Dave Ramsey

[Danimal]

Hi just wondering if anybody is using the Dave Ramsey debt program? If so did it work or is it working for you? I'm just starting to see that it would be alot easier to have no debt. I mean of course it is but you know that aint easy. Any advice would be appreciated, what with the economy and all things have gotten uglier around here! Thanks for your input.===Danimal

[Guest maddabber]

I have never heard of this but I was once up to my neck. The first step is to say I have a problem and you have done that. The next step is to look at your costs and what you are spending and get rid of every thing not needed like out to dinner and etc. Put credit cards away or cut up and do not use then budget, budget, budget. I buy nothing I do not need or I can't pay cash for, it is a case of what I NEED not what I WANT.

Darrell

[flb_78]

I've bought a couple of his books but I've never taken any of his classes. The classes really aren't needed unless one needs the spiritual or group support. Ive been debt free now a little while, but not near long enough.

 

You'll find it's much harder to spend money once you can actually look at it and hold it. It's easy to sign paper for ONLY 200 a month, but it's incredibly hard to write a check for 10,000 dollars.

[Guest Obsidian16825]

We listen to Dave regularly and live maybe 45 minutes away from Financial Peace Plaza. I keep meaning to stop in.

We're not following his program exactly. We'd be out of debt a lot faster if we did. As it is, it's taken a few more years than necessary. We kind of yo-yo-ed, cancelling credit cards, paying them off, then getting another one to finance a motorcycle, despite saying we wouldn't. We sold some land, paid off a nice chunk of debt, and are now within a couple thousand of being debt free but the house.

 

It's best in any time, economic uncertainty or not, to be debt-free. We're really looking forward to investing in retirement and mutual funds again, thinking long-term

[Guest Obsidian16825]

It's easy to sign paper for ONLY 200 a month, but it's incredibly hard to write a check for 10,000 dollars.

 

I just wrote a check for $20,000. It will either pay off or almost pay off a debt to my dad. Yes, Thanksgiving dinner will taste better.

I also was very aware last week that the amount sitting in my checking account from the sale of our little piece of land was roughly equal to my annual income. That was weird.

[Redneck]

Yes Dave Ramsey's program will work if you have the discipline to implement it. Life is much easier with out any debt. Your significant other will have to be on board or it will not work. Its a matter of having the correct mind set. You will have a lot more money once you quit paying interest and penalty's and you can buy things cheaper when you have cash on hand. Once you have your emergency fund you will be amazed at how few emergencys you have. Its not an easy road and you will have to learn to do without alot of things untill you get on level groung. not having to worry about debt is priceless. Good luck.

[frogmaster]

Yes Dave Ramsey's program will work if you have the discipline to implement it. Life is much easier with out any debt. Your significant other will have to be on board or it will not work. Its a matter of having the correct mind set. You will have a lot more money once you quit paying interest and penalty's and you can buy things cheaper when you have cash on hand. Once you have your emergency fund you will be amazed at how few emergencys you have. Its not an easy road and you will have to learn to do without alot of things untill you get on level groung. not having to worry about debt is priceless. Good luck.

 

DITTO

[cmiles3]

My wife's a Dave Ramsey disciple. She's got us on it mostly, but we were almost debt free before she started listening. She got the book, and listens to the radio daily. You can listen on the internet, I believe. Maybe podcasts, too.

 

It works; basicly it's simple. Don't spend everything you make, save til it hurts and save a little more. Invest wisely if you can afford it. Pay cash or don't buy.

 

The trick isn't learning the secret, it's learning the discipline needed to make it work. Try it. If you don't like it, you don't have to stay on it.

[BigBoyinMS]

I've been doing "his plan" all my adult life. 30+ years.

1. Save, save, save.

2. Pay cash when you buy anything.

3. Take your time to find the best price.

4. Never buy new. Let the other guy take the initial big depreciation hit.

Take it from me, it's worth it!

[Eck]

Your significant other will have to be on board or it will not work.......................

Yep, with out the significant other being on board your not equally yoked in the same direction..and that as you know can be very frustrating and difficult.

Either your both in......or you will never get out..

Once you have your emergency fund you will be amazed at how few emergencys you have.

How true, how true.....

 

 

[Bob Myers]

Never heard of this guy. Maybe I should have years ago. I subscribe to my fathers way of finance, pay as you go and you won't owe. Everything in my machine shop is paid for except one lathe and one mill which are leased, house paid for, 10 year old and 13 year old bikes paid for, all 5 of our trucks-paid for. Now who is this guy, Dave Ramsey?

[Albino Rhino]

Never heard of this guy. Now who is this guy, Dave Ramsey?

http://www.daveramsey.com/

[Danimal]

Wow thanks for the advice. Basically Dave Ramsey is a guy who has a program to get you out of debt.

1. Save a emergency fund of 1000 dollars.

2. Pay off all debt by starting with your smallest loan or cc and snowballing your payments as you pay them off.

3. Save 3 to 6 months of living expenses.

4. Invest 15% of income in Roth IRA's and pretax retirement.

5. College funding for kids. ( I will be able to skip this one. )

6. Pay off home early.

7. Build wealth and give.

 

Now I know this all sounds pretty much like common sense but it isn't all that common anymore. I don't believe that at any time in my life has someone said " hey pal what are you thinking " when I wanted something I just financed it. Of course this is my fault, and theres no way I'm gonna default on my debt but there are plenty of folks that would. So I guess I just wondered if anybody had done his program (Christian based I think.) Thanks all for the replies, my lovely wife doesn't see a problem yet but she's not looking at the checkbook quite the way I have been. Hopefully she'll see the light SOON. Thanks again Danimal

[Bob Myers]

http://www.daveramsey.com/

 

Interesting reading, sounds like it has a few good points we could all adapt to our own

[Marcarl]

You'd be amazed at how much a cup of coffee and a donut each can add up. Cut the extras and put away as much as you can.