michael950
for me to POOP on!
- Location
- Houston, TX
Family, death is a bitch to deal with and a mortgage payment w/o some backup is going to be tough with the income reduced in half.
Dave Ramsey, debt, credit cards, retirement, etc
- Thread starter SuperJETT
- Start date
Family, death is a bitch to deal with and a mortgage payment w/o some backup is going to be tough with the income reduced in half.
romack991
homebrewed
- Location
- Warsaw, IN
He hit the nail on the head. Do you really want to be in debt and then have have something bad happen and leave your loved ones with the burden?
Also do you really want to work the rest of your life instead of being a little more responsible when your young and living comfortably at 60. A small savings isnt going to last if you live till your 80.
Also, everyone please do what you can to have insurance. You never need it till you really need it. My parents were doing great, on track for a good retirement until they got diagnosed with cancer with no health insurance. That can wipe you out and any insurance after that is outragiously expensive. The payments suck but its a lot better than the consequences of not having it.
Also do you really want to work the rest of your life instead of being a little more responsible when your young and living comfortably at 60. A small savings isnt going to last if you live till your 80.
Also, everyone please do what you can to have insurance. You never need it till you really need it. My parents were doing great, on track for a good retirement until they got diagnosed with cancer with no health insurance. That can wipe you out and any insurance after that is outragiously expensive. The payments suck but its a lot better than the consequences of not having it.
The big benefit from FPU is you can see other's experiences and have people that will help hold you accountable, plus give other ideas on how to budget, etc.
kingnothing3
give me fuel give me fire
- Location
- Petersburg,Michigan
I would NEVER go without insurance. had my own vehicle insurance since I was 16, health Ins. since I was 17 and I cover everything else myself as well. My parents only helped me out finacialy when they were obligated too. as soon as I was old enough they dropped me off everything. Thought about life ins. and all that but to tell you the truth im not that conserned about leaving my parents with my debt. They dont want me to get life ins. and we just dont get along very well. They have more than enough to make my payments without any troubles.
michael950
for me to POOP on!
- Location
- Houston, TX
You asked so I answered, yes it is a case-by-case decision but for a majority of the population that is the reason why people carrt life insurance.
Mile9c1
X-H2O.com
- Location
- Grand Rapids, MI
Are you just trying or are you gazellle intense?!? :smile:
I haven't finised the Makeover book yet, but I would recommend it to everyone. It explains all the steps and gives some good stories to really kick you in the pants. If it doesn't motivate you... what will FPU do? Only thing I can think of is it might help get the wife on board if she doesn't want to read the book.
I still use my credit card as much as possible (on the things I need). I actually think I spend more when I have cash, and don't tell me it's not painful when I get a big bill every month!
I'm still having a hard time paying extra on my mortgage, I'm saving more by keeping the money in a simple savings account so I don't see the point (as long as I save it and don't spend it of course).
32vickie
X-
- Location
- Pipersville, PA
Mile9C1 as long as you are paying of the card every month you are doing good. Some people need to just use cash and that works for them and others as yourself are disciplined enough to use the card. I hate using the card lately since we went away for vacation and now I am paying them down so if I don’t have the cash we don’t buy it.
I think I will get a copy of the book for my brother in law for Christmas, he is in debt up to his eyeballs and thinks nothing about it. :banghead:
I think I will get a copy of the book for my brother in law for Christmas, he is in debt up to his eyeballs and thinks nothing about it. :banghead:
onesojourner
I use a thumb throttle.
- Location
- springfield, mo
have you guys seen that commercial with that semi nerdy looking family guy showing off his house and country club and all that crap and he says something along the lines of and how do I do it? I;m in dept up to my eye balls. I love that commercial. it pretty much sums up our culture... it cracks me up everytime I see it.
freestylegeek
waiting...
- Location
- Grand Rapids, MI
The big advantage of FPU is that it lets you see how others are doing. that way when you get into a rut you can look across the room and see how well someone else is doing and use that as motivation. In turn someone can see your progress and be motivated. It's kinda like going to weight watchers meetings. If you show up with a new car/snickers bar there is someone there to slap you upside the head and keep you on the right path. Kara and I have not taken FPU but we plan on taking it eventually. Something else really neat about FPU is that when you pay to go through it you can attend it for life, and so can your spouse.
