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Started By
Message
I'm a YNAB geek.
Posted on 1/5/17 at 11:59 am
Posted on 1/5/17 at 11:59 am
I love YNAB. I truly believe in the system and if used properly, any schmuck can change their financial situation.
I've used the system to increase my net worth from negative (CC debt) to north of $500k in four years. The system did not do it, but it was a tool that helped get the job done.
A few months ago, I was asked to be a contriubutor/moderator in a YNAB focused group of over 20,000 users. At first, I took it seriously - trying to help average Joes and Janes make sense of zero based budgeting and the rest of the YNAB method - which is ultimately meant to build wealth.
What I have figured out in these past few months is that most people are so money stupid that I'm not sure how the entire system manages.
Some repeated examples that I have seen:
1. Paying more in annual premiums for full coverage insurance than the car is worth.
2. Buying really crappy financial products like whole life insurance and considering it an investment.
3. Being completely against mutual funds, ETFs or anything to do with the stock market.
4. Being against CDs because there is a 2 months of interest penalty on taking money out early.
5. The amount of money spent on animals is amazing. Numerous times people making under 30k household were spending $10k a year on their pets.
6. Blaming the software when they don't hit their budget. Then giving up on the whole thing because it did not work out month 1.
The latest craze is trying to convince people that Refund Anticipation Loans are a scam. But there are a ton of people that "can't wait" to get their tax refund so they sign up for these products with ridiculous fees.
There are two widely reported statistics that I worry about.
1. Almost half of Americans can't read at an eighth grade level.
2. 70 percent of Americans do not have $1000 in the bank.
Those two statistics are a good primer on why we aren't that far away from electing a socialist president. The latter was hard for me to believe, but now I believe it. People are stupid with money. Personal finance should be mandated in high school and college.
I've used the system to increase my net worth from negative (CC debt) to north of $500k in four years. The system did not do it, but it was a tool that helped get the job done.
A few months ago, I was asked to be a contriubutor/moderator in a YNAB focused group of over 20,000 users. At first, I took it seriously - trying to help average Joes and Janes make sense of zero based budgeting and the rest of the YNAB method - which is ultimately meant to build wealth.
What I have figured out in these past few months is that most people are so money stupid that I'm not sure how the entire system manages.
Some repeated examples that I have seen:
1. Paying more in annual premiums for full coverage insurance than the car is worth.
2. Buying really crappy financial products like whole life insurance and considering it an investment.
3. Being completely against mutual funds, ETFs or anything to do with the stock market.
4. Being against CDs because there is a 2 months of interest penalty on taking money out early.
5. The amount of money spent on animals is amazing. Numerous times people making under 30k household were spending $10k a year on their pets.
6. Blaming the software when they don't hit their budget. Then giving up on the whole thing because it did not work out month 1.
The latest craze is trying to convince people that Refund Anticipation Loans are a scam. But there are a ton of people that "can't wait" to get their tax refund so they sign up for these products with ridiculous fees.
There are two widely reported statistics that I worry about.
1. Almost half of Americans can't read at an eighth grade level.
2. 70 percent of Americans do not have $1000 in the bank.
Those two statistics are a good primer on why we aren't that far away from electing a socialist president. The latter was hard for me to believe, but now I believe it. People are stupid with money. Personal finance should be mandated in high school and college.
This post was edited on 1/5/17 at 12:04 pm
17
Posted on 1/5/17 at 12:13 pm to anc
I'm trying to get into it and I think making my own budget in excel would be preferable
Mostly because their import tool sucks right now and isn't connecting to my banks.
Mostly because their import tool sucks right now and isn't connecting to my banks.
Posted on 1/5/17 at 12:17 pm to anc
quote:
1. Paying more in annual premiums for full coverage insurance than the car is worth.
2. Buying really crappy financial products like whole life insurance and considering it an investment.
The worst part about these two is that they think they're being smart. Some of the other ones, it's just people acting greedily, or not considering the long term. But these folks genuinely think "I've got insurance, man, I'm being responsible!"
I would also like to discuss people who have "full coverage" on their autos and are paying out the nose for collision or whatever, but have $20K in liability.
Posted on 1/5/17 at 12:51 pm to anc
We've been using spreadsheet budgeting and the envelope system until last month. I decided to give YNAB a try. I like it so far. Dynamic budgeting, 100% visibility. Not directly on point with Dave Ramsey, but certainly consistent with good budgeting/spending principles.
