- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Dave Ramsey
Posted on 3/20/15 at 2:30 pm to Ace Midnight
Posted on 3/20/15 at 2:30 pm to Ace Midnight
It is so nuts for me. I am all worried about building my net worth and savings that the idea of being so far behind just flummoxes me. I always categorize debt, bad debt, 'eh debt' and good debt. Blows my mind that anybody consistently has "bad debt" outside extreme circumstances
Bad Debt - Running CC balances, high interest loans and other obligations that put you in a further hole by kicking down the road
'Eh Debt' - Student Loans (tax writeoffs but no collateral which sucks), Car loans okay %, low interest unsecured loans
Good Debt - Affordable mortgages, low interest car loans, low interest secure loans
Bad Debt - Running CC balances, high interest loans and other obligations that put you in a further hole by kicking down the road
'Eh Debt' - Student Loans (tax writeoffs but no collateral which sucks), Car loans okay %, low interest unsecured loans
Good Debt - Affordable mortgages, low interest car loans, low interest secure loans
1
Posted on 3/20/15 at 2:32 pm to GenesChin
Fiance doesn't make a "ton" of money but while she never puts on debt, she treats her income as a zero sum game every month.
We were watching Friends and they all made a trip to Vegas in the show and she asked "How do they just have the money to just book a trip to Vegas without thinking about it?"
As you can imagine I called her dad and told her we are having a sit down about budgeting, long term financial planning and how important financial security is
We were watching Friends and they all made a trip to Vegas in the show and she asked "How do they just have the money to just book a trip to Vegas without thinking about it?"
As you can imagine I called her dad and told her we are having a sit down about budgeting, long term financial planning and how important financial security is
Posted on 3/20/15 at 3:50 pm to anc
quote:
14 credit cards with $3000-$12000 balances.
Total minimum payments: $745 And minimum payments all they can do. But man, they are living the life in their gated community.
Thats insane
Posted on 3/20/15 at 4:59 pm to poochie
quote:less than 2 years, maybe a little over 2 years
What kind of time line we talking about? And did you have any savings before hand?
we did, but not like we should have. we had 'wealth' in my business and a hearty income stream...but we both spent money frivolously, what it really did for us is put us on the same page as how to spend it...there really was no arguing because we weren't on 'our plan, we were on 'Dave's plan.
IMO, all Dave's plan does is flip the financial equation...instead of financing all wants...you suck it up a few years, build wealth, and are able to pay for things in cash, making purchases more meaningful and thought provoking than before.
Posted on 3/20/15 at 5:04 pm to LSU0358
quote:
By less effective I mean while building net worth in mutual funds or paid for real estate will continue to improve someone's net worth, a person misses out on potential homeruns financially speaking.
"Potential homeruns", how many times will a person strike out trying to get a hit? Over the long run not playing the leverage game is more likely to put you ahead which is probably what Dave is saying.
Posted on 3/20/15 at 5:13 pm to EA6B
quote:
Over the long run not playing the leverage game is more likely to put you ahead which is probably what Dave is saying
And see. These are the comments that make people
Playing the "leverage game" has put many on this board in much healthier financial shape with minimal risk.
Posted on 3/20/15 at 5:37 pm to lsuroadie
I honestly think about doing Dave Ramsey with the Fiance till she is ready to upgrade. It would be Dave's plan and not in my fiances words "Your I'm a cheap arse" budget
She hasn't learned that having something in two months isn't much different tha. Having it right this second for 99% of things
She hasn't learned that having something in two months isn't much different tha. Having it right this second for 99% of things
Posted on 3/20/15 at 6:14 pm to Ace Midnight
Individual stocks, futures, investing in personal company/own business.
Posted on 3/20/15 at 7:05 pm to GenesChin
quote:
honestly think about doing Dave Ramsey with the Fiance till she is ready to upgrade. It would be Dave's plan and not in my fiances words "Your I'm a cheap arse" bud
I dated a girl for 3 years after college like that. Her financial pitfalls wouldn't have stopped me from marrying her but sho am glad i didnt. I had the same finance conversation with her father. Laughingly telling him he made a mess for me to clean up. He laughed. Not funny. Hah.
Posted on 3/20/15 at 7:07 pm to LSUAfro
quote:
And see. These are the comments that make people
Playing the "leverage game" has put many on this board in much healthier financial shape with minimal risk.
Exactly. Debt can be a great thing if you are smart about how you use the money.
