Ramsey baby steps

Discussion in 'Lounge' started by SWAGA, Jun 30, 2020 at 6:10 PM.

  1. SWAGA

    SWAGA No longer broke... Lifetime Supporter

    Didn’t want to dilute @greg_r
    thread but reached bit of a milestone myself today.
    Ramsey babystep 6!
    We’re doing about 80% Ramsey as we call it and we did 3-4-6 kind of simultaneously.
    This morning we reached our goal of having an Emergency fund of 50% of our yearly income rather then 3-6 months of expenses only.
    If we both loose our jobs we can stretch it to 12 months and still keep the lights on.
    If nothing changes we’ll have the house paid off in 6 years and that is on top of all the savings for home improvement.
    Last edited: Jun 30, 2020 at 6:16 PM
    Think1st, yworrydog, ajole and 6 others like this.
  2. TCB

    TCB One french fry short of a Happy Meal. Member

    Congratulations! My wife and I have been doing Ramsey for something like 15 years. We blew through baby step 7 about 10 years ago and haven’t looked back. I’m not saying this to brag, but I was on a millionaire theme hour several years ago (they asked me to come on the show when I emailed Dave thanking him for changing our lives). It works.
    Rerun and SWAGA like this.

  3. SWAGA

    SWAGA No longer broke... Lifetime Supporter

    It’s not bragging lol.
    I feel like an apostle sometimes, asking random colleagues if they are familiar with Ramsey.
    That’s exactly how my wife got familiar with it. A colleague asked her and gave her a couple of his DVD’s.
    It took me 4-5 months to get on board about 3.5 years ago.
    I transferred the last this morning at 5am after I saw my paycheck made it through and after that just simply couldn’t sleep anymore.
    Probably woke my wife at 6:30 as in you need to see this.
    Made a coffee with whipped cream and we celebrated.
    Rerun likes this.
  4. Dubar

    Dubar Supporting Member

    I'm sending this to my daughters, #1 spends it like she has a $$$ tree out back and #2 does the same, except she ain't got no $$$ tree. #1 son is simply trying to catch up after 2 decades of not playing the game at all, but he's now working for the railroad and has a good paying job.
    SWAGA likes this.
  5. Congrats.

    With everything that's going on today, that's a major accomplishment and the time is now to do what you can to make life easier going forward.
    SWAGA likes this.
  6. greg_r

    greg_r Lifetime Supporter

    Dave Ramsey has a good program that works quite well.

    BTW, that’s where FREEDOM came from on the thread I started!

    I use the Dave Ramsey Envelope System. Every dollar has a name. Works well for me!

    SWAGA and Troubleshooter like this.
  7. SWAGA

    SWAGA No longer broke... Lifetime Supporter

    Thank you.
    The change is simply jaw dropping.
    ‘Financial Peace’ is not just his marketing it’s real.
    It’s amazing how different it feels.
    Going from $39k of debt and basically just treading water to having half a year worth of money in the bank with everything paid for.
    I worked two months of overtime in April and May and last week we dropped almost all of it on hurricane damaged tree removal, new fence and accordeon hurricane shutters all the way around. We worked for it, saved it and dropped it without even blinking twice. No payment plan thank you here’s a 50% advance.
    Then went out yesterday and bought a $150 used dryer :D.
    That stuff doesn’t need to be new dangit.
    From now on every extra dollar will go to a savings account for continued home improvements and possibly a nicer car for the spousal unit’s birthday next year.
    We’re thinking about opening a savings account for the grandchild.
    I think $20k would be nice for college or something else edumecational when she turns 18.....in 2038.
    That’s not going to be party money or a new car. Hell no ;)
    RandyB likes this.
  8. disillusioned

    disillusioned Supporting Member

    Congratulations, SWAGA! Feels good to not be working to pay everyone else, doesn’t it?
    My wife thought I was crazy when we started Ramsey, but it works!
    SWAGA and TNTRAILERTRASH like this.
  9. OldOutlaw

    OldOutlaw Supporting Member

    The Ramsey Steps actually are just plain common sense. We were following those steps before Ramsey was even known about. We can do Step 7 when we wish to. Like to St. Judes.

    TNTRAILERTRASH Supporting Member

    Just got some stuff in the mail from them. I always give to the Shriners for that purpose. St.Judes to this day pays for meds for #3's niece who is in her early 30's. Thei burn center in Texas saved my brother's best friend when he was 15 from a terrible car accident.
  11. Dubar

    Dubar Supporting Member

    Sent the link to daughter#1, she knows all about him and will take a look.
  12. RandyB

    RandyB Lifetime Supporter

    Good for you ! Congratulations ! The wife and I followed the Ramsey program and have been debt free for about 3.5 years now and have a years worth of living expenses put away as well. If we can't pay cash for something we don't buy it. Do I dare say it sounds like you are adopting conservative principles ? At least fiscally conservative anyway...
    SWAGA and Troubleshooter like this.

    TNTRAILERTRASH Supporting Member

    Still in the closet..............he is peeking though the crack in the door. Worrying about getting an ass whoopin at the anti-blm peaceful protests.
    OldOutlaw, Troubleshooter and RandyB like this.