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Saul Good 09-18-2009 09:33 PM
Quote:
Originally Posted by R8ers (Post 6084053)
They can't eat you man, don't be scared, it's business and happens everyday.
Get away from debt, rent for a few yrs, act your wage, live well within your means and take care of the things you do buy.

Don't buy new cars, they depreciate 100 dollars a week for the first 4 yrs you own them on a 30k car

30k car
Payments 500 bucks a month
Depreciation 400 a month
Extra cost of the collision 100 per month at least

Shiny car costs you 1000 dollars a month to drive.

Stay away from credit and you will be able to do what I did in a few years.

I wish you luck
I do have to call you on this, though. Your math is wrong. The depreciation is part of the 500 bucks a month, so you are counting that $400 twice.

If you spend $10,000 on a car, don't insure it, and then set fire to it, it depreciates $10,000. That doesn't mean that the car cost you $20,000 because you spent $10,000 and it depreciated $10,000.

In your example, the true cost of the new car versus a used car would be the depreciation of the new car plus the extra insurance minus the depreciation of the used car. It's still a lot, but it's $600 a month in your example, not $1,000.

Mosbonian 09-18-2009 09:35 PM
Quote:
Originally Posted by R8ers (Post 6085407)
ya know, you thought I was an arrogant bastard first and formost because of my username..
Probably the worst assumption you've made....your screen name has nothing to do with why i said you were appearing arrogant.


Quote:
Originally Posted by R8ers (Post 6085407)
I prefer give it to me straight answers, I don't sugar coat it, I say it the way I mean it, if that comes across as being an ass, I am sorry...
Straight answers are fine....but trying to pretend to be an Internet Dr. Phil is what makes you less sincere

Quote:
Originally Posted by R8ers (Post 6085407)
As far as Ramsey is concerned, I was debt free except the house before I started listening to him and basically figured out most on my own... but his teachings are great and he helps alot of people... and I do listen to him, until people call in with 60k worth of debt and is 60 yrs old and nowhere to turn, it makes me sad to see people who live like that...

If people could only wait until they have cash for everything in life except a home, you wouldn't see all the ruined hopes and dreams of people in this country.
The above is the most interesting part....I have nothing against Dave Ramsey, but what people pay him to hear they could have learned from their parents or grandparents if they listened while they were young.

mmaddog
*******

Saul Good 09-18-2009 09:37 PM
Quote:
Originally Posted by mmaddog (Post 6085646)
The above is the most interesting part....I have nothing against Dave Ramsey, but what people pay him to hear they could have learned from their parents or grandparents if they listened while they were young.

mmaddog
*******
Just out of curiosity, where do you stick the money into your radio? I have a feeling that the coin slot is really your A/C vent.

R8RFAN 09-18-2009 09:38 PM
Quote:
Originally Posted by Saul Good (Post 6085604)
A little advice for Dayze if I may. It's free, and it's worth what you paid for it.

Dump the house. It's an anchor. You need a fresh start. Try a short sale, but don't fool yourself into thinking that a deed in lieu is any better than a foreclosure. It's the same thing.

VA loans suck. They were developed as a benefit, but they are now much more expensive than conventional loans.

If you don't have much income, there's really no point in filing for bankruptcy. It'll cost you a couple thousand dollars and wreck your credit. If you just don't pay your bills, your credit will still be wrecked, but you won't have spent the money on the BK.

Don't ever take out another credit card again. Rebuild with cash and never look back. Everything you own will be crap for a few years. That's okay. It may be embarrassing to have your neighbors see you driving a POS, but that's nothing compared to having them watch your BMW get towed away by the repo man. Buy a $2,000 car for cash and put $300 a month into a car fund. After a year, you can sell that same car for $1,500 and buy a $5,000 car for cash that will last you 3 years. By that time, you'll have enough money saved up to buy a nice car for cash. That's about the same time that you will be completely rebuilt financially.