Posted on 3/20/15 at 8:19 pm to LSUAfro
Her dad is a huge Dave Ramsey follower and she looks up to him so I'll 've fine. She luckily isn't a debt person just milks her account to zero then waits for next paycheck
She knows that I straight up would divorce her if I had to choose between being in a financial bind or having security . I have never seen a marriage with money /major debt problems work and don't think I am some special case
She knows that I straight up would divorce her if I had to choose between being in a financial bind or having security . I have never seen a marriage with money /major debt problems work and don't think I am some special case
Posted on 3/20/15 at 8:43 pm to GenesChin
He constantly advises people to take 20 year term life which bugs the crap out of me. Back around 2010 he was saying that on his radio show and literally the very next call was a guy who was terminally ill and in a panic and when Dave asked him his term life he said his term had already expired. The guy was like 53 or 54. Dave didn't even seem to understand or respond to the implication of that. If you have a lot of risk, get that 30 year term to cover you throughout that risk period and into retirement so you don't find your policy expiring when you have 15 years on a mortgage and 2 kids in college.
Posted on 4/29/15 at 7:00 am to Lsupimp
Fwiw he's coming to Baton Rouge in September something like 15th or 17th. Listening to Dave helped me write down all my cc debt and attack the lowest balances first. I don't follow everything he says but it's a start. I listen to his podcast and it's amazing the amount of student loan debt people have in degrees like poetry and philosophy with $75000 in loan debt.
I guess I can't be to critical I had about $20,000 in cc debt.
I guess I can't be to critical I had about $20,000 in cc debt.
Posted on 4/29/15 at 7:11 am to Gorilla Ball
quote:
Dave Ramsey
Fwiw he's coming to Baton Rouge in September something like 15th or 17th. Listening to Dave helped me write down all my cc debt and attack the lowest balances first. I don't follow everything he says but it's a start. I listen to his podcast and it's amazing the amount of student loan debt people have in degrees like poetry and philosophy with $75000 in loan debt.
I guess I can't be to critical I had about $20,000 in cc debt.
Glad i listened to him too. I thought debt was the normal way of life until i started listening to him.
Posted on 4/29/15 at 7:31 am to Double Oh
I agree. Down to a mortgage and about $8500 on a truck.
I worked with a guy years ago that thought he should always have a car note and that was part of his budget
I worked with a guy years ago that thought he should always have a car note and that was part of his budget
Posted on 4/29/15 at 10:06 am to Gorilla Ball
Ramsey and Osteen should tag team. That would be one hell of an event.
Posted on 4/29/15 at 1:51 pm to Croacka
quote:
I use Mint for my monthly budgets It requires more discipline because you aren't using the envelopes imo I also put almost all purchases and expenses on credit cards which I know Dave wouldn't allow
I do the exact same thing and usually I get a couple of free flights per year from my points for the entire family. I think Dave wouldn't suggest this is because there are a lot of people who aren't disciplined enough to pay the entire balance off every month without incurring interest.
I've been doing this for about five years or so now and never had an issue. I use Mint to track all my spending and make sure everything is in line and charge almost every purchase we make on my Chase Sapphire Preferred Card.
Posted on 4/30/15 at 9:21 am to craig8sm
Caught the tail end of his program yesterday.
Some guy called in and made the claim that he was married w/3 kids. made $29,000/per year and got back $7,000 in taxes approx every year. Dave said, $29,000/year. go back to your employer and change your filing to pay no taxes. it' will reduce your tax refund to about $5,000 but you get to keep all your earned money throughout the year.
First off, I've been at the married and 29,000/year level and I never got back money like that.
Is this really an example of people getting tax money back and not paying any taxes that I've always hear, or could this be a fake call or something?
Some guy called in and made the claim that he was married w/3 kids. made $29,000/per year and got back $7,000 in taxes approx every year. Dave said, $29,000/year. go back to your employer and change your filing to pay no taxes. it' will reduce your tax refund to about $5,000 but you get to keep all your earned money throughout the year.
First off, I've been at the married and 29,000/year level and I never got back money like that.
Is this really an example of people getting tax money back and not paying any taxes that I've always hear, or could this be a fake call or something?
Posted on 4/30/15 at 9:35 am to craig8sm
quote:
First off, I've been at the married and 29,000/year level and I never got back money like that.
Is this really an example of people getting tax money back and not paying any taxes that I've always hear, or could this be a fake call or something?
Does your wife have an income? Maybe that guy's wife doesn't work and he qualifies for EIC also
Posted on 4/30/15 at 9:38 am to craig8sm
just the standard deduction and personal exemption reduces income to zero at 29k and 3 kids
plus child tax credits and earned income credit
plus child tax credits and earned income credit
Page 4 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News