Just found Caleb Hammer on YouTube—a modern-day Dave Ramsey who beats people with bad credit card debt using an emotional stick.
Hearing these stories shows how sneaky bad debt is… it creeps up on you before you know it.
Main lesson from his work; live #debtfree
His financial audit is too funny! Just wish he understood bitcoin.
I need to look for his takes on bitcoin.
But again, his entire channel seems to be about screaming at people 😂 I’m sure if someone comes to him and says bitcoin, he is going to dump on it just for views 🤣🤣
I like his videos. He yelled at one girl in 2021 and told her to sell her .1 bitcoin. The girl was adamant about not selling bc she felt like it would go up. He was like “it could go up or it could go down. Sell it and pay off this 2k debt” … I hope she didn’t sell!
Oh yeah, he dumps alright 🤣 basically thinks btc is a scam. He's more in the trad camp that favors ETFs. He gets well diserved style points in my book though.
If you are debt free, like completely, you probably won't make as much money as you otherwise could have. Not investing in long term projects is high time preference.
You would be remissed to not take a loan on a long term project that was under the feds rate. If it's a productive endeavor, and you don't take on good debt to achieve it, you're throwing money away.
But no one on financial audit has good debt. The fiat mindset is pervasive, and Caleb's show is the best example.
You can crowd fund good ideas “sell shares”. No need to take a loan.
private shares are a thing, it's a type of business contract. usually needs a notary to witness so the buyers have recourse. the proper name is "private equity" and it's an interesting form of law that exists outside of government jurisdiction (mostly).
Tell that to any startup business or venture capital...
And if you want to buy a house, you are going to have to take a loan.
Home ownership is one of the best wealth builders in the country.
Isn’t that how ICOs happened, except they were crowdfunding bad ideas?
Took my father a decade to pay off his credit card.
Only reason Id take out a loan is to start a business, but even then I'd try to get it through an Islamic bank because they have flat fees instead of compounding interest like the Jewish banks.
Okay Ive never been in a serious debt problem, so this question comes from a place of privilege and ignorance:
Why do these gurus insist that these individuals shoulder the entire burden of multiple parties' bad money decisions? The credit companies took a risk lending these people money. The collection companies took further risk assuming they can recover a portion of the debt.
Do Dave Ramsey or David Hammer ever suggest that the debtor negotiate a pennies-on-the-dollar amount to wipe the debt? If that is an option (and I believe it is), why would these advisors hector their audience to flog themselves with humiliating solutions like shitty side jobs and "sell your best operating car"?