R8ers is right. Mortgage debt is the only debt worth having, and even that is a necessary evil at best. I don't know what it feels like to pay cash for a house yet, but I'll tell you when I do. Take R8ers's advice. He's got a paid for house. The guy can pretty much tell anybody to f*** off, including his boss, without worrying about how he's going to support himself. Not bad at all.
The only problem with not paying the bills is the creditors placing judgments on you, and if that happens, you will never be able to get another house until they either give up or you file BK .

I hope you get yours paid off soon to Saul but having only the mortgage is a big accomplishment in itself and you are probably living in a 4 percentile group of Americans that can say that

R8RFAN 09-18-2009 09:42 PM
Quote:
Straight answers are fine....but trying to pretend to be an Internet Dr. Phil is what makes you less sincere
I am not telling anyone what to do I am giving common sense advice is all, my hand is not in your bank account, spend what you have or don't have how you choose


Quote:
The above is the most interesting part....I have nothing against Dave Ramsey, but what people pay him to hear they could have learned from their parents or grandparents if they listened while they were young.
Dave's radio show is free and his book costs about 10 bucks, if you want to go to financial peace university it is more but I think only the people that have real bad problems need that

Mosbonian 09-18-2009 09:43 PM
Quote:
Originally Posted by Saul Good (Post 6085531)
Where do you get arrogant out of his posts? I read the entire thread, albeit rather quickly, and I didn't see anything arrogant. He owned his past mistakes and is giving advice as a person who has been in the same situation and overcome it. That's the best kind of advice.
And that is fine.....each person sees things differently.

I applaud him for being debt-free....in my line of work (Credit) I have seen it all. I just started my 34th year in the Credit Industry and I have seen the ebb's and flow's of credit and its abuses.

His posts remind me a great deal of a seminar I went to at an Industry Group Convention. Our speaker that year was Frank Abagnale, the gentleman that the story "Catch Me If You Can" was made about. I was fascinated on one hand and appalled on the other hand.....the amount of fraud he had perpetrated and yet still he still didn't seem sincerely sorry.

mmaddog
*******

Mosbonian 09-18-2009 09:49 PM
Quote:
Originally Posted by Saul Good (Post 6085656)
Just out of curiosity, where do you stick the money into your radio? I have a feeling that the coin slot is really your A/C vent.
LOL....good one.....but I am sure you know what I really meant.

But just for grins and giggles....I drive a 2000 Toyota Sienna (paid for) and the A/C is broken. I don't care to spend $600 to fix it when all I do is drive it to work and back a total of 21 miles. So i taped over the coin slot that way everything on the radio is free.

mmaddog
*******

Saul Good 09-18-2009 09:51 PM
Quote:
Originally Posted by R8ers (Post 6085660)
The only problem with not paying the bills is the creditors placing judgments on you, and if that happens, you will never be able to get another house until they either give up or you file BK .

I hope you get yours paid off soon to Saul but having only the mortgage is a big accomplishment in itself and you are probably living in a 4 percentile group of Americans that can say that
That's why I had the disclaimer of it making sense if you don't have much of an income. If there's nothing to garnish, a judgment doesn't mean anything. If you owe the money, you owe the money. A judgment doesn't tell you anything new. I understand what you're saying, though.

I'll have mine paid off before too long. My goal is to have it paid off by the time I'm 35. That gives me 4 years. 40 might be more likely, though. I subscribe to the "pay yourself first" philosophy. A huge portion of my income is socked away before the check ever reaches my account. I make a six figure income, but I realize considerably smaller amount.

If I really had it to do over again, I would have found a house for about $80,000 as my first place and paid it off by the time I was 25, lived in it until I was 30, and then paid cash for about a $200,000 house. Given the market and interest rates, maybe I would have bought about a $250,000 house (that had been $300,000 a couple years before) and had a $300 mortgage payment until I paid it off in 2 years.

Sounds pretty good in hindsight, but try convincing a kid right out of college to do that.

