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theJ


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PostPosted: Fri Sep 28, 2012 12:41 pm    Post subject: Dave Ramsey Reply with quote

Any Dave Ramsey followers in here?

If you don't know who he is: Dave is a normal guy that promotes getting out of debt and making the same financial decisions your grandma would make (that's one of his sayings). Such as actually saving for big purchases and not buying it on finance plans. Doing written budgets every month and planning for the future instead of just letting it happen. I won't link his website, but you can find out more using google.

My story:
I happened upon his radio show when i was driving a rental car very far away from my home town. Economics and finance are one of my hobbies (i know, i'm a nerd), so i was fascinated by the show. So i started listening to the podcasts, and realized very quickly that i was making some dumb financial decisions.

Long story short, i've made some drastic changes to my personal finances. I thought i had it under control before, but my eyes have been opened figuratively speaking. I'm currently on baby step 2, working off student loans and will have that paid off within a few months. My wife and I just started doing a written budget, and i get geeked to see at the beginning of the month what our bank accounts will look like in 30 days. Previously i'd wait until the end of the month to see what we had managed to save.

Anyone else out there follow his advice. What baby step are you? Any challenges you're facing? Or do you just think this is dumb? Talk to me.
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scar988


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PostPosted: Fri Sep 28, 2012 12:47 pm    Post subject: Reply with quote

I'm a big proponent of mixing Ramsey with regular credit. I call it, the "common sense" method of life.
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theJ


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PostPosted: Fri Sep 28, 2012 12:52 pm    Post subject: Reply with quote

scar988 wrote:
I'm a big proponent of mixing Ramsey with regular credit. I call it, the "common sense" method of life.


Yeah i can't say i've eliminated all credit card use. I don't feel comfortable using a debit card for gas and w/e because of security issues. But i will say i only use my credit card for gas, since paying with cash there is a huge pain in the butt.

(This stems from having my credit card number stolen once. I still have no idea to this day how it was done, but the CC company blocked all the bogus charges and we weren't liable for anything. That wouldn't have been the case with a debit card.)
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EliteTexan80


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PostPosted: Fri Sep 28, 2012 12:55 pm    Post subject: Reply with quote

I think boondock and his wife have completely adopted his approach. I haven't heard enough of his strategy, but have been looking to dive into it; My father-in-law completely subscribes to it and says it's the smartest and soundest way to plan ahead for everything.

I will probably take on his approach sooner rather than later. Just need to know the insides and outs of it before I implement it.
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BornToFly


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PostPosted: Fri Sep 28, 2012 12:57 pm    Post subject: Reply with quote

Love him. He changed my life. I listen to his show daily. Or or at lest on podcast, sometimes a few shows in a day for catch up if I miss one.
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IrishGreen


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PostPosted: Fri Sep 28, 2012 1:03 pm    Post subject: Reply with quote

please tell me you use excel or a program like quicken for finances and don't literally write down a budget *shutters*
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theJ


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PostPosted: Fri Sep 28, 2012 1:06 pm    Post subject: Reply with quote

IrishGreen wrote:
please tell me you use excel or a program like quicken for finances and don't literally write down a budget *shutters*


I'm an engineer - i use excel. Yeah writing it would take hours. I like have formula's that do the math for me. Laughing

But when i'm done with the first draft i'll either go over it on the computer with the wifey or print it and go over it with her.
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Superman(DH23)


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PostPosted: Fri Sep 28, 2012 1:10 pm    Post subject: Reply with quote

I've listened to him a few times, everyone still needs good credit in order to make those purchases that you can't truly save up for completely (car/house/etc.) but I love when he's talking to somebody living above their means and how he's brutally honest with them.
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IrishGreen


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PostPosted: Fri Sep 28, 2012 1:18 pm    Post subject: Reply with quote

theJ wrote:
IrishGreen wrote:
please tell me you use excel or a program like quicken for finances and don't literally write down a budget *shutters*


I'm an engineer - i use excel. Yeah writing it would take hours. I like have formula's that do the math for me. Laughing

But when i'm done with the first draft i'll either go over it on the computer with the wifey or print it and go over it with her.


ok thank goodness. because i agree with simplistic, common sense approaches when it comes to money, but i can't stand methods that make you go back in time.

mother worked in a bank for a long time so i got beaten into my head the dos and don'ts of spending at a young age.

-basically never buy anything before you have the money (or know for sure you'll have the money on a specific date; ex. paying a cell phone bill before it's due) unless it's a house. car only in the case of an emergency, and if you insist, no longer than a 2 year loan.

-credit cards are a good thing, but just use them as a representation of money you already have. DON'T use because you can't afford something.

-be aware of what you're paying for, research is essential. don't buy dumb crap. don't pay $200 for a cell bill when you can go to the next guy over and get it for $100.

