STUDENT LOANS

Gern Blansten said:

HughFreakingDillon said:

mrussel1 said:

HughFreakingDillon said:

Gern Blansten said:

PJPOWER said:

Gern Blansten said:

PJPOWER said:

The Juggler said:

PJPOWER said:

HughFreakingDillon said:

Gern Blansten said:

https://twitter.com/existentialfish/status/1359895931064262656

Fucking idiot

honestly, i don't disagree with him. his last comment "it's like peeing on a forest fire" is spot on. 

the CERB program in canada gives $500 per week for 28 weeks. that's $2K per month for 7 months. $1400 gives people the money to pay their hydro bill for a home they've already lost. it's absurd. 

Yeah, he’s not wrong...

I enjoy his podcast

Yup, Ramsey is da man!

He's a fucking tRumpster idiot.  He said that forgiving student loans wouldn't stimulate the economy unless people were planning on paying off their loans anyway.  Moronic.  

Meh, I think he is spot on here on who would benefit from student loan forgiveness.  And he said “people planning on paying them off this year”.  At least don’t twist his words. If you think he is an idiot, odds are you are pretty poor with your finances.

He's a fucking idiot

If 500,000 students are paying $350/month on their student loans and all of a sudden they have $350/month to spend on a new car, a better living situation, other shit....that is a huge economic stimulus.

But keep buying his stupid books.  I bet you're rich already.

PJPOWER said:

mrussel1 said:

PJPOWER said:

HughFreakingDillon said:

PJPOWER said:

HughFreakingDillon said:

PJPOWER said:

Gern Blansten said:

PJPOWER said:

The Juggler said:

PJPOWER said:

HughFreakingDillon said:

Gern Blansten said:

https://twitter.com/existentialfish/status/1359895931064262656

Fucking idiot

honestly, i don't disagree with him. his last comment "it's like peeing on a forest fire" is spot on. 

the CERB program in canada gives $500 per week for 28 weeks. that's $2K per month for 7 months. $1400 gives people the money to pay their hydro bill for a home they've already lost. it's absurd. 

Yeah, he’s not wrong...

I enjoy his podcast

Yup, Ramsey is da man!

He's a fucking tRumpster idiot.  He said that forgiving student loans wouldn't stimulate the economy unless people were planning on paying off their loans anyway.  Moronic.  

Meh, I think he is spot on here on who would benefit from student loan forgiveness.  And he said “people planning on paying them off this year”.  At least don’t twist his words. If you think he is an idiot, odds are you are pretty poor with your finances.

I don't know where he's getting his info from that only people with money have large student loan debt. that doesn't seem to make any sense. 

It does make sense:
https://www.brookings.edu/blog/up-front/2020/10/09/who-owes-the-most-in-student-loans-new-data-from-the-fed/
and:
https://www.urban.org/urban-wire/which-households-hold-most-student-debt

Higher income households do disproportionately owe more student loan debt than low income households, so in essence a student debt forgiveness program would disproportionately assist higher income households more than lower income households regarding overall $ amounts.

i'm talking proportional to their income (I realize it's not what I said, it's what was in my head lol). of course people who go to med school for 12 years are going to have higher debt than someone who goes to a 2 year diploma program at a community college. but what is the RATIO of debt to earnings? that's the real figure people need to look at. 

I agree, the debt to income ratio is a valid argument, but are they looking at going off that type of scale or just an overall debt forgiveness program?  An overall debt forgiveness program would disproportionately benefit the wealthy.  I’m not sure where the debt to income numbers are at?  I’ll let you do that research, ha

Of course it would.  That's always been the argument, that it's essentially a wealth transfer.  Those with student loans (and graduated) have much higher average income and much lower unemployment rater than those without. Further, the default rate on student loans varies wildly from those without a degree vs those with a degree.  So waiving student loans is a subsidy for the middle or upper middle class.  

For the record, since Gern is our local CPA, I doubt he's terrible with his finances.  And while I didn't listen to this Ramsay podcast, if Gern says he's an idiot, my money is on him being an idiot. 

Personally, I would never elicit financial advice from someone that says Dave Ramsey is an idiot...but that’s just my opinion.  There are plenty of CPAs that are complete dumbasses when it comes to giving financial advice.  Sorry Gern.

Whether you agree with his assessment of ramsay or not, his logic behind the stimulus it would generate is quite basic, and makes perfect sense. you honestly don't need to be a CPA to know the effect this would have. 

And that effect is that it would have no stimulating benefit?

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". 

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.

PJPOWER said:

Gern Blansten said:

PJPOWER said:

Gern Blansten said:

One effect that I've seen is forcing married people that both have student loans to file separately.  Or if one has loans and the other doesn't.  

A joint return causes the minimum student loan payment to be higher which forces a couple to file separately in order to keep their payments low.  I advise against this as much as I can but they tend to look at it from a monthly cash flow perspective rather than the overall savings perspective.  Of course those people probably read Dave Ramsey so getting through is difficult.

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.

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.

