Posted on 11/20/2020 9:28:51 AM PST by Kaslin
Pffftttt. Uncle joe&ho gonna take care of everything.
My wife and I got into Dave Ramsey a while back. The one thing we did that I thought didn’t make sense until he explained it - and we did it - was pay off the small debts first, even if they had a low interest rate. And it really does work because it attacks the psychological aspects of this thing.
But as we get older, we find we just don’t really desire to spend money as we did when we were younger. It’s absurdly cheap for us to live, and we have pretty much everything we want.
Getting rid of TV a couple of decades ago and all the ads it presented may have helped. We are not very active “consumers”.
I recently discovered Dave Ramsey’s radio program. It’s pretty darned good. He and his crew have done more good for more people than that dotard Biden and the entire Democrat snakeoil team.
Christopher Jacobs obviously has no future in government...
This world is full of fools.
Most of them have spent their entire Friday paycheck by Thursday morning.
Excellent post and advice.
I have to hide my “savings” in Retirement plans, and IRA’s, because my wife is a spend thrift.
Fine! No problem! I max everything out in savings (including a Cash account that never gets touched) and it’s taken out before the paycheck gets deposited.
“...My wife and I got into Dave Ramsey a while back. ...”
Yep...great guy. My family owes him a mighty big THANKS!!!
FWIW, the wife and I attended one of seminars many years ago. He was there in person. We followed the plan to the letter. We have been totally out of debt for several years now.
That includes our main home and a vacation home. We live frugally.
Both of our children have also followed the plan. My son had over $70K in student loan debt...it’s ALL paid off.
The key to making that work is to apply those payments to the next biggest debt bill.
When that is paid off, then use the two payments you no longer have but are used to paying and apply if to the third bill.
That way, you pay off the larger ones even faster because you have more cash to pay them off with.
It's a kind of snowball effect.
I don’t remember if it was FOX and Friend, or Bill O, Reilly who used to have him on regular several years ago.
If you have an iPhone 11 (or even an iPhone 6) you don’t need to spend $1000+ on an iPhone 12.
Just name me one thing (except brag) you can do on an iPhone12 that you can’t do on an iPhone6?
That's very similar to the approach I took many years ago when I found myself with a lot of debt. Back in those pre-Internet days, we had an array of department store cards like Sears, JCPenney, Circuit City, etc. Our kids were young and the wife and I decided it would be better for all of us if she stayed home so money got tight. It was so easy running up those department store cards. At one point, we had like seven of them with varying balances.
So what I did was make the minimum payment on all the cards except the one with the lowest balance (regardless of interest rate). I paid as much as I could on the lowest card until it was paid off. Then I cut it up and repeated with the next lowest card.
When we got to the big one (over $5,000 balance), we got it paid off in a surprising amount of time as we were by then able to put $1,000-$1,500 on the payment since we had no other ones to pay off. Lot macaroni and cheese dinners but it was worth it - and the kids loved mac and cheese anyhow.
It was so good getting out from under. I felt like I got a huge pay raise. But instead of splurging, I upped my 401(k) contributions at work and opened a Roth IRA account.
Never used a department store card again. Even today, we just have an AMEX and VISA and pay them off immediately when used.
There are two types of people in the world. Those that borrow money and those who lend money. Always better to be in the latter group!
“I spent half my money on gambling, alcohol and wild women. The other half I wasted.”
im actually a very frugal person ..
That should be taught in every high school along with how credit cards and loans work. I used this method after a divorce about 30 years ago. The method of paying off the easiest, then apply the money you were paying on that bill to the next easiest. Before long you have freed up a lot of money to go after the big ones. Soon, all the cash will be going into a savings or investment account. Getting rid of unnecessary things like cable, land lines if you have a cell, switching to a VOIP phone if you need a land line, buying a vehicle that is not the price of what a house used to be and so on. It's amazing how quickly things add up.
Thanks for the tips on watching Dave Ramsey. :D
Finance
Hard-Working Plumber Looking Forward To Paying For His Neighbor’s Gender Studies Degree
https://babylonbee.com/news/hard-working-plumber-looking-forward-to-paying-his-for-his-neighbors-gender-studies-degree
One of the big issues in our church is to be debt free because debt is a form of slavery.
I have seen a number of families transformed by eradicating their debt and then not having to worry about car payments, house payments, and credit card payments. Happiness increases as debt decreases.
For our family we saw huge income during the oil boom but now that things have gotten bad guess what? We want for nothing. We have money set aside and whatever we earn on the side is all gravy so we’re fine.
My husband even had enough money from his construction/paving business last year that he bought an old airplane and had it refurbished and upgraded. So we get to see him on the weekends now because he’s never more than a few hours away.
All because we’re debt free.
Lots of wisdom in the Bible about avoiding debt and if you try it you’ll see for yourself how wise these people were from 2000 and 4000 years ago!
I paid off my AMEX in 1986, and have never had a credit card since.
I have no major debt.
I have not used any payday loan services.
I live within my means, and have the roof over me, the lights to cook with, and the pantry not empty.
I’m not married, either.
Older electronics, limited eating out, cash for older cars (lower property and sales taxes) and don’t buy collision insurance, and used clothes.
We are Seniors, when we moved out of crime infested, over taxed Memphis, TN to next county, used hubby’s VA loan, 15 yr mortgage. Bought a new Malibu with bells & whistles. Paid both off early.
Thanks to OBAMA/BIDEN RAISING THE TAX DEDUCTIONS ON MEDICAL, WE NOW HAVE TO FILE SHORT FORM. EVEN WITH $10 k IN MEDICAL OUT OF POCKET. I want to know WHY A MEDICAL CONDITION, BADLY DONE CATRACT SURGERY, WRONG LENSE, IS FIXED WITH OUT OF POCKET YOU PAY FOR LASIX? THIS WAS A $5 k EXPENSE. MEDICARE/TRICARE LIFE. THEY COVER A BOOB JOB AFTER A MASECTOMY, IT IS A ELECTIVE SURGERY.
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