Dave Ramsey Problems

[cbrown]

I have been trying to do the Ramsey program ( trying to live debt free ) for the last couple years... I never read his book BUT it's something that just seems like makes the best financial sense IMHO. I would not sell the truck unless it is part of a large debt problem... I am almost debt free other than my mortgage ($2 K on a boat), both of which with The Lord's blessing I will pay of next year!!! Have not sold any of the toys, just put of buying new ones and paid them of... I can see the light at the end of the tunnel and know it's not a train!!! It's a great feeling when hard work pays of. Keep at it and you will be way better of once you get completely debt free!!!

This is basically what my wife and I are doing. Now we do have two car payments and realistically I should sell my truck because it sits 90% of the time. But the truck will last me another 6-10 years. It is difficult for me not to buy new toys but has become easier with time!

We pay all of our bills and buy groceries, then we put a pretty good chunk into savings every two weeks. At the end of the month we make an extra big payment on our smallest debt. Once it is paid off we will go to the next smallest debt and keep working our way until we get to our largest one which is our house. We hope to have everything except our house paid off in a year.

[Speedgoat]

I just bought my last new truck. I have paid down almost all of my financed items. When I come home we will be on the property plan

[wildaggie]

We started the Dave Ramsey plan years ago. Like you, we didn't have alot of debt. We were just tired of having bills. We had money left at the end of the month and needed a plan. We had 2 car notes, but wanted to keep the vehicles. So, we pinned our ears back, started the envelope system, and paid off everything in 15 months (except the house). Dave says to keep the car if you can pay it off within a year.

We did a schedule showing when everything would be paid on our debt snowball. Put that up on the refrigerator, and crossed each item off with a big red marker when it was paid. That was great motivation for us.

If you want to keep the truck, buckle down and get it paid off on your snowball. It feels real good to drive debt free vehicles.

[4x4 AG]

Well the situations is different, as is all of ours. But I read the book and have attended some of the classes. But I choice to do some of it and not all of it. I did sell my truck and buy another one. But it was a wash as they were both paid in full. My wife has a new vehicle and we still make payments on it, however we over pay. So it should be paid off in 3 yrs, as opposed to 5. My life insurance is different than he suggest, but I have it. I think all in all his principles are great. But mold them to your life and make your own decisions. Maybe keeping the truck but paying it off early is a better plan.

[Matt_C]

What does he say about your home? I mean, does he want you to sell it and sleep in a tent or a rental/apartment? That principle should be applied to your vehicle. Pay it off early.

[axis16]

The problems with americans including me is you work hard for your $ and want nice things and once your debt free and you clear up 1k a month you start thinking about things you want and thus the cycle stars over.Hell just buy want you want ,with our government you wont ever have to worry about having a nickle at retirement,have fun

[iamntxhunter]

Its a plan adjust according to your situation but apply the general principals.

[unclefish]

If you like your truck, you can keep your truck. Period.

Very underrated post.

[Rishnik]

What does he say about your home? I mean, does he want you to sell it and sleep in a tent or a rental/apartment? That principle should be applied to your vehicle. Pay it off early.

He says pay it off on a 15 year plan. Homes are treated differently because they typically increase in value whereas everything else you have debt on decreases in value.

Before you get a loan, save so that you can put at least 20% down on the purchase price and finance it on a 15 year fixed rate. Of course, he would say pay cash for it if you can, but if you can't, this is what he says to do.

[btreybig]

The problems with americans including me is you work hard for your $ and want nice things and once your debt free and you clear up 1k a month you start thinking about things you want and thus the cycle stars over.Hell just buy want you want ,with our government you wont ever have to worry about having a nickle at retirement,have fun

This is part of the book. Step 7. Have fun, Build wealth, and give. Once I have put myself through the ringer and paid everything off, I can then have more fun than I would if I still had debt. His main motto in the book is "If you live like no one else now, later you can live like no one else." Thus this is why I am going through this. Your statement to me not having a nickle when I retire is far from false. I do not plan on trying to live off of SS when I get to that age. I hope to have a big enough savings that I do not have to depend on that SS check. Seeing that I am 30yrs old, I still have a good 35 yrs of work ahead of me god willing. Hopefully I can be able to retire before then with a great savings and not depend on the goverment to give me a income to live off of.

[ColinR]

I'm doing a modified version of Dave Ramsey, Its more like a roller coaster! LOL Pay off everything, then go buy more crap, then freek out about having debt, then with gazel like intincity pay off said debt, then repeat! LOL

[pdevoto]

Been there, done that, and checked that box!

How about doing all Dave suggests and see how it goes before you let the truck go.

If you are not where you want to be then let the truck go.

[btreybig]

Been there, done that, and checked that box!

How about doing all Dave suggests and see how it goes before you let the truck go.

If you are not where you want to be then let the truck go.

Thats where I am at right now. Got a good handle on all my payments and doing them at gazelle like speed too. It would be good if I can have all them paid off and then focus on the truck and have everything paid off besides the mortgage in 18-24 months. Thats the track I am set on now.

[Kooter80]

sell it

[Landrover]

A truck.......seriously..........a truck! What do you define as not a lot of debt? What inspired you to look into his program? Dave has never told anyone to be a pauper, thus that should not be part of the concern.
Sure it will work out fine for ya.