Anyone here do the Dave Ramsey thing?

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  • lovemachine

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    Anyone here do the Dave Ramsey thing?

    We just officially started. Will be starting our new budget this weekend. I'm not looking forward to it, but I'm excited about the end outcome.
     

    wrigleycub

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    Great program that is really nothing new. It's a program that is reminiscent of what our grandparents probably did with single family incomes. By that I mean you spend no money on anything that isn't debt or necessity. Start with smallest debt pay it off and work up to the largest. Cease all retirement funds and quit worrying about your credit score because in the end of done correctly you will work your credit to 0. The 0 credit score is a difficult concept for most in today's climate where we have all been conditioned to work towards the highest credit score. The success on the program depends on 100% buy in and adhearance by all household members with spending authority out of the proverbial cookie jar. To echo DVDs quote "goodby to all firearms related expenditures" until you have no debt, resumed your retirement, and have cash to go buy it without effecting anything else!
    good luck, it's a great program if you can make it to the end!
     

    Bapak2ja

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    Great decision. Debt free is a the place to be!!

    Our budget, since we are now on the "debt free" side, includes $150/mo. for guns/ammo. Since the initiation of the budget I have purchased a S&W 640, a Colt Mustang, and a Palmetto AR 15 (M16 A2 style) build kit without one complaint from the love of my life. The budget was one of the best decisions we ever made.
     

    spencer rifle

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    We did the Howard Dayton thing (Crown Ministries) before it was cool. We were even instructors. And that's how we can now afford an X95 with all the fixins. And have no debt at all.
     

    BE Mike

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    I never needed it, but I have a daughter and her husband that took the course. It made a big difference in their learning to live within their means. I understand that it is only good if both people are on board. Our church offers the course.
     

    CampingJosh

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    We do most of it (just not the cash in envelopes part). Debt free since finishing student loans in early 2011. We've done a written budget every month that we've been married, which is closing in on 8 years. It only takes about 10 minutes anymore.

    We use the Goodbudget app to track spending by "envelope" so that we know what we've spent and what we have left. We also have a number of online bank accounts (Ally) for all of the various things we're saving for: upcoming vacation to Europe, new cars, eventually buying a house, etc. I've bought my last four cars outright, including one of them brand new. It's a nice feeling.

    We also each have a little checking account that we budget money into each month for whatever we want. Most of mine disappears on gun stuff, and most of hers goes toward gardening & beekeeping. But I get to buy whatever I want, and since we've already agreed on how much goes into that account, we've never had a fight about money I spent on guns. You can't beat that!
     

    hoosierdoc

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    I like the general concept and there's no denying in works and improves relationships if both spouses are on board.

    that being said, I just drew on my LOC to fund my IRA for 2016 :rofl:
     

    Leo

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    I am old enough to have been through the Larry Burkett "Money Matters" lectures. Crown Financial did a good job too. Now Dave Ramsey is carrying the torch. Like Wrigleycub said, the majority goes back all the way to Biblical money handling instruction that was pretty common (and successful) a couple generations ago. I have hosted the Dave Ramsey program at a couple of Churches. I do not think the advantage is in learning any kind of magic secret, but more in helping to organize the principles and validating things that in the back of your mind you actually know are right.

    The program equips you battle the very slick debt salesmen that have been putting chains on people for years. They say things like " you need the debt to get tax write off". Most people do not think that through. In reality you pay a bank $100 of interest and the government does not tax you the 35% on it......big deal, you are still $65 behind. etc. etc.

    So much of it is mindset. When you look at a $150,000 dollar house without much down payment, you have to not see $150,000, you have to see the cost of $300,000 paid over 30 years. The mindset allows you to be satisfied in a position of less debt, knowing that you will will be able to have more in the long run.
     
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    mbills2223

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    I don't know the ins and outs of his "program," but I think delaying saving for retirement is completely idiotic. :twocents:
     

    jkaetz

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    I don't know the ins and outs of his "program," but I think delaying saving for retirement is completely idiotic. :twocents:
    The program is greatly simplified. One could easily apply the core principles and still save for retirement.

    Being mathematically inclined, I would take whatever I planned to use for retirement and figure out how much interest that would cut off my debt compared to the interest made over the estimated life of the investment.
     

    hoosierdoc

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    I don't know the ins and outs of his "program," but I think delaying saving for retirement is completely idiotic. :twocents:

    He only says do that if you intent to never go into debt again, and generally not for a period of more than two years. The biggest threat to our financial future is debt. If you plan to get that gone forever you will more than makeup on the retirement savings.
     

    Ericpwp

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    I enjoy listening to his show. I don't agree with paying the smallest debt off first though. Also, I use a CC to buy everything as an insulator to my accounts.
     

    CampingJosh

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    I don't know the ins and outs of his "program," but I think delaying saving for retirement is completely idiotic. :twocents:

    It depends on why the delay. Delay saving for retirement one year to pay for my wife's master's degree? Easy choice. She graduated 15 months ago and we're already ahead. (And we managed still to save a couple thousand while cash flowing Ball State full time.)

    Delay indefinitely? Terrible decision.

    Here's 90% of the Dave Ramsey program: you intentionally decide how all of your money will be used before you use it.
     

    rob63

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    We did it many years ago. The first payoff was when the rumors of impending layoffs hit my job place. There were so many people completely stressed out about how they could make their house payment, car payment, etc. while I calmly plotted my next move because we had no debt. I had a number of people in tears asking me how I could seem so unconcerned about what was going on, it really is a completely life changing thing.
     

    Mark-DuCo

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    I enjoy listening to his show. I don't agree with paying the smallest debt off first though. Also, I use a CC to buy everything as an insulator to my accounts.

    I paid off my student loans and car loan in order of highest interest to smallest. As soon as I paid one off the money for that loan payment was added onto the next loan payment, so by the end I was making around $600 a month payments on my car which only required $120 a month. It's rather nice only having a mortgage to worry about and two paid off vehicles in the garage at 27 as a single father.
     
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