Dave Ramsey - Compound Interest
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Uploader Comments (frankdavis)
All Comments (14)
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Sorry I was short with you, justcallmeassinine.
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@justcallmeassinine If your serious:
daveramsey (dot) com /elp/investing/
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@MrConservative608 Wow ! Incredible ! How can I get in on that ?
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@justcallmeassinine --- BUZZER --- Incorrect answer. Franklin Natural Resources Fund returns typically returns around 11 to 12% annually on a long term basis. Next time, do your research.
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@MrConservative608 The only thing wrong with this lesson is that you cannot get even 3% on your savings today.But it was a good lesson.
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ATTENTION!!! There is a presidential candidate that has said he will eliminate capital gains taxes! That means that the interest you earn will not be taxed.
Herman Cain 2012!!!
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@frankdavis that's why the Emergency Fund is so important.
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@mcbain I know I am contradicting my earlier post but outside of a Roth IRA, compound interest is destroyed by inflation and capital gains taxes. We conservatives have been for lowering inflation and eliminating capital gains taxes for decades. Now do you understand why?
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@frankdavis If someone has $1 million in the bank specifically earmarked as a health care fund, why does that someone care about a hospital bill costing maybe $250k?
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At the point the $1 million or so is there I completely agree! But my point is that a lot of people think that is an unattainable goal and dont have the self control to not spend! I am just saying you cant just magically have 1 million over night and be done with it. An interim plan is needed because if nothing is in plan and you do have an emergency it will completely wipe out what you started saving(and maybe more) and you'd have to start all over agagain. Although I do agree about the taxes!
frankdavis 8 months ago
Who said anything about it only being for retirement? I think this is a good way to explain it to people who aren't familiar. Its a simple way to set off a light bulb in their mind and help them see the potential. What happens in between when Ben needs an ambulance and emergency care or is diagnosed with Cancer? Not having Health Insurance is bad advice and could end up costing people a lot of money. At the very least a catastrophic Health Insurance plan should be in place, they are cheap.
frankdavis 8 months ago