Dave Ramsey's Financial Peace
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Dave Ramsey's Financial Peace
Posted by King of New Orleans on 2/10 at 2:15 pm
Anyone done it? I'm thinking of starting it soon. Opinions? Did it help you?


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Posted by jso0003 on 2/10 at 2:22 pm to King of New Orleans
Dave Ramsey is typically a lightning rod for debate around here so I'll just try and give you the general consensus...

If you are in the financial industry you will find a lot of what he says painfully simplistic and way too conservative.

That being said, he is good at creating a simple financial plan that will put anyone on solid ground. It is a great starting point for anyone looking to take better control of their personal finances IMO.

Is it the most aggressive approach? Hell no

Is it helpful to 95% of Americans? Probably



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Posted by Powerman on 2/10 at 2:42 pm to jso0003
I think a lot of people in the financial industry have it wrong with their approach personally

And history proves this out time and time again



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Posted by jso0003 on 2/10 at 3:02 pm to Powerman
quote:

I think a lot of people in the financial industry have it wrong with their approach personally And history proves this out time and time again


Well I am in the industry but I'm not necessarily gonna argue with you



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Posted by Chris4x4gill2 on 2/10 at 3:05 pm to jso0003
I have not done the Financial Peace University Classes, but I have read his book Financial Peace.

Like jso said, basic advice for people bad with money but he spells it out and his ways are good at keping people motivated.



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Posted by LSUTigers00884 on 2/10 at 4:20 pm to Powerman
quote:

I think a lot of people in the financial industry have it wrong with their approach personally And history proves this out time and time again


Care to expound?



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Posted by Will Cover on 2/10 at 4:24 pm to King of New Orleans
quote:

Anyone done it? I'm thinking of starting it soon. Opinions? Did it help you?


Yes. About 7 years ago. Changed our situation completely. And for the better.

Most of what he talks about is common sense, but most people don't practice common sense when it comes to their finances.



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Posted by Chris Farley on 2/10 at 4:46 pm to Powerman
quote:

I think a lot of people in the financial industry have it wrong with their approach personally


I'd like to hear your explanation of this as well. There are millions of people that work in the financial industry, and just like any other field, there are always bad apples.



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Posted by 11thACR on 2/10 at 5:14 pm to Powerman
Dave's plans are designed for someone who has financial problems but can't figure out why.

He makes a good task master with simple proven ways to stop the bleeding and get on the right track.

It is all about reconizing the problem and getting outside discipline help to right the ship.



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Posted by Rockyn on 2/10 at 6:46 pm to King of New Orleans
OP, search button is your friend. There's a million threads about the goober and his methods already.

This post was edited on 2/10 at 6:49 pm

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Posted by Springlake Tiger on 2/10 at 7:42 pm to King of New Orleans
don't spend a dime on it. you can just google the plan. pretty simple, i can tell you how to do it off the top of my head.

Don't use a credit card, ever.
List all of your debts on a sheet of paper and rank them from smallest to largest.
Do a monthly budget (income less expenses).
Take excess of income less expenses and apply to smallest debt.
Once smallest debt is paid off, go to the next, and so on until all of your debt is gone.
Only buy a home if you can put 20% down and finance over 15 years.
Make sure you have an emergency fund of at least 6 months of expenses.
Always contribute to a company matched 401k up to the point at which they match, don't pass up free money.



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Posted by jonboy on 2/10 at 8:13 pm to Springlake Tiger
quote:


Don't use a credit card, ever.
List all of your debts on a sheet of paper and rank them from smallest to largest.
Do a monthly budget (income less expenses).
Take excess of income less expenses and apply to smallest debt.
Once smallest debt is paid off, go to the next, and so on until all of your debt is gone.
Only buy a home if you can put 20% down and finance over 15 years.
Make sure you have an emergency fund of at least 6 months of expenses.
Always contribute to a company matched 401k up to the point at which they match, don't pass up free money.



Before you do any of the above, save $1000 for any unexpected expenses (car repair, new fridge). If you have to use any of it, stop the debt payoff and replenish your thousand.



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Posted by ATL TGR on 2/10 at 8:28 pm to King of New Orleans
Depending on your situation I wpukd suggest it.

For me it highlighted a few points but nothing groundbreaking. However, it did wonders for the wife and now we are on the same page. Highly recommended and worth the 100 bucks



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Posted by foshizzle on 2/10 at 8:34 pm to jso0003
quote:

If you are in the financial industry you will find a lot of what he says painfully simplistic and way too conservative.

That being said, he is good at creating a simple financial plan that will put anyone on solid ground. It is a great starting point for anyone looking to take better control of their personal finances IMO.


That sums things up pretty well IMO. Ramsey isn't selling BS, he is selling a very simple formula for people who have no clue what to do.

Can you do better? Absolutely. It is very simplistic and is basically like teaching someone how to hit basketball layups. But a lot of people need to master the basics and there's no shame in that.



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Posted by King of New Orleans on 2/10 at 8:57 pm to ATL TGR
quote:

For me it highlighted a few points but nothing groundbreaking. However, it did wonders for the wife and now we are on the same page. Highly recommended and worth the 100 bucks


That's my situation. For me, it won't be any earth shattering revelation. For her though, it will be great.



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Posted by ATL TGR on 2/10 at 9:55 pm to King of New Orleans
quote:

For me, it won't be any earth shattering revelation. For her though, it will be great.


Would absolutely recommend then



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Posted by Kraut Dawg on 2/11 at 5:30 am to Springlake Tiger
I could be wrong, but maybe he's changed his stance. I thought Ramsey used to say NOT to contribute to a 401k at all until your debts were paid off.


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Posted by Will Cover on 2/11 at 5:58 am to Kraut Dawg
Correct, except for house.


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Posted by jso0003 on 2/11 at 7:04 am to Will Cover
Well that's a little ridiculous. You should absolutely be contributing up to any employer match in a 401k.


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Posted by HailToTheChiz on 2/11 at 7:42 am to jso0003
quote:

Well that's a little ridiculous. You should absolutely be contributing up to any employer match in a 401k.


free money



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