No time to share
Don’t buy into a time share. Ever, says Dave Ramsey.
DEAR DAVE: My wife and I recently sat through a time share pitch at my mom and dad’s community as a favor to them. We’re trying to get out of debt and take control of our money, so when the salesman said we could put the whole thing on a credit card, I told him about you and your plan. He then said that he used to be your personal financial adviser and had sold you three time shares in the past. Is this true, or are time shares a bad idea?
— Jeremy
DEAR JEREMY: A timeshare salesman said he had been my personal financial adviser? Wow! It takes real guts, and a bunch of dishonest nerve, to spread that kind of crap around.
No, I’ve never in my life owned a timeshare. I’ve made just about every financial mistake known to man, except that one. I’ve also never made the mistake of having a time-share salesman as my financial adviser. This sounds like the kind of guy who you know is lying if his lips are moving.
I’m really sorry if your mom and dad already hooked up with this bunch. Time shares, even with honest salespeople, are just straight-up stupid. Never buy a time share! The customer dissatisfaction rate with those things is sky-high, and you’re pretty much stuck once you buy one. They’re almost impossible to sell, because you don’t really own anything.
For the money you spend to buy a time share, you could take several nice vacations and stay in some pretty decent places. People get suckered into these things all the time, Jeremy, but it’s a really bad idea. Don’t do it!
DEAR DAVE: Why do you recommend that newlyweds
not buy a house during the first year of marriage?
— Laura
DEAR LAURA: Believe it or not, the first year of marriage is pretty tough. You’ll both have to make lots of adjustments and get used to the new schedules and habits, likes and dislikes, that go along with marriage.
You need to spend that first year getting to know each other even better and exploring and developing your relationship as husband and wife. Running out and buying stuff like curtains and furniture — or making major life decisions like buying a house — can wait.
Devote the first year to deeper, more important things. In the process, make sure you’re on the same page emotionally and financially.
Develop a plan to make your hopes and dreams come true and start piling up a bunch of cash for the future. Then, a year or two down the road, you can start the house-hunting process. There will still be great homes at good prices, plus you’ll both have a better idea of what you want for the future.
Time shares, even with honest salespeople, are just straight-up stupid. Never buy a time share!”
DAVE RAMSEY