Any Dave Ramsey Fans Here??

So another update:

Things have been pretty tough the last month or two. Some personal stuff has gone down that may force us to make decisions we don't want to make if things don't improve by January (or mid-December).

Car is down to $4k and one of my student loans is nearing the end.

^^Keep up the work. Unfortunately plans always change with circumstances and we can't always make as much progress as we'd like.

I had about $6k in unexpected expenses pop up in the last 2 months, so there went my plan of paying off the car by end of year. Add to that another baby on the way (wife will be quitting work in May) and my financial plans are going to change completely.

Hang in there!

Originally Posted by SLVR JDM

^^Keep up the work. Unfortunately plans always change with circumstances and we can't always make as much progress as we'd like.

I had about $6k in unexpected expenses pop up in the last 2 months, so there went my plan of paying off the car by end of year. Add to that another baby on the way (wife will be quitting work in May) and my financial plans are going to change completely.

Hang in there!

Thanks man. $6k sound steep, hope you are alright!!

Hanging in there has paid off, we have been struggling, but we just caught a huge break and our income will go up by a decent amount.

Also, I got our Sky hammered out on all of its issues (it was having electrical problems). A fuse was causing 1,000 different things to go wrong and now that I replaced it the car is running stronger than ever!

So no hard decisions, now it is on to enjoying Chicago this November and getting this stuff paid for!!!

Another update... still on the upward swing. Income is doing better than ever now and a lot of stress I have been having has been relieved. What is bad is now that now that we've bounced back I'm being tempted at some great car deals... Especially at E46 M3s.

However, I decided to think things over, and did some searching on detailed maintenance costs as well... I think that was enough to scare me out of it for now. I want to have more discretionary income before I consider an E46 M3. I probably could do an M3/4/5, but my wife hates the looks (sorry E36 guys) lol.

Alright... End of 2010 Update for me.

Left to go:

Car: $1,558
School Loan 1: ~$350
School Loan 2: ~$1,200.
Medical Debt: $3,487.26

Total: $6,595.26

Highest Interest Rate - Car @ 6.49%
Lowest Interest Rate - Medical Debt @ 0.00%

Highest Payment - Car @ $289/month
Lowest Payment - School Loans @ $50/month

Almost there...

Good job. Keep it up and debt free will be here before ya know it

Thanks! I'm putting all my monies towards the car right now because of the higher interest rate. After that its the student loans then finally the medical debt.

Great job man. I refi'ed the rental property to 4% and used the extra money to make two additional payments a year and still be in the positive every month. That out of the way, traded in the 2010 Corvette at 41K for 2007 E 350 at low 20K. Going try and pay it off this year with blood and guts, lol. Still working, but hell progression always came with hard work!! Dont be like everyone else who wake up and live the life of the Matrix, lol.

PS I know my sig is old, but I did have a car fetish lol

This is sort of related to the Dave plan... I guess. We just got a huge income boost today. My wife's boss just informed her she can expense the gas from her trips to and from work. Fuuuuuuuck yeah!!! Woohoo! Going to save us about $40/week, if not more!

Big, Big Update!

I paid off our car today!

Man it feels great. We have scaled back quite a bit with extra payments, but now instead of sending that extra $1,000 or $2,000 to the bank. I can now pocket the money. I can also pocket the $289 payment and the interest that I would have paid the bank from that payment.

I know it isn't a $42,000 BMW M Car, 323i, or a PCar, but this car means a lot to my wife and now it is truly ours.

Attached are the "final" payment screens

Now onto my student loans.

CONGRATS!

love the "reason"

Thanks man. We are going out to eat tonight for celebration

Congrats! I'm targeting my payoff for April or May. I'll be glad to finally be rid of a car payment, just in time for my wife to have our second baby, quit work, and be a stay at home mom too

Lots of changes in my finances this year for sure!

Awesome about the car loan!!! We are focusing on mortgages for this year and will continue to send extra payments to our mortgage on the vacation house and I do the same to the other rental property we have. Looking at selling the rental in 2013 and should have no mortgage on the vacation home at that point. That means we'll be 100% debt free by 2013-2014. (I'll be 31-32 and she'll be 30-31 at that point)

Originally Posted by ejheverest

Awesome about the car loan!!! We are focusing on mortgages for this year and will continue to send extra payments to our mortgage on the vacation house and I do the same to the other rental property we have. Looking at selling the rental in 2013 and should have no mortgage on the vacation home at that point. That means we'll be 100% debt free by 2013-2014. (I'll be 31-32 and she'll be 30-31 at that point)

That is outstanding! Do you have any kids? Now that I'm in baby making mode, I'm seeing how many expenses pop up as a result

Originally Posted by SLVR JDM

Congrats! I'm targeting my payoff for April or May. I'll be glad to finally be rid of a car payment, just in time for my wife to have our second baby, quit work, and be a stay at home mom too

Lots of changes in my finances this year for sure!

Thanks! That is awesome about the wife being able to stay home. If we have a couple of kids I would like for my woman to stay home too.

Originally Posted by ejheverest

Awesome about the car loan!!! We are focusing on mortgages for this year and will continue to send extra payments to our mortgage on the vacation house and I do the same to the other rental property we have. Looking at selling the rental in 2013 and should have no mortgage on the vacation home at that point. That means we'll be 100% debt free by 2013-2014. (I'll be 31-32 and she'll be 30-31 at that point)

Thank you

Aweeeeeeeeesome! No mortgage in your early 30s? HOLY CRAP. I mean, you guys should be insanely wealthy by the time your 40 if you just have some common sense!

I was on the plane yesterday telling someone 99% of people spend their life working to pay a mortgage and a car note, lol. Congrats!!!

Originally Posted by dynamictype

I was on the plane yesterday telling someone 99% of people spend their life working to pay a mortgage and a car note, lol. Congrats!!!

Thank you very much and you are exactly right.

Originally Posted by SLVR JDM

That is outstanding! Do you have any kids? Now that I'm in baby making mode, I'm seeing how many expenses pop up as a result

We don't have any kids. I do see some large expenses for us in the next 3 years since she wants to eventually get married and pop a kid out.

I am finding it very difficult to think of even having one kid since it is a huge expense and I'd rather own an E30, E46 and E90 M3.....

Lucky for me I enjoy handling all the major finances and investing decisions we have. We each have 2 401k's, small pensions and I actively trade with my ThinkorSwim account.

I'll be in a completely different career most likely by the time I'm 31 so that will also affect how much we are able to invest and pay down mortgage debt after that point. I have had enough with working for- R I G (ticker)

Well, got the official lien release for my car. I also got a letter from the lender congratulating me, but the reminded me that they would be more than happy to give me a loan on a new car. No thanks.

So, now that we have smelled blood, the wife is wanting to accelerate our debt payments. So we may pay off a student loan at the end of the month.


Left to go:

Car: $0.00
School Loan 1: ~$350
School Loan 2: ~$1,200.
Medical Debt: $3,320

Total: $4,870

Highest Interest Rate - Student Loan 1 @ 2.22% (I was wrong about that)
Lowest Interest Rate - Medical Debt @ 0.00%

Highest Payment - Medical Debt @ $167/month
Lowest Payment - School Loans @ $50/month




So after this... 3 to 6 month emergency fund.