R8RFAN 09-18-2009 09:59 PM
Quote:
Originally Posted by Saul Good (Post 6085701)
That's why I had the disclaimer of it making sense if you don't have much of an income. If there's nothing to garnish, a judgment doesn't mean anything. If you owe the money, you owe the money. A judgment doesn't tell you anything new. I understand what you're saying, though.

I'll have mine paid off before too long. My goal is to have it paid off by the time I'm 35. That gives me 4 years. 40 might be more likely, though. I subscribe to the "pay yourself first" philosophy. A huge portion of my income is socked away before the check ever reaches my account. I make a six figure income, but I realize considerably smaller amount.

If I really had it to do over again, I would have found a house for about $80,000 as my first place and paid it off by the time I was 25, lived in it until I was 30, and then paid cash for about a $200,000 house. Given the market and interest rates, maybe I would have bought about a $250,000 house (that had been $300,000 a couple years before) and had a $300 mortgage payment until I paid it off in 2 years.

Sounds pretty good in hindsight, but try convincing a kid right out of college to do that.
Man if you have that paid off by 35, you will be sh*&*^^ing in high cotton for many years, and you will actually be doing better than me by 7 years...

Thats a damn good income too and you will be a very wealthy man if you make smart choices.

Congrats to you

Saul Good 09-18-2009 10:00 PM
Quote:
Originally Posted by mmaddog (Post 6085693)
LOL....good one.....but I am sure you know what I really meant.

But just for grins and giggles....I drive a 2000 Toyota Sienna (paid for) and the A/C is broken. I don't care to spend $600 to fix it when all I do is drive it to work and back a total of 21 miles. So i taped over the coin slot that way everything on the radio is free.

mmaddog
*******
I know what you meant. Just saw an opening and took it. Believe me, I understand credit/leverage. I have a degree in Finance, but I don't want anything to do with debt. It ruins way too many people's lives. It's very dangerous even when used responsibly, but most people don't use it responsibly. That's when it becomes toxic.

I was debt free except for my mortgage by age 30. I can't imagine wanting to go back.

Mosbonian 09-18-2009 10:03 PM
Quote:
Originally Posted by Saul Good (Post 6085604)
Dump the house. It's an anchor. You need a fresh start. Try a short sale, but don't fool yourself into thinking that a deed in lieu is any better than a foreclosure. It's the same thing..
I'd check with an attorney before accepting this advice...just walking away doesn't wipe it from the slate. And can come back to haunt.

Quote:
Originally Posted by Saul Good (Post 6085604)
If you don't have much income, there's really no point in filing for bankruptcy. It'll cost you a couple thousand dollars and wreck your credit. If you just don't pay your bills, your credit will still be wrecked, but you won't have spent the money on the BK...
Bad advice....but R8s already pointed that out. If he doesn't file BK then it still leaves him vulnerable to suits and judgements and those don't go away for 10 years. He'll rebuild before then and have to face the prospect of dealing with what put him in the situation first.

Quote:
Originally Posted by Saul Good (Post 6085604)
R8ers is right. Mortgage debt is the only debt worth having, and even that is a necessary evil at best. I don't know what it feels like to pay cash for a house yet, but I'll tell you when I do. Take R8ers's advice. He's got a paid for house. The guy can pretty much tell anybody to f*** off, including his boss, without worrying about how he's going to support himself. Not bad at all.
Good advice...to a point. Let me put up a nice scenario:

R8's sitting comfortably in his paid-for debt free home. One day he goes to work and because the boss pissed him off he says "I quit". A couple of weeks later he finds out he's got serious health issues (heart attack, kidney issues, etc) and has no insurance. While he's got the 6 figure savings account, all it takes is one trip to the hospital and suddenly that six figures includes the zero's after the decimal. Where does he go from there?

mmaddog
*******

R8RFAN 09-18-2009 10:10 PM
Quote:
Good advice...to a point. Let me put up a nice scenario:

R8's sitting comfortably in his paid-for debt free home. One day he goes to work and because the boss pissed him off he says "I quit". A couple of weeks later he finds out he's got serious health issues (heart attack, kidney issues, etc) and has no insurance. While he's got the 6 figure savings account, all it takes is one trip to the hospital and suddenly that six figures includes the zero's after the decimal. Where does he go from there?
One heart attack without insurance can wipe out a lifetime of savings, you are 100% correct but...

say I am sick of my job(which I am not) and I want to take one making alot less money.... I can do it as long as they have good insurance of course

Saul Good 09-18-2009 10:13 PM
Quote:
Originally Posted by mmaddog (Post 6085733)
I'd check with an attorney before accepting this advice...just walking away doesn't wipe it from the slate. And can come back to haunt.
If you can't make the payments, you can't make the payments. They can try to collect the deficit later on, but they have no recourse if he BKs.



Quote:
Originally Posted by mmaddog (Post 6085733)
Bad advice....but R8s already pointed that out. If he doesn't file BK then it still leaves him vulnerable to suits and judgements and those don't go away for 10 years. He'll rebuild before then and have to face the prospect of dealing with what put him in the situation first.
It's not bad advice if he doesn't have much income. If he's broke because he lost his job or something, the judgment has no teeth. They can't take what he doesn't have. He can always BK down the road, but there's also a chance that he can scrape some money together first and settle the debts for a fraction of what was owed.


Quote:
Originally Posted by mmaddog (Post 6085733)
Good advice...to a point. Let me put up a nice scenario:

R8's sitting comfortably in his paid-for debt free home. One day he goes to work and because the boss pissed him off he says "I quit". A couple of weeks later he finds out he's got serious health issues (heart attack, kidney issues, etc) and has no insurance. While he's got the 6 figure savings account, all it takes is one trip to the hospital and suddenly that six figures includes the zero's after the decimal. Where does he go from there?

mmaddog
*******
Why would he have no insurance? If you've got enough money to tell your boss to f*** off, you've got the money to buy an individual insurance policy. Anybody who is financially savvy enough to be 100% debt free including his house in his early 40s will be prudent enough to have the insurance thing covered backwards and forwards.
1. Health Insurance
2. Auto Insurance
3. Homeowner's Insurance
4. Long-term Disability Insurance
5. Life Insurance (if needed)
6. Long-term Care Insurance

I say "if needed" to the life insurance because, once you are debt free, it doesn't take much to self-insure.

R8RFAN 09-18-2009 10:15 PM
Quote:
1. Health Insurance
2. Auto Insurance
3. Homeowner's Insurance
4. Long-term Disability Insurance
5. Life Insurance (if needed)
6. Long-term Care Insurance
I need to work on #6 I have all the others covered

Mosbonian 09-18-2009 10:37 PM
It appears neither of you have had a devastating health problem or you wouldn't be so sure that having insurance will take care of everything....even with insurance all it takes is one catastrophic health issue and everthing you have can be reduced to nothing.

And you need to be damn sure you know your policy inside and out....there are many who don't know the fine print and then later get surprised by something they thought was covered, but isn't.

Being confident is good....being naively over-confident can have devastating consequences.

I guess what I am trying to convey....nothing is a sure bet. Life experience has taught me that even the best prepared are sometimes caught flat-footed.

mmaddog
*******

Mosbonian 09-18-2009 10:39 PM
Quote:
Originally Posted by R8ers (Post 6085745)
One heart attack without insurance can wipe out a lifetime of savings, you are 100% correct but...

say I am sick of my job(which I am not) and I want to take one making alot less money.... I can do it as long as they have good insurance of course
Unfortunately the companies that pay a lot less also have really crappy insurance for their employees.

But even some insurance is better than none at all.

mmaddog
*******

Fat Elvis 09-18-2009 11:44 PM
http://customsites.yahoo.com/financi...106000-in-debt

Getting out of debt can be done.

btlook1 09-19-2009 12:05 AM
Hey guys I enjoy reading about all this stuff keep up the good conversation and I might just learn something.
Which Dave Ramsey book? He has several but which one would be the best to get me out of debt and squared away? Thanks for the info!

ferrarispider95 09-19-2009 12:08 AM
Debt free is great, but you are missing out on some great tax advantages, especially if you bank, not to have payments on some type of real estate. Interest and depreciation can really help reduce your taxable income.

My house is paid for, but it came at the cost of me totally remodeling it myself. (1.5 years of work) I do have plenty of leveraged secured debt on investment properties, but in all cases I have at least 25% + in equity through improving the property or large down payments.

I used to be big into stocks and I still do invest quite large % into a roth ira, but I have given up actively managing it myself. I found out quick that I am not a wall street guru. I prefer real estate investing in my local town, where I can physically see what my investment is doing. I will give you it can be a pain in the neck dealing with tenants, but just part of the job.

My plan is to keep upgrading my primary residence every 2 years or so and buy properties that can gain significant appreciation through remodeling. Therefore I can bypass the capital gains tax.

R8RFAN 09-19-2009 04:58 AM
Quote:
Originally Posted by btlook1 (Post 6086043)
Hey guys I enjoy reading about all this stuff keep up the good conversation and I might just learn something.
Which Dave Ramsey book? He has several but which one would be the best to get me out of debt and squared away? Thanks for the info!

http://www.audiobooksonline.com/medi...udio-books.jpg

Saul Good 09-19-2009 07:18 AM
Quote:
Originally Posted by btlook1 (Post 6086043)
Hey guys I enjoy reading about all this stuff keep up the good conversation and I might just learn something.
Which Dave Ramsey book? He has several but which one would be the best to get me out of debt and squared away? Thanks for the info!
As R8ers said, The Total Money Makeover is pretty good. Don't expect anything exotic or mind-blowing. It's ridiculously simple, but that's kind of the point. I can pretty much sum up the entire book:

1. Pay nothing but minimum payments until you have $1,000 cash to hide under your mattress in the event of an absolute emergency.

2. Pay the minimums on everything except your smallest debt. Spend no money an any luxuries whatsoever. Take a second job temporarily if you can. Have a garage sale and sell all of your junk that you don't need. Take as much money as you can squeeze out of your budget and pay the smallest debt off asap. Once that is done, take the money that you were putting towards that debt and start working on the next smallest. Every time you pay off a debt, it gives you more money to pay towards the next one.

3. Don't ever borrow again.

That's the crux of it. Obviously there's a lot more, but those three steps are a pretty good thumbnail.

Saul Good 09-19-2009 07:22 AM
Quote:
Originally Posted by mmaddog (Post 6085820)
It appears neither of you have had a devastating health problem or you wouldn't be so sure that having insurance will take care of everything....even with insurance all it takes is one catastrophic health issue and everthing you have can be reduced to nothing.

And you need to be damn sure you know your policy inside and out....there are many who don't know the fine print and then later get surprised by something they thought was covered, but isn't.

Being confident is good....being naively over-confident can have devastating consequences.

I guess what I am trying to convey....nothing is a sure bet. Life experience has taught me that even the best prepared are sometimes caught flat-footed.

mmaddog
*******
This is true of an individual policy, but it's just as true of a policy you get through your employer. If you get brain cancer and your insurance policy sucks, it's not like you aren't just as wiped out if you were working. If you're disabled and can't work, you'll lose your job anyway.

I recommend a high-deductible plan that is 100% out of pocket for the first $3,000 or so and 100% above that. The premiums aren't bad because you may never file a claim. Worst case scenario, you're out $3,000. Even if you're broke and can't come up with $3,000 right away in the event of a catastrophe, it's not going to bankrupt you.

R8RFAN 09-19-2009 09:09 AM
Quote:
Originally Posted by Saul Good (Post 6086292)
This is true of an individual policy, but it's just as true of a policy you get through your employer. If you get brain cancer and your insurance policy sucks, it's not like you aren't just as wiped out if you were working. If you're disabled and can't work, you'll lose your job anyway.

I recommend a high-deductible plan that is 100% out of pocket for the first $3,000 or so and 100% above that. The premiums aren't bad because you may never file a claim. Worst case scenario, you're out $3,000. Even if you're broke and can't come up with $3,000 right away in the event of a catastrophe, it's not going to bankrupt you.
Absolutely, this is what alot of self employed people buy. It's much cheaper because the deductible is so large but will save your arse if you have a major trip to the hospital. 3000 bucks ain't much when you have a 50k heart attack

R8RFAN 09-19-2009 09:12 AM
Quote:
Originally Posted by mmaddog (Post 6085820)
It appears neither of you have had a devastating health problem or you wouldn't be so sure that having insurance will take care of everything....even with insurance all it takes is one catastrophic health issue and everthing you have can be reduced to nothing.

And you need to be damn sure you know your policy inside and out....there are many who don't know the fine print and then later get surprised by something they thought was covered, but isn't.

Being confident is good....being naively over-confident can have devastating consequences.

I guess what I am trying to convey....nothing is a sure bet. Life experience has taught me that even the best prepared are sometimes caught flat-footed.

mmaddog
*******
nothing in life is guaranteed, do the best you can with what you have and use your resources wisely and take care of what you own.

No matter how much insurance you have or money or whatever, we are all gonna die.

vailpass 09-19-2009 10:17 AM
Dave Ramsey= financial planning for 5th graders. I guess if you never had a piece of financial guidance in your entire life you can go back to square one. I give the guy credit, he has made a killing off of teaching adults the alphabet.
Not a single high achiever has EVER followed his formula. Credit is an irreplaceable tool when leveraged correctly.

R8RFAN 09-19-2009 01:19 PM
Quote:
Originally Posted by vailpass (Post 6086519)
Dave Ramsey= financial planning for 5th graders. I guess if you never had a piece of financial guidance in your entire life you can go back to square one. I give the guy credit, he has made a killing off of teaching adults the alphabet.
Not a single high achiever has EVER followed his formula. Credit is an irreplaceable tool when leveraged correctly.
He followed his formula and is a multi millionaire

Debt is dumb, Cash is king

Fairplay 09-19-2009 01:21 PM
Quote:
Originally Posted by Saul Good (Post 6086290)
As R8ers said, The Total Money Makeover is pretty good. Don't expect anything exotic or mind-blowing. It's ridiculously simple, but that's kind of the point. I can pretty much sum up the entire book:

1. Pay nothing but minimum payments until you have $1,000 cash to hide under your mattress in the event of an absolute emergency.

2. Pay the minimums on everything except your smallest debt. Spend no money an any luxuries whatsoever. Take a second job temporarily if you can. Have a garage sale and sell all of your junk that you don't need. Take as much money as you can squeeze out of your budget and pay the smallest debt off asap. Once that is done, take the money that you were putting towards that debt and start working on the next smallest. Every time you pay off a debt, it gives you more money to pay towards the next one.

3. Don't ever borrow again.

That's the crux of it. Obviously there's a lot more, but those three steps are a pretty good thumbnail.


Too complicated for me.

Dayze 09-19-2009 04:12 PM
we scouted a few rental homes today; drove around for about 5 hours. But, we have a rough idea of what to expect as far as where we think we'll live; and what we can get for our money. I'm balacning the need for space/location with the cost. Obviously, i want to rent for only as long as it takes to get back on track (savings, 6 month emergency, debt free ). we found a few that are 1/2 of what our mortgage is (was). We can apply most of that differce to debt.

