Fuck you all!!!! Im Debt free..

[Bam]

Once he has established a lifestyle where he is free of the need for credit, why would his poor credit score matter?

 

Not many people are likely to be able to afford to pay cash for a house, or many big ticket items. And even if they could get to that point some day in the future, it may be smarter to purchase now or at a specific time, rather than waiting until the day you can pay cash for it.

 

That....and an emergency situation. Just my .02. I charge nearly everything on my cc's but pay them off monthly, I average $1000+ annually in cash back rewards, nice little perk.

[Trouble Maker]

I never had anyone in my younger years to show me how to manage money well, My mother struggled to keep a roof over my head and being that I thought that it was ok to just skimm by. I can only do what I'm taught or influenced. My mother did her best and I would never change anything but now I have seen the light and know what I have to do.

 

Having that influence definitely helps alot. My parents are good with money and tried to show us good money habits from a relatively young age. It's not everything though. My parents weren't able to influence my brother enough to not completely fuck up in this department.

 

It sounds like your mom did just fine, and you are on the right track now.

 

It seems like a lot of people slip up with money when they are younger. How long it takes to get back to normalcy just depends on how long it takes to realize you've slipped or fallen. It seems like a dirty little 'secret' that most everybody kind of fucks up with money at some point in their life. If everyone was able to talk about money a little more freely maybe everyone would be more educated about it and we could maybe help the next generation to live better off than we did.

[nurkvinny]

I learned a lot about money from Dad. When I'd ask for $100 Nikes at 10 years old, he'd laugh and direct me to the $20 shoes. I learned to spend money on the right things... like V8 swaps when I was 16.

[SRTurbo04]

I never had anyone in my younger years to show me how to manage money well, My mother struggled to keep a roof over my head and being that I thought that it was ok to just skimm by. I can only do what I'm taught or influenced. My mother did her best and I would never change anything but now I have seen the light and know what I have to do.

 

x2 man single mother 3 kids i just figured thats how life went

 

now im workuing on getting debt free slowly but shurly an learning on my own

 

glad its working out for you. if i read right u sold the vw... whaqt did u pick up as a daily?

[Linc5.0]

Congrats Bro! Good for you, now the key is to not put yourself back in that situation.

[neonkiller]

x2 man single mother 3 kids i just figured thats how life went

 

now im workuing on getting debt free slowly but shurly an learning on my own

 

glad its working out for you. if i read right u sold the vw... whaqt did u pick up as a daily?

 

Friday kid is coming to trade me his Jetta, pretty bone stock, average bolt ons, clean and low. Fucking red though.... I get to keep my wheels so it should look nice...

[Rob1647545496]

congrats. 10 more months and ill be completely debt free and have a corvette in my name but right now as long as it's worth more then i owe i'm fine with it.

[phil]

I've never had debt til jus recently and its stressful as fuck. Lawyer car payment and bs bills. Shits annoying, car will be done soon and lawyer by the end of summer. Hopefully legal shit before october but I wanna be free by next yr. Fortunatley I have 0 cc so I guess it could be worse

[neonkiller]

I've never had debt til jus recently and its stressful as fuck. Lawyer car payment and bs bills. Shits annoying, car will be done soon and lawyer by the end of summer. Hopefully legal shit before october but I wanna be free by next yr. Fortunatley I have 0 cc so I guess it could be worse

 

 

Write a plan out and stick to it.

[Got-Boost?]

So, you get rid of your CCs and then slowly have poor credit, what are you going to do then?

 

You don't need credit when you can pay CASH for everything. That is the point, why finance something and pay interest to a bank, credit union, etc. when you can save yourself money paying up front...

 

IMO, it all boils down to "not keeping up with the joneses!" Think about how much you pay in payments every month to someone. What if that same amount was going in a savings or investment account?

 

Next would be savings and retirement. Do you plan on working your entire life?

 

There are some pretty scary statistics out there but here are just a couple....

 

50% of people aged 25-34 have less than $10k saved.

 

51% of Americans have ZERO retirement saved AT ALL!

[HotCarl]

I use to love listening to Dave Ramsey on the radio until that station went off the air. I agree with most of everything he says EXCEPT getting completely rid of all your credit cards. I understand his view that its an extra burden, a temptation to spend money you dont actually have but there are alot of cases in which you will need to build/have good credit. The only instance i can see where not have a CC at all is benefitial is if you already own your home and your car and are financially stable.

 

Its funny you posted this b/c i just paid off the rest of my one and only credit card today. Unfortunatly im about to purchase plane tickets and hotel reservations but hey it felt good to pay it off!

[HotCarl]

Having that influence definitely helps alot. My parents are good with money and tried to show us good money habits from a relatively young age. It's not everything though. My parents weren't able to influence my brother enough to not completely fuck up in this department.

 

It sounds like your mom did just fine, and you are on the right track now.

 

It seems like a lot of people slip up with money when they are younger. How long it takes to get back to normalcy just depends on how long it takes to realize you've slipped or fallen. It seems like a dirty little 'secret' that most everybody kind of fucks up with money at some point in their life. If everyone was able to talk about money a little more freely maybe everyone would be more educated about it and we could maybe help the next generation to live better off than we did.

 

 

This is so fucking true. Ive done my fairshare of mistakes and know that i will probably do more in the future. It just always seem's like an embarrassing topic. My girl was talking to her friend the other day about her finance's and freely admitted making alot of mistakes (ie too much shopping) in the past but that now she doesnt need a "second chance checking acct" anymore and was responsible enough to turn around her own situation around, i remember thinking "damn i would never say something like that to ANYONE" mostly b/c it can be a very embarrassing topic.

[evan9381]

Please record that convo lol!

 

i have one

 

long story shortened (still a little bit of a read), i moved out of my apartment early, went in to landlord after me and maintenence did the walk thru, gave her a check for the $99 releasing fee and 1/2 off first month rent they gave me (it was like $400 total), on the check i put my new number, told her "heres my number, call me once you get the totals for the damages (small shit, but i knew i had to pay it)...no call for 3 months, then a letter in the mail from a collection agency. talked to a guy i work with who is also a landlord, and he said she had 60 days of me moving out to bill me for anything left, after that, im not responsible for it.

 

went and spent $60 on a tape recorder and ear piece/mic, called her, got her to admit she didnt send me a bill before sending me to collections because "she didnt have my address". when i called her out about it, i said "look, its on my check, on my lease termination form, and you could have mailed it to my apartment i rented from you and it would have got forwarded to my new address". called the agency, told them i had her on tape admiting this...sent the landlord and the agency letters via certified mail, the agency telling them to cease and desist, and a letter to the landlord telling her i recorded the convo and she could either take me out of collections and drop her claim of owing $ or i would sue her for every penny i was legally able to...

 

still never showed up on mine or g/fs credit report, and i never heard another word about it. it was <$300, but it was the fact she never even called me before sending me to collections that pissed me off

[Z06G]

Congrats Shanton, now wheres my finder fee payment for making the deal go down on your truck lol!

[Doug1647545489]

I can't believe how dumb people are with money. It's all common sense. Most people don't have enough self control. I have multiple credit cards that I use to buy everything. For the same reasons as Mallard. To get the points. They get paid off completely every month. Nothing carries over. Other than that I have a small car note and a small mortgage. I bought a car and house that were well within my means. I could still pay for everything if I suddenly had to live on half my salary. First thing I did after buying a house was to start building my emergency fund again. Before I bought my house it felt so good to have 40k in the bank and felt very scary when I spent it all on the house and didn't have much for the first few months. Now I have about 4 months in the bank. I'm also maxing out my 401k with the amount my employer matches. It's free money. I also still spend quite a bit, but I make sure I can afford it up front. All of these things are common sense though.

[Mallard]

Having that influence definitely helps alot. My parents are good with money and tried to show us good money habits from a relatively young age. It's not everything though. My parents weren't able to influence my brother enough to not completely fuck up in this department.

 

It sounds like your mom did just fine, and you are on the right track now.

 

It seems like a lot of people slip up with money when they are younger. How long it takes to get back to normalcy just depends on how long it takes to realize you've slipped or fallen. It seems like a dirty little 'secret' that most everybody kind of fucks up with money at some point in their life. If everyone was able to talk about money a little more freely maybe everyone would be more educated about it and we could maybe help the next generation to live better off than we did.

+1

 

I think 'fiscal responsibility' is something that should be taught to everyone in school. It's the biggest life lesson everyone needs to know.

 

Also, to Mensan and others that don't think credit score is important if you can pay with everything in cash; When you get a new job your employer will do a credit check and a poor score will reflect poorly on you. I would hate for that to be a reason you're turned down for a position, but if you're in tight competition for a job I've heard it can make a difference. As beer30 said, most people will never have the cash saved to buy a house with cash (i guess that's part of the problem you guys are talking about), and if they did it could be later in life. If I had $200k in a savings account, I would not be spending it all on a house, depending on the amount of time it took me to save that money. Having that liquidity as emergency money is more important than draining my savings. If you have a $1mil in savings and you buy a $200k house it's a different story. I'm all for paying it off in 15 years though.

[Main3s]

Congratz Mang! Selling off your car had to be tough but if you're committed to it then more power to ya. I'm in the process of trying to get out too. I just got a decent promotion at work so I'm making more money and I'm only another 2 months away from having no car payment After that the rest should go quickly.

 

I will say this though, don't forget how to have a good time. It's your money you work for it so enjoy it. It's all about balance save some spend some.

 

 

Now more pics of the girl!

[neonkiller]

I wouldnt think this thread would make it this far allot of people need to and want to keep there finances private, However it is totally understandable.

 

Im just glad this is a good read of what people save and do with there money gives me inspiration as to what I can look forward to later in life.

 

 

 

Keep the opinions coming!

