Dave Ramsey, debt, credit cards, retirement, etc
- Thread starter SuperJETT
- Start date
SXIPro
JM781 Big Bore
- Location
- Here on the 'X' mostly
The Average American has a couple strikes against them.
They were never educated about saving, investing, purchasing, insurance, etc etc.
They are all about instant gratification.
They try to keep up with the Joneses.(even though the Joneses are probably up to their asses in debt)
The money people throw away on
amazes me. Every time one of my coworkers shows up with a new Ford Truck with all the bells and whistles or a new BMW, and they bring me out to the parking lot to look at it, all I can do is stand there thinking "What are you a complete moron?" People spending 5,6, 700 dollars a month for 6 years on a vehicle to get back and forth to work are idiots, plain and simple.
Stash that money away, along with the overpriced insurance that goes with owning a new vehicle and you'd be well on your way to having a huge down payment or even buying a house or piece of land outright.
They were never educated about saving, investing, purchasing, insurance, etc etc.
They are all about instant gratification.
They try to keep up with the Joneses.(even though the Joneses are probably up to their asses in debt)
The money people throw away on
amazes me. Every time one of my coworkers shows up with a new Ford Truck with all the bells and whistles or a new BMW, and they bring me out to the parking lot to look at it, all I can do is stand there thinking "What are you a complete moron?" People spending 5,6, 700 dollars a month for 6 years on a vehicle to get back and forth to work are idiots, plain and simple.Stash that money away, along with the overpriced insurance that goes with owning a new vehicle and you'd be well on your way to having a huge down payment or even buying a house or piece of land outright.
- Location
- Marshall, AR
The Average American has a couple strikes against them.
They were never educated about saving, investing, purchasing, insurance, etc etc.
They are all about instant gratification.
They try to keep up with the Joneses.(even though the Joneses are probably up to their asses in debt)
The money people throw away on
Stash that money away, along with the overpriced insurance that goes with owning a new vehicle and you'd be well on your way to having a huge down payment or even buying a house or piece of land outright.
Amen, well said. Lifes to short to struggle. There were times last summer I couldnt afford to go to the lake because of that same stupidity. Now I have a clean slate, LAKE TIME.
dbrutherford
Parts Whore
- Location
- Fairmont, WV
That is why I am am thrilled to have a company car and my personal ride, a 1995 Ford Ranger. Sure I have to spend some cash on repairs every now and then but it sure beats paying $500 a month for a new ride! It is even nicer now that I have a company car and I don't even pay the gasoline to drive to work. That also is keeping the miles off of my Ranger.
But instead of saving much, I spend it all towards my debt. I am seeing the light at the end of the tunnel though. It won't be long.
But instead of saving much, I spend it all towards my debt. I am seeing the light at the end of the tunnel though. It won't be long.
SeaLion
Jet Ski Junkie
I think the current economic situation will lead to different paths of getting there and there are some unique circumstances but for the most part, SuperJett's comment is quite the norm for most.
All I know is I'm glad I have been saving in the past couple of boom years and have no debt. I specifically planned for a downturn and have positioned myself to ride it out.
In my 38 years of living, I have seen on average eight to ten year bust cycles. There was the late 70's, the early 90's, the early 2000's and now the late 2000's. This past boom was too big and I knew it was going to implode big. It will turn around again and it will also make a downturn again. It's cyclical. Best advice I can give is to be aware of these cycles and try to become debt free as soon as possible. When things are good, know that it will not last forever and be smart and accelerate your savings then. It makes the slowdowns very manageable and quite stress free.
romack991
homebrewed
- Location
- Warsaw, IN
The average American isn't conservative and patient enough. They waste their money on too much junk and want everything right now. There are ways to save lots of money, they just aren't popular or fun. I'm not a great example but my gf is 23, makes roughly 9 bucks an hr, and has enough savings to buy a older, small house in cash if she wanted to. It's crazy how much cash she saves by not buying anything she doesnt need. And shes happier than most I know since shes content with what she has and not fixated on what else she thinks she "needs". It doesn't matter how much you make, just what you do with it. People just want to have a life style that is more expensive than what they can afford. (Myself included sometimes)Originally Posted by Big Kahuna
I never said it was not possible. Just that for the average American it is not.
