"For I know the plans I have for you," declares the Lord, "plans to prosper you
and not harm you, plans to give you a hope and a future." Jeremiah
29:11
Dave Ramsey's Financial Peace University
The BABY STEPS DAVE GIVES:
- $1,000 to start an Emergency Fund
- Pay off all debt using the Debt Snowball http://www.angelfire.com/celeb2/tulsa/debtfree.html
- 3 to 6 months of expenses in savings
- Invest 15% of household income into Roth IRAs and pre-tax retirement
- College funding for children
- Pay off home early
- Build wealth and give!
- Invest in mutual funds and real estate
Print
out Dave's "Baby Steps"
The "Love Drawer" Challenge
A Love Drawer contains all your important information, from your last will
and testament to budgets and insurance papers. The Love Drawer is neatly
organized and makes finding important documents easy. Here’s the best
part ... you can put it together in 30 days.
Why Is This Important?
If something were to happen to you, your grieving family should
not have to search through a mess to find your will or funeral wishes.
With a Love Drawer, all that information is organized. It gets the name
from you LOVING your family so much, you put things in order for them
Dave says
- the new status symbol is NOT a BMW but having a paid
off mortgage....and then he tells people how to work to get it paid
for!
- don't "leverage" to buy a home. Get in and then get
it paid as quickly as you can.)
- Dave Ramsey says . . . live like no one else so someday you can live
like no one else. In other words, buckle down now and get things paid
off---for whatever time we decide we can buckle down remember it is
only temporary and then we can go back to living like we want
---so it won't be hard.....We sell everything we are falling over or
don't need. (Afterall, if one has a "giving heart" why not
allow someone else to have the use of something when done with
it. You get something out of it and it blesses someone else to
buy it cheaper than at the store.) You can use the money to help
retire your note. Kinda like in the Bible it says to give
and it will be given unto you....It doesn't mean just hand out
things to your kids and others who don't really need the item...and it
goes into their pile to fall over....but get it into the hands of
those who are needing it. Think about what you can give up to
help bless someone from your "stash of things you aren't
taking to heaven anyway". (Remember when you just give something
to people it has no value whatsoever to them. When people buy
something then it does have value to them.)
- in response to the question "How are you?" by sayng
"Better than I deserve."
- there are 3 times to buy foreclosures. Pre-foreclosure--Before the
sale, on the courthouse steps and after the sale when the bank has
them. The best time to by is before the sale because you can still get
title insurance, still do a good inspection and you can even ask them
to put a warranty on it, you have more time to secure financing and do
inspections....and it saves the seller from having a foreclosure on
their records so many times they will work with you and let you have a
good deal just to keep their credit. The next best is when the
bank has them. The worst is on the courthouse steps. (In Sunday's
paper there was a story about a couple and their child who lost their
farm and only 6 people showed up on the courthouse steps--they account
for 3 of those and I believe the one who did the foreclosure was
the 4th and the banker was the 5th. Supposedly it is becoming more
common for few people to show up.
- in Oklahoma if you buy property on the courthouse steps the owner
has a certain period of time to come back and get it....so if one does
buy that they need to try to find the owner and get them to sign over
their rights of relinquishment. Otherwise if one goes in and fixes up
a house and the owner comes back and gets it they don't have to pay
you for all the improvements. (That could be really bad if you go
ahead and sell it after fixing it...collect a hefty profit (which
means hefty capital gains tax you'd have to pay) and then have the
carpet pulled out from under you by some owner. He
suggested that you make it worth their while and pay them $1000 to
sign and they probably would....otherwise do NOT make any
improvements.
)
Clark Howard (KRMG in the later evening hours) http://clarkhoward.com/ told something
he had been told by an engineer and has been trying it himself....is
drying your razor really well each time. He has a 17c razor he has
been using for a year! (I know this is true because Mother had given
me a disposable razor of Daddy's after he died and I was
staying with her. It wasn't the cheapest razor but it wasn't a
real fancy one either. I would dry it each time and I know that one
lasted me well over a year!)
