Getting out of debt
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I truly feel like David Bach is an amazing person to seek out financial advice from when you are in debt. His books changed my life. They are quick and easy reads. He keeps everything easy to understand and lays out the exact steps you need to take to get your finances in order. I have probably about 4 or 5 of his books. Please check out his website. There are tons of resources on there as well. Smart Women Finish Rich is a great book but I'd start with Start Over, Finish Rich. I swear you'll not be able to put it down. I read it in 2 days.0
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www.daveramsey.com
Dave Ramsey's Total Money Makeover or Financial Peace University. Using his steps we were able to pay off $50,000 and save a 6 month emergency fund. We are working on saving money for house repairs right now, but when we are done we will start working on paying our house off early. It has totally changed our lives and our marriage! Now, we are focusing on getting our bodies debt (fat) free! haha.
THIS!!!!!!!!!!!!!! yeah i might be young - but this guy is a godsend. Best advice ever.0 -
:flowerforyou: Yea maybe we could let the government in on it.0
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My husband paid off our first house just this past June in 8 years by asking the bank to do bi-weekly payments. You still pay the same but it's cut in half every two weeks. So those months that are longer in which you get 3 paychecks you are making an extra payment plus you're constantly making payments slowing down the interest build up. We weren't going to but due to flooding ended up buying another house in July lol so we've started over but at 35 yrs old I'm good with having NO credit card debt, 2 newer vehicles paid for (we used the bi-weekly system for those to) a completely clear and free house and starting on another!! Good Luck! The feeling of virtually being debt free is awesome0
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Ok Dave Ramsey people. As a 24 year old who rents. would this guy be a good person to start with if I am NOT in any major debt?
I have $10k left on my car loan. No other debits and no credit cards.My goal is to NOT rent anymore and NOT live paycheck to paycheck..0 -
Bump for later0
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Ok Dave Ramsey people. As a 24 year old who rents. would this guy be a good person to start with if I am NOT in any major debt?
I have $10k left on my car loan. No other debits and no credit cards.My goal is to NOT rent anymore and NOT live paycheck to paycheck..
Better to learn the principles now and keep from getting in degt, rather than digging out later.0 -
Just like our weight journey, the debt journey is hard, and sometimes it seems like it would be easier to just quit and go back to our old ways. No one said that it would be easy . . . . BUT IT'S WORTH IT !!0
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Very Well Said. I do understand that! {* he says laughing to himself *}0
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Ok Dave Ramsey people. As a 24 year old who rents. would this guy be a good person to start with if I am NOT in any major debt?
I have $10k left on my car loan. No other debits and no credit cards.My goal is to NOT rent anymore and NOT live paycheck to paycheck..
I've just become so militantly anti-debt that I get hives just hearing the word "car loan." :happy: I would absolutely start listening to him or pick up his book The Total Money Makeover. I felt like was in pretty good shape when I started listening, but he really changed my perspective and gave me a lot of motivation.0 -
Howabout Suzie Orman ppl?
Not all debt is bad debt btw (I think)...sometimes its good to be indebted because it can help u make more money x30 -
Howabout Suzie Orman ppl?
Not all debt is bad debt btw (I think)...sometimes its good to be indebted because it can help u make more money x3
Sure, but Dave Ramsey's big point with this is that people are often very bad at considering risk when they take on debt. Consider, for example, someone who takes out over $100K in student loans to go to medical/dental/law school (or whatever) and then fall ill and cannot finish or pursue that career. Or perhaps they have a child with special needs who really needs a parent home with them most of the day. Obviously, there is risk in all that we do and situations like I mentioned aren't the norm--but I think they (or some version of them) are more common than we might believe. He's not saying don't go to school to learn more and pursue the career you want, he is just an advocate of saving up and working your way through it.0 -
www.daveramsey.com
Dave Ramsey's Total Money Makeover or Financial Peace University. Using his steps we were able to pay off $50,000 and save a 6 month emergency fund. We are working on saving money for house repairs right now, but when we are done we will start working on paying our house off early. It has totally changed our lives and our marriage! Now, we are focusing on getting our bodies debt (fat) free! haha.
Yep, same here. We even are "graduates" of his program.0 -
Howabout Suzie Orman ppl?
Not all debt is bad debt btw (I think)...sometimes its good to be indebted because it can help u make more money x3
I thought this once upon a time. When I realized that there are at least two negative things associated with debt, I changed my thinking (Probably more than two negative, but to keep this short)
1st is Risk, this has already been mentioned
2nd is Bondage. I couldn't change jobs once, because I couldn't find anyone willing to pay enough to cover the debt. And my employer required me to travel . . . alot . . . 220 nights / year. I didn't have any options but to continue in the work that almost cost me a marriage. Sounds a lot like bondage to me.
Just my $0.02 ~ Your mileage may vary0 -
By the way, if you happen to go to a Dave Ramsey seminar, I understand that an interview they did with me is included in a video presentation. Just had someone approach me last year saying they were in a seminar and saw me in the presentation.0
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Money Saving Expert helped me a lot. The advice may be UK-centric, but the tips on the forums should translate freely:
http://forums.moneysavingexpert.com/0 -
I am also trying to get out of debt. I will have paid off my credit card (finally!) next week but still have an overdraft, loan, car loan and mortgage to deal with. I am also trying to save for my wedding in October 2012 and my house needs some serious work. I am finding it difficult to know how much to save and how much to pay off debts. Ideally I would like to be debt free asap but the wedding is booked and some of the house repairs can't wait.....I'm in such a dilema! Any advice would be appreciated0
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Get yourself a quick $1,000 emergency fund ~ that you don't touch except in case of an emergency (and most things are not emergencies). Get current with everyone, make min payments on everything, and save for two things ~ Wedding, and NECESSARY home repairs. Your goal for now is to get to a point where you can stop going deeper into debt. Sounds simple, and easy, but trust me ~ It's a lot of hard work, and learning to say "NO" to desires ! Best of Luck ~
Congratulations on the upcoming wedding !!!0 -
Google Dave Ramsey
We also use something called Mvelopes0 -
As far as a website/online app that is great for finances...I LOVE pearbudget.com and use it along with Dave Ramsey.0
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