What's your financial story?

[Ouch]

You seen Christmas Vacation? I'm Cousin Eddie.

[coach51]

We have been married a long time......Have no CC at all. House paid off, kids college is being paid without loans. Maybe our downfall a little, we had decided that we would always keep nice vehicles....So that is a payment that we keep.

[Phillip Fields]

I never saw any reason to cut up my credit cards. Mine don't have any annual fee so they don't cost me anything unless I use them and don't pay them off when they become due. My wife and I have the self discipline to only use them when appropriate.

We've always worked on the principal of keeping our outgo within our income. Always pay necessary expenses first-housing, food, bills, etc., then put money aside for savings/retirement. Whatever is left over is discretionary income. I didn't need Dave Ramsey to tell me this.

This philosophy must have worked, we are retired and have more disposable income now than before we retired.

[HogHunter34]

You seen Christmas Vacation? I'm Cousin Eddie.

Lol. I do like that RV

[Goldeneagle]

I got nothin

I'm with this guy ^^^^^^.

[HogHunter34]

I like Dave Ramsey & his fundamental basis on budgeting & paying off debt. I think my generation will struggle the most during retirement years. Id like to find good resources on what’s best strategy on 401k distribution. There’s a lot of info on how much to put into the 401k plan & how to diversify but I rarely see much info on what to do with it once retired & best strategy to make it last & avoid big tax payouts.

[McClain]

Have'nt owned a credit card OF ANY KIND in over 13 years..(And yes it is doable)....
Best decision we ever made.. We never got in over our heads but seen way to many people that did and still are.. CC are the fastest and best way to ruin your credit...

Credit cards are not the problem. Its the lack of financial discipline that is the problem. We use credit cards (no fee and ones that earn dividends) for virtually everything, and just as we clip coupons and take advantage of senior discounts where available, we utilize the credit cards for their dividend earnings. However, we always pay them off each month and have the discipline not to spend what we are not prepared to pay off. So, just as firearms are tools, credit cards are tools also that can be either used responsibly or abused in the wrong hands.

[AgTag23]

What is the envelope method you guys speak of?

When dave ramsey first hit the scene, it was his method of controlling spending. At the 1st of the month, you create an envelope for the bill/category, and put the monthly cash in there. When the cash is spent, it limits you from spending more.

For example, at the start of the month, put cash for the monthly gas/groceries/dry cleaning, etc and when its gone its gone.

Great method of limiting spending, but I think it outdated. Hardly anyone I know is carrying around checkbooks and that much cash anymore. Everyone uses plastic for everything.

We use mint.com, which allows you to essentially use "envelopes", but link them to your debit/checking each month so you know how much is left in each "envelope" at any given time. Virtual envelope for the mortgage, food, gas, etc. Works great for us. We know exactly where I money goes each month.

[AgTag23]

I like Dave Ramsey & his fundamental basis on budgeting & paying off debt. I think my generation will struggle the most during retirement years. Id like to find good resources on what’s best strategy on 401k distribution. There’s a lot of info on how much to put into the 401k plan & how to diversify but I rarely see much info on what to do with it once retired & best strategy to make it last & avoid big tax payouts.

I agree with this and have concern as well. My folks generation stayed at the same job for 40 years and it allowed them to steadily build the wealth. I think more and more people are changing jobs every couple of years and it will make it hard to keep the steady growth in one place. Also social security most likely won't be there when I'm ready to hang it up like it is for some of the older folk now.

[tps7742]

I never saw any reason to cut up my credit cards. Mine don't have any annual fee so they don't cost me anything unless I use them and don't pay them off when they become due. My wife and I have the self discipline to only use them when appropriate.

We've always worked on the principal of keeping our outgo within our income. Always pay necessary expenses first-housing, food, bills, etc., then put money aside for savings/retirement. Whatever is left over is discretionary income. I didn't need Dave Ramsey to tell me this.

This philosophy must have worked, we are retired and have more disposable income now than before we retired.

I like your story of common sense on life in general financially speaking. We have been pretty much the same by just using our heads on financial matters. Both of us were able to retire in our early fifties with the fortune of working for companies. This Dave Ramsey thing I hear several speak of is a method to assist folks in guidance of their finances imo. Nothing wrong with it if it helps people meet their goals.

[WT]

The condensed version of my story:

-I've never owned a credit card
-Typical debts like everyone else. (Vehicle, house, etc.)
-A few bad decisions here and there
-Worked my face off for the last 355 days and took every second of overtime available.
-Paid off a little over $60k in debt this year alone
-Will be 100% debt free by April 1st
-The end.

[Atfulldraw]

I'm one of the lucky ones that has managed to out-earn my own stupidity.

[Tony Pic]

Owned credit cards my whole adult life. Established credit early on. Worked 35 years in heavy electrical construction, put 10% each week of those 35 years into my 401K( taking a beating lately). Have one annuity I set up and a Roth IRA. Waiting until May to put my retirement papers in, which will bring more income in the form of a pension. Never let the credit cards get out of hand. Almost always paid them off when statement came. Bought a home I could afford on a 35 hour work week. Wife had a minor job for pocket money and keep busy. Her income never mattered to household. Own 2 Properties outright in two states, and the third. I have 100k left on mortgage. Raised 3 boys, one through college and grad school. All productive members of society, adults now. All over 23. The wife and I are in good shape for retirement.
Now only if that 401K will get the heck back up where it was from a few weeks ago

[HogHunter34]

Owned credit cards my whole adult life. Established credit early on. Worked 35 years in heavy electrical construction, put 10% each week of those 35 years into my 401K( taking a beating lately). Have one annuity I set up and a Roth IRA. Waiting until May to put my retirement papers in, which will bring more income in the form of a pension. Never let the credit cards get out of hand. Almost always paid them off when statement came. Bought a home I could afford on a 35 hour work week. Wife had a minor job for pocket money and keep busy. Her income never mattered to household. Own 2 Properties outright in two states, and the third. I have 100k left on mortgage. Raised 3 boys, one through college and grad school. All productive members of society, adults now. All over 23. The wife and I are in good shape for retirement.
Now only if that 401K will get the heck back up where it was from a few weeks ago

You’ve done well sir. Yes the market has taken a major hit! It’s lost the full gain YTD. Let’s just hope it doesn’t lose 2 years of gain YTD

[Lonestar_HOYT]

I cash my paycheck and throw it up in the air, what comes down I spend, what stays up I save.

If you want a great read buy the book “The Millionaire Next Door” it’s very eye opening.