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 Post subject: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 12:16 pm 
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Anyone following the Dave Ramsey Debt Free Plan? http://www.daveramsey.com/home/ My wife and I started January 1st, 2010 and still going strong. I’m not going to lie, we’ve cheated (or perhaps modified his plan to justify some unnecessary spending :oops: ); however, we haven’t borrowed money in over a year. 8) We cut up all of our credit cards a year ago and only use cash to buy everything. 8) In 2010, we paid off several credit cards, Jeep Liberty, Dodge Truck and Cargo Trailer. I doubt that we’ll be completely debt free by the end of 2011, but I’m confident that we’ll be debt free by the end of 2012.

I encourage EVERYONE to become DEBT FREE!

For those who don’t know Dave Ramsey’s “Baby Step Plans”, I have outlined them below.

Dave Ramsey’s Baby Steps to becoming Debt Free.

Baby Step 1 Put $1,000 in an emergency fund
Baby Step 2 Pay off all your debt (Credit Cards, Vehicles, School Loans, etc.). Pay your smallest debts first.
Baby Step 3 Increase your emergency fund to cover 3 - 6 months of expenses.
Baby Step 4 Start putting 15% of your monthly earnings into retirement.
Baby Step 5 Start saving up for your children’s college (Obviously only if this applies)
Baby Step 6 Pay off your home
Baby Step 7 Build wealth and give!

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Last edited by dieselenthusiast on Sat Jan 01, 2011 9:33 pm, edited 2 times in total.

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 3:05 pm 
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I have listen to him on the radio on my travels around the middle of the country. Sounds like the smart thing to do but it does take a lot of discipline.

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 3:55 pm 
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kskj wrote:
Sounds like the smart thing to do but it does take a lot of discipline.


It was easy to chop up the credit cards and stop borrowing money, but it has been really hard to stop spending. Image We decided to increase our monthly payments on the Truck, Jeep, and Cargo Trailer to pay them off quicker. We paid the truck off by reducing the 6 year loan down to 3.6 years. And we paid the Jeep off by reducing the loan from a 5 year down to a 3.8 year loan. And we reduced the Cargo Trailer from a 4 year loan down to a 1.5 year loan. Now we’re focusing on paying off the travel trailer, college loans, and real-estate properties. We got a long ways to go, but it feels good knowing that we’re moving closer to being debt free and haven’t lost anything like so many people have in this difficult economy. Back in September, we decided to pay ourselves by taking a part-time job. So we use that extra funding to help pay for frivolous spending, e.g., Jeep parts, vacations, Jeep parts, and more vacation, LOL. :mrgreen:

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 5:03 pm 
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There is no reason to ever pay off a house, as long as you have an taxable income. Especially at current interest rates. I would get a 100 year loan if it were available.


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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 5:15 pm 
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Neal wrote:
There is no reason to ever pay off a house, as long as you have an taxable income. Especially at current interest rates. I would get a 100 year loan if it were available.


There are thousands of other ways to get tax breaks other than interest paid. You only actually get a small percentage based on your income level as a deduction for your taxes, you would be much better off to take 5% of that interest and give it to a charity.

I have not had credit cards or other loans for many years. I will be getting a car loan soon to help keep a credit score but will pay off quickly. Paying interest is like throwing money down the toilet


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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 5:59 pm 
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Neal wrote:
There is no reason to ever pay off a house, as long as you have an taxable income. Especially at current interest rates. I would get a 100 year loan if it were available.


There's lots of good reasons:

Interest Savings:
You’ll be saving thousands of dollars in interest payments on the mortgage. For example, on a 200,000 dollar mortgage over 30 years, with an interest rate of 6%, you’ll end up paying over 250,000 in interest. Cut that to a 15 year mortgage and you’re only paying 115,000 in interest. The faster you can pay the mortgage up front (when you’re paying the most interest), the less interest you’ll pay!

Less Risk:
By prepaying your mortgage you’ll have less risk in your life because you’ll have a paid off house. When you have a paid off house you have a lot less to worry about because you know you’ll at least have a place to live as long as you cover the few bills you have left. Plus, trying to beat the benefit of pre-paying the house by investing the extra money instead means added risk because investing isn’t a sure thing. (As we’ve seen for sure these past few months.)

Peace Of Mind:
Having a paid off house means having peace of mind. I don’t think the importance of that can be underestimated. Having debt of any kind can really be a extra weight on your shoulders, and it can weigh you down. Don’t underestimate the psychology of personal finance, and that burden is very real. Remove it and you will feel a lot more free to save, invest, build wealth and give!

Less Stress:
You’ll have less stress when having to deal with a job change, or wanting to have a spouse stay home to raise the children. Because you have a paid off house you’ll only have a few small bills to worry about. You’ll have walk away power – power to walk away from any job you don’t love or enjoy because you only have minimal expenses!

