On the way to debt free!

[dustoffer]

Does my old heart good to read about younger folks who are on the road to being debt-free instead of on the "keeping up with the Jones" route which inevitably ends up in a trainwreck.

Keep it up!!!! From an ORMF (old retired military fellow) who is living the life with no house, car, truck, or boat payments, it's great. Only thing I want and don't have is a lease, and eventually I'll have that.

[Bowtech32]

Congrats!!! We just paid off our house a few weeks ago, it feels great knowing our bank account is not a short resting place before we give it to someone else. This was a few weeks before I turn 45 yo

[Black Ice]

Congrats!!! We just paid off our house a few weeks ago, it feels great knowing our bank account is not a short resting place before we give it to someone else. This was a few weeks before I turn 45 yo

I’m 38 and going in the opposite direction. I’m about to have the most debt I’ve ever had in my life come the first of the year.


Sent from my iPhone using Tapatalk

[Jspradley]

Ramsey is good for many people but truthfully it is just common sense.

1. Save 10%-15% of every paycheck. It is called pay yourself first. Start when you are young. Compounding interest is magic. Company 401k matches are equal to 100% return on your money.

2. Debt is not bad if you leverage it and do not abuse it. Car loan at 1.9% while earning 5-8% on your investments? No Brainer.

3. Credit cards are the devil if you do not have discipline to use and pay them off every month. I Get 2-3% cash back on my cards and charge everything on them.

4. Most people have no money or retirement goals. I am 66 years old. When I was mid 20’s I had written financial goals I knew I wanted to achieve. Kept those goals on my desk where I saw them everyday. Make your plan and then follow your plan.

End of the day it again boils down to paying attention and being disciplined

Of course it's common sense but most folks arent taught any sort of money sense growing up so we have to learn it somewhere.

[SCREAMINREELS]

Debt frees the only way to live. Can't wait until my house is paid off. I bought mine young (early 20s) and did a 30 year note because it's what I could afford. Changed it to a 15 at 30 years old and now working on hopefully having it paid off by 40. I'll continue to buy cash trucks and let a vehicle payment go towards extra on my mortgage. Maybe I'll be able to afford to pay for my kids college lol.

[dustoffer]

Earlier it was mentioned needing a new car and someone said "No, a newer car" --- and I have found CARMAX is a good place to shop--they are newer and you have a huge selection.

[Huntingfool]

Of course it's common sense but most folks arent taught any sort of money sense growing up so we have to learn it somewhere.

agree - I have wondered for years why there are not mandatory classes in Jr High and High School concerning money matters - most parents do not teach it to their kids so somebody needs to at a young age.

[Jspradley]

agree - I have wondered for years why there are not mandatory classes in Jr High and High School concerning money matters - most parents do not teach it to their kids so somebody needs to at a young age.

I've thought that myself, it's a shame.

I can't even really consider it a failure of parents when they themselves don't even know any better.

Then again maybe the reason why it isn't taught is because it doesn't benefit the powers that be and their corporate cronies to have a fiscally educated populace.

As much as I love capitalism it requires us to be vigilant against the excesses of it and not fall victim to marketing that tells us that the American dream is be in debt.

I'm not sure if it's from Dave Ramsey originally but his advice to not spend money you don't have to buy things you don't need to impress people you don't care about has become one of my mantras lately!

[Merc]

Earlier it was mentioned needing a new car and someone said "No, a newer car" --- and I have found CARMAX is a good place to shop--they are newer and you have a huge selection.

And their warranty is top notch.

Sent from somewhere

[Huntingfool]

I've thought that myself, it's a shame.

I can't even really consider it a failure of parents when they themselves don't even know any better.

Then again maybe the reason why it isn't taught is because it doesn't benefit the powers that be and their corporate cronies to have a fiscally educated populace.

As much as I love capitalism it requires us to be vigilant against the excesses of it and not fall victim to marketing that tells us that the American dream is be in debt.

I'm not sure if it's from Dave Ramsey originally but his advice to not spend money you don't have to buy things you don't need to impress people you don't care about has become one of my mantras lately!

I am a little old school. No matter how someone was brought up IMO when they reach the age of being an adult you should have the ability to think for yourself.

So even if you were not taught certain things as a child when you mature enough to use common sense then you have the ability to make common sense decisions on your own. What you did in your diapers does not equate to what you should be doing as an adult.

There are many very successful people who grew up poor who were not taught about finances who figured it out as adults and are now very successful.

So from a financial perspective ==== use your head. For starters: DO NOT SPEND more than you make.

DO NOT GET A CREDIT CARD and buy things that you cannot pay off within 30 days.

SIT YOUR BUTT down and make a budget - here is how one works: List your income and then list all your bills - food, housing, etc. Then total them all up and use math - whatever is left over is ALL YOU HAVE TO SPEND each month. IF you spend more than you make then guess what = you are in debt and therefore in trouble. If you are not making enough for what you want then look for a new job or get a second job.

Finance is not rocket science - it is math pure and simple

In closing - I hear Bernie Sanders telling us all that all college loans should be paid off and that anyone wanting to go to college should get to go for free. REALLY???

My parents could not pay for my college so I worked my way through - lots of jobs and long hours - but I paid my own way for four years of college and got my degree. I am now totally financially independent at age 66 and nobody gave it to me for free and I did not need a Dave Ramsey to teach me common sense financial decisions.

So message is: Buck up - whether in college or married with a family - the outcome of your life is a direct result of the decisions YOU make and nobody else's - period. IMO there are many folks who need to quit looking for others to be responsible for their success or failure. The ONLY person responsible for you is YOU

Sorry for the rant

[txoutdoorsman24]

I look at debt problems differently. Debt is caused either of two ways. Too much spending or not enough income. Or a combination of both. Most people focus on the spending but never the income. You will always have money problems if you don’t have adequate income.

I’m sure you’ve heard the old saying “it’s not what you make it’s what you save” BS. If you don’t make enough you can’t save squat. So focus on spending of course but also focus on ways to generate more income. If you’re in a dead end job get off your butt and find something better.

I don’t see not having cable or a phone if you would like to have one as a badge of honor. I see an income problem. I’m not gonna live like a hermit.

Don’t fall into that rut of this is the best I can do income wise. You can always do better.

This is exactly how someone should think. We are/were on the Dave Ramsey plan and yes it worked but when you don’t make enough to really do damage to debt, what are you doing besides living broke everyday. Wife is out of med school and I’m up much higher at my job so income is up exponentially and life really freed itself up. Saving and paying off debt is much easier and living comfortably on top of it is easier too.