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Any Dave Ramsey listeners here?


capologist
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We have always used Crown Financial Ministries and a great web site called Mvelopes (www.mvelopes.com). It's a cool web site where you use "envelopes" to help you budget. I do the money in the family & am sort of a freak about it.

I've heard great things about Dave Ramsey, but don't know exactly what his plan is. Can you give some details?

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Saturday (1/31/2008)
We have always used Crown Financial Ministries and a great web site called Mvelopes (www.mvelopes.com). It's a cool web site where you use "envelopes" to help you budget. I do the money in the family & am sort of a freak about it.

I've heard great things about Dave Ramsey, but don't know exactly what his plan is. Can you give some details?

He has a plan for everything.

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Remarkable (1/31/2008)
Saturday (1/31/2008)
We have always used Crown Financial Ministries and a great web site called Mvelopes (www.mvelopes.com). It's a cool web site where you use "envelopes" to help you budget. I do the money in the family & am sort of a freak about it.

I've heard great things about Dave Ramsey, but don't know exactly what his plan is. Can you give some details?

He has a plan for everything.

Can you give some examples? Preferably his plan for the Iraqi pull-out.

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Saturday (1/31/2008)
We have always used Crown Financial Ministries and a great web site called Mvelopes (www.mvelopes.com). It's a cool web site where you use "envelopes" to help you budget. I do the money in the family & am sort of a freak about it.

I've heard great things about Dave Ramsey, but don't know exactly what his plan is. Can you give some details?

He's on 640 WGST in Atlanta but also has a streaming broadcast at his website http://www.daveramsey.com/

His initial recommendation is the 7 Baby Steps:

http://www.daveramsey.com/media/pdf/fpu_babysteps.pdf

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My wife and I are working the Dave Ramsey plan. We had some credit card debt and were on no budget, so we never knew where our money was going. We started listening to his radio show and decided to give his plan a try. Late last year, our church offered his Financial Peace University class once a week for 13 weeks so we took the class. We got on a monthly budget and started using cash to pay for everything. We use his envelope system that is similar to the one that Saturday talks about above. Now we know where every dollar goes, and we pay ourselves first so we have a great plan for retirement, too.

In the past, we would fall behind by paying for vacations or Christmas on credit cards, then spend all of the next year paying for last year's stuff. Now, we save for for all of those things during the present year and pay cash. We made it through Christmas this year with $0 in credit card charges. It's great!

We had some people in our class who were really in a life crisis due to the overbearing stress of debt and money issues. During the 13 week class they were able to get some breathing room and find the light at the end of the tunnel.

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cbish68 (2/1/2008)
My wife and I are working the Dave Ramsey plan. We had some credit card debt and were on no budget, so we never knew where our money was going. We started listening to his radio show and decided to give his plan a try. Late last year, our church offered his Financial Peace University class once a week for 13 weeks so we took the class. We got on a monthly budget and started using cash to pay for everything. We use his envelope system that is similar to the one that Saturday talks about above. Now we know where every dollar goes, and we pay ourselves first so we have a great plan for retirement, too.

In the past, we would fall behind by paying for vacations or Christmas on credit cards, then spend all of the next year paying for last year's stuff. Now, we save for for all of those things during the present year and pay cash. We made it through Christmas this year with $0 in credit card charges. It's great!

We had some people in our class who were really in a life crisis due to the overbearing stress of debt and money issues. During the 13 week class they were able to get some breathing room and find the light at the end of the tunnel.

What did you think of FPU? Is it worth the investment?

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capologist (2/1/2008)

What did you think of FPU? Is it worth the investment?

Depends.

I wouldn't pay retail ($300?) for it. Our church offered it for $89 per family. There were 25 or so people in our class. We would have assigned reading before each class, then we would meet and have group discussion/review for ten or fifteen minutes, then watch a Dave Ramsey video on the topics for the week for about an hour, then have more group discussion afterwards for 15-20 minutes. The videos weren't that spectacular, but Dave is a very effective speaker and motivator. Some of Dave's personal stories and other testimonials were heart wrenching. The real value of the class came from the group discussions. A lot of people were able to benefit from the experience and encouragement of the other people in the class. Also there was a full range of ages in the class, from recent high school graduates to newly married young couples, to retired people.

The whole Dave Ramsey system is really geared towards those who are getting devoured by their debt, and have lost hope. We weren't in that situation at all, but we were able to pull what we needed from the class. It was well worth it to us. It helped put us in the right frame of mind to make the changes we needed to make.

Edit: The $89 included a kit that contained the Financial Peace book, a workbook that we used in each weekly class, the envelope system, monthly budget and cash flow forms, membership to the online support forums, lesson plan CD-ROMs for review, etc.

