20/20 show last night w/ Dave Ramsey

[vsjhoc]

Re: 20/20 show last night w/ Dave Ramsey

I also watched the whole show and thought of all of you!

I didn't think the "cheapest family" segment was very helpful. It focused on the couple shopping for bargains in the grocery store who communicated by walkie-talkie. They mentioned once shopping at thrift shops and yard sales. That was it. Our frugalites could have added a lot more content. But it is more entertaining for the viewing public to sneer at people with $60k of debt than to be inspired by people turning off the lights and using coupons.

The financial planner was no brain surgeon either. His solution to this couple's problem was easy because they had sizeable assets to sell. The same was true for Lynette Khalfani (author of Zero Debt and The Money Coach's Guide to Your First Million) - she got rid of $100,000 of debt without filing for bankruptcy because she sold property she owned to pay it off. Most people do not have major assets they can liquidate to wipe out their large debts.

[debt_free]

Re: 20/20 show last night w/ Dave Ramsey

Yes, I saw most of the program and thought that it was presented fairly well. I also
liked the piece about the debt collectors.
What really caused me to pause was the family that was so deep in debt who were advised
to sell their house and sell their time shares - these time shares were worth over $100K, and were portrayed as one of the worst investments one can make. Basically, these people had to almost start over again. Well, everyone makes mistakes, some worse than others.

[Aleta]

Re: 20/20 show last night w/ Dave Ramsey

Timeshares aren't worth that much once you buy them. We paid $7,700.00 for ours in the Florida Keys. It is very nice but in reality, we could probably only get from 4-5,000. for it - if we sold it. Also, our maintenance fees, RCI fees, transfer or exchange fees make owning a timeshare an expensive proposition. Don't get me wrong, we love our timeshare, but we have often thought if it would have been a better investment to have bought a 2nd home and used it as a vacation property for a couple weeks a year.

[Ima saver]

Re: 20/20 show last night w/ Dave Ramsey

They updated Oprah's debt diet yesterday. Two of the couples were doing much better but the third was even deeper in debt.

[creditcardfree]

Re: 20/20 show last night w/ Dave Ramsey

They updated Oprah's debt diet yesterday. Two of the couples were doing much better but the third was even deeper in debt.

I saw that show too. I was amazed at the couple that was deeper in debt. I don't think they really see it as a problem. I think it was a good contrast for people to see. It does take discipline and hard work. One can't just refinance their mortgage and assume all will be fine.

I love the Smart Cookies. That was so cool what they did and are doing for each other. They keep each other accountable in financial matters. I'd love to have local group like that to hang out with. Good thing I have all of you here.