Comments on: My Thoughts on “The Millionaire Inside: Debt-Free” http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 25 May 2012 01:47:17 +0000 hourly 1 http://wordpress.org/?v= By: db http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-118595 db Thu, 05 Jul 2007 22:50:21 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-118595 LOL -- oh Luke. Luke really brings up a good point that this is supposed to be a show about getting debt free (right?) so what are we talking about $200 clothing purchases for? HAHA! While I've been getting out of debt I've had 2 pairs of $20 jeans that I've worn (to work no less) until the seats split out of them. Only then did I go buy a new pair. And I've gone for months with only a couple of pairs of sandals or shoes until I've worn holes to the ground. This year I relented and spent some money on clothing and shoes, but then again I've paid off close to $25K in debt in about 2 years too. Good call Luke. I didn't even know there were $2000 lawn mowers. Hope it's got a seat and a wheel. DB P.S. -- I would have liked to see Dave Ramsey on the show. LOL — oh Luke.

Luke really brings up a good point that this is supposed to be a show about getting debt free (right?) so what are we talking about $200 clothing purchases for? HAHA! While I’ve been getting out of debt I’ve had 2 pairs of $20 jeans that I’ve worn (to work no less) until the seats split out of them. Only then did I go buy a new pair. And I’ve gone for months with only a couple of pairs of sandals or shoes until I’ve worn holes to the ground. This year I relented and spent some money on clothing and shoes, but then again I’ve paid off close to $25K in debt in about 2 years too. Good call Luke.

I didn’t even know there were $2000 lawn mowers. Hope it’s got a seat and a wheel.

DB

P.S. — I would have liked to see Dave Ramsey on the show.

]]> By: Luke http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-118331 Luke Wed, 04 Jul 2007 15:26:22 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-118331 Just to add in my two cents here...I do agree to always buy the best of what you can afford and in "theory" I see that buying a $200 pair of jeans over 10 pairs of garbage ones is a better bet, but it's flat out not solid advice on a debt show. It's a show on debt and how we, as Americans, spend more money than we have and the thread that runs through that comment is to not cut spending? Guys and gals, it was a show on DEBT and one of the speakers is suggesting $200 pairs of jeans are 'OK'. Again, I understand you need to buy the best you can afford, but how about her saying to buy a $100 pair of jeans [still ridiculously expensive] and apply the rest to her debt or throw that extra $100 into the Roth? Where is that type of advice? And Robert K. kissing his 'black' American Express card on a DEBT SHOW is tacky and classless. That card is for folks that charge hundreds of thousands of dollars and this tool kisses the thing? In short, this is the second show in this series and I hope they aren't paying these speakers all that much for their time, because it really is a waste of time with very little actual tips to take home and apply and the whole kissing a ccredit card and not telling the viewers to cut back on spending when given a perfect example to do so is a farss. Just to add in my two cents here…I do agree to always buy the best of what you can afford and in “theory” I see that buying a $200 pair of jeans over 10 pairs of garbage ones is a better bet, but it’s flat out not solid advice on a debt show. It’s a show on debt and how we, as Americans, spend more money than we have and the thread that runs through that comment is to not cut spending?

Guys and gals, it was a show on DEBT and one of the speakers is suggesting $200 pairs of jeans are ‘OK’.

Again, I understand you need to buy the best you can afford, but how about her saying to buy a $100 pair of jeans [still ridiculously expensive] and apply the rest to her debt or throw that extra $100 into the Roth? Where is that type of advice?

And Robert K. kissing his ‘black’ American Express card on a DEBT SHOW is tacky and classless. That card is for folks that charge hundreds of thousands of dollars and this tool kisses the thing?

In short, this is the second show in this series and I hope they aren’t paying these speakers all that much for their time, because it really is a waste of time with very little actual tips to take home and apply and the whole kissing a ccredit card and not telling the viewers to cut back on spending when given a perfect example to do so is a farss.

]]> By: Kitty http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-118150 Kitty Tue, 03 Jul 2007 20:55:34 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-118150 I found the show a bit boring overall, but then I usually watch shows about debt strictly for the entertainment value - good for the self-esteem. The parts when they were listing expensive toys people buy were funny. A $2000 lawn mower they mentioned reminded me of a $2000 vacuum cleaner a wife of a former co-worker bought because "the visiting salesman looked nice" while "forgetting" to pay their mortgage for a few months with all-too-predictable results. I took $200 jeans idea much the same way as some posters above - it's better to buy one quality item that you use rather than 20 that you don't. I thought the idea was that people often buy things indiscriminantly just because they are "on sale", so they might end up spending more than $200 and buy a lot of stuff they don't really need. I took his "I love my credit card" comment to mean that credit cards in themselves aren't the problem - people's spending habits are. I bet he pays his bills in full every month. I love my credit card too, and I've never paid a penny in interest. I missed "it is black" comment because I'd never heard of "black" credit cards until I read about them on one of the blogs yesterday. Wonder how many of the viewers understood the reference. I found the show a bit boring overall, but then I usually watch shows about debt strictly for the entertainment value – good for the self-esteem. The parts when they were listing expensive toys people buy were funny. A $2000 lawn mower they mentioned reminded me of a $2000 vacuum cleaner a wife of a former co-worker bought because “the visiting salesman looked nice” while “forgetting” to pay their mortgage for a few months with all-too-predictable results.

I took $200 jeans idea much the same way as some posters above – it’s better to buy one quality item that you use rather than 20 that you don’t. I thought the idea was that people often buy things indiscriminantly just because they are “on sale”, so they might end up spending more than $200 and buy a lot of stuff they don’t really need.

I took his “I love my credit card” comment to mean that credit cards in themselves aren’t the problem – people’s spending habits are. I bet he pays his bills in full every month. I love my credit card too, and I’ve never paid a penny in interest. I missed “it is black” comment because I’d never heard of “black” credit cards until I read about them on one of the blogs yesterday. Wonder how many of the viewers understood the reference.

]]> By: Miguel http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-118077 Miguel Tue, 03 Jul 2007 13:43:51 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-118077 I doubt RK has to pay the annual fee on the black card. And I'd bet he gets paid by AMX very time he mentions and/or shows his black card on TV. The guy may be a PF moron, but you have to grant that he is an entertainment/marketing genius. I doubt RK has to pay the annual fee on the black card. And I’d bet he gets paid by AMX very time he mentions and/or shows his black card on TV.

The guy may be a PF moron, but you have to grant that he is an entertainment/marketing genius.

]]> By: Moneymonk http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-117878 Moneymonk Mon, 02 Jul 2007 15:31:31 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-117878 Larry was the best-- he was straight to the point. RK said good debt is good when other people pay it back. Whatever. For as Jennifer comment, I think she use jeans to make a point about quality. No sense going through $20 pairs of jeans to fade or have the inseam come loose. Just get one pair that will last forever. DB made a good comment towards debt CON services. Overall, CCs are not meant for everyone to have. CC companies are in business to make money. Like Sharon Epperson said. I guess if you are already a PFblogger. The show did not give you a WOW factor. But for beginners, it was an OK show. Larry was the best– he was straight to the point.
RK said good debt is good when other people pay it back. Whatever.

For as Jennifer comment, I think she use jeans to make a point about quality. No sense going through $20 pairs of jeans to fade or have the inseam come loose. Just get one pair that will last forever.

DB made a good comment towards debt CON services.

Overall, CCs are not meant for everyone to have. CC companies are in business to make money. Like Sharon Epperson said.

I guess if you are already a PFblogger. The show did not give you a WOW factor. But for beginners, it was an OK show.

]]> By: db http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-117827 db Mon, 02 Jul 2007 11:36:16 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-117827 I wonder how RK manages to get others to pay the annual fee on his black card then? Thanks, but I'll stick to a card that has no annual fee. And -- $250K in credit card purchases in a year? DB I wonder how RK manages to get others to pay the annual fee on his black card then?

Thanks, but I’ll stick to a card that has no annual fee. And — $250K in credit card purchases in a year?

DB

]]> By: PaulD http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-117824 PaulD Mon, 02 Jul 2007 10:21:46 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-117824 "The part where I rolled my eyes so hard that R.K. must have felt it, is when he pulled out his American Express Black card, kissed it, and said, “I LOVE my credit card.” And as if that weren’t bad enough, the host has the nerve to call attention to it and ask, “Oh, is that a black credit card?”" I had never heard of the black card before so I googled it. Turns out that it is offerred to AMEX customers who had over $250,000 in purchases the prior year on their American Express card. Its annual fee is several thousand dollars. A black card is the last thing anyone struggling with debt should even think about obtaining. Yet there is RK holding his out as a symbol of status. Precisely the type of mindset that people struggling with debt need to avoid. “The part where I rolled my eyes so hard that R.K. must have felt it, is when he pulled out his American Express Black card, kissed it, and said, “I LOVE my credit card.” And as if that weren’t bad enough, the host has the nerve to call attention to it and ask, “Oh, is that a black credit card?””

