L-boy's Cousin
          BANNED

          Joined:
          Oct 5, 2018
          Messages:
          2,863
          Oxbucks:
          $984
          Ratings:
          +993 / -1,500
          It's just a pointless conversation and I'm sure why you want to keep having it. I can go find some Warren Buffet quotes talking about his luck aspect of his wealth but that is pointless. It is obvious you find it deeply and personally offensive the suggestion that luck plays a part in success, so there's no need to beat the dead horse. Coming up with hypothetical percentage allocations of luck vs skill vs hard work vs other is just that, hypothetical.

          I'm more interested in why you think younger people saving in tax advantaged accounts is such a bad idea. You dropped that turd and just let it sit there.
           
        • Detroitgator

          Detroitgator Well-Known Member
          Lifetime Member

          Joined:
          Jul 15, 2014
          Messages:
          17,370
          Oxbucks:
          $11,986
          Ratings:
          +19,495 / -126
          We went over it about 3 years ago... when I told you the same thing then, that rules/paradigm were changing and that everyone our age was at risk. You dismissed it then too, you even assured us, repeatedly, that your job was very secure and you saw no risk of it going away. Was that 2 jobs and a year of unemployment ago, or 3 jobs and a year of unemployment ago? Was that due to "bad luck", or a failure on your part to see that NOTHING is secure when you are that dependent on others?

          Now, you'll take that as a personal attack, but it is not. You only like to discuss things at the 30,000 foot/300 million people level because that keeps it safe and vague. You don't like it when we discuss real life, individual, examples... you call them anecdotal.
           
        • Politigator

          Politigator L-boy's Cousin
          BANNED

          Joined:
          Oct 5, 2018
          Messages:
          2,863
          Oxbucks:
          $984
          Ratings:
          +993 / -1,500
          You posted in a thread in a financial forum about tax advantaged savings strategies that the whole exercise is a disservice to those less than 45. I would think you would want to explain that for those other than me who werent privy to this mysterious conversation you and I had years ago.
           
          #33 Politigator, May 29, 2019
          Last edited: May 29, 2019
        • Politigator

          Politigator L-boy's Cousin
          BANNED

          Joined:
          Oct 5, 2018
          Messages:
          2,863
          Oxbucks:
          $984
          Ratings:
          +993 / -1,500
          I'll try to extrapolate the relevance of this post and my situation to the topic, because this thread is not about my career. I was laid off 5 years ago after 10 years as an employee. It was a surprise but not a shock. I had been laid off before. After that I worked several contract jobs, some 1099 some W2. That was partially by choice. My wife also has a good paying job. We can easily survive just on her income.

          Recently I just went permanent w2!for the first time since 2014. I actually gave a great deal of thought as to whether I even wanted to do that.

          To make this relevant to this thread, when I was laid off 5 years ago, after about 2 minutes of surprise, it wasn't a big deal. I didn't care that much. I was strangely relieved in a way We are a two income family, and we have saved all of our lives, and the world doesn't end if one of us, or even two of us, lose our jobs. That is because we have saved continuously, mostly in retirement accounts. We could both retire now if we had to, although it wouldn't be optimal.

          Thus my puzzlement at your suggestion that my personal experiences somehow negates the need to save, especially in tax advantaged accounts. Now more than ever based upon the way work is transactional and contractual means you should save even more.
           
        • Detroitgator

          Detroitgator Well-Known Member
          Lifetime Member

          Joined:
          Jul 15, 2014
          Messages:
          17,370
          Oxbucks:
          $11,986
          Ratings:
          +19,495 / -126
          You keep fixating on the root word "save" when I said that was the wrong word/question to start. We both agree that "invest" is the better word, we just differ on the route and it's here that I think people are doing a disservice to their kids.
           
        • Politigator

          Politigator L-boy's Cousin
          BANNED

          Joined:
          Oct 5, 2018
          Messages:
          2,863
          Oxbucks:
          $984
          Ratings:
          +993 / -1,500
          When I say save, I assume that includes investing.

          I'm guessing you think everybody should own hard assets and real estate. That's fine for those who wish to do that but not everybody can be landlords.
           
        • Detroitgator

          Detroitgator Well-Known Member
          Lifetime Member

          Joined:
          Jul 15, 2014
          Messages:
          17,370
          Oxbucks:
          $11,986
          Ratings:
          +19,495 / -126
          No, I have always believed in true diversification of investment in all actual asset classes, to include paper, that generate revenue, otherwise they are a liability until realized (potentially). You have called most of them "schemes" and "diversify" in paper only. Why after going on 15 something years do you continually not understand/get right my 100% consistent statements about these things?

          Also, yes, damn near EVERYONE on this board can be a landlord and we proved it one day in the chat box with about 8 people... what most people lack is the risk tolerance to try anything different, and again, I think that is a massive disservice to our kids.
           
        • ChiefGator

          ChiefGator A Chief and a Gator, Master of the Ignore list!!!!

          Joined:
          Nov 9, 2015
          Messages:
          7,042
          Oxbucks:
          $2,682
          Ratings:
          +3,950 / -349
          It is pretty simple if a liberal is a success it is "luck", if someone else is successful it is skill. I really don't like the term "luck", more like some natural variation that works out in some people's favor and not in others.

          So let's say a female gets pregnant by several different males and they don't support anybody. is that "luck" that they got pregnant, or something else.

          Is it "luck" that we were born in the USA instead of say Guatemala? Or good decisions by our relatives?

          Luck is way over rated.
           
        • rogdochar

          rogdochar Senior Member
          Lifetime Member

          Joined:
          Jun 14, 2014
          Messages:
          18,795
          Oxbucks:
          $12,499
          Ratings:
          +19,578 / -294
          Money is the root of all evil..... Poverty causes crime. ...:confused:
           
        • Gator By Marriage

          Gator By Marriage A convert to Gatorism
          Lifetime Member

          Joined:
          Dec 31, 2018
          Messages:
          6,965
          Oxbucks:
          $10,485
          Ratings:
          +11,619 / -170
          From Star Trek episode 35 ("The Doomsday Machine.")
          • Spock : Random chance seems to have operated in our favor.

            Dr. McCoy : In plain non-Vulcan English, we've been lucky.

            Spock : I believe I said that, Doctor.
           

        Share This Page

        The Box

        Help

        You don't have the necessary permissions to use the chat.

          1. There are currently no users chatting.
            • About Us

              Our community sprung up when the Gatorsports message board was shut down in the summer of 2014. We pride ourselves on offering Gator-biased, yet critical discussion among people of all different backgrounds. We are working every day to make sure our community is the best Gator message board you will find.
            • Like us on Facebook

            • Buy us a Zima!

              The management works very hard to make sure the community is running the best software, best designs, and all the other bells and whistles. Care to buy us a non-alcoholic Zima? We'd really appreciate it! Just click the "Donate" tab at the top of the page.