It’s Like Getting A Raise:
Without having to pay that large bill every month, it’s like getting an instant raise! You can take the extra money every month -and start investing!

http://www.biblemoneymatters.com/2009/0 ... early.html

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 6:20 pm 
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rockwerks wrote:
There are thousands of other ways to get tax breaks other than interest paid. You only actually get a small percentage based on your income level as a deduction for your taxes, you would be much better off to take 5% of that interest and give it to a charity.


X2 Giving money to a charity of choice is better than giving your money to the banks.

rockwerks wrote:
I have not had credit cards or other loans for many years. I will be getting a car loan soon to help keep a credit score but will pay off quickly. Paying interest is like throwing money down the toilet


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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 7:01 pm 
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dieselenthusiast wrote:
Neal wrote:
There is no reason to ever pay off a house, as long as you have an taxable income. Especially at current interest rates. I would get a 100 year loan if it were available.


There's lots of good reasons:

Interest Savings:
You’ll be saving thousands of dollars in interest payments on the mortgage. For example, on a 200,000 dollar mortgage over 30 years, with an interest rate of 6%, you’ll end up paying over 250,000 in interest. Cut that to a 15 year mortgage and you’re only paying 115,000 in interest. The faster you can pay the mortgage up front (when you’re paying the most interest), the less interest you’ll pay!

Less Risk:
By prepaying your mortgage you’ll have less risk in your life because you’ll have a paid off house. When you have a paid off house you have a lot less to worry about because you know you’ll at least have a place to live as long as you cover the few bills you have left. Plus, trying to beat the benefit of pre-paying the house by investing the extra money instead means added risk because investing isn’t a sure thing. (As we’ve seen for sure these past few months.)

Peace Of Mind:
Having a paid off house means having peace of mind. I don’t think the importance of that can be underestimated. Having debt of any kind can really be a extra weight on your shoulders, and it can weigh you down. Don’t underestimate the psychology of personal finance, and that burden is very real. Remove it and you will feel a lot more free to save, invest, build wealth and give!

Less Stress:
You’ll have less stress when having to deal with a job change, or wanting to have a spouse stay home to raise the children. Because you have a paid off house you’ll only have a few small bills to worry about. You’ll have walk away power – power to walk away from any job you don’t love or enjoy because you only have minimal expenses!

It’s Like Getting A Raise:
Without having to pay that large bill every month, it’s like getting an instant raise! You can take the extra money every month -and start investing!

http://www.biblemoneymatters.com/2009/0 ... early.html


Your link even agrees with me On the other hand if you look at the numbers logically, not paying off the house early really does seem to make more financial sense. With a historical stock market return of almost 12% in the long run, there aren’t many cases in which prepaying the mortgage can make more financial sense. In fact, if you’re looking at a 15 to 20 year window of home ownership, in the past an investment in the S&P 500 index would have been a better investment 100% of the time!

Personally, I have made much more than the interest(especially after tax savings).
I only put down enough to eliminate the PMI, use the extra money to buy more houses to rent out and invest in stock and bonds.
I have not had to work for many years and live very comfortably.
But to each his own, what ever makes you happy.


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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sat Jan 01, 2011 9:20 pm 
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Debt is debt.... a mortgage is no different... I paid off my house in Ft Lauderdale in 5 years.... and after the crash I was happy I did. Paying off credit cards is a good thing but I don't agree that closing those accounts after doing so is a good idea as far as your beacon score goes. I had been saving 50% of my income after the mortgage was paid... these days, not so much.

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sun Jan 02, 2011 11:11 am 
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I've lived my whole life the way this Dave Ramsey is preaching now from the way it sounds. Kind of funny really.
Bought my first home and 120 acre farm with cash at 23
since then 3 other primary residences with cash
also have bought 5 other homes, complete remodels and flipped them ( before that became a term) and all was done with cash
have paid cash for 7 new 4 wheel drives, Liberty was financed since I got a great deal if I did but paid it off in 1/2 of the time anyways
only have credit cards in case something comes up on the road while traveling or gas when going anywhere as I hate to stand in lines to pay
I do use them somewhat more now since many give money back etc, but pay the whole balance off each month so no interest.
Growing up very poor taught me valuable lessons which many did not learn and think they need all of the latest/best/newest/biggest, etc. That's why now they have lost their homes and vehicles and finally listening to folks like this Mr. Ramsey, or I assume he preaches good info, haven't heard him nor will I take the time to I don't think.
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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sun Jan 02, 2011 12:42 pm 
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tommudd wrote:
I've lived my whole life the way this Dave Ramsey is preaching now from the way it sounds. Kind of funny really.


It sounds funny to you because it's called, "common sense". Many spoiled Americans (including myself) didn't take the common sense approach to spending, we wanted more and more. Dave Ramsey's teaching is fairly common sense information; however, I think many people find that his debt plan helps them stay disciplined and stay on track. Research shows that most marriages that end in divorce have something to do with money related issues. :cry: For this reason, I think his book has helped married couples who are in extreme debt.

tommudd wrote:
Growing up very poor taught me valuable lessons which many did not learn and think they need all of the latest/best/newest/biggest, etc.


When I married my wife, she was 100% debt free with a college education and no credit cards. As a matter of fact, there were red flags thrown when we went to buy our first home in our mid-20's because she had no credit. If I would have put down 30% on our first home instead of 5%, it would not have been an issue. :mrgreen: She didn't grow up poor, but she grew up in a very conservative family where you pay cash for everything. Needless to say, she's very happy to know that we're reverting back to the teachings of her youth. 8)

tommudd wrote:
That's why now they have lost their homes and vehicles and finally listening to folks like this Mr. Ramsey, or I assume he preaches good info,


It’s funny that you use the word "preaches." Dave Ramsey puts a Christian spin on his teachings, and rightfully so. As far as preaching good information, his books are now being taught in over 10,000 schools across America. 8)

tommudd wrote:
haven't heard him nor will I take the time to I don't think.
:2cents:


I enjoy listening to his show because you hear some great callers. :mrgreen: Dave has one of the most popular talk radio shows in America. I listen to him on XM 165. Tune-in when you get bored! :rockon:

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sun Jan 02, 2011 3:33 pm 
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I use my credit card for everything. It is a Rewards card and I pay it off each month before interest is charged. I earn rewards points and that is the same as making money. I have spent rewards points twice now. A $200 gift card for Best Buy and a $250 gift card for Macy's.

I don't spend like I did when I was young and impulsive. I still get "luxury" want items but after careful consideration of my financial situation. Not all that I want. Carefully screen them.

I have combined my past debt cards, a few years ago, into a Home Equity Line of Credit and is tax deductible. I will pay it off this year. Still the Student Loan will take forever. I am hoping to save for that 6 months of security money so I can buy a house and rent my condo (which has lost 43% value and I can't sell it for the huge loss I would encounter).

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Sun Jan 02, 2011 9:55 pm 
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Tokyojoe wrote:
the Student Loan will take forever.


I hear ya, we’ve been paying extra on our student loans, and we still have a combined $30,000 to go. :banghead: Our goal is to have that paid off by the end of 2012. And at that point in time, we hope to be debt free. :pepper:

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Mon Jan 03, 2011 9:07 am 
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We have his plan, just have never stuck to it very close. We already have $1000 Emergency fund, I put 10% in retirement, and both kids get money in their accounts every month. I keep a CC for online purchases, emergencies, but really need to get it paid off and cut it up and drop more in the bank for he rainy day( or months).
Tom, you are one of the very small percentage of people who learn to only pay in cash from early age, America is in the age of buy now, pay later.....maybe. I think Dave Ramsey is trying to help all those who are overwhelmed with debt and maybe teach the younger ones to not go that way/ If you believe in Scripture anyway......better learn how to pay for every thing in cash anyway, the way are govmnt is headed, we are going to become taxed on every money transaction short of cash.... and it was wrote about 2000 yrs ago.

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Mon Jan 03, 2011 11:07 am 
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Yes the younger generation ( trying not to step on anyones toes here and not all are the same) BUT they seem to think that money will always be there, if they don't have it their parents will give it to them with no questions asked. I grew up where if you wanted something you had to first work for it to get cash, and then second think if you really needed it.
I have two freinds both female and mid 20s, one worked two jobs and put herself through college to become a teacher. She graduated with honors, and less than 12,000 in student loans and a savings account.
The other one never worked, parents paid what they could and she has over 40,000 to pay back. She got a good job at a bank, right away bought a new car, new condo, and is complaining how they are after her to pay her student loans. I asked her what she was going to do and she said laughing" I sent them to my Dad to pay!" Her father also pays for her cell phone and car insurance yet.
Now she is one who "may " benefit from Dave Ramseys help.
I also think its funny anymore that when you go into to buy a new car its not what the car cost, almost hard to get that out of a salesman, its "What can you pay per month" We are now geared to what you make this month -vs- what you can pay per month which is wrong

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Mon Jan 03, 2011 3:46 pm 
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Tokyojoe wrote:
I use my credit card for everything. It is a Rewards card and I pay it off each month before interest is charged. I earn rewards points and that is the same as making money. I have spent rewards points twice now. A $200 gift card for Best Buy and a $250 gift card for Macy's.

