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re: Personal Finances For An Idiot?
Posted on 11/14/16 at 11:37 am to anc
Posted on 11/14/16 at 11:37 am to anc
I was just going to add that you should definitely listen to the show as well, in addition to reading the books. You really get the idea of what he's preaching and how serious he is about tough love helping folks when you hear his responses to some of the callers' situations.
0
Posted on 11/14/16 at 3:52 pm to Envy
I went the Dave Ramsey route and it has helped tremendously. I don't follow it religiously but I have done most of the steps (creating a budget, debt snowball, emergency fund). The thing that helped me the most is creating a monthly budget spreadsheet. If you keep up with it, it FORCES you to look at your expenses everyday.
It will probably take 4-6 months for you to really get the hang of it, but once you do it will change how you spend your money. After 4-6 months you start to get excited about completing a balanced budget every month and starting on the next month's.
It will probably take 4-6 months for you to really get the hang of it, but once you do it will change how you spend your money. After 4-6 months you start to get excited about completing a balanced budget every month and starting on the next month's.
Posted on 11/14/16 at 8:21 pm to WeeBeaux
Dave. Motherloving. Ramsey.
Don't think because he's scoffed at here he's no good. If you are ready to go Tabula Rasa he is the absolute best place to start. Where people disagree with him is his total aversion to the use of credit and some aspects of his back end wealth building theories. Where those who are averse to him lose the plot is because those who need him aren't sophisticated or familiar with credit enough to trust themselves to use it as many of the "Power Users," do effortlessly.
Dave is going to teach you discipline and self reliance. He focuses on debt elimination and total reliance on income (read: your paycheck) as a staple of that mindset. His system is incremental and basic and builds upon small steps to increase your pace exponentially.
It's perfect for someone ready to pick themselves up, dust themselves off and start a foundation of financial stability.
Go buy envelopes, get Total Money Makeover and start reading. It works. But MAKE SURE YOUR SO IS ON BOARD 100% WITH WHATEVER YOU DO.
Don't think because he's scoffed at here he's no good. If you are ready to go Tabula Rasa he is the absolute best place to start. Where people disagree with him is his total aversion to the use of credit and some aspects of his back end wealth building theories. Where those who are averse to him lose the plot is because those who need him aren't sophisticated or familiar with credit enough to trust themselves to use it as many of the "Power Users," do effortlessly.
Dave is going to teach you discipline and self reliance. He focuses on debt elimination and total reliance on income (read: your paycheck) as a staple of that mindset. His system is incremental and basic and builds upon small steps to increase your pace exponentially.
It's perfect for someone ready to pick themselves up, dust themselves off and start a foundation of financial stability.
Go buy envelopes, get Total Money Makeover and start reading. It works. But MAKE SURE YOUR SO IS ON BOARD 100% WITH WHATEVER YOU DO.
This post was edited on 11/14/16 at 8:24 pm
Posted on 11/15/16 at 9:02 am to Envy
As others here have said, the Dave Ramsey method of getting your finances in order is great for people that don't know shite about money or where to begin.
I followed the general advice of snowballing my debt (student loans, mainly) to get out of debt and then saved up to pay off my car. It's a great method to help you get control.
One of the biggest life changers for me and managing my money though has been sticking with YNAB (You Need A Budget) for actual budgeting and saving. I don't make a great deal of money, but I've been able to get myself out of debt, save up 3-6 months of expenses with an additional small emergency fund that will all be completely funded on my next paycheck. It works a lot like Dave's envelope method for budgeting, it's just in digital form and you don't have to deal with actual cash in envelops. It's also allowed me to start taking advantage of Credit Cards and using them for the rewards...because I now know where my money is, and how much I have available at all times. I've been using YNAB for 18 months or so, and it's the best thing I ever did and I'll gladly tell anyone and everyone about it that needs help getting their finances in order.
I followed the general advice of snowballing my debt (student loans, mainly) to get out of debt and then saved up to pay off my car. It's a great method to help you get control.
One of the biggest life changers for me and managing my money though has been sticking with YNAB (You Need A Budget) for actual budgeting and saving. I don't make a great deal of money, but I've been able to get myself out of debt, save up 3-6 months of expenses with an additional small emergency fund that will all be completely funded on my next paycheck. It works a lot like Dave's envelope method for budgeting, it's just in digital form and you don't have to deal with actual cash in envelops. It's also allowed me to start taking advantage of Credit Cards and using them for the rewards...because I now know where my money is, and how much I have available at all times. I've been using YNAB for 18 months or so, and it's the best thing I ever did and I'll gladly tell anyone and everyone about it that needs help getting their finances in order.
Posted on 11/15/16 at 9:42 am to Doldil
quote:
because I now know where my money is, and how much I have available at all times.
This may be the thing that will help you the most. By creating a budget and keeping up with it daily, you will always know what is in your accounts, and you will start to see 2,3,4 paychecks ahead.
First and foremost, like others have said, its about changing your mindset.
Posted on 11/15/16 at 10:15 am to Envy
Max out work provided savings accounts with low cost total market index funds.
Max out personal IRA, probably roth.
Pay off all debt beginning with biggest interest rates first.
Eliminate all wasteful spending and especially ongoing monthly expenses.
Put aside an emergency fund or keep a sufficient running balance in your checking account.
Drive a reasonable car, live in a reasonable house.
Understand that compulsiveness comes and goes like a fever and just hang on for dear life when it flares up.
Keeping life simple is easier said than done.
Visit sites like bogleheads.com for regular reinforcement of these principles from others who are "the millionaire next door'.
Max out personal IRA, probably roth.
Pay off all debt beginning with biggest interest rates first.
Eliminate all wasteful spending and especially ongoing monthly expenses.
Put aside an emergency fund or keep a sufficient running balance in your checking account.
Drive a reasonable car, live in a reasonable house.
Understand that compulsiveness comes and goes like a fever and just hang on for dear life when it flares up.
Keeping life simple is easier said than done.
Visit sites like bogleheads.com for regular reinforcement of these principles from others who are "the millionaire next door'.
This post was edited on 11/15/16 at 10:19 am
Posted on 11/15/16 at 10:23 am to Envy
quote:
I overextend on credit and never really recover until one, unexpected, big payday and I can pull my head above water
You need to use a quality budgeting app, a lot of people swear by YNAB
You can get into the philosophy of money management, but forcing yourself on a good budget is always step 1
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