Dave Ramsey

PHAW Webmistress · Post by **PHAW Webmistress** » April 24, 2007 10:13 pm

Anyone follow his plan or a variation thereof?

ragtopW · Post by **ragtopW** » April 24, 2007 10:16 pm

I just rob a bank when I need Money..

Post by **SMLCHNG** » April 24, 2007 10:24 pm

Don't know who it is.. Hello Google.

ragtopW · Post by **ragtopW** » April 24, 2007 10:25 pm

SMLCHNG wrote:Don't know who it is.. Hello Google.

you and me..

johnson2113 · Post by **johnson2113** » April 25, 2007 1:04 am

I listen to his show every now and again, very excellent advice. But hell I'm only 25 and single, I should really start to follow his advice though.

irishcajunphan · Post by **irishcajunphan** » April 25, 2007 7:28 am

One of the first gifts I got from Mr. Irishcajun was a Dave Ramsey book. We've been following his plan since. Granted, there are a lot of times I'd love to just run up a credit card, but if we don't have the cash it doesn't happen. Takes some planning for my Buffett addicition.

Catch&Release · Post by **Catch&Release** » April 25, 2007 8:03 am

I jsut finished his first book. It's pretty good advice with regard to income management/debt elimination. His main point is that any debt is a horrible enslavement and that our society is blindly tied to 20% interest on maxed out credit cards.

I found the book Rich Dad Poor Dad much more helpful and inspiring as it has to do with wealth building as opposed to debt management.

But, Dave Ramsey's advice is pretty good, particularly with regard to getting rid of debt.

There's also another financial guy whose book I read at a book store on a 3 hour layover. He talked about the "latte principle" (or is it spelled "principal"?) which is kind of the idea that many people think that they don't have money to save or invest. He talked about how most of us throw away $5 to $10 a day on lattes, cokes, cigarettes, etc and that even $50 a week saved over the course of a lifetime with compounding interest can result in an amazing retirement fund.

I am 37 and I wish that some of these books were mandatory reading in high school.

But I'd recommend Dave Ramsey. Rent it for free from your local library as you can read it in a couple days.

Good Luck!

PHAW Webmistress · Post by **PHAW Webmistress** » April 25, 2007 9:26 am

johnson2113 wrote:I listen to his show every now and again, very excellent advice. But hell I'm only 25 and single, I should really start to follow his advice though.

The BEST time to start IMHO

PHAW Webmistress · Post by **PHAW Webmistress** » April 25, 2007 9:28 am

Dave’s message is quite simple: avoid debt at all costs. His entire message revolves around escaping debt in all forms, including credit card debt, auto loans, and even home loans. If you can’t afford to buy it, you shouldn’t be buying it.

In order to provide a framework for getting started down this path, Dave offers a series of seven baby steps to follow:
1. Start a “beginner” emergency fund of $1,000
2. Start and complete a “debt snowball,” except for a house mortgage
3. Create a fully funded emergency fund equal to six months of expenses
4. Invest 15% of your gross income in 401(k)s (up to the match), Roth IRAs, and then in mutual funds
5. Fund some portion of your child’s college education
6. Pay off the home mortgage
7. Build wealth by investing a significant amount of your income once you have no debt at all

SharkOnLand · Post by **SharkOnLand** » April 25, 2007 10:51 am

Isn't that the judge on "Thank God you're here"? Or whatever that show's called?

ToplessRideFL · Post by **ToplessRideFL** » April 25, 2007 10:52 am

ragtopW wrote:
SMLCHNG wrote:Don't know who it is.. Hello Google.

ops : you and me..

count me in

ToplessRideFL · Post by **ToplessRideFL** » April 25, 2007 10:55 am

irishcajunphan wrote: if we don't have the cash it doesn't happen. D

Ditto. Our only debt is one car and the house. And I have been told that its the last time we will have a car note....