Skip to 3:07. LOL. I Tried Renting a Car Without a Credit Card (youtube.com)
I thought this was a SNL skit. It is not. Renting a car with a debit card.
Dave’s rule of not having a credit card is probably the stupidest thing he says. Using your debit card for everything puts your actual money at risk to identity theft.
Add to this, his claim that you don’t need a credit score. This means he overpays for insurance, because they most certainly use your credit score as one of the factors in determining your rates.
No. Not even close. His advice that an 8% withdrawal rate at retirement is somehow safe may be the worst. Anyone retiring from 1998-2002 using that rule? Wiped out between 12 and 15 years. Not just within my lifetime, within my kid’s lifetime.
To be fair, both pieces of advice are really, really bad. If followed to a tee by all of Dave’s listeners, many would be in a needlessly worse financial situation and often homeless.
At least enough people are “Dave-ish” enough to take some of it with a grain of salt.