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Big Kahuna
Administrator
- Location
- Tuscaloosa, AL
At least somebody got it.
So, do you want to be average/normal?
Normal in the US is 2 car payments, mortgage, credit cards, and a home equity line of credit. That's exactly where we were in 2005.
No more, the mortgage is the only thing left and I'm looking right now into refinancing our 30 year 6% into a 20 year 4.75%.
- Location
- Marshall, AR
Thats exactly how my wife is. Thank god she rubbed off on me. She didnt have much while growing up. She hardly ever wants anything(besides a baby) and very seldom goes shopping(rare find). Ive always been the one with the buying problem.
Would everyone agree here that the way you were raised has majority to do with your spending habits? I was raised up the bigger the better, get it asap dont wait(thats what banks are for, right?), just pretty much get what your heart desired, and who needs savings. Sounds like a spoiled brat huh? Thats the way I was raised. And its been tough to break away from that mentality. Ive had to reprogram myself and realize its a better life without the stress of dept. I've been sitting on my butt the past week due to ice and no work, if I had the bills I had a few months ago I would be under.
Big Kahuna
Administrator
- Location
- Tuscaloosa, AL
You missed my point.....................
The average American is not structured and disciplined enough. They have "Iwantitnowititus".
We all need to budget better. We chose to go from two income household to one and still have Anita's last to monthly checks sitting in Savings.
- Location
- Marshall, AR
Well that can be just as bad. Ive seen ppl that didnt have a whole lot and then find out about credit and all of a sudden buy everything at once cause they didnt have much growing up and thats their excuse for buying everything is "I didnt have anything growing up". Then they can't afford it.
Man you gotta teach kids about the value of money and how to manage it. My dad did teach me something, I would pester him for a Atv or something kinda pricey and he would tell me "Ok I'll buy it for you, but you can work and pay for it". Luckily he would let me work with him even when I was 12 yrs old and he taught me how to work and pay for stuff instead of handing it over. And by the time I was 16 I paid for 2 atvs and a streetbike. Maybe he should have taught me how not to buy SO much!
The money people throw away on
Stash that money away, along with the overpriced insurance that goes with owning a new vehicle and you'd be well on your way to having a huge down payment or even buying a house or piece of land outright.
If you can afford a nice ride & pay cash for them does it still make you a moron?:burnout:
By the way, I would never lease a whip, leases suck!:shooter3:
Baller's Holla!
SXIPro
JM781 Big Bore
- Location
- Here on the 'X' mostly
grasshopper
Wax on Wax off.....
- Location
- Cocoa FL
Why didn't we learn about this kind of stuff in school..? I have worked for what I wanted since my dad showed me how to work the lawnmower when I was 8. But I never quite ever got the whole saving money concept. I knew I needed to but I have always just blown it on stupid stuff... or expensive toys. Now I want to start saving for retirement but I am not sure what I should start up? Roth IRA...? Mutual funds...? Stocks? at 24 where is the best place to start?
Get The Total Money Makeover from Dave Ramsey, it's even on sale right now for $10.
Even if you don't need to get out of debt, it teaches you tons about money, insurance, retirement, investments, etc.
https://beta.daveramsey.com/shop////prod326.html
Used rides are still used.:wavey:
I saved over 12k off invoice on my last truck. :mischievous:
Alot of people just don't know how to make a deal!
:bananalama:
Big Kahuna
Administrator
- Location
- Tuscaloosa, AL
Hell, I am doing good then, My 2008.5 Titan and our 05 Accord have us way under that mark...........