dave ramsey

[bkhallpass]

Red57, Fair enough.

BTW, I'm not saying I wouldn't use zero percent. Bought a Chevy truck on zero percent For me, personally, buying a brand new truck was probably foolish in the first place, and I make no claim that zero percent was a smart thing to do. Just happened to be the financial tool I chose to use for a purchase I chose to make.

Now, can anyone who has attended a seminar tell me exactly how Mr. Ramsey suggests we Californians pay off $1M plus homes in two years :grin: BKH

[deanofindy]

Wakeslayer - i know what you mean about the ARM's that ppl are falling prey to now. I'm in the real estate business and it's tough to get things moving. I've seen all too clearly what's happening to the ppl who really didn't pay attention to what they were doing with their money. For me this is one of those times that I would call a major event that effects my lifestyle. I'm glad that I didn't give in to the temptation that past couple of years to buy a bunch of stuff when the income was good. There was a newer Nautique that I was really trying to justify. Instead, we paid off most of our debts and saved the rest. It's that savings and lack of debt that is keeping food on my table right now. It's hard enough emotionally trying to sell my '88 "2001", I can't imagine if I was in the position of selling a newer ride because I couldn't make the payments.
Red57bird- you're right. Everyone has what works for them. That's what's so great about our financial freedom. But it's always nice to entertain others' ideas and possibly mesh them into your scheme to make things even better.

[Red57Bird]

After thinking about it, I actually have a blend of what I call "smart" debt and no debt. Our only debt is two mortgages (both manageable) and a total of $1,500 in same as cash debt. Cars and boat is paid for, and we live below our means so that we invest a lot of our income each month. We don't' take vacations (our lake house every weekend is our vacation), wife uses coupons like for everything, only buy when stuff is on sale, and we buy stuff at yard sales when it makes sense. In fact, our entire lake house was furnished with either gifts from friends/family, or from a huge family yard sale. I believe we spent a total of $1,800 in completely furnishing a 3 bedroom, 2.5 bath house, including furniture, rugs, dishes, silverware, and appliances.

If I have a chance, I'll run by the library and see if they have Dave's book. After all, why buy it and put money in his pocket when I can get a "loan" from the library. :razz:

[deanofindy]

I think that you've been working Ramsey's system without even knowing it, Red57Bird.

[Red57Bird]

Or maybe Ramsey has been working MY system without him knowing it! :shock:

[deanofindy]

i just heard that Dave Ramsey mentioned this string on his radio show today. So good job folks. Now if we can get Dave to switch to Nautique.

[Red57Bird]

I mean, seriously. How much are we all willing to trust a MasterCraft guy??

[882001]

before the make over i was looking at new trucks, new bedroom furniture and a bigger boat. what i have is fine for now. hi dave!

[mdsankey]

I wrote to dave and mentioned this dialog we are having. and he did mention it on the air. It took me quite a while to totally buy into Dave's system, i mean who wants to not have a decent truck, a few toys and not be able to go out to dinner when they feel like it. Dave calls it Financial peace and that is ecactlly what it feels like when you sit down and look at your family and tell them you owe no one anything. it will change your life. you will build so much wealth so fast with just your income it will make your head spin. i sound finatical about this i know but it change my life and i try to share what i learned with a passion. if Dave knew how faith based Correct Craft is then he might finally dump that MC and get a quality craft. the man has it going on but he can't be perfect in every choice he makes. Dave did say Nautiques are a great boat.

[Kraven]

Having a mortgage payment is not necessarily a bad thing. It's the last great tax deduction for the middle class. Once my house is paid off, first thing I'll do is refinance and take the cash and invest it. I'm borrowing money in which part of the cost is subsidized by the government, and using the proceeds to generate income and/or capital gains.

Again, it's all about being responsible and controlling the amount of debt you carry.

Good idea Red as long you don't go and blow that refi on something that will not earn you any money. I've taken things from Ramsey and taken ideas from "Rich Dad Poor Dad" I think both of these guys go to the extreme on both of their subjects.