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Best financial advise you will ever hear. PERIOD.

Discussion in 'Members' Lounge' started by phyregod, Mar 3, 2007.

  1. phyregod

    phyregod !!YTINASNI

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    So, I'd like to share with you guys a revolution that is going on in my life.

    Listening on the radio while making bail bonds all over texas, I'd catch bits and pieces of "The Dave Ramsey Show". Its a talk show about financial advise. I really liked his views and ideas. Simple, common sense money management.

    So, I went home, started checking out my finances.. Crapload of credit card debt, transportation, mortgage, etc. Not terrible, but far from good. So, I was going to order his book. I hit the websight to find that he has 3 gagillion books and packages, so I called up his "sales advisors". The sales lady talked me into going to "Financial Peace Univercity" A 13 week long class (once a week, 2 hours a session) for what they call a "Total Money Makeover".

    4 weeks into this class, I've gone from having $0 in the bank and living paycheck to paycheck, to having paid off 4 credit cards (Only 12 to go! :p) and $1000 in the bank. and have learned ALOT about budgeting, investing, getting deals, scrubbing off debt, etc. I have 9 more classes left and I feel I've gained more financial knowledge than I did in high school, college, and general life combined. I have a solid plan for retirement, and by the time the kids are old enough to go to college, I'll have their tuition in the bank waiting for them. Another big ticket here is that if you can stuff $2k in a roth IRA each year, you can retire a millionaire. He shows you how to do it, in detail.

    It has a christian flare to it, but he doesnt hammer you with any christian stuff, just a line here and there such as "The borrower is servant to the lender". Which is 100% true. So dont sweat that.

    Link is Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.

    The Financial Peace University (FPU) is $95.00 for a lifetime membership, and being a lifetime member, you can bring a spouse/girl friend/kids/whoever from here on out. It will be the best $100 you've ever spent in your entire life. I guarantee it.

    Listen to me on this. It will change your life. It will change your kid's life. And it will change your family tree.
     
    Last edited: Mar 3, 2007
  2. phunky.buddha

    phunky.buddha Admin with a big stick Admin VIP

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    Serious?
     
  3. phyregod

    phyregod !!YTINASNI

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    I know, this doesnt sound like me, and sounds like a sales pitch. But yeah, I'm dead serious.

    Take a good look into it. See for yourself.
     
  4. phunky.buddha

    phunky.buddha Admin with a big stick Admin VIP

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    Hmm. Thanks for the link.
     
  5. phyregod

    phyregod !!YTINASNI

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    Its life tech baby. Read up.
     
  6. pissedoffsol

    pissedoffsol RETIRED

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    moved to lounge...

    and your boy is wrong about 2k a year... its 4.
     
  7. cheese9988

    cheese9988 Senior Member VIP

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    Sounds like a pyramid scheme. Is that a one time payment, do you need to sign others up?
     
  8. phyregod

    phyregod !!YTINASNI

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    lol.. no pyramid. You dont have to mention my name when you look into it. Check the link, there is no "counter" attatched. And you dont give anyone your money. You handle it yourself. He teaches you how to handle your money. He doesnt tell you exactly where to put it. all you are out is $95 for the class, which is more than reasonable for a 13 week long class at anything.

    This is NOT a get rich quick scheme. Its a work hard, have dicipline, and get rich slow "scheme".

    Its simple stuff. "Every dollar has a name". You must account for every dollar of your income and have down on paper where exactly it went. Money gets stretched so much further this way. You dont have to scrimp and save and cut out every fun thing you do.. You just write it down. You get a grocery fund, transportation fund, housing, clothing, entertainment, etc. Its all in the budget. And he requires a "blow money" catagory. Money that you plan to blow on stupid stuff. Its allowed, but you MUST do it on purpose. Not get your check, go for a night out on the town, and wonder where the hell it went.

    Build an emergency fund of $1000. Then, chop up all of your credit cards and cancel them. Pay cash for everything from here on out. (aka cash, debit, checks, blah blah blah, NO credit!)

    Then you list your debts from smallest to largest and make minimum payments on everything except the top of the list, which you hammer with every extra penny you have until its paid. You then roll the miniumum payment from that card into the next card and do the same thing. by the time you are 5 cards deep, you have 5 minimum payments rolled up, plus whatever you have left after budgeting.. That card gets knocked out pretty quick. He calls it the "debt snowball". He admits that this isnt the very best way to handle it, but doing it this way, you can see your progress. And it encourages you to keep going with the plan.

    Once everything is paid off, fully fund your emergency fund to 6-9 months of your income.

    Then, when you are debt free and not paying interest or minimum payments on anything.. you are free to start investing, saving, and spending money on fun stuff. And its all paid for in cash. no loans, no credit.


    And B: $2000 a year example, due to compound interest, you will see the following: and you will be incredibly envious of those who figured this out when they were 19. This is assuming a 12% roth IRA. $2000 per year.

    Click the link. Both end up millionaires by 65. And feel free to check the math.

    Ben and Arthur Invest



    At any rate, I encourage you to look into it, study it, poke your nose in every nook and cranny. You will find for yourself that there is no scam here. No bullshit. Just good, sound financial advise. Just advise. You have to go do it.

    Also, try to find his show on the radio and give it a listen.
     
  9. jeffie7

    jeffie7 Wrong Whole! VIP

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    Americans need to learn the very basics and they'd be fine.
    Spend within your means!
    If people did that there would be no debt.
     
  10. cheese9988

    cheese9988 Senior Member VIP

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    Ya sorry, looked him up a little more, hes the real deal. Heres a wiki article. Dave Ramsey - Wikipedia, the free encyclopedia

    I am looking at that investment chart tho, I want to know what they are investing in that gives them an 11% return. $240 on a $2000? thats not bad, I'll invest in that, screw stocks.

    If I read you right it looks like you pay off the smallest debt first and then take that payment you were using and roll it into the next smallest debt, and so on, right? I was planning on doing that for my student loans, I'd love to pay them off!
     
  11. jeffie7

    jeffie7 Wrong Whole! VIP

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    Myself or B will offer a class if you guys want. we'll only charge $50.00 a head, and you wont have to go to a church. =)

    My class will be, learn how to handle money, play in stocks and buy an asian wife.
    Bs class will be learn how to redo a condo, out class your neighbors and buy a M. =)
     
  12. BigJ

    BigJ I'm just about that action Boss. VIP

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    :Lmao: Good one.




    I'm just wondering what Slushboxteg and Total Burnout's classes would be like.


    probably like my friday night :) !
     
  13. totalburnout

    totalburnout Well-Known Member VIP

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    How to have a "movie night" atleast 4nights a week with a different girl.

    Thats the class I'm teaching currently.
     
  14. Kanned

    Kanned Beast

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    ...Ok folks, I got an extra bit of "funding" this week, so be sure to bring your paddles and life jackets for next week's class. Hahaha.

    Grats Phyregod. I'm going to make a thread off of this one so I don't jack it, but glad to hear you're doing better. I'm planning my financial future as well, but I'm only getting on my feet at the moment.
     
  15. CRX-YEM

    CRX-YEM Super Moderator Moderator VIP

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    My 401(k) has been making an annualized return of 12.74% for the past 6 years. You just need to educate yourself a bit on the market. It's not impossible to do.
     
  16. phyregod

    phyregod !!YTINASNI

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    Its only hosted at churches because they have free rent on their conference rooms. We dont pray, we dont bring bibles.. There is no "sermon" or preacher. Just a class teacher and dave ramsey on DVDs that you watch. And you are only in with other FPU members, no congregation.

    Dont let the churchy stuff scare you away. Its not bad at all.
     
  17. pissedoffsol

    pissedoffsol RETIRED

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    from the wikipedia page.

    what an asshat.


    like anyone in the entire city of new orleans who was effected by such a thing had anything but food stamps or welfare checks in the first place..... </stereotype>
     
  18. chestercheeto48

    chestercheeto48 Senior Member VIP

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    Quick question how does one book flights, hold a hotel room or rent a car with out a credit card. I know people can get into trouble with one (I did) but everyone should atleast have one with a limit of like 500 or 750 on it for those emergencies. In the end all of this is about finicial discipline plain and simple.
     
  19. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    you can do it at a travel agency.

    i pay cash for hotel rooms and such.
     
  20. pissedoffsol

    pissedoffsol RETIRED

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    :werd: i left that one alone... but i also highly disagree with this.

    Just because you have a card doesn't mean you have to use it for shoes. people get into debt with them because they are stupid
    (says the man with 10k on his......)

    yeah, mines up there... but i also just bought a tv, a new bedroom set, lights, all kinds of studio shit for my music, and i had a small balance on it before.
    but, its not a big deal to me.

    it may take some people 5 years and all those get of of debt now programs to help them becuase they are stupid and can't afford to pay it off. Me, i'll have that back to 0 by my May payment. Sure, i end up paying 200 bucks a month in interst.... but its only for 2 or 3 months and I had stuff to get. Emergency, no... but its still well within my means.

    thats not always an option.

    when you're miles away from home, and your car breaks down, and you have $1.82 in your asstray, if you don't have a card, you're screwed.

    i think everyone should have one.
    I carry 2. I use one actively and have a 22k limit on it, and keep one with a 0 balance and a 3500 limit for emergencies only.
     
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