HughFreakingDillon said:

mrussel1 said:

HughFreakingDillon said:

Gern Blansten said:

PJPOWER said:

Gern Blansten said:

PJPOWER said:

The Juggler said:

PJPOWER said:

HughFreakingDillon said:

Gern Blansten said:

https://twitter.com/existentialfish/status/1359895931064262656

Fucking idiot

honestly, i don't disagree with him. his last comment "it's like peeing on a forest fire" is spot on. 

the CERB program in canada gives $500 per week for 28 weeks. that's $2K per month for 7 months. $1400 gives people the money to pay their hydro bill for a home they've already lost. it's absurd. 

Yeah, he’s not wrong...

I enjoy his podcast

Yup, Ramsey is da man!

He's a fucking tRumpster idiot.  He said that forgiving student loans wouldn't stimulate the economy unless people were planning on paying off their loans anyway.  Moronic.  

Meh, I think he is spot on here on who would benefit from student loan forgiveness.  And he said “people planning on paying them off this year”.  At least don’t twist his words. If you think he is an idiot, odds are you are pretty poor with your finances.

He's a fucking idiot

If 500,000 students are paying $350/month on their student loans and all of a sudden they have $350/month to spend on a new car, a better living situation, other shit....that is a huge economic stimulus.

But keep buying his stupid books.  I bet you're rich already.

PJPOWER said:

mrussel1 said:

PJPOWER said:

HughFreakingDillon said:

PJPOWER said:

HughFreakingDillon said:

PJPOWER said:

Gern Blansten said:

PJPOWER said:

The Juggler said:

PJPOWER said:

HughFreakingDillon said:

Gern Blansten said:

https://twitter.com/existentialfish/status/1359895931064262656

Fucking idiot

honestly, i don't disagree with him. his last comment "it's like peeing on a forest fire" is spot on. 

the CERB program in canada gives $500 per week for 28 weeks. that's $2K per month for 7 months. $1400 gives people the money to pay their hydro bill for a home they've already lost. it's absurd. 

Yeah, he’s not wrong...

I enjoy his podcast

Yup, Ramsey is da man!

He's a fucking tRumpster idiot.  He said that forgiving student loans wouldn't stimulate the economy unless people were planning on paying off their loans anyway.  Moronic.  

Meh, I think he is spot on here on who would benefit from student loan forgiveness.  And he said “people planning on paying them off this year”.  At least don’t twist his words. If you think he is an idiot, odds are you are pretty poor with your finances.

I don't know where he's getting his info from that only people with money have large student loan debt. that doesn't seem to make any sense. 

It does make sense:
https://www.brookings.edu/blog/up-front/2020/10/09/who-owes-the-most-in-student-loans-new-data-from-the-fed/
and:
https://www.urban.org/urban-wire/which-households-hold-most-student-debt

Higher income households do disproportionately owe more student loan debt than low income households, so in essence a student debt forgiveness program would disproportionately assist higher income households more than lower income households regarding overall $ amounts.

i'm talking proportional to their income (I realize it's not what I said, it's what was in my head lol). of course people who go to med school for 12 years are going to have higher debt than someone who goes to a 2 year diploma program at a community college. but what is the RATIO of debt to earnings? that's the real figure people need to look at. 

I agree, the debt to income ratio is a valid argument, but are they looking at going off that type of scale or just an overall debt forgiveness program?  An overall debt forgiveness program would disproportionately benefit the wealthy.  I’m not sure where the debt to income numbers are at?  I’ll let you do that research, ha

Of course it would.  That's always been the argument, that it's essentially a wealth transfer.  Those with student loans (and graduated) have much higher average income and much lower unemployment rater than those without. Further, the default rate on student loans varies wildly from those without a degree vs those with a degree.  So waiving student loans is a subsidy for the middle or upper middle class.  

For the record, since Gern is our local CPA, I doubt he's terrible with his finances.  And while I didn't listen to this Ramsay podcast, if Gern says he's an idiot, my money is on him being an idiot. 

Personally, I would never elicit financial advice from someone that says Dave Ramsey is an idiot...but that’s just my opinion.  There are plenty of CPAs that are complete dumbasses when it comes to giving financial advice.  Sorry Gern.

Whether you agree with his assessment of ramsay or not, his logic behind the stimulus it would generate is quite basic, and makes perfect sense. you honestly don't need to be a CPA to know the effect this would have. 

And that effect is that it would have no stimulating benefit?

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". 

mrussel1 said:

HughFreakingDillon said:

mrussel1 said:

HughFreakingDillon said:

Gern Blansten said:

PJPOWER said:

Gern Blansten said:

PJPOWER said:

The Juggler said:

PJPOWER said:

HughFreakingDillon said:

Gern Blansten said:

https://twitter.com/existentialfish/status/1359895931064262656

Fucking idiot

honestly, i don't disagree with him. his last comment "it's like peeing on a forest fire" is spot on. 

the CERB program in canada gives $500 per week for 28 weeks. that's $2K per month for 7 months. $1400 gives people the money to pay their hydro bill for a home they've already lost. it's absurd. 