Dave Ramsey on Car payments- http://www.daveramsey.com/etc/lms/drive_free/
CLASSES
http://www.daveramsey.com/
(put in your zip code)
chasing Donkeys is on celeb/familyrecipes
QT- http://www.quiktrip.com/jobs/paths.asp
Look at the list of job titles currently filled by people who started at the
bottom
Dave Ramsey's Envelope System (Very simple)
I found out that Grandma's way to handle money still works.
People used to always use cash envelopes to control their monthly
spending, but very few do in today's card swiping culture. The envelope
system is a key component of the Total Money Makeover Plan because it
works. Here are a few simple basics for starting a cash envelope
system:
- Budget each paycheck. Budget
is a dirty word to most people, but you must
budget down to the last dime if you're going to successfully implement
the envelope system.
- Divide and conquer. Of course, there will be budget
items that you cannot include in your envelope system, like bills
paid by check or automatic withdraw. However, you can create
categories like food, gas, clothing and entertainment.
- Fill 'er Up. After you've categorized your cash
expenses, fill each envelope with the money allotted for it in your
budget. For example, if you allow $100 for clothing, put $100 in cash
in your clothing envelope for the month.
- When it's gone, it's gone. Once you've spent all
the money in a given envelope, you're done spending for that category.
If you go on a shopping spree and spend the $100 in your clothing
envelope, you can't spend any more on clothes until you budget for
that category again. That means no visits to the ATM to
withdraw more money!
- Don't be tempted. While debit cards can't get you
directly into debt, if used carelessly, they can cause you to
over-spend. There's something psychological about spending cash that
hurts more than swiping a piece of plastic. If spending cash whenever
possible can become a habit, you'll be less likely to over-spend or
buy on impulse.
- Give it time. It will take a few months to perfect
your envelope system. Don’t give up after a month or two if it's not
clicking. You'll get the hang of it and see how beneficial the
envelope system is as you dump debt, build wealth, and achieve
financial peace! See....simple!
Certainly, some bills may come in at different times of the month, so
you'll need to adjust your written game plan to take it one step further.
You need to plan the budget based upon your pay periods.
Say that you get paid twice a month. If you can write down which bills you
plan on paying from each paycheck, you will not be left with a surprise
bill. Spend each month's income and each individual paycheck on paper BEFORE
it comes in.
Add an envelope with money just to have
fun with! As long as you and your spouse have agreed on it, you are fine.
There should be no lying. Agree on your budget, agree on your fun money,
and be open. Fun money can be anything you want it to be.
There are no rules on that envelope, unlike money in the
"entertainment" envelope that is used specifically for
entertainment.
What people are saying about the Envelope System:
- I have noticed that since I've started using the envelope system,
I'm spending about $60 less per two-week period than
when I used a debit card. I think it's because when I lay three $20s
down for groceries, IT HURTS! When I paid with debit, it didn't
really register with me. - My Total Money Makeover member
mgtyjoe
- I finally know where every dollar goes, and I love it.
- My Total Money Makeover member rb4580
attorney
Shapiro on the O.J. case? He owns legalzoom.com where you can buy the forms
for a Will or Trust. (Did you know attorneys use forms....fill in your name
and charge you a fortune? Deb worked for attorneys--ask her!)If you wanted to
set up a Trust, instead of paying over $1000 like most attorneys charge you you
can get a form from Pricing for Trusts http://www.legalzoom.com/living-trusts/living-trusts-pricing.html
Look how high his are....or go to the one Dave Ramsey talks about (He is
the guy who has a radio show, books, classes heling people get
out of debt. You should hear his show. He thinks people are being ripped off for
overpaying to get their trust or will done. So he says to go here
Trust
- http://www.uslegalforms.com/us/US-00648-A.htm
$14.95
Will- USlegaforms.com/dave
$15.00 for state specific will.