[katieneack]

Congratulations on getting your debt down. If it works for you, then why not do it. I do have to say though, it helps that you obviously have a pretty good job! If I had $10K in debt (which I don't), there is no way I could pay it down that fast. Even If I walked to work, starved myself, cut off my electric and put every penny towards it, it would take me longer than that to pay it down. That is extremely fast - whatever your doing must be really working!

[jwest1334]

yeah, my wife and I both have good jobs, but we also have more debt than most with student loans. We were not being smart with our money though. being on a written budget really helps us with the whole process. Believe me we still have a ways to go.

---

thanks for the encouragement though. student loans suck btw.

[jmc316]

It's just amazing to me how grown adults still don't know how to manage their money. People 10's of thousands of dollars in debt, spending money they don't have. Shoot, I'll save you the money on buying the program and tell you the secret for free, act like a grown up stop thinking that material things are going to fill your life with happiness.....smh

While I get your concept, its a little too simplistic to define the problem that way...Many people are coming out of college going into their 1st career oriented job 20-30k in debt from student loans...You have a current economic climate where businesses aren't hiring, but for people the mortgage still has to be paid and without a steady source of income that hole gets bigger...I understand the spirit of what you're saying, but statistically over 80% of Americans are are in credit card debt and over 20% of home mortgages are underwater...the "buying above our means for gratification" crowd is just a small sliver of the overall pie

[waynetalger]

Not to rain on anyone's parade here, but he must not be teaching the simple things in saving money, and that is not wasting money and making other people rich by buying their self help books.

Shez this is the first time I would say you are wrong.
he has 7 basic steps and the first 3 helps you get out of debt then it goes on to investing. ( Not stock markets but ROF IRAs and good growth mutual funds. For example at age 25 and if you put your money in a good groth stock mutual fund till age 65 you will have over 1.5 million dollars. All tax free.

He also gives people his books and helps people out of their own crisis. I even herd him on radio one day when a wife was being beaten by her husband and put her on hold. He then personally paid for her and her kids to get away from him ( Somebody he didnt even know, helps widowers and widows without taking any money gave tickets to his shows, Given away 1,000 I-pads last year.

He is also on the Neal Covito show on fox talking about the economy.

Did I mention his plan works and has worked for 1,000s of people.
Yes I am on the plan and if nothing bad happens I will be totaly out of debt except for my house next November. I would have paid 90,000.00 in debt in 2 years without without selling a thing

http://www.daveramsey.com/

1rst step is 1,000 emergency fund just to keep Murphy away

2nd step pay off the smallest debt to the largest as quickly as you can and the money you been paying on the smallest debt once paid off. You apply it to the next debt and so on.

3rd step 3-6 months emergancy fund

and so on I gave you the link check him out when you get a chance.

Quote from Dave Ramsey
Live like nobody else so later you can live like nobody else.

[jwest1334]

I would have paid 90,000.00 in debt in 2 years without without selling a thing

Man, that is amazing, I have about 36K Left to go now (all student loans), my goal is 24 months, then it will be just the house which I have a 15 yr mortgage on. It is amazing how much extra money you realize you have to use to pay off debt when you get on a written budget. Congrats man that is incredible.

Also, depending on what your income is, if you start investing 15% of your take home @ 25 yrs old, 1.5 mil I think is a bit conservative. I'll have to check my numbers on that, but for some reason, I think i remember it being around 4 million ish if you make the median income.

[waynetalger]

Man, that is amazing, I have about 36K Left to go now (all student loans), my goal is 24 months, then it will be just the house which I have a 15 yr mortgage on. It is amazing how much extra money you realize you have to use to pay off debt when you get on a written budget. Congrats man that is incredible.

Also, depending on what your income is, if you start investing 15% of your take home @ 25 yrs old, 1.5 mil I think is a bit conservative. I'll have to check my numbers on that, but for some reason, I think i remember it being around 4 million ish if you make the median income.

I make a little more than 100k a year. My wife and I live modestly. We both get an expendable amount and I get an expense check from work is how I buy my cards. What is left over when our next check comes in we treat the family to a Movie(s) or Dinner and the Movie(s). In the Summer time we go to the lake with it. Cheap and fun way to spend time with the family. We usually camp out in tents. I could have paid off more and faster but going on this step in life I didnt want the kids to suffer for 2 years. So we attack it but stay on the conservitive side of things. 100,000 left including the house which we plan to sell in 2 years and move into a bigger one.

I stole my house for 90,000 back in 2001 and it appraised for 175,000 this year when we thought we were ready. Then we realized we need to slow down and kill the other debts first.

[jwest1334]

even at 100K, 90 grand in that sort of time is incredible. Me and my wife make a bit more than 100k together, and are not at that pace. We also did a 15 yr. fixed on our mortgage, so our pmt is a bit higher than normal, but still not even close to 40k/yr. Thats amazing man really. I wish we were a bit more intense, we get more and more intense every month though, cutting out a little here and a little there. Stories like yours keep me motivated though. Thanks for sharing.

[hckydv7]

I listened to most of His program and where it helped me is that all my debts are paid-- I owe money on nothing. And I have money set aside in case I need a new auto etc.

Even though following his plan hurt at first as not being able to as much money on cards as I wanted, now that all my debts are paid my card budget is actually more than it was before and I do not lie awake at night wondering when the creditors are coming to my door.

[jwest1334]

I listened to most of His program and where it helped me is that all my debts are paid-- I owe money on nothing. And I have money set aside in case I need a new auto etc.

Even though following his plan hurt at first as not being able to as much money on cards as I wanted, now that all my debts are paid my card budget is actually more than it was before and I do not lie awake at night wondering when the creditors are coming to my door.

bingo