Mile9c1
X-H2O.com
- Location
- Grand Rapids, MI
I know two people who have done FPU and not long after they were back to old habits. They never even got debt free and both of these couples I am thinking of financed a camper and a car (after FPU). So that's why I think either it's your personality or it's not.
One couple says they are doing the "modified Dave plan" and the other says "hey, the bank says we are doing way better than most people our age". Hello :banghead:
One couple says they are doing the "modified Dave plan" and the other says "hey, the bank says we are doing way better than most people our age". Hello :banghead:
Oh I agree entirely. Following Dave's plan is kinda like trying to lose weight. It does not matter what weight loss plan you try to follow if you decide that you like burgers, fries and shakes more than being skinny then you'll never lose weight.
All I can say to this thread is WOW!!!
....that and a lot of you, including some who think you know what you are doing, need to find a GOOD Independent Wealth Advisor to speak with. I say independent because, they shouldn't try to push a product, just because someone in a home office says they should. A lot of people probably think it costs a lot to do so, but it doesn't.
I wish I could chime in more, but I can't.
....that and a lot of you, including some who think you know what you are doing, need to find a GOOD Independent Wealth Advisor to speak with. I say independent because, they shouldn't try to push a product, just because someone in a home office says they should. A lot of people probably think it costs a lot to do so, but it doesn't.
I wish I could chime in more, but I can't.
Mile9c1
X-H2O.com
- Location
- Grand Rapids, MI
Dave Ramsey is free to listen to :biggthumpup:
I listened to Dave for a long time. He just confirmed everything that I had already learned the hard way in life.
Every time I see this thread I cringe. And now for some reason it is making me think of that stinking citi card commercial:
Rewarding. Very very very rewarding.
Every time I see this thread I cringe. And now for some reason it is making me think of that stinking citi card commercial:
Rewarding. Very very very rewarding.
Fathom
WaveJunkie PR
- Location
- Central Illinois
I read through the last post from October and November this morning and it confirmed what I knew all along in regards to my own personal finances. I lived debt free with the exception of my primary residence and a $491 truck payment.
I have a maxed IRA contribution, and a company matched 401k at 6%. I bank my monthly VA disability each month and my military retirement pension.
For the most part, I felt really comfortable with my finances but hated the truck payment, although it was at a fixed 5% APR.
As of a few minutes ago, I am now debt free. I paid off my truck and set up a recurring transfer from my checking to savings in the amount just over what the monthly payment was. Instead of paying $46 in interest, I will earn interest with each monthly transfer.:arms:
I have a maxed IRA contribution, and a company matched 401k at 6%. I bank my monthly VA disability each month and my military retirement pension.
For the most part, I felt really comfortable with my finances but hated the truck payment, although it was at a fixed 5% APR.
As of a few minutes ago, I am now debt free. I paid off my truck and set up a recurring transfer from my checking to savings in the amount just over what the monthly payment was. Instead of paying $46 in interest, I will earn interest with each monthly transfer.:arms:
michael950
for me to POOP on!
- Location
- Houston, TX
Would love to be in that position.If your savings is not earning any more than 3.5% interest, and you have more than your "3-6 mos expenses" in your savings accout, you will not keep up with inflation (~3%).
Fathom
WaveJunkie PR
- Location
- Central Illinois
This is true but with the 5% offset of interest paid, I'm still doing better than keeping the money in savings.
MMF and brokerage accounts keep up with the cost of living increases.:biggthumpup:
Wow that's awesome!!!! I would however start eventually sticking some of that excess into a good mutual fund. You will earn a lot more money off of inerest and have a ton of money in a couple of years.:arms: :arms:
Fathom
WaveJunkie PR
- Location
- Central Illinois
Absolutely! I have an existing Money Market Fund based on Mutual Funds that I've had for years. It is tied to my brokerage account. Whenever I buy, the fund is my cash account. When I sell, the funds automatically transfer. You're right though. I would be better suited to transfer those same funds directly into the MMF in lieu of savings. Thanks for the insight!:biggthumpup: