STUDENT LOANS

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Comments

  • Winnipeg Posts: 39,842
    Yeah I don't really disagree with the forest fire reference but the solution isn't to NOT give the stimulus...it would be to give more.


    Agreed
    By The Time They Figure Out What Went Wrong, We'll Be Sitting On A Beach, Earning Twenty Percent.




  • Mar-A-Lago Posts: 22,508
    PJPOWER said:
    So you advise people to pay down student loans as quickly as possible and so does Ramsey...You may have more in common than you think.
    Still not going to hire you, though.
    No man just read another Ramsey book.  No need to hire anyone for anything.  Go clean out your couch and invest the change in more Ramsey books.
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Posts: 6,499
    edited February 2021
    No man just read another Ramsey book.  No need to hire anyone for anything.  Go clean out your couch and invest the change in more Ramsey books.
    Wow, awfully defensive and unprofessional for a CPA.  Show me where Dave Ramsey touched you.
    Again, I have hired a CPA for taxes and a financial advisor for retirement investments.  
    Neither of them would call Dave Ramsey an idiot...But would probably call another CPA an idiot if they said Ramsey was an idiot.
    I would question a financial advisor’s aptitude if they called Dave Ramsey an idiot.  
    I will agree with you, though, Dr. Phil is definitely an idiot.
    Post edited by PJPOWER on
  • Posts: 30,922
    PJPOWER said:
    So you advise people to pay down student loans as quickly as possible and so does Ramsey...You may have more in common than you think.
    Still not going to hire you, though.
    Federal student loans have subsidized interest rates.  It's likely not better to pay them down sooner than later.  Private student loans are not, so that may make sense.  That sounds like dubious advice and it's also too general for most people.  I'm not opining on how a married couple should do it, which makes my point even more.  Advice from a celebrity is terrible.  
  • Mar-A-Lago Posts: 22,508
    PJPOWER said:
    Wow, awfully defensive and unprofessional for a CPA.  Show me where Dave Ramsey touched you.
    Again, I have hired a CPA for taxes and a financial advisor for retirement investments.  
    Neither of them would call Dave Ramsey an idiot...But would probably call another CPA an idiot if they said Ramsey was an idiot.
    I would question a financial advisor’s aptitude if they called Dave Ramsey an idiot.  
    I will agree with you, though, Dr. Phil is definitely an idiot.
    I know a local CPA that is in the "Ramsey Idiot Network".  He's a big tRumpster which says a lot.
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Mar-A-Lago Posts: 22,508
    edited February 2021
    mrussel1 said:
    Federal student loans have subsidized interest rates.  It's likely not better to pay them down sooner than later.  Private student loans are not, so that may make sense.  That sounds like dubious advice and it's also too general for most people.  I'm not opining on how a married couple should do it, which makes my point even more.  Advice from a celebrity is terrible.  
    Yeah the rates are horrible.  But people will compare it costing them $2K in tax to file separately to having their loan payment increase $200 month.  And there is no talking them out of it.
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Posts: 30,922
    i'm agreeing with gern on the student loan issue. 

    i only agreed with ramsay on the stimulus cheques like "peeing on a forest fire". 
    Maybe, maybe not.  I don't know if this guy is an actual economic analyst, but somehow I doubt it since he's on the radio or whatever.  I've posted this before, but Moody's would not agree with his conclusion about Biden's plan. They believe it will produce 8% GDP growth this year, 4% next year and back to full employment by the fall of '22.  That's not peeing. 

    https://www.moodysanalytics.com/-/media/article/2021/economic-assessment-of-biden-fiscal-rescue-package.pdf
  • Posts: 6,499
    edited February 2021
    mrussel1 said:
    Federal student loans have subsidized interest rates.  It's likely not better to pay them down sooner than later.  Private student loans are not, so that may make sense.  That sounds like dubious advice and it's also too general for most people.  I'm not opining on how a married couple should do it, which makes my point even more.  Advice from a celebrity is terrible.  
    Federal student loans are also riskier to have weighing over you.  You can have your house foreclosed on for defaulting on federal student loans, or wages garnished.  No student loan debt is the way to go.
    I’m not sure getting financial advise from a rock band forum member is a non-terrible idea...
    Post edited by PJPOWER on
  • Winnipeg Posts: 39,842
    mrussel1 said:
    Maybe, maybe not.  I don't know if this guy is an actual economic analyst, but somehow I doubt it since he's on the radio or whatever.  I've posted this before, but Moody's would not agree with his conclusion about Biden's plan. They believe it will produce 8% GDP growth this year, 4% next year and back to full employment by the fall of '22.  That's not peeing. 

    https://www.moodysanalytics.com/-/media/article/2021/economic-assessment-of-biden-fiscal-rescue-package.pdf
    i'm not arguing it won't stimulate growth. all i'm saying is giving a blanket $1400 one time payment to people who have lost tens of thousands is like giving a homeless person a penny. 
    By The Time They Figure Out What Went Wrong, We'll Be Sitting On A Beach, Earning Twenty Percent.




  • Posts: 30,922
    PJPOWER said:
    Federal student loans are also riskier to have weighing over you.  You can have your house foreclosed on for defaulting on federal student loans, or wages garnished.  No student loan debt is the way to go.
    I’m not sure getting financial advise from a rock band forum member is a non-terrible idea...
    Well if you want real advice, I'd tell a person to transfer their public loan to SOFI, sell your house, rent an apartment, transfer your assets to your parents and then file bankruptcy.  Or you could not file and just charge off and then fight the case based on chain of title (while also protecting assets).  You have better than a 50% chance of winning considering the trust issues that are prevalent with most student loans.

    But I would disagree that paying off your lowest interest rate debt first is a good idea.  It's not, it's a bad one.  Yes federal loans have auto-garns but that's only if you go delinquent.  So all of this is assuming you are paying on time.  If you think you're going down, then like I said, refinance it out of the federal space and follow my previous steps.  
  • Mar-A-Lago Posts: 22,508
    edited February 2021
    I have more than a few attorney and/or chiropractor/doctor clients that are still paying student loans 10-15 years after they graduated.

    I had my kids take the federal loans and now I pay most of that for them.  Great interest rates and this last year has been 0% due to COVID.


    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Posts: 6,499
    edited February 2021
    mrussel1 said:
    Well if you want real advice, I'd tell a person to transfer their public loan to SOFI, sell your house, rent an apartment, transfer your assets to your parents and then file bankruptcy.  Or you could not file and just charge off and then fight the case based on chain of title (while also protecting assets).  You have better than a 50% chance of winning considering the trust issues that are prevalent with most student loans.

    But I would disagree that paying off your lowest interest rate debt first is a good idea.  It's not, it's a bad one.  Yes federal loans have auto-garns but that's only if you go delinquent.  So all of this is assuming you are paying on time.  If you think you're going down, then like I said, refinance it out of the federal space and follow my previous steps.  
    You forgot to add “get a lawyer” because, most likely, you are going to have some explaining to do for transferring your assets to a family member before filing bankruptcy (within 2 years before).  Wouldn’t you agree, Gern?
    Lawyers are not cheap...so there’s more debt for ya.
    Post edited by PJPOWER on
  • Mar-A-Lago Posts: 22,508
    edited February 2021
    PJPOWER said:
    You forgot to add “get a lawyer” because, most likely, you are going to have some explaining to do for transferring your assets to a family member before filing bankruptcy (within 2 years before).  Wouldn’t you agree, Gern?
    Lawyers are not cheap...so there’s more debt for ya.
    I'm sure the bankruptcy attorney would cover that.  And yeah that isn't a strategy that you execute over a week.  That's a long con
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Posts: 30,922
    PJPOWER said:
    You forgot to add “get a lawyer” because, most likely, you are going to have some explaining to do for transferring your assets to a family member before filing bankruptcy...
    Lawyers are not cheap...so there’s more debt for ya.
    You always need a lawyer to file bankruptcy.  The point is that getting advice from a radio host is stupid.  How you deal with your finances is specific to your situation.  No dumbass radio host is going to help you, unless you have a completely remedial understanding.  
  • Posts: 6,499
    edited February 2021
    I'm sure the bankruptcy attorney would cover that.  And yeah that isn't a strategy that you execute over a week.  That's a long con
    Yeah, by telling you to disclose any assets that you transferred in the past two years. 
    The lawyer would be for the fraud lawsuit afterwards, lol. I’m sure the court would provide a great one for you since all of your assets are frozen at that point and you probably couldn’t afford one of your own...
    Maybe they will have a copy of Dave Ramsey’s book in the jail library!
    Post edited by PJPOWER on
  • Mar-A-Lago Posts: 22,508
    PJPOWER said:
    Yeah, by telling you to disclose any assets that you transferred in the past two years. 
    The lawyer would be for the fraud lawsuit afterwards, lol
    Not if it was beyond the two year period there Ramsey
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Posts: 30,922
    I'm sure the bankruptcy attorney would cover that.  And yeah that isn't a strategy that you execute over a week.  That's a long con
    It is a long con.  Used to be easier before the bankruptcy reform act. 
  • Posts: 6,499
    edited February 2021
    Not if it was beyond the two year period there Ramsey
    Righteo, so you are going to plan for a bankruptcy and give away all of your assets two years before???
    I mean, I like plans, but that is pretty over the top there “CPA”.  
    Almost seems like it would be easier not to go into such debt and not to have to plan such an elaborate “con”.
    Damn, maybe I should be a CPA, this shit is easy.
    Post edited by PJPOWER on
  • Mar-A-Lago Posts: 22,508
    I remember when my older daughter was in school and one of her roommates couldn't pay rent until her student loans went through.  She was financing everything.  That's a horrible spot to be in and horrible that the vampires were allowed to loan her the money to do it.

    Those are the kids that graduate with $80K in student loan debt.
    Remember the Thomas Nine !! (10/02/2018)
    The Golden Age is 2 months away. And guess what….. you’re gonna love it! (teskeinc 11.19.24)

    1998: Noblesville; 2003: Noblesville; 2009: EV Nashville, Chicago, Chicago
    2010: St Louis, Columbus, Noblesville; 2011: EV Chicago, East Troy, East Troy
    2013: London ON, Wrigley; 2014: Cincy, St Louis, Moline (NO CODE)
    2016: Lexington, Wrigley #1; 2018: Wrigley, Wrigley, Boston, Boston
    2020: Oakland, Oakland:  2021: EV Ohana, Ohana, Ohana, Ohana
    2022: Oakland, Oakland, Nashville, Louisville; 2023: Chicago, Chicago, Noblesville
    2024: Noblesville, Wrigley, Wrigley, Ohana, Ohana; 2025: Pitt1, Pitt2
  • Posts: 30,922
    PJPOWER said:
    Righteo, so you are going to plan for a bankruptcy and give away all of your assets two years before???
    I mean, I like plans, but that is pretty over the top there “CPA”.  
    Almost seems like it would be easier not to go into such debt and not to have to plan such an elaborate “con”.
    Damn, maybe I should be a CPA, this shit is easy.
    This was my con.  I was showing a way to escape debt.  Challenging the chain of title is the easier path, but less fool proof.  Most people don't understand how loans are underwritten with "rent a charter" banks, so the documents are actually deficient as evidence in a court of law.   I've seen them all in my day. 

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