-one that always boggles my mind is people who are "too good" to use coupons. they save you money, why not use them? people give me crap sometimes for using coupons, and i'm like "HAHA I'M SUCH A WEENIE SAVING $30". don't understand people's thinking on that at all.

those are almost always the biggest problems people have, especially the first one.
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IrishGreen


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PostPosted: Fri Sep 28, 2012 1:21 pm    Post subject: Reply with quote

Superman(DH23) wrote:
I've listened to him a few times, everyone still needs good credit in order to make those purchases that you can't truly save up for completely (car/house/etc.) but I love when he's talking to somebody living above their means and how he's brutally honest with them.


disagree on the car part. as long as it's not an EMERGENCY, it's fairly easily to save up for one. it's just you may need to make a couple sacrifices for a few years. LIS above, 2 year loan, max if you must.

bolded, that's the biggest reason our economy sucks right now. people want to live like rockstars on modest incomes. just doesn't work. "brb buying a $600,000 home when i only make $30,000 a year". thankfully banks have for the most part stopped with that crap
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Superman(DH23)


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PostPosted: Fri Sep 28, 2012 1:26 pm    Post subject: Reply with quote

IrishGreen wrote:
Superman(DH23) wrote:
I've listened to him a few times, everyone still needs good credit in order to make those purchases that you can't truly save up for completely (car/house/etc.) but I love when he's talking to somebody living above their means and how he's brutally honest with them.


disagree on the car part. as long as it's not an EMERGENCY, it's fairly easily to save up for one. it's just you may need to make a couple sacrifices for a few years. LIS above, 2 year loan, max if you must.

bolded, that's the biggest reason our economy sucks right now. people want to live like rockstars on modest incomes. just doesn't work. "brb buying a $600,000 home when i only make $30,000 a year". thankfully banks have for the most part stopped with that crap
Only b/c they were forced to. Banks would still be handing out subprime mortgages left and right if they could still operate as they did pre-2008.
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IrishGreen


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PostPosted: Fri Sep 28, 2012 1:29 pm    Post subject: Reply with quote

Superman(DH23) wrote:
IrishGreen wrote:
Superman(DH23) wrote:
I've listened to him a few times, everyone still needs good credit in order to make those purchases that you can't truly save up for completely (car/house/etc.) but I love when he's talking to somebody living above their means and how he's brutally honest with them.


disagree on the car part. as long as it's not an EMERGENCY, it's fairly easily to save up for one. it's just you may need to make a couple sacrifices for a few years. LIS above, 2 year loan, max if you must.

bolded, that's the biggest reason our economy sucks right now. people want to live like rockstars on modest incomes. just doesn't work. "brb buying a $600,000 home when i only make $30,000 a year". thankfully banks have for the most part stopped with that crap
Only b/c they were forced to. Banks would still be handing out subprime mortgages left and right if they could still operate as they did pre-2008.


haha i know, either way though, thank goodness they can't anymore. now it's extremely hard to get one Laughing
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Superman(DH23)


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PostPosted: Fri Sep 28, 2012 1:34 pm    Post subject: Reply with quote

IrishGreen wrote:
Superman(DH23) wrote:
IrishGreen wrote:
Superman(DH23) wrote:
I've listened to him a few times, everyone still needs good credit in order to make those purchases that you can't truly save up for completely (car/house/etc.) but I love when he's talking to somebody living above their means and how he's brutally honest with them.


disagree on the car part. as long as it's not an EMERGENCY, it's fairly easily to save up for one. it's just you may need to make a couple sacrifices for a few years. LIS above, 2 year loan, max if you must.

bolded, that's the biggest reason our economy sucks right now. people want to live like rockstars on modest incomes. just doesn't work. "brb buying a $600,000 home when i only make $30,000 a year". thankfully banks have for the most part stopped with that crap
Only b/c they were forced to. Banks would still be handing out subprime mortgages left and right if they could still operate as they did pre-2008.


haha i know, either way though, thank goodness they can't anymore. now it's extremely hard to get one Laughing
Yeah I know, but something needs to be done about all the predatory loans that were handed out, something beyond just foreclosing on these people's houses.
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IrishGreen


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PostPosted: Fri Sep 28, 2012 1:37 pm    Post subject: Reply with quote

Superman(DH23) wrote:
Yeah I know, but something needs to be done about all the predatory loans that were handed out, something beyond just foreclosing on these people's houses.


honestly they deserve it imo. i'm not gonna have a lot of sympathy for someone who bought a house way out of their means. it's not really the banks responsibility for you to budget better. obviously the banks were being beyond stupid, but ultimately they signed the terms and conditions and bought the house.
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theJ


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PostPosted: Fri Sep 28, 2012 1:40 pm    Post subject: Reply with quote

IrishGreen wrote:
Superman(DH23) wrote:
I've listened to him a few times, everyone still needs good credit in order to make those purchases that you can't truly save up for completely (car/house/etc.) but I love when he's talking to somebody living above their means and how he's brutally honest with them.


disagree on the car part. as long as it's not an EMERGENCY, it's fairly easily to save up for one. it's just you may need to make a couple sacrifices for a few years. LIS above, 2 year loan, max if you must.


Agree with that. Cars can be saved up for. If you want a $30,000 car and it's going to take you 3 years to get there, it's probably a sign that it's not in your budget. If you still want it, then save for 3 years.

I have trouble with the approach of taking a loan out on a car bc of emergency. If it's truly an emergency, then you should be able to find a beater for $1000-2000. If that's out of your range, then you probably have bigger financial troubles.
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