Dave Ramsey Problems

[x1jett]

Keep your truck. You know it has been well taken care of, and it's reliable. A lesser truck may cost you more in maintenance / repairs.
Sounds like you have a good plan.

[btreybig]

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.

I have $9k in debt. To some that is a lot to other it is not. I am in a position that it is not a lot of debt. I started reading the book because soon I will be moving in with my better half (and hopefully fiance soon) and wanted to be completely free of all bindings to be able to live a happy life. A lot of failed relationships/marriages are because of money. I dont want to have anything holding me back from that. That is the reason I picked up the book in the first place.

[tigerscowboy]

It's pretty clear. Step back and look at it...

If you want to keep the truck, then pay it off. QUICKLY.

If you can't do that, then sell it for one you can buy without a loan.

My wife and I completed this step in '08. Now, our only debt is our house. Our goals include defeating that debt before the end of 2018.

It's just discipline.

[tigerscowboy]

Best of Luck to Ya!!! You CAN change your habits and do this. It wasn't easy for us in the begining. Now, when my wife and I look back and reflect on how far we have come, the sacrifices we struggled with seem absolutely silly.

Tell yourself to adapt.

[finsNskins]

How many Dave Ramsey success stories are out there? Anyone go through his books and have any long term luck or is just a bandaid?

[BSOB]

Sell the truck and downsize.....used is the way to go!

[4x4 AG]

How many Dave Ramsey success stories are out there? Anyone go through his books and have any long term luck or is just a bandaid?

The principles work. I am 35 and have way less debt and a lot more savings/investments than most everyone my age. It is not fun, but worth it when you look back. I would say that we are 90% followers of everything he says. The other 10% are modified based on his principles. I would consider myself a mild success case as I am only 35. Hopefully more of a success in the future.

[RWB]

I am an avid Dave follower. I would suggest listening to his program as well. What he normally says is:
1- should not have more than 1/2 your annually income in things going down in value. Cars, boats etc
2- can you be debt free in 18 months excluding your home? If so keep your truck and just pay it off.

Not saying this is an exact science but this is the logic he uses every time this question comes up.

[Rishnik]

How many Dave Ramsey success stories are out there? Anyone go through his books and have any long term luck or is just a bandaid?

Been on the program for about 18 months. We are debt free except for our house and almost completed baby step 3, which is 3-6 months worth of expenses saved up for an emergency fund. All of this while cash flowing a business start up.

The best part of the whole thing is that my wife and I used to but heads on finances, but now we work together on it. For the first 8-1/2 years of marriage we were on different pages regarding our finances, and anytime we discussed it, we ended up in a fight. My favorite thing about what he teaches is how to communicate and relate to each other so that we now work together toward our common financial goals. Two people pulling a load together get a lot further down the road than two people pulling a load in different directions. It has done wonders for our marriage. You can't put a dollar value on that!

[sharkhunter]

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

Yes you can! Man card value here for sure...

[Homer75]

I've listened to FPU CD and step 1. Save a $1k. I don't get this number or where he pulled this number from. I'm going through this and ended up putting more into the emergency fund just because no emergency is only $1k, at least in my house. I'm probably over thinking this but, there's always a formula.

[Sparkles]

I've listened to FPU CD and step 1. Save a $1k. I don't get this number or where he pulled this number from. I'm going through this and ended up putting more into the emergency fund just because no emergency is only $1k, at least in my house. I'm probably over thinking this but, there's always a formula.

Yeah but a lot of folks don't have $1000 in the bank. You're supposed to get the $1000 quick, so it's an easy step to knock down and then will add to your determination
It's a start to the emergency fund. Before he gets to step 2 on the video, not sure about the cd, he talks about the importance of building an emergency fund, then goes back to the debt snowball.
$1000 can get you out of a lot jams, will hopefully help you not to finance your way out of an emergency with a credit card.

[FamousAmos]

The goal is to eliminate debt and then live within your means so debt does not return. Selling your truck is one way, but not the only way. My wife and I are down to some student loans from our kids' college and our house. We don't use credit cards. The snowball is the most effective way to get there and once the snowball has paid off the debt it rolls into the savings. Keep it up.

[ducks-and-bucks]

Simple - Pay off your little debts, and get them GONE!!!! Then Put the truck in the debt snowball list - make a budget - stick to it - AND PAY THE TRUCK OFF ASAP!!!!

Then your on to the next step.

I am currently $1800 away from paying off $40,800 this year... Paid off my car, student loans, credit card, stupid spending, misc stupid stuff... Needless to say that $1800 I have left will be paid for in December. This will be a huge productive year for me!!! It's amazing what you can do if you budget grizzly bear intense!!!!

The "wants" in life absolutely are a killer... It's an everyday fight against myself to not grab a taco because I'm hungry and tell myself I must wait until I get home to eat budgeted food.

For me I have the thought every single day, several times a day about owning my own ranch. Thats what keeps me pushing along. It's not a fast process paying things off...

[ducks-and-bucks]

How many Dave Ramsey success stories are out there? Anyone go through his books and have any long term luck or is just a bandaid?

Yes there are many on here... And many more of us getting close!!!! You don't fully grasp the aspect of it and see any results until your just 110% on board with it and do it. Then you look back and say WOW, I'm sitting way way prettier than I was a year ago...

I can put it this way too - I'm 27 years old. Paid off TONS of debt already, and am booking a hunting trip to Africa in Feb, paying cash for the trip. How many others could do that at my age? I think that is success. oh yeah, I do put 20% of my income towards retirement already too..