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I'm not a listener but my wife is. As for the the 7 steps, thankfully we had achieved all of them before we ever heard of Ramsey so everything we've accomplished now is because of lots of reading and looking at our money flow in Quicken over the years. I used to listen to Clark Howard, he wasn't an advocate of early mortgage payoff, but I'll side with Ramsey on that issue.

I would add these as requirements for getting out of and staying out of debt.

* Record finances in Quicken/MS Money or spreadsheet, be reasonably detailed and review periodically, look at expenses by categories and try to cut down in one or more categories, e.g. Dining- eat at home more more often, or pack a lunch.

* Carefully define necessary vs. luxury/discretionary spending. A daily $1.89 visit to Starbucks is a luxury, and so is a large flat panel with 100 channels of HD programming.

* Pay particular attention to the smaller but more frequent purchases, they can add up very quickly i.e Starbucks.

I doubt many people could follow Ramsey's or any similar plan if they don't control spending which is really what I'm emphasizing, and is noticably absent from his plan.

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Atlsport (2/1/2008)
I used to listen to Clark Howard, he wasn't an advocate of early mortgage payoff, but I'll side with Ramsey on that issue.

I've never understood the whole "I don't want to pay it off because I'll lose the tax break" argument.

That's like giving someone a dollar just to get a quarter in return. I'd rather pay the thing off and keep the dollar...:)

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capologist (2/1/2008)
Atlsport (2/1/2008)
I used to listen to Clark Howard, he wasn't an advocate of early mortgage payoff, but I'll side with Ramsey on that issue.

I've never understood the whole "I don't want to pay it off because I'll lose the tax break" argument.

That's like giving someone a dollar just to get a quarter in return. I'd rather pay the thing off and keep the dollar...:)

That's part of it, the other argument I think says that you would be able to earn higher returns on investments than accelerated payments on your "low" interest mortgage.

Back around 2000 we were already maxed out on allowable 401K contributions, we were disallowed deductible IRA contributions because of 401k and income levels and then the tech boom in 01 destroyed the market just before we were about to put a lot of money into it, so there weren't many good places to put our money. That's when I looked at an amortization table and decided it was the smart move.

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Dave Ramsey got his start about 10 years ago on talk radio in Nashville.My family have been on his plan that long.It is very basic,common sense approach....alleviate debt.

I have no credit cards,no car notes and pounding the principal on the home.....8 years and paid off.We have college funds for the kids started because of Dave!!

Really a good program but no need to spend money on his FPU...just listen!!

It really feels good but there is some pain involved!!

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I haven't been through the classes, but I learned about the basics through a message board devoted to him. We were already doing most of what he advocates, so mainly I used it for motivation to continue to simplify, and differentiate wants versus needs. My husband and I still have a small mortgage, but we were able to purchase equipment, etc. for our business, and buy an old building to fix up for fun, all with cash. After my husband lost his job last year, we were fine because we had savings, no debt, and our basic expenses (including health insurance for him) are covered by my salary.

I haven't followed it exactly, but the people who do are amazing to me. The testimonials were perfect reminders that we don't have real problems.

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etifan (2/1/2008)
I haven't been through the classes, but I learned about the basics through a message board devoted to him. We were already doing most of what he advocates, so mainly I used it for motivation to continue to simplify, and differentiate wants versus needs. My husband and I still have a small mortgage, but we were able to purchase equipment, etc. for our winery, and buy an old building to fix up for fun, all with cash. After my husband lost his job last year, we were fine because we had savings, no debt, and our basic expenses (including health insurance for him) are covered by my salary.

I haven't followed it exactly, but the people who do are amazing to me. The testimonials were perfect reminders that we don't have real problems.

Do you still have that message board link by chance?

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capologist (2/1/2008)
etifan (2/1/2008)
I haven't been through the classes, but I learned about the basics through a message board devoted to him...quote]

Do you still have that message board link by chance?

I'm sure I can find it. I believe it was a Delphi forum. Let me check and I'll post it.

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etifan (2/1/2008)
capologist (2/1/2008)
etifan (2/1/2008)
I haven't been through the classes, but I learned about the basics through a message board devoted to him...quote]

************************

Do you still have that message board link by chance?

****************************************

I'm sure I can find it. I believe it was a Delphi forum. Let me check and I'll post it.

********************************************

Edited: Here it is: http://forums.delphiforums.com/nomoredebt/start

I'll warn you...the threads can go annoyingly off topic at times, but there is some good stuff in there.

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Dave Ramsey is the male equivalent of Suze Orman. Both are pretty good at giving simple, common sense answers to complicated questions. Dave is too arrogant and full of himself for my taste. And some of his advice is not very good. And his constant plugging of his books, lectures, and Zander Insurance (which he does have a financial interest in) just kills his credibility to me.

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