Dave Ramsey

@13tyates (1606)
United States
January 26, 2017 11:15pm CST
We're working on paying down debt and have looked into Dave Ramsey's philosophy. It has to do with getting a $1000 emergency fund set up, then working on the smallest piece of debt working to the largest. He calls it a "Debt Snowball". I'm excited to see how this will go! Anyone every heard of Dave Ramsey? Ever completed his 7 steps? Interested to hear from everyone!
5 people like this
9 responses
@paigea (36317)
• Canada
27 Jan 17
I listen to Ramsey on the radio. He gives a lot of good advice. I get that the debt snowball helps people change their behaviour so they stop creating debt. But if possible I would try to pay the debt with the highest interest first. That saves the most money in the long run.
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
@paigea We tried to do that for a long time but over time it got more difficult. We'll be much better off without them I truly believe.
@13tyates (1606)
• United States
27 Jan 17
That's true and I have thought about that. Luckily over half of our debt is either still in the interest free time frame on the credit card or an interest free special on purchases. We'll spend very little in interest even using the smallest to largest process luckily.
@paigea (36317)
• Canada
27 Jan 17
@13tyates That sounds good. Good luck to you! My practice for credit cards is never pay interest. I know Dave Ramsey says don't have them at all.
1 person likes this
@ricki_911 (21625)
• Toronto, Ontario
27 Jan 17
I have not heard of this but I will look into it. I just paid off my one credit card and owe $2,500 on the other one. I then want to get savings going.
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@13tyates (1606)
• United States
27 Jan 17
He's very big on getting a $1000 emergency fund setup first. Otherwise there is a chance you will use the credit in the event of an emergency. Congrats on getting a credit card paid off!
@ricki_911 (21625)
• Toronto, Ontario
29 Jan 17
@13tyates I put $50 in 2 savings account this month, and will do this again (and raise it when I get closer and have more money to set aside). I also want to put money away to put a down payment on a house.
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@13tyates (1606)
• United States
29 Jan 17
@ricki_911 Awesome! We haven't started putting away money but we will be soon.
@snowy22315 (180452)
• United States
29 Jan 17
I have heard of him. I contacted realtors affilated with his program..I think he has a sensible approcach to debt
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@13tyates (1606)
• United States
29 Jan 17
I agree, it seems like he made it so it's hard not to fail.
@connierebel (1557)
• United States
27 Jan 17
I used to listen to Dave Ramsey on the radio on Saturday afternoons, but then the radio station stopped airing his show. My father just found another stations that he's on, so hopefully I'll be able to listen again. I do have his book "Total Money Makeover." I really like his system. I don't any debt right now, but I need to get another vehicle, so that might change in the next few months.
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
That's awesome that you're debt free! Would it be possible for you to save up monthly towards a car and pay at least a substantial part of the cost when you get it? That would help big time on keeping down the amount you pay in interest.
@marlina (154131)
• Canada
27 Jan 17
Sometimes I listened to his show on the net. He is an interesting person. Good luck!
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
He definitely is, thank you!
@LadyDuck (471337)
• Switzerland
27 Jan 17
No I have never heard about him, but I have read a lot about the criticisms about the Debt Snowball. People should pay first the debts with higher interest rates.
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
I have thought about that, luckily most of our debt is in the interest free time frame as the cards are fairly new. Overall we will give away very little additional money if any by starting with the highest interest rate first.
1 person likes this
@LadyDuck (471337)
• Switzerland
27 Jan 17
@13tyates The high interest add up a lot and it's always better to get rid of those debts first.
1 person likes this
@lealuvy2j (1986)
• Philippines
27 Jan 17
I have not heard about dave ramsey but it seems to me he is like a financial coach of some sort. I would suggest Suze Orman's books. She is my favorite because she breaks down the complicated financial mumbo jumbo into simpler terms. I'll look Dave Ramsey up as well.
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
Thanks for mentioning her, I'll give her books a look and see if I pick anything up from them! :)
@cahaya1983 (11116)
• Malaysia
27 Jan 17
I think I have, but haven't read much about his philosophy. That sounds like a good method to manage debts. Good luck!
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
Thanks! I hope to get through with paying it off in a year or so!
1 person likes this
@JohnRoberts (109846)
• Los Angeles, California
27 Jan 17
He is that money guy with a radio program?
1 person likes this
@13tyates (1606)
• United States
27 Jan 17
Yeah he has a radio show, youtube, podcast, etc.
1 person likes this