Dave Ramsey, debt, credit cards, retirement, etc

Mile9c1

Mile9c1

X-H2O.com
Location
Grand Rapids, MI
jetskiier said:
I wouldn't pay income tax on the income, because it would stay in the company,
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LOL, then don't forget the company would have to pay income taxes. There's no way of hiding from taxes! :banghead:

If the renters would foot the whole bill (mortgage payment, taxes, insurance, etc.) it would be tempting.
 
32vickie

32vickie

X-
Location
Pipersville, PA
Hope everything goes well, pancakePete it looks like you have a plan. Beth and i are working out a plan tonight and i think i will also get the book. $11.99 on ebay plus shipping. could be the best money spent lately. Beth is taking me away for my B-day, don't know where we are going, needed to get a passport for Kelly so it is out of the country. The bill is on her credit card and she has bags of clothing for the trip. I think i need to start the snowball rolling.

Doug
 
thrllskr

thrllskr

Converted Coucher
Location
Hoboken, NJ
I wish I debt free, but I am several years from that. I picked up Ramsey's book in hopes of shortening that goal. I have a lot of debt (6 years of college and 4 years of spending dollars and making dimes) but I have flawless credit and now own my residence. What I have finally taught myself though, is that income, debt, interest rates etc. aren't the problem - it was me. I've put myself on a very strict budget and even stayed home in august when all my friends went to Vegas. I think that was the turning point. I am now very motivated to stay on budget and rid myself of debt. I just hope his book will give me more insights.

The way I look at is this - I have a roof over my head that I own, I pay all my bills, I have food in the cabinets, great job, etc. I am better off than 80% of the people in the world. Sad, but true.
 
Snackem

Snackem

Danger Zone
Location
Colfax WA
Hey Pancakepete a couple of years ago I was about 40k in the hole. Between Student loans, book and other loans from my college, local charge accounts and credit cards. It was so bad that I had to drop out of school or rather they would not let me register. I had a $150 car with duct tape holding the passenger side doors shut. It was no fun digging out of that hole. Then to add insult to injury just after I quit school to find a job two jetliners hit the world trade center towers in NYC. The economy tanked and there were no jobs in my neck of the woods. I finally found the first job that I could find pumping gas for $5.75/hr. It got so bad that for a while I was sleeping in my car and only eating a couple days a week. Eventually I was able to move up to a much better job and start to pay on that debt. It took me until Jan. '05 to get the last one paid off but I had a pretty "small shovel" to dig with. Now I can not describe how god it feels to be debt free (except for the house 85k on a 15 year fixed). All I gotta say is keep at it and you'll be amazed what a little bit of focused intensity can do. Good luck
 
romack991

romack991

homebrewed
Location
Warsaw, IN
bringing this back from the dead. i have a Fidelity 410K through work. Looking to start a roth ira. is it wise to use the same company or a different company?

also i have a truck loan, would it be smarter for me to delay starting the roth a yr until that is paid off or should i start the roth now?
 
SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
romack991 said:
also i have a truck loan, would it be smarter for me to delay starting the roth a yr until that is paid off or should i start the roth now?
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Yes, get out of debt first. Knock it out quick, then go for it because your risk will be way way lower.
 
Mile9c1

Mile9c1

X-H2O.com
Location
Grand Rapids, MI
romack991 said:
is it wise to use the same company or a different company?

also i have a truck loan, would it be smarter for me to delay starting the roth a yr until that is paid off or should i start the roth now?
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I would look for a different company. I used Vanguard when I rolled over my 401K from the company I left earlier this year. They have among the lowest expenses.

If you don't have much debt, you might as well start the Roth now. You can only contribute $4,000 a year. Just go for it. I keep putting it off with excuses and now I still don't have one (I'll start it next month, sure).
 
Mile9c1

Mile9c1

X-H2O.com
Location
Grand Rapids, MI
WD has nothing to do with it, the company I work for just filed for bankruptcy today, so I'm thinking I should keep a little larger emergency fund :banghead: Although I think my job is very safe.

I'm already maxing out my 401K so I figure I'm not doing too bad. I have till April next year to fund this year's Roth contribution.
 
RoyalFlush@PCB

RoyalFlush@PCB

Shootin' The Crap
Location
PCB
Mile9c1 said:
WD has nothing to do with it, the company I work for just filed for bankruptcy today, so I'm thinking I should keep a little larger emergency fund :banghead: Although I think my job is very safe.

I'm already maxing out my 401K so I figure I'm not doing too bad. I have till April next year to fund this year's Roth contribution.
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Wow! Sorry for the bad luck on your company's bankruptcy---why is your job safe? Are you the accountant?!? :biggrin:

I was just kidding you as I am sure you know...:cool2:

I cashed in my 401K to assist in starting my business---my wife and I have been investing in real estate in lieu of IRA's and such, lately. We have a plan to start investing in a retirement fund in case the real estate doesn't pan out as we hope.
 
Mile9c1

Mile9c1

X-H2O.com
Location
Grand Rapids, MI
Royal Flush said:
why is your job safe?
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Because my boss just quit and so did another engineer and so I got most of their crap to work on, plus I still have all the crap I usually work on :smile:

I know you were just kidding :biggthumpup:

This thread reminds me I need to finish the Total Money Makeover. I only got half way through it.
 
32vickie

32vickie

X-
Location
Pipersville, PA
Yes get the book it will help you look at your dept differently. I read the book when we were in Scotland and my wife is on the second chapter. We are both trying to help her brother to get out of a bad money situation and the book helped us set up a spread sheet for him. Plus we have our own dept snowball rolling now. I just need her to finish the book. It was only $13 on line and I think it was well worth the money.
 
F

FL-cracker

X-H2O
Location
old exit 72 Melbourne
I am 13k in the hole on my 05 frontier. 21yrs old and do Precision Machining/daimond turning for a living...cutting infared/night-vision lenses for all sorts of Gov. vehicles/guns/rifles exc....I will also be starting work part time with Trinity Composites! My dream is to make that full time and travel all over the World doing what I love......Its just hard to give up what I already have with DRS....I am too young to be making all these decisions.....time will tell.

Went through about 20k racing mini moto "pitbikes" for two years, and now about 8k deep into this X-h2o disease.
 
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SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
This time last year, our total debt (minus house) was $30,757

We're currently at $12,621

We've knocked out $18,000 in a year!
 
Snackem

Snackem

Danger Zone
Location
Colfax WA
SuperJETT said:
This time last year, our total debt (minus house) was $30,757

We're currently at $12,621

We've knocked out $18,000 in a year!
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NICE!!! :arms: :arms: You guys are on fire!!!:cheer: :cheer: You'll be debt free in 6 months or less!!!!:woot: :woot:
 
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