[6 Speed S4]

Congrats I'm working on being debt free. Just gotta pay down 3500 on CC, 7000 for school loan which may be taken care of by my employer, and 2,000 on tool box. I hope in 6 months tops I'll be debt free.

[Got-Boost?]

+1

 

I think 'fiscal responsibility' is something that should be taught to everyone in school. It's the biggest life lesson everyone needs to know.

 

Also, to Mensan and others that don't think credit score is important if you can pay with everything in cash; When you get a new job your employer will do a credit check and a poor score will reflect poorly on you. I would hate for that to be a reason you're turned down for a position, but if you're in tight competition for a job I've heard it can make a difference. As beer30 said, most people will never have the cash saved to buy a house with cash (i guess that's part of the problem you guys are talking about), and if they did it could be later in life. If I had $200k in a savings account, I would not be spending it all on a house, depending on the amount of time it took me to save that money. Having that liquidity as emergency money is more important than draining my savings. If you have a $1mil in savings and you buy a $200k house it's a different story. I'm all for paying it off in 15 years though.

 

You don't have to pay cash for a house, that's just an option down the road. The point is to have no monthly debt to pay which allows you to save, invest, retire, AND pay off that house early. There is no point in paying almost double what your house is worth in fees and interest on a 30-year mortgage when you can own it in under 7-years.

 

You would probably fall out of your chair if you knew how many people have interest only loans on there house, lease a new vehicle every couple years, and have $30k+ in credit card debt. A lot of people are BEYOND STUPID with money... :gtfo:

[Guest mitsumodder]

My wife and I went through Daves classes at our church, we also have his DVD's and books. We are struggling through his "plan". We have A LOT of debt, probably 12k on cc and 15k in student loans, 6k in other secured debt and then theres the 25k we still owe on the house we sold and loss our asses on. Its tough!!! I was just wondering the other day \what is below blue collar cause thats what we are. I work full time as a GM technician and she works part time as an RN and we still live paycheck to paycheck. Waiting for the day that Dave's ideas pay off for us cause I would like to buy another house someday.

[Bam]

You don't have to pay cash for a house, that's just an option down the road. The point is to have no monthly debt to pay which allows you to save, invest, retire, AND pay off that house early. There is no point in paying almost double what your house is worth in fees and interest on a 30-year mortgage when you can own it in under 7-years.

 

You would probably fall out of your chair if you knew how many people have interest only loans on there house, lease a new vehicle every couple years, and have $30k+ in credit card debt. A lot of people are BEYOND STUPID with money... :gtfo:

 

I'm sorry, but you're making a blanket statement that just isn't true. There is no magic way to pay off any and every house in 7 years, just not. A nice home here locally could sell for $250,000, but try and find that same home in San Francisco, or other large cities, and it may be triple that.

 

I do agree however that there is a TON of needless spending happening everywhere and unfortunately the money train has already started to run out for many folks, but has yet to come for others.

[neonkiller]

My wife and I went through Daves classes at our church, we also have his DVD's and books. We are struggling through his "plan". We have A LOT of debt, probably 12k on cc and 15k in student loans, 6k in other secured debt and then theres the 25k we still owe on the house we sold and loss our asses on. Its tough!!! I was just wondering the other day \what is below blue collar cause thats what we are. I work full time as a GM technician and she works part time as an RN and we still live paycheck to paycheck. Waiting for the day that Dave's ideas pay off for us cause I would like to buy another house someday.

 

Juyst stick to your plan, Have you figured it out on paper like years in advance if either of you dont get a raise how long will it take?...

 

that way you can actually see when it will happen and you will be close to debt free.

[Got-Boost?]

I'm sorry, but you're making a blanket statement that just isn't true. There is no magic way to pay off any and every house in 7 years, just not. A nice home here locally could sell for $250,000, but try and find that same home in San Francisco, or other large cities, and it may be triple that.

 

I do agree however that there is a TON of needless spending happening everywhere and unfortunately the money train has already started to run out for many folks, but has yet to come for others.

 

I was just giving an example. There is always a scenario that doesn't fall into ones statement. It's really just about being accountable for your finances and LIVING WITHIN YOUR MEANS!

[OGRE]

My wife and I went through Daves classes at our church, we also have his DVD's and books. We are struggling through his "plan". We have A LOT of debt, probably 12k on cc and 15k in student loans, 6k in other secured debt and then theres the 25k we still owe on the house we sold and loss our asses on. Its tough!!! I was just wondering the other day \what is below blue collar cause thats what we are. I work full time as a GM technician and she works part time as an RN and we still live paycheck to paycheck. Waiting for the day that Dave's ideas pay off for us cause I would like to buy another house someday.

 

 

stick with it, it's worth it. THink of creative ways to get rid of money going out, hell, i even changed my phone plan to save 5 bucks a month. The wife and I paid off 21K in 13 months! But it was not without sacrifice. We did not listen to dave'S every word, we do have a gas card that pays us bace every month, but as far as credit, that is IT other than the morgage.