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  #1  
September 21st, 2011, 02:39 PM
lovemyleah's Avatar Platinum Supermommy
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Location: Nebraska
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I am becoming committed to getting out of debt, and I am wondering what you can tell me about Dave Ramsey's program. I am considering paying to attend one of his seminars, but I was thinking that someone here might have insight as well. How does it work? How can someone get out of debt in 16 months (for example) on a not-so-high income by using his program?
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  #2  
September 21st, 2011, 04:15 PM
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Personally, I think most people can get by with reading some of his info (check if your library has it) and figuring out a plan that works best for YOU without having to pay to go to his class.

Both partners need to be committed to improving their financial situation in order for any program to work.

How fast you can pay off debt if often based on how drastic you are willing to be.

If you'd like any help setting up a budget/working out a debt repayment plan, let me know. I've worked on them for people in the past. It can all be done thru PM so you're not sharing all your financial info (income, debts, etc) out in the open.
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  #3  
September 21st, 2011, 05:55 PM
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Ditto the above. My husband and I got his Total Money Makeover Book on e-bay (used) for $5 and it was the best thing we ever did. However, I have a friend who went to one of his classes and got MUCH more out of it than reading the book so it may depend on the person. I think his plans are definitely worth while and he helped us get out of debt and stay out of debt.
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  #4  
September 21st, 2011, 08:23 PM
lovemyleah's Avatar Platinum Supermommy
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Thank you. I will try to come up with amounts within the next couple of days and PM you. I'm very frustrated lately, and wanting so badly to get out of debt. Money is such a stressor.
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  #5  
September 21st, 2011, 08:31 PM
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This might be able to help you get started

http://www.justmommies.com/forums/f2...-finances.html (Need help with your budget or finances?)
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  #6  
September 21st, 2011, 08:50 PM
JessP's Avatar Lovin life and family
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I agree it depends on the person. Check out the books first. Post any questions you have. I like his system. You timeframe depends on how much you have and how much you can pay.
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  #7  
September 22nd, 2011, 08:08 AM
lovemyleah's Avatar Platinum Supermommy
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My questions are:

What are his basic concepts? I'm sure threads on this board have been devoted to this, but what exactly does he say about paying off debt, as quickly as some of these people have? How does that work without competely ruining a current lifestyle?
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  #8  
September 22nd, 2011, 09:19 AM
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These are his steps:

1. Build a $1K Emergency fund
2. Pay off the debt using the snowball method
3. Build 3-6 months of expenses in savings
4. Invest 15% of income into retirement funds
5. College funding for kids
6. Pay off mortgage early
7. Build wealth and give

Most people don't go exactly step by step, but rather are working on a few at a time (some money invested in retirement while working on debt payoff, or some people do not save much for kids' college, etc). It's a basic plan that you can customize for yourself. You may decide some aspects of your life are not worth eliminating to pay off your debt just a few months early. But the idea works if you are committed to it.

It's not about ruining a current lifestyle, but getting your life in order. If your lifestyle is so out of whack that you can't pay for the necessities of life because of splurging on wants, then that's not the lifestyle you should be living. (Speaking in general terms, not aimed at you specifically). For hundreds of years people could only spend what they had. Now with the ridiculous amount of credit out there people's lives are far exceeding their means.
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  #9  
September 22nd, 2011, 01:20 PM
lovemyleah's Avatar Platinum Supermommy
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Actually, his concept sounds great. I'm about 600 away in savings for that emergency fund, and I HATE that feeling. I mean, I own a house. My biggest issues are impulse buying (things for my daughter and house mainly) and eating out. We eat out several times per week, and that is my biggest downfall, truly. I don't buy big, expensive things....it's the little things that have added up to about 12 K in credit cards/line of credit bills that make me want to vomit. I know I can do it, though. I will probably check out his book at the library, and read more on it. Thanks for the advice. I will keep checking out your pointers
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  #10  
September 23rd, 2011, 12:59 PM
mommy2Breana+Brandon's Avatar Platinum Supermommy
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Quote:
Originally Posted by ~Kris~ View Post
Personally, I think most people can get by with reading some of his info (check if your library has it) and figuring out a plan that works best for YOU without having to pay to go to his class.

Both partners need to be committed to improving their financial situation in order for any program to work.

How fast you can pay off debt if often based on how drastic you are willing to be.

If you'd like any help setting up a budget/working out a debt repayment plan, let me know. I've worked on them for people in the past. It can all be done thru PM so you're not sharing all your financial info (income, debts, etc) out in the open.

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  #11  
September 23rd, 2011, 06:19 PM
Happy Song's Avatar Nicole
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GOOD LUCK!
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