I had never heard of the black card before so I googled it. Turns out that it is offerred to AMEX customers who had over $250,000 in purchases the prior year on their American Express card. Its annual fee is several thousand dollars.

A black card is the last thing anyone struggling with debt should even think about obtaining. Yet there is RK holding his out as a symbol of status. Precisely the type of mindset that people struggling with debt need to avoid.

]]> By: Gaming The Credit System http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-117725 Gaming The Credit System Sun, 01 Jul 2007 22:23:43 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-117725 I didn't watch the show, but yes RK is referring to mortgages on rental properties. It's not necessarily limited to that, but that's the typical way of doing it. You could also apply the same theory to getting a loan for a business that you would own and let other people run (e.g. a franchise). Or getting a car loan under the auspices of your business or corporation, where the interest is deductible and the principal is depreciable. Since your business is making money (presumably coming from other people) it is the same type of scenario. But what if you have a job? Couldn't you play the same semantic game and say that your employer is paying your mortgage, car loan, etc. for you? No, not really. The distinction between "your money" and "other people's money" comes at tax time. Is it before-tax income or after-tax income? If you have a W2 job, your money is taxed before it ever gets to you. If you own a business, you pay for business expenses *before* taxes are taken out. I didn’t watch the show, but yes RK is referring to mortgages on rental properties. It’s not necessarily limited to that, but that’s the typical way of doing it. You could also apply the same theory to getting a loan for a business that you would own and let other people run (e.g. a franchise). Or getting a car loan under the auspices of your business or corporation, where the interest is deductible and the principal is depreciable. Since your business is making money (presumably coming from other people) it is the same type of scenario.

But what if you have a job? Couldn’t you play the same semantic game and say that your employer is paying your mortgage, car loan, etc. for you? No, not really. The distinction between “your money” and “other people’s money” comes at tax time. Is it before-tax income or after-tax income? If you have a W2 job, your money is taxed before it ever gets to you. If you own a business, you pay for business expenses *before* taxes are taken out.

]]> By: Jeremy http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-117718 Jeremy Sun, 01 Jul 2007 21:47:54 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-117718 The whole whipping out the black card was horrible. And I was getting really irritated of him constantly saying "my rich dad taught me..." WE GET IT, YOU WROTE A BOOK ABOUT IT. And I couldn't stand looking at Jennifer. She either has a lot of botox in her face or she is just trained to look fake no matter what she's saying. The whole whipping out the black card was horrible. And I was getting really irritated of him constantly saying “my rich dad taught me…” WE GET IT, YOU WROTE A BOOK ABOUT IT.

And I couldn’t stand looking at Jennifer. She either has a lot of botox in her face or she is just trained to look fake no matter what she’s saying.

]]> By: Amber Yount http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/comment-page-1/#comment-117701 Amber Yount Sun, 01 Jul 2007 19:11:17 +0000 http://allfinancialmatters.com/2007/06/30/my-thoughts-on-the-millionaire-inside-debt-free/#comment-117701 Yeah caught the show for the first time yesterday. I think it actually made my financial IQ go down a few points just by watching it. First off....RK is an IDIOT, I couldnt even finish reading his Rich DAD Poor DAD book...It had NO substance whatsoever...all it talked about was using credit to make money, but never really explained how. Thats why I love Dave Ramsey, his book doesn't contain fluff, he actually tells you what to do and how to do it. But back to RK, WHY would he spend an hour talking about how bad debt is, just ot pull out a "black" credit card? Also, I never heard of Larry, but he was pretty cool...Jennifer had a REALLY big mouth...literally. :) B Yeah caught the show for the first time yesterday. I think it actually made my financial IQ go down a few points just by watching it. First off….RK is an IDIOT, I couldnt even finish reading his Rich DAD Poor DAD book…It had NO substance whatsoever…all it talked about was using credit to make money, but never really explained how. Thats why I love Dave Ramsey, his book doesn’t contain fluff, he actually tells you what to do and how to do it. But back to RK, WHY would he spend an hour talking about how bad debt is, just ot pull out a “black” credit card? Also, I never heard of Larry, but he was pretty cool…Jennifer had a REALLY big mouth…literally. :) B

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