I don't spend like I did when I was young and impulsive. I still get "luxury" want items but after careful consideration of my financial situation. Not all that I want. Carefully screen them.


Ditto. Amex has paid me many hundreds of $'s each year and we use the card for everything we can including my school costs (which are 100% reimbursed by my employer). My Chase Visa points gave me a free IPOD and some cash back also. Whenever using your cards, make sure you have the money to back your purchases or don't use it. Pay in full every month and use the refund money for fun or paying down other debts. We make extra payments on both our primary residence as well as the Big Bear mountain house we just bought. We also save up for other large purchases so the money is in the bank when the Amex bill shows up. Keeping an emergency fund in the bank as well as emergency cash in the safe is another great idea that we do.

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Mon Jan 03, 2011 8:03 pm 
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JJsKJ wrote:
Tokyojoe wrote:
I use my credit card for everything. It is a Rewards card and I pay it off each month before interest is charged. I earn rewards points and that is the same as making money. I have spent rewards points twice now. A $200 gift card for Best Buy and a $250 gift card for Macy's.


Ditto. Amex has paid me many hundreds of $'s each year and we use the card for everything we can including my school costs (which are 100% reimbursed by my employer). My Chase Visa points gave me a free IPOD and some cash back also. Whenever using your cards, make sure you have the money to back your purchases or don't use it. Pay in full every month and use the refund money for fun or paying down other debts. We make extra payments on both our primary residence as well as the Big Bear mountain house we just bought. We also save up for other large purchases so the money is in the bank when the Amex bill shows up. Keeping an emergency fund in the bank as well as emergency cash in the safe is another great idea that we do.


I agree, credit cards do pay very well and I took advantage of that for many years. I don’t think there’s anything wrong with having credit cards, but my wife and I decided (a year ago) to cut each credit card up. Perhaps the “cutting” was more for symbolism rather than pure logic, but I can honestly say that I haven’t missed owning credit cards. And at this point in my life, I doubt I’ll ever go back.

JJ, you’ll find that owning a second home is a nice tax write-off. Image

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Mon Jan 03, 2011 8:13 pm 
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TAHOE wrote:
We have his plan, just have never stuck to it very close. We already have $1000 Emergency fund, I put 10% in retirement, and both kids get money in their accounts every month. I keep a CC for online purchases, emergencies, but really need to get it paid off and cut it up and drop more in the bank for he rainy day( or months).


Tahoe, you need to hurry up and pay off Baby Step 2 so you can move on to Baby Step 6. :mrgreen: What would Dave Ramsey say about you skipping around and not following his plan? :goink:

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Mon Jan 03, 2011 9:44 pm 
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I started out by listening to his show on the radio. Wife and I have been doing a less agressive version of his plan but it has been paying off. No credit card debt, school loans paid off, money put away just in case. I'm paying for everything in cash and love having the money to do it with. In my younger days I ran up a huge debt and was very lucky to have family that could/would help me out of the jam. I only use my ccs for online purchases and pay them off within the month. It seems that since we started paying more attention to what we spent on, we suddenly have more money available.

This is why I was able to go from 18.5 to 22.5 and pick up some other goodies along the way. Now I'm just putting the cash aside for Als AArms so I can go even higher and add some new wheels. Once that's done, I'll start paying off the house with a will!

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 Post subject: Re: Anyone following the Dave Ramsey Debt Free Plan?
PostPosted: Tue Jan 04, 2011 10:19 am 
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dieselenthusiast wrote:
TAHOE wrote:
We have his plan, just have never stuck to it very close. We already have $1000 Emergency fund, I put 10% in retirement, and both kids get money in their accounts every month. I keep a CC for online purchases, emergencies, but really need to get it paid off and cut it up and drop more in the bank for he rainy day( or months).


Tahoe, you need to hurry up and pay off Baby Step 2 so you can move on to Baby Step 6. :mrgreen: What would Dave Ramsey say about you skipping around and not following his plan? :goink:


HAHAHA, yeah your right. We've been doing it "our" way way before I ever heard of Mr Ramsey....at least we do some of it. :SOMBRERO:
Funny, I grew up always believing if mom/dad didn't have cash, we didn't get it. Carried that on through college. Had a CC, but only used it to build credit, made sure it was always paid off. I left college without a job, no truck payment, some money in the bank, and only about $5000 in student loans. My GF ( wife now) was working full time, had 2 CC's, car payment, no money in the bank, and lived @ home....now ya know what I still deal with to this day :banghead: :mrgreen:

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'99 Tahoe, 3" BL, 285/75/16's , MT II's.
'05 Liberty Sport, -wifey's
'98 Poncho Fireturd, 3.8L, .....the purple pig!
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