Dave Ramsey, debt, credit cards, retirement, etc

[Waste Land]

Still living at home....trying to find a better job and get situated well before moving out. No sense in struggling for no reason.

I have 401k at work but it just doesnt work on my level. My checks arent big enough to even use it and they match it but its only every 10 years....which doesnt help me none.

 

[D Slicker]

Oh my....get some term life to get you through until you're self-insured, and cash that sucker out and invest it in something that actually makes money! ASAP!

I have 20 year term $500,000 insurance for $290/year. In 20 years, I will be self-insured and won't need insurance. That's a total of $5800 for $1/2 Million for 20 years, and my retirement money has earned 14.76% since transferring it to John Hancock a few years back. Whole life can't do either of those.

I have been looking into doing just that for the past month. I just have been so busy.

 

[freestylegeek]

Oh my....get some term life to get you through until you're self-insured, and cash that sucker out and invest it in something that actually makes money! ASAP!

Absolutly!!
My Dad set me up with a (tiny) whole life policy when I turned 21.
I think the benifit was $20k or something.
I cashed it out when I turned 28.
I paid in around $2200, and got about $1300.
Now we are paying $37/mo for $500K worth of term, and our policy is good for 30 years.

 

[Snackem]

Absolutly!!
Now we are paying $37/mo for $500K worth of term, and our policy is good for 30 years.

Exactly what we do. My wife and I are 25 and we have 500k of term insurance and it is locked in for 30 years. [insert edit]I will have enough SAVED by that time that I will no longer need a policy.

 

[romack991]

do term policies sky rocket or something when you get older? or do you just bank that you'll have enough money when when it ends that you dont need insurance.

i believe i have a life for like 50K, payments around 20 bucks a month. and then some 50K thing thru work.

 

[freestylegeek]

Exactly what we do. My wife and I are 25 and we have 500k of term insurance and it is locked in for 30 years. I figure that by the time the 30 years is up I will be self insured and no longer need a policy.

I'm not figuring, I'm saving! :biggrin:

 

[The Penguin]

Still living at home....trying to find a better job and get situated well before moving out. No sense in struggling for no reason.

I have 401k at work but it just doesnt work on my level. My checks arent big enough to even use it and they match it but its only every 10 years....which doesnt help me none.

at your age you should be be commended for even thinking about contributing to a retirement plan

:biggthumpup:

 

[Snackem]

I'm not figuring, I'm saving! :biggrin:

Sorry, it's fixed now. lol.

 

[yamaslut]

The thread on pwctoday about this kinda died, so I figure I'll start one over here to see what you guys are thinking?

Who is doing ok on retirement? I have like 70K in retirement for us and just turned 36, so I think we're well on track. We should be debt-free except the mortgage in under 2 years, and the mortgage paid off in less than 10, when our oldest will be 14 years old. I'm liking this plan.

I got nothing....

no retirement
no life insurance
no savings
nothing but the fear of living week to week.... and it's getting scarier every day....


I am gonna die of a staph infection while eating dog food in an alley......

 

[Snackem]

I got nothing....

no retirement
no life insurance
no savings
nothing but the fear of living week to week.... and it's getting scarier every day....


I am gonna die of a staph infection while eating dog food in an alley......

Check out this guy
http://www.daveramsey.com/
He'll get you on track

 

[PWW]

I listen to Dave at work all the time. Good stuff.

 

[Snackem]

I listen to Dave at work all the time. Good stuff.

I get him on my XM just after lunch. Rush is on before lunch (sorry Dave but I'm a ditto-head).

Teaching people to act their WAGE.
-- Dave Ramsey
&
Teaching people to live on less than they make, a concept congress can't grasp.
--Dave Ramsey

 

[yamahammer]

I got nothing....

no retirement
no life insurance
no savings
nothing but the fear of living week to week.... and it's getting scarier every day....


I am gonna die of a staph infection while eating dog food in an alley......

DITTO DAMMIT!!:banghead:

 

[TheSimpleManLance]

i remember this thread over on pwc today. i dont think to much has changed since then.

22 years old.

my debt is $5,000 in student loans.

i need to really start getting my stuff together (said this on pwctoday too)

im looking into opening a roth IRA through sharebuilder.com

https://www.sharebuilder.com/sharebuilder/Plan/article_LPRET001.aspx

but dont really know to much about them.

dont have a 401K through work so i need to find something else.

 

[yamaslut]

Check out this guy
http://www.daveramsey.com/
He'll get you on track

not to sound all doom and gloom, BUT
there is just no possible way for me to save money.
If I was to sit home everyday, not ride, not drink, not go out to eat (maybe once a month) maybe I could save a little, but life is too short to save up for something you don't even know if you will live to see... I had a 401k w/ about 12k (2000) and it was growing good bla bla bla... and was laid off twice from the same company... My line of work has seen a huge decrease in earning potential... I thought I could be making 60-70k by now, cause I was heading that direction in the early 2000's... Since then the earning potential has dropped for all computer related jobs... at least in this area... I make less than half of that now.... pretty pathetic that I was making 20k more a year 5 years ago... I see no jobs for what I do that pay over 15$ per hour... it use to be 20$ per hour minumum...
whatever... life aint fair, then ya die
:Banane01:


I have pretty much accepted that I'm not "that guy" who will ever have money.


ok..... back on topic :headbang:

 

[eschberg]

I know many people don't like reading, and I don't either.. but a friend suggested that I read "Rich Dad, Poor Dad" and i must say that is a truly inspirational book. If you read no other book, make it a point to read that one... it'll most likely change your mind on getting into investments (other than stock market, ira, cd's).

 

[Mile9c1]

i believe i have a life for like 50K, payments around 20 bucks a month. and then some 50K thing thru work.

Why the heck are you paying for life insurance??

 

[SuperJETT]

Why the heck are you paying for life insurance??

Because he needs 8-10 times his yearly salary?

 

[romack991]

Why the heck are you paying for life insurance??

:dunno:

 

[SuperJETT]

Nick, go out on your own then. If you do what I think you do, you could do stuff from across the country all from your house, and ride when you want.

not to sound all doom and gloom, BUT
there is just no possible way for me to save money.
If I was to sit home everyday, not ride, not drink, not go out to eat (maybe once a month) maybe I could save a little, but life is too short to save up for something you don't even know if you will live to see... I had a 401k w/ about 12k (2000) and it was growing good bla bla bla... and was laid off twice from the same company... My line of work has seen a huge decrease in earning potential... I thought I could be making 60-70k by now, cause I was heading that direction in the early 2000's... Since then the earning potential has dropped for all computer related jobs... at least in this area... I make less than half of that now.... pretty pathetic that I was making 20k more a year 5 years ago... I see no jobs for what I do that pay over 15$ per hour... it use to be 20$ per hour minumum...
whatever... life aint fair, then ya die
:Banane01:


I have pretty much accepted that I'm not "that guy" who will ever have money.


ok..... back on topic :headbang: