Dave Ramsey Listeners??
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Tuned
Joined: May 2003
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From: Montana
Dave Ramsey Listeners??
Just curious if there are other Dave Ramsey listeners out there. My wife and I have been on Dave's plan for 10 months now (we're at baby-step 2) and have 5 months to go until we are debt free. It's been hard for us to celebrate what we've accomplished so far because:
1. None of our friends or family know of Dave Ramsey. Nor do they understand why being debt free is important. ("Why would you want to pay your house off, what about the tax write-off??").
2. Everyone thinks we're crazy and poor now.
So, any other gazelle intense Dave listener's out there?
1. None of our friends or family know of Dave Ramsey. Nor do they understand why being debt free is important. ("Why would you want to pay your house off, what about the tax write-off??").
2. Everyone thinks we're crazy and poor now.
So, any other gazelle intense Dave listener's out there?
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Tuned
Joined: May 2003
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From: Montana
Check out http://www.daveramsey.com
He's a financial advisor/talk show host/author/motivator who does not believe in debt. I thought he was crazy and annoying when I first heard him. But that's because I knew deep down that he was right. I'm hooked now and his advice has changed my thinking.
He's a financial advisor/talk show host/author/motivator who does not believe in debt. I thought he was crazy and annoying when I first heard him. But that's because I knew deep down that he was right. I'm hooked now and his advice has changed my thinking.
Elder User
Joined: Sep 2004
Posts: 538
Likes: 2
From: Florida
I've had credit debt all my life. Started addressing it seriously 3 years ago after quitting drinking (5/30/01). Paid off my last credit card September 12th and had to buy a new roof on September 27th. So I was debt free (not counting my mortgage) for over two weeks! Then I bought myself a $19K truck on 10/08 so I'm back in the hole again. 
Junior User
Joined: Aug 2003
Posts: 95
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From: CSRA
Yes to Dave Ramsey
I can't get Dave on the radio right now because the station changed the format. I like Dave's attitude toward credit. I applaud you for getting on the plan and it sounds like you've come a long way in 10 months.
We had to buy a car last year, our 92 Sable was in a wreck and it was totaled because of the age.
Not trying to keep up with "The Joneses" feels good.
Hang in there.
Smittyd
We had to buy a car last year, our 92 Sable was in a wreck and it was totaled because of the age.
Not trying to keep up with "The Joneses" feels good.
Hang in there.
Smittyd
Postmaster
Joined: Feb 2003
Posts: 4,043
Likes: 4
I read his book "Financial Peac" about 10 years ago. Haven't gone on his program hard core. But what he says makes sense. I was debt free at one point for a while. Trying to ease back out of it now. When you're not living check to check life really is much better. When problems do come, they are much less magnified and you are better able to deal with them.
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Joined: Mar 2003
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I started listening to him several years ago. Like one of the other posts says. Your inital thought is this guy is a nut until you realize he is right.
I have a yard full of good paid for vehicles. No other debt other than utilities and my house. We have had the 6 months emergency fund he stresses for several years.
I lost my job last month and I am thankful we had a plan. I can keep my family going with no worries until I find the job that is right for me and I don't have to take the first job I am offered.
When I was in debt it seemed that I had to spend more money to "feel good"
Now knowing that I am financially sound feels better than buying stuff.
Mike
I have a yard full of good paid for vehicles. No other debt other than utilities and my house. We have had the 6 months emergency fund he stresses for several years.
I lost my job last month and I am thankful we had a plan. I can keep my family going with no worries until I find the job that is right for me and I don't have to take the first job I am offered.
When I was in debt it seemed that I had to spend more money to "feel good"
Now knowing that I am financially sound feels better than buying stuff.
Mike
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Tuned
Joined: May 2003
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From: Montana
It's very motivating to hear from people who have successfully implemented the debt free plan.
It has definitely been a struggle for us, but we truly believe the sacrifice will be well worth it. To date we've paid off 2 vehicles, 2 student loans, and 2 credit cards. We're working on our home equity line of credit and it will be paid of in March - so the end is in sight!
Thanks for the posts!
It has definitely been a struggle for us, but we truly believe the sacrifice will be well worth it. To date we've paid off 2 vehicles, 2 student loans, and 2 credit cards. We're working on our home equity line of credit and it will be paid of in March - so the end is in sight!
Thanks for the posts!
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Joined: Feb 2004
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From: WEST TENN.
Way to go!! 
When you finally get the credit off your back it's a nice feeling. I make good money but now pay cash for cars I can afford, I made car payments for 20 years, and even if I wanted to, I couldn't get myself to sign for another again, after listening to Dave I now have a conscience.
When you finally get the credit off your back it's a nice feeling. I make good money but now pay cash for cars I can afford, I made car payments for 20 years, and even if I wanted to, I couldn't get myself to sign for another again, after listening to Dave I now have a conscience.
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Joined: Apr 2003
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I have no idea who that is. -H. Simpson
I generally agree however that debt can be problematic especially Credit cards but its irritating when people get preachy about it. There is another woman on TV, msnbc or something, that has a money show, I cant stand her.
I dont see a problem with mortgage debt esp. if your property value is going up over time, or car debt if its less than 5% or so. My car loan is 3%. Why sould I use my money when I can use someone elses essentially for free?
I generally agree however that debt can be problematic especially Credit cards but its irritating when people get preachy about it. There is another woman on TV, msnbc or something, that has a money show, I cant stand her.
I dont see a problem with mortgage debt esp. if your property value is going up over time, or car debt if its less than 5% or so. My car loan is 3%. Why sould I use my money when I can use someone elses essentially for free?
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Tuned
Joined: May 2003
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From: Montana
bcjim,
Great point about a 3% car loan. Quite honestly, I used to think the same way - and bought 3 brand new vehicles on credit.
Without being preachy, here's the math when buying a brand new car on credit - assume 3% loan over 60 months on a $19,000 dollar vehicle:
- On average, 2 years into the term the car will be worth $10,070 (%53 of original value) but you will still owe $11,739.
- At the end of the term you will have paid $20,484 of your money for an "investment" that has lost over %50 of it's value.
Now assume that a person owns 4 vehicles in their lifetime with an average monthly payment of $350 and 5 year terms. If they had invested that same monthly payment in good mutual funds over 20 years that averages 12% returns they would have $302,620. If they stopped investing and then let the $302K continue to grow for 10 more years it would be worth $939,891.
It's this type of math that changed my way of thinking about debt and especially new cars.
-Jason
Great point about a 3% car loan. Quite honestly, I used to think the same way - and bought 3 brand new vehicles on credit.
Without being preachy, here's the math when buying a brand new car on credit - assume 3% loan over 60 months on a $19,000 dollar vehicle:
- On average, 2 years into the term the car will be worth $10,070 (%53 of original value) but you will still owe $11,739.
- At the end of the term you will have paid $20,484 of your money for an "investment" that has lost over %50 of it's value.
Now assume that a person owns 4 vehicles in their lifetime with an average monthly payment of $350 and 5 year terms. If they had invested that same monthly payment in good mutual funds over 20 years that averages 12% returns they would have $302,620. If they stopped investing and then let the $302K continue to grow for 10 more years it would be worth $939,891.
It's this type of math that changed my way of thinking about debt and especially new cars.
-Jason
Last edited by jasond5150; Nov 1, 2004 at 09:33 AM.
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