I've figured we can knock out 4 of the the 'small cards' (card with chicken sh*t amount of money on them, but 'money on them' nonetheless) in abotu 4 months. by this point, I'll be 7 months away from paying off the car; so these 7 months will be used to pay off the next card; then when the car is paid for, apply that $ to the next etc. I figure in about 20-30 months I can have no unsecured debt. And at that point, only about 6 months until the wifes car is paid in full.

so....adjust our thinking and mindset for the rest of our lives; and we could be debt free in 36 months. Then, concentrate soley on rat-holling money for a down payment on a hosue; and building up retirement in a ROTH etc.

I think my wife has finally come around; she's starting to speak and sound like she's thinking about he long term/next 10 years + and not the 'now'. She perked up when I told her we could take all the moeny we're wating on cards /creditors etc...and pay 'ourselves' in the form on savings/cash on hand and retirement. There is no way, if we somehow could stay in this house, we would ever have the money to retire.

R8RFAN 09-19-2009 04:19 PM
Dayze if you two are on the same page, you will get there, keep the faith.
Go to the card with the lowest balance, regardless of the rate, pay it off first, then take the money you were using to pay that card with and add it to the 2nd highest balance card.... then repeat the process Dave calls it the debt snowball, print this page out and tack it to the fridge

The Bad Guy 09-19-2009 04:28 PM
R8 and Saul,

I commend both of you for the excellent advice on this thread. You have provided invaluable advice for the OP and anyone struggling.

The only debt I have right now is car loan and student loans thankfully. I just paid off my last credit card balance. I do charge things every month, but I pay them off.
I have a nice chunk of change in the bank to put down for our first home and recently welcomed a newborn last month.

The only thing that doesn't really apply to everyone that you're saying is that both of you said you make over 100k a year. You are definitely not the majority in that regard. Do you think you'd have the same financial success if you were making half of what you are?

R8RFAN 09-19-2009 04:39 PM
Quote:
Originally Posted by The Bad Guy (Post 6087496)
R8 and Saul,

I commend both of you for the excellent advice on this thread. You have provided invaluable advice for the OP and anyone struggling.

The only debt I have right now is car loan and student loans thankfully. I just paid off my last credit card balance. I do charge things every month, but I pay them off.
I have a nice chunk of change in the bank to put down for our first home and recently welcomed a newborn last month.

The only thing that doesn't really apply to everyone that you're saying is that both of you said you make over 100k a year. You are definitely not the majority in that regard. Do you think you'd have the same financial success if you were making half of what you are?
Thanks, just trying to help


I haven't always made this kind of money and I live like I make 30k a year anyway basically.... about the only thing I think would be different for me is my house would not be paid for but the payments were only 517 per month but I probably would have stayed in that 179 dollar a month trailer I bought in 1993 longer and bought less house than I did.

I love to see people do good in life, less stress = better life

I actually use a credit card from time to time but I never carry a balance. The main thing I use a credit card for is to pay my server bill for my websites

Mosbonian 09-19-2009 04:52 PM
Quote:
Originally Posted by The Bad Guy (Post 6087496)
R8 and Saul,

I commend both of you for the excellent advice on this thread. You have provided invaluable advice for the OP and anyone struggling.

The only debt I have right now is car loan and student loans thankfully. I just paid off my last credit card balance. I do charge things every month, but I pay them off.
I have a nice chunk of change in the bank to put down for our first home and recently welcomed a newborn last month.

The only thing that doesn't really apply to everyone that you're saying is that both of you said you make over 100k a year. You are definitely not the majority in that regard. Do you think you'd have the same financial success if you were making half of what you are?
Frank:

I don't disagree their advice is good....but unfortunately your last paragraph hits the nail on the head. The number of people making a 6 figure salary is small and the number of people, even those debt-free, who could survive a catastrophic circumstance in their life is even smaller.

And the only thing I found irritating was what appeared to me was a smug attitude...I know a few others don't agree, but that's ok.

mmaddog
*******


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