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Anyone doing the Dave Ramsey Financial

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Last activity 2019-08-20 9:01 AM
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1DSoon
Reg. May 2009
Posted 2019-08-15 1:45 PM
Subject: RE: Anyone doing the Dave Ramsey Financial





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Runninbay - 2019-08-15 2:02 PM


So this thread got me interested in Dave Ramsey. I've been married about a year and with that came a new house and all the associated bills. We do a pretty good job with our money and my husabnd is a saver (thank goodness) so we do fine. I definitely dont feel like we live paycheck to paycheck and for that I am thankful. That being said, we have our share of normal debt (car, tractor, etc).  While going through his methods, I think the craziest thing I came accross is that he expects people to take all of their savings (except for $1000) to pay off debt. Thats mind blowing. I understand the concept and the goal is to be debt free. But I cant get behind that advice.


Paying off the debt may be the only advice he gives that's solid. 


If you've got money sitting in a bank doing nothing there is zero reason to be paying someone to use their money. 



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L.Grace
Reg. Aug 2019
Posted 2019-08-16 11:45 AM
Subject: RE: Anyone doing the Dave Ramsey Financial


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My husband and I have been doing it for three years and have paid off about 80,00 in dept. We only have about 10,000 to go and we will be debt free besides our house. Some years we have been more gazelle than other years. Probably coud have been done by now but I went back and got my Masters and life happens. However, the 1,000 emergency fund has worked for us. I just make sure we give every dollar a name. Not sure if you listen to his pod casts but they are helpful and keep us motivated. 

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Turnburnsis
Reg. Nov 2004
Posted 2019-08-18 6:55 AM
Subject: RE: Anyone doing the Dave Ramsey Financial


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Sorry I been gone from the computer the last 4 days!  The 1000.00 emergency fund is only til you get out of debt.  If you want to save more thats fine.  I think like with anything you do what works for you.  My area and the people Im around and some family look at me like Im crazy!  To be debt free there is no way. and I think its like a diet lol either you want to cut out the sugar or you dont.  Alot of people Im around dont want to do the hard part and cant wait to save to buy.  When we started this we had already bought our land that we want to build on.  We had no clue how we was gonna get to the point of building even if we sold the place we are living at now.  By this plan we have a plan and can see a way to do this!  and we will not have to cut corners!  But the hardest part is being patient and being focus! Before we started this journey we was looking at 3 years to be able to build, now we maybe building in October or November which is just 6 mths from the time we started this journey!   We will be debt free so my husband doesnt have to work when he retires unless he wants to and I can do whatever with the horses! I still spend money on my horses just not like before.  I dont buy tack anymore I cleaned out and have what I need and I do have double in case I need to replace but that is it.  I have a horse that has epm and he is having a relapse and I am spending money on his meds but I am doing cash.  I follow a lot of people on different things but I dont do every single thing they do.  We all fail and I love hearing from people that has failed and succeeded.  There is no one that is 100% right.  I know nothing bout investing.  He says all the time to get with someone with the heart of a teacher and if you dont know anyone you can start on his website.  I dont feel like I need to buy anything from him.  Of course he selling things just like everyone else that has a business. It is up to me to learn and do better and I have learned alot from alot of people!  I think he is a great one to listen to.  I believe you can be debt free and have horses! and still take great care of them.  If he was to tell me to sell my horse to be debt free the answer will be no so I will find another way to pay off my debt.  Thing bout it we got ourselves in debt by doing what everyone else does that we will get ourselves out of debt even if we gotta be different!  I love reading all the different opionions!  thank you!  I will keep you all updated! God Bless!

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lindseylou2290
Reg. Aug 2013
Posted 2019-08-20 9:01 AM
Subject: RE: Anyone doing the Dave Ramsey Financial



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BamaCanChaser - 2019-08-14 10:30 AM


My husband and I went through FPU as 20 year olds before we got married. It was a great "starter" program. I agree with Steps 0-3 of his plan with very few exceptions. It started our discussion on budgeting and having a plan. It is easy to understand, follow and implement. 


That being said, that is where Dave makes his money. Off of people with no financial experience, no plan. They're not even doing the basics. A scary % of the country don't even that bare minimum $1000 emergency fund. I beleive he is doing a great service to that market. But once you start getting your ducks in a row and ready to move beyond step 3, I think there is better advice out there.  


Agree with this 100%.  My husband and I went through FPU as a young newly engaged couple.  It gave us a solid footing to discuss finances without stress and anxiety.  

 

We did the debt snowball, saved money for a downpayment on our first farm and have started saving for our daughters education.  Not every step needs to be done in the order he suggests and there certainly are better places for investing advice. 

 

As others have said - live on less than you take home. Its fairly simple. 

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