Yeah, he’s not wrong...

I enjoy his podcast

Yup, Ramsey is da man!

He's a fucking tRumpster idiot.  He said that forgiving student loans wouldn't stimulate the economy unless people were planning on paying off their loans anyway.  Moronic.  

Meh, I think he is spot on here on who would benefit from student loan forgiveness.  And he said “people planning on paying them off this year”.  At least don’t twist his words. If you think he is an idiot, odds are you are pretty poor with your finances.

He's a fucking idiot

If 500,000 students are paying $350/month on their student loans and all of a sudden they have $350/month to spend on a new car, a better living situation, other shit....that is a huge economic stimulus.

But keep buying his stupid books.  I bet you're rich already.

PJPOWER said:

mrussel1 said:

PJPOWER said:

HughFreakingDillon said:

PJPOWER said:

HughFreakingDillon said:

PJPOWER said:

Gern Blansten said:

PJPOWER said:

The Juggler said:

PJPOWER said:

HughFreakingDillon said:

Gern Blansten said:

https://twitter.com/existentialfish/status/1359895931064262656

Fucking idiot

honestly, i don't disagree with him. his last comment "it's like peeing on a forest fire" is spot on. 

the CERB program in canada gives $500 per week for 28 weeks. that's $2K per month for 7 months. $1400 gives people the money to pay their hydro bill for a home they've already lost. it's absurd. 

Yeah, he’s not wrong...

I enjoy his podcast

Yup, Ramsey is da man!

He's a fucking tRumpster idiot.  He said that forgiving student loans wouldn't stimulate the economy unless people were planning on paying off their loans anyway.  Moronic.  

Meh, I think he is spot on here on who would benefit from student loan forgiveness.  And he said “people planning on paying them off this year”.  At least don’t twist his words. If you think he is an idiot, odds are you are pretty poor with your finances.

I don't know where he's getting his info from that only people with money have large student loan debt. that doesn't seem to make any sense. 

It does make sense:
https://www.brookings.edu/blog/up-front/2020/10/09/who-owes-the-most-in-student-loans-new-data-from-the-fed/
and:
https://www.urban.org/urban-wire/which-households-hold-most-student-debt

Higher income households do disproportionately owe more student loan debt than low income households, so in essence a student debt forgiveness program would disproportionately assist higher income households more than lower income households regarding overall $ amounts.

i'm talking proportional to their income (I realize it's not what I said, it's what was in my head lol). of course people who go to med school for 12 years are going to have higher debt than someone who goes to a 2 year diploma program at a community college. but what is the RATIO of debt to earnings? that's the real figure people need to look at. 

I agree, the debt to income ratio is a valid argument, but are they looking at going off that type of scale or just an overall debt forgiveness program?  An overall debt forgiveness program would disproportionately benefit the wealthy.  I’m not sure where the debt to income numbers are at?  I’ll let you do that research, ha

Of course it would.  That's always been the argument, that it's essentially a wealth transfer.  Those with student loans (and graduated) have much higher average income and much lower unemployment rater than those without. Further, the default rate on student loans varies wildly from those without a degree vs those with a degree.  So waiving student loans is a subsidy for the middle or upper middle class.  

For the record, since Gern is our local CPA, I doubt he's terrible with his finances.  And while I didn't listen to this Ramsay podcast, if Gern says he's an idiot, my money is on him being an idiot. 

Personally, I would never elicit financial advice from someone that says Dave Ramsey is an idiot...but that’s just my opinion.  There are plenty of CPAs that are complete dumbasses when it comes to giving financial advice.  Sorry Gern.

Whether you agree with his assessment of ramsay or not, his logic behind the stimulus it would generate is quite basic, and makes perfect sense. you honestly don't need to be a CPA to know the effect this would have. 

And that effect is that it would have no stimulating benefit?

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

PJPOWER said:

mrussel1 said:

PJPOWER said:

mrussel1 said:

PJPOWER said:

Gern Blansten said:

One effect that I've seen is forcing married people that both have student loans to file separately.  Or if one has loans and the other doesn't.  

A joint return causes the minimum student loan payment to be higher which forces a couple to file separately in order to keep their payments low.  I advise against this as much as I can but they tend to look at it from a monthly cash flow perspective rather than the overall savings perspective.  Of course those people probably read Dave Ramsey so getting through is difficult.

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.  

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.  

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.

Gern Blansten said:

PJPOWER said:

mrussel1 said:

PJPOWER said:

mrussel1 said:

PJPOWER said:

Gern Blansten said:

One effect that I've seen is forcing married people that both have student loans to file separately.  Or if one has loans and the other doesn't.  

A joint return causes the minimum student loan payment to be higher which forces a couple to file separately in order to keep their payments low.  I advise against this as much as I can but they tend to look at it from a monthly cash flow perspective rather than the overall savings perspective.  Of course those people probably read Dave Ramsey so getting through is difficult.

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.  

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.  

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