I'm going to be a millionaire in 5 years following his advice. Dave Ramsey baby steps is the best solution for financial freedom.
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06-03-2019, 12:22 PM #1
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06-03-2019, 01:02 PM #12
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06-03-2019, 01:13 PM #14
Good advise minus only having $1,000 emergency savings until you paid off all debt. I decided to get 6 months in savings prior to finishing my school loans and I feel much safer and don't have to worry about really anything bad happening that would wipe me out. Now I can just put the money I have left over at the end of the month straight into the loans no problem.
Fitness connoisseur
0.4 mg of party's over wake the FK up!
"the personification of greatness"
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06-03-2019, 01:17 PM #15
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06-03-2019, 01:26 PM #19
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06-03-2019, 01:32 PM #20
Does he ever mention anything about entrepreneurship, building multiple revenue streams, et al?
His whole approach (the classic live like a peasant one) depends on income being higher than cost of living, but wages are dead flat and the cost of everything has only been increasing. You are pissing into the wind when a single major health problem or financial issue can wreck a decade of savings.
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06-03-2019, 01:33 PM #21
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06-03-2019, 01:39 PM #24
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06-03-2019, 01:50 PM #25
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06-03-2019, 01:59 PM #26
I like Dave's system even though I was always extremely responsible and frugal. It just clarifies things and makes me feel like I'm not wandering aimlessly in terms of my finances. I was debt free, except for my mortgage, with a decently large amount of money just sitting in savings before listening to him. In other words, I wasn't financially hopeless, I just needed some basic guidelines and direction. Since then, I've just been more focused on paying down my mortgage and investing.
A large portion of every show/caller questions deals with the income side of the equation. He uses the shovel-to-hole ratio metaphor. If someone's debt is too large for their income, then the income needs to increase. Hence, the shovel is too big to get out of the hole.
Step 1 is $1,000 as an emergency fund. Step 3 is 3-6 months expenses. Typically $15-25k range for most people. The only point of the $1,000 as Step 1 is to have something to cover minor bumps in the road while you aggressively pay off debts (aside from mortgage). If, out of the blue, you need a new tire, you draw from that $1,000. It doesn't cover major issues, of course.
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06-03-2019, 02:15 PM #27
Won't let me embed
Fuking vimeo
https://vimeo.com/41152287
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06-03-2019, 03:01 PM #28
not really. That mentality is for, again, the lower income people who don't know how credit cards work. Instead of taking out a car loan, you buy a $5000 car off craigslist. Instead of using your credit card to potentially rack of various bills, you use your debit card and actually see your money go away.
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06-03-2019, 03:05 PM #29
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06-03-2019, 03:14 PM #30
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