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Message
re: Dave Ramsey
Posted on 3/19/15 at 2:17 pm to craig8sm
Posted on 3/19/15 at 2:17 pm to craig8sm
quote:
Another one is, I have say $25,000 cash on hand in the bank, Now he says I should draw that down to $1000 and use the rest to pay off any debt, then start to built it back up?
Yes. And it will shock you at how quickly that happens.
When would you pay down debt? If you had $50k? What if something happens? $100K? What if something happens?
I think the system is old enough now, inflation and whatnot, but I say to the youngsters, "If $1000 doesn't make you comfortable, then do $2000 - then attack that snowball."
Consumer debt is wage/debt slavery - period - I was knee deep in it for over 20 years - paycheck-to-paycheck. I'm free of it and good riddance. I'm off that treadmill - 7 years until student loans and mortgage are gone (unless I get a HUGE promotion - :knockwood: - in which case I'll be debt free in 5 years, except for a mortgage on a new house).
This post was edited on 3/19/15 at 2:18 pm
2
Posted on 3/19/15 at 2:23 pm to Ace Midnight
quote:
Yes. And it will shock you at how quickly that happens.
When would you pay down debt? If you had $50k? What if something happens? $100K? What if something happens?
I think the system is old enough now, inflation and whatnot, but I say to the youngsters, "If $1000 doesn't make you comfortable, then do $2000 - then attack that snowball."
Consumer debt is wage/debt slavery - period - I was knee deep in it for over 20 years - paycheck-to-paycheck. I'm free of it and good riddance. I'm off that treadmill - 7 years until student loans and mortgage are gone (unless I get a HUGE promotion - :knockwood: - in which case I'll be debt free in 5 years, except for a mortgage on a new house).
Awesome. Thanks, I was getting a little blah on the whole think cause I guess I was trying to over think it. I'm excited again and really want to take this on.
Posted on 4/30/15 at 7:16 pm to Ace Midnight
quote:
Consumer debt is wage/debt slavery - period - I was knee deep in it for over 20 years - paycheck-to-paycheck. I'm free of it and good riddance. I'm off that treadmill - 7 years until student loans and mortgage are gone (unless I get a HUGE promotion - :knockwood: - in which case I'll be debt free in 5 years, except for a mortgage on a new house).
If you want to read a very good book about Consumer Finance and the industry read Pound Foolish by Helaine Olen. Great read. She goes in depth about Ramsey, Suze Orman and a few others.
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