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Dave Ramsey


KillJoy

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I've read several.....the hardest part is making a concrete, written budget and STICKING to it.

 

We never..ever...wrote down a budget. Chalk it up to stupidity, more money than sense, or whatever but it's truly enlightening to see where all your cash goes. We always carried a balance on a C/C, had a decent savings, small portfolio, sent the kids to private school, etc... Then this year after reading one of Dave books, we sat down and wrote down everything....then crossed out the "mad money" that just left our account and made a systematic plan to eliminate all consumer debt except the mortgage in the next 12 months. The plan is very realistic and doesn't require any craziness like eating mac-n-cheese for 6 weeks straight.

 

I would encourage everyone that hasn't sat down and wrote out a hard budget, to do it. It's eye opening when you see how many times you run to Kroger for little things or stop by McDonalds for the kids on the way somewhere. We were spending about $600 a month in little stuff.

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I listen to him often on 103.9. I like his approach to being debt free, but I don't see it being realistic for most people, especially if you are aready DEEP in the hole. I also don't see how a small business can operate without lines of credit or how most kids would be able to go to college without student loans. He is also big on renting as opposed to owning a house until you are debt free.

 

And he loves him some Jesus and likes to tell his listeners that he does.

 

BUT, he has been successful by being debt free. Ive taken some pointers and have reduced my debt down to student loans only. It feels great.

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My wife and i have listened to him for over a year i think. We hope to be debt free by the end of the year, erasing $18k in 12 months.

For those who do not understand how some of this methods work his books go into more depth than his radio program.

It's an awesome feeling when you finally see the end of the tunnel and realize that you are going to be shoveling money into savings when all you have is a Morgage payment.

We will never take out a car loan again.

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He is also big on renting as opposed to owning a house until you are debt free.

 

I'm going that route and I've never heard anything from this guy (Ramsey). It's just what I've decided to do for myself. I don't see why I should go 100k+ in debt when I still have 10k+ in debt (even if it's just student loans). That's just what I've decided for myself and isn't going to be right for everyone.

 

In most situations a business can't compete without loans. Not when the same guy doing the same thing next door is willing to take out a loan to grow their business. I'm no business person or anything. I also don't think that you should be paying regular payroll off of a loan either.

 

And he loves him some Jesus and likes to tell his listeners that he does.

 

No wonder 'Doctor' Rick likes him. ;)

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Common Sense.

 

 

He tells you, "Giving you advice your grandparents would, only we keep our teeth in."

 

Another favorite of mine is........"In order to become rich you must do what rich people do, spend less than you make. Poor people spend more than they make. If you continue to do what poor people do, you'll continue to be poor. Live like no one else so later you can live like no one else."

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Common Sense.

 

 

He tells you, "Giving you advice your grandparents would, only we keep our teeth in."

 

Another favorite of mine is........"In order to become rich you must do what rich people do, spend less than you make. Poor people spend more than they make. If you continue to do what poor people do, you'll continue to be poor. Live like no one else so later you can live like no one else."

 

where the f have you been man

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1. $1,000 to start an Emergency Fund

2. Pay off all debt using the Debt Snowball(smallest to largest debt, minimums on everything except for smallest debt)

3. 3 to 6 months of expenses in savings

4. Invest 15% of household income into Roth IRAs and pre-tax retirement

5. College funding for children

6. Pay off home early

7. Build wealth and give!

8. Invest in mutual funds and real estate

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