Announcement

Collapse
No announcement yet.

What's your financial story?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #16
    Originally posted by Razrbk89 View Post

    I will add the disclaimer that my wife and I are both very cautious spenders. We may eat out once a week, don’t have fancy vehicles, etc.
    This is a big one for us. We have been together 11 years, no debt. Our rule is only one car payment at a time if we have to. We could be more cautious with the food and eating out though.

    We use credit cards and always pay them off when we do. The points have been nice to use for fun stuff like vacations.

    Comment


      #17
      Plan and simple we do not buy it unless we have the cash to do so. The only payment we have is a house note.

      Comment


        #18
        Originally posted by Razrbk89 View Post
        Don’t spend more than you make. I’m not rich, but it’s worked for me.

        We actually use CC for all of our spending (outside of regular bills that auto draft). They’re set up to auto draft every month and I don’t see any issue with them? We’ve got a ton out of the rewards points/miles/cash back and never pay any interest.

        I will add the disclaimer that my wife and I are both very cautious spenders. We may eat out once a week, don’t have fancy vehicles, etc.
        Agree, when you do your home work and use them properly they can be an asset and help build a good credit score.
        Last edited by Jcjohnson; 12-21-2018, 08:40 AM.

        Comment


          #19
          Originally posted by solocam_aggie View Post
          About 3 years ago at 29, I decided to get serious about money. My wife and I were married 2.5 yrs ago, and after a battle I finally got her to buy in (well kinda, still working on her) on paying debt off. We made significant progress in a span of two years, paying off vehicles, her student loans, and half on mine. About 65k of debt. We have a nice emergency fund, and have only one more student loan to go to be debt free minus a mortgage. I cannot wait for that day. I only began listening to Ramsey about a year ago, and was pleased to hear that my financial goals actually fit right in line with what he preaches. We do deviate some, as we have credit cards to put normal, household expenses on. The rewards accumulated on that card gives us a nice date night every few months. We make sure to pay off the balance every 2 weeks. We have 3 vehicles paid off totaling about 35k in value
          Very well done sir, keep it going!

          Comment


            #20
            Dave Ramsey all the way. We followed it and have been debt free for 7 years. Now pay cash for vehicles, no credit cards. Wife and I are much happier.


            I get to...

            Comment


              #21
              Dang Jones's won't slow down for me to catch up

              Comment


                #22
                I'm trying not to leave a bunch of money when I'm gone !

                Seriously, I never had much of a structured plan, just worked my azz off for 6-7 days a week for most of my life at good to great wages, payed my house and land off early on, payed cash for most of our autos, bought another place with cash, doubled my money when we sold, invested with Edward Jones and left it alone and I'm now taking advantage of Uncle Sam's generous retirement plan. All you guys still working, keep it up, you're paying me every month and I need it !

                Comment


                  #23
                  Love the stories and quick responses. Keep 'em coming.

                  Comment


                    #24
                    Found out about Dave Ramsey in 07, the year after I graduated from college, deep in debt and not making as much as I had hoped. I haven't had a car payment since that year.

                    Credit Cards and vehicles are the financial ruin of many people. Tons of people drive WAY more expensive vehicles than they can afford.

                    I am a big believer in not spending more than you can afford. He started off his seminar by stating, "If you take one thing away from today, it is don't spend more than you make."

                    I am a HUGE fan of leveraged asset purchasing. In my case it has been real estate but for you it could be a machine to further your business etc. Debt snowball is nice, but an income snowball is nicer!

                    Comment


                      #25
                      Graduated college 2009 and had over 100k of debt as a result. Economy was crap and it took me 9 months to find a full time job for $12/hr. Worked my tail off and developed some good financial habits due to being completely broke. No clue who Dave Ramsey was back then. Ended up with a good paying job and kept the good habits. Paid off all debt by the time I was 30 after a lot of scacrificing. Bought my first new vehicle at 32 this last year. Now I keep more in savings than I owe in debt. I got married and my wife is back in school so it’s been another fun challenge managing our finances.

                      Comment


                        #26
                        What is the envelope method you guys speak of?

                        Comment


                          #27
                          Well, born into a lower middle class family, the business I got into is very cyclical and I am very paranoid about finances. So I saved money and bought 10ac ( financed at low payment ) and built my house muself with cash ( I built it, not had it built ) and have always kept low debt, excluding having to pay 2 wives for 1/2 the assets. I dont spend more than I have, which has never been much. I keep vehicles for 10+yrs. Have paid off land, house, shop and vehicle, though I do have one vehicle financed.

                          I do have a small.machine shop and do have business loans on 2 machines ( one paid off ). Struggled back and forth with whether to incur more business debt to grow when business was super busy, but now am glad I didnt since business dropped off significantly around Thanksgiving and oil is crashing.....again sigh....

                          Comment


                            #28
                            I working it so that the last check I write bounces.

                            Comment


                              #29
                              Originally posted by Man View Post
                              What is the envelope method you guys speak of?
                              Basically it’s a way to divide up your spending so you know exactly what amount is going where. I.E. misc envelope, car payment envelope, etc. At least that’s my interpretation

                              Comment


                                #30
                                I went to work almost right out of school in a capacity where like 75% of my take-home pay was ultimately based on performance of the guy I worked for. He did well, I did well. My base salary was fairly small, but on an average year, I made quite a bit of money. A few home runs thrown in here and there.

                                My wife and I learned to live as though the bonus was never going to come. I've gotten it every year since 2006, but we still live as though we're making about 1/3 of what we actually make.

                                Long story short: House paid off. Land paid off. Kids college almost already totally funded. Save about twice our annual burn rate every year.

                                It takes a lot of the stress out of life.

                                Comment

                                Working...
                                X