I have a decent income in a low cost of living part of the country. It boggles my imagination how so many folks live in more expensive houses and drive more expensive cars than I do. I must assume many (if not most) are financing their lifestyle with tomorrow's income and headed to Chapter 7/13 or death before they get out of that debt.
I have a decent income in a low cost of living part of the country. It boggles my imagination how so many folks live in more expensive houses and drive more expensive cars than I do. I must assume many (if not most) are financing their lifestyle with tomorrow's income and headed to Chapter 7/13 or death before they get out of that debt.
Posted on 1/5/17 at 1:02 pm to anc
I hated YNAB. It just didn't work for me, visually at least. I downloaded an excel template from the interwebz. I went from just paying $1,000 interest/month on the med school/mba bills to $4,000/month. It really is amazing how much bullshite you can cut out of your life.
ETA: I won't disclose how much we spend on animals. Hell, I'm scared to look.
ETA: I won't disclose how much we spend on animals. Hell, I'm scared to look.
Posted on 1/5/17 at 1:03 pm to anc
I've been using YNAB for almost 2 years now. In that time I've paid off my student loans (I'd have to go back in to YNAB 4 to see how much I paid off) and saved up money to pay off my 11k car note after getting divorced in roughly a year and save up 5500 for an emergency fund and 1200 into a Roth I started recently, while making ~45k a year. I'm very, very happy with how things have gone over the last 2 years and love how much YNAB has helped me get a grip on my finances. I tell anyone who will listen about it 
Posted on 1/5/17 at 1:40 pm to anc
I use Mint for similar personal finance resources. Is YNAB basically the same thing or does it offer advantages that Mint cannot?
Posted on 1/5/17 at 2:54 pm to anc
quote:Without giving personal info generally how did you do this?
to increase my net worth from negative (CC debt) to north of $500k in four years
Posted on 1/5/17 at 3:30 pm to anc
quote:
70 percent of Americans do not have $1000 in the bank.
I'm torn as I don't know whether to laugh or cry.
How can this be? I mean, seriously ... how can this be?
Posted on 1/5/17 at 3:32 pm to anc
quote:
Being against CDs because there is a 2 months of interest penalty on taking money out early.
I've looked at CDs before, but found ones that were 1.0% or so, and compared to the 0.7% interest Capital One 360 gives me, it just didn't seem worth the hassle. I was planning to do a $10k CD. I suppose once I am willing to put in more then it may be worth it.
quote:
spending $10k a year on their pets.
I do spend about $100/month on my lab (more during winter). Couldn't make it through duck hunting season without her. No way I would spend much more than that though.
Posted on 1/6/17 at 8:15 am to anc
What are the advantages of using YNAB over free websites like Mint?
Doesn't YNAB charge a monthly fee now?
Doesn't YNAB charge a monthly fee now?
Posted on 1/6/17 at 11:45 am to anc
ETA: nvm, found it..
I have so many questions and concerns regarding financial situations right now, I don't know where to begin
Reading this board is depressing and a reminder of all the shitty immature decisions I've made over the years.. playing catch up now
I have so many questions and concerns regarding financial situations right now, I don't know where to begin
Reading this board is depressing and a reminder of all the shitty immature decisions I've made over the years.. playing catch up now
This post was edited on 1/6/17 at 11:55 am
Posted on 1/6/17 at 8:32 pm to anc
quote:
I'm a YNAB geek.
If you want to geek out about something, would it be too much out of your way to actually say what it is instead of counting on just abbreviations??? I already googled it but if you start a topic, it would enhance your topic if you said what it stands for. Thanks
Posted on 1/6/17 at 10:39 pm to anc
Why would someone need YNAB? It surprises you the average American is not too bright nor can't plan nor understand how money works? Do you watch people drive while glued to their devices? People have become idiots across a wide spectrum of the population no matter what age.
Posted on 1/8/17 at 10:55 am to anc
quote:
I've used the system to increase my net worth from negative (CC debt) to north of $500k in four years. The system did not do it, but it was a tool that helped get the job done.
So you were able to save over $125k per year? You a doctor or something?
Posted on 1/8/17 at 11:18 am to anc
Why is Whole Life Insurance so shitty?
Posted on 1/8/17 at 4:51 pm to anc
If we use our cc as our debt card each month and pay it off, is there a way to add the cc account? It's cap one. We just use it to get points and pay off the full balance each month.
Posted on 1/17/17 at 8:14 am to anc
Signed up for the 34 day trial. Guide me Obi Wan.
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