Financial guidance

Can someone outline what kind of tips he offers?

Thank you in advance.

I'm traveling now and typing from my phone but once I get home on my computer I will give you the outline

The hubby and I will be screaming "I'm DEBT FREEEEEEEEEEEEE" in about 15 months!! :bigsmile: I love Dave!! I listen to his radio show all the time. We've been on the program for about 2 years. We've fell off the bandwagon here and there but always manage to get back on it! He's been a saving grace for us and our future! :flowerforyou:

Nice to hear that. Congratulation guys, I be joining you on the"I'm debt freeeeer" scream in about 9 more months once I finish up with my student loan. That's my only debt left and can't wait to scream I'm debt freee! Are you calling the show on friday's?

Huge fans of Dave Ramsey. We have paid off our credit cards, husbands car will be paid off in 3 months (2 yrs early) and my car will be paid off in next 6mths (3.5yrs early) and then we will be debt free! WOOOHOOO Wish we would have started listening to him earlier

Congratulation guys. Yes I think we all wish we had discovered dave earliest. But I'm glad we all did. That's why I'm passing the words around.

we used dave ramsey's book to get out of $26,000 debt in 3 years, If you're willing to make the adjustments it goes fast!

totally agreed, we paid off about the same amount in the same amount of time. And not on the best salary. Got $8k and about 9 more months to be totally debt free. Does baby steps sure help you see that there is light at the end. Luv the snow ball

Can someone outline what kind of tips he offers?

Thank you in advance.

Hi, If you are still interested here is an Outline of the Dave Ramsey plan. THis is a very nice outline put together by another member on his forums. If you need to find more information feel freen to check his site. There are 7 main steps as outlined below. Onece you complete step #1 , you go to step 2, after you complete step 2 you go to step 3, and so on.

"Getting started is a lot easier than you think... and a lot tougher. You have to want to do this.

First, do you have a budget? If not, GET ONE NOW. As in yesterday! You need to do what is called a "zero-based budget." In a zero-based budget, you take every dollar you have coming in and you assign it a place. Cover everything! House, electricity, phone, internet, newspaper, pets, medical, gas, insurances (do you have all the coverages you need?), groceries, EVERYTHING. As far as your creditors go, list the minimums payments. Once you assign every dollar a home, then start the baby steps. If you have an irregular income, take a good look at this form. The idea about "if I only had x dollars, what would I spend it on?" is a good one. Remember to cover the "four walls" first: house, food, utilities and transportation. Use this form to help you figure out the budget.

Second, start the baby steps. Once you have accounted for all your expenses, look for places to cut back and just plain squeeze. Eating out three times a week? No longer! Fire up that stove and oven! Brown bag your lunch. New wardrobe every month? Not anymore! Allocate a reasonable amount each month! Buying power toys everytime you stop in Home Depot? Sorry, but maybe your project needs to be put on hold. I can almost guarantee that you can find TONS of money that you didn't even know you had been spending without a plan. But don't stop there! Get radical... sell stuff and get extra jobs if you need to get extra traction. Deliver papers and throw pizzas. Load trucks for UPS. Work the night shift at the grocery store checking stock. However you do it, once you find this extra money, use it to attack whatever baby step you are on.
1) Get $1000 in the bank as your baby emergency fund. This is the cushion for when life happens. Once you have this step done, CUT UP THE PLASTIC. You don't need it anymore.
2) Work the snowball. List your debts, smallest to largest, and throw every extra penny at the smallest debt while paying minimums on the rest.
3) Set aside 3-6 months of expenses into a money market account or good savings account. This is your fully funded emergency fund.
4) Put 15% of your income into retirement accounts (Roth IRA, 401k, etc). Up to this point, you don't put anything into retirement.
5) Start saving for the kids college fund (if applicable).
6) Pay off the home mortgage early.
7) Build wealth.

Trust me when I say this stuff works. I had just finished my debt snowball when I was laid off. The severance package finished up baby step 3 for me, but I was now in a full fledged emergency. But with that big EF in place, I had time to find another job without losing everything. "