[Dr. Love]

Originally Posted by armysig

Ok for some of you this may seem like vodoo or some hooky kind of crap, but i was wondering if anyone is taking his advice and running with it.

If you're not familiar with who Dave Ramsey is I suggest you take a peak at this site, before you form your opinion.

Where I'm going with this is, I'm kind of wondering who else on C5 is trying their best to get out of debt and to be able to "Live like no other". My wife and I have been working on this for about 3 months now and we have been able to do Baby step 1, Save $1,000. and now we are attacking Baby step 2, Kill all debt minus the house. We have been able to pay of 5 credit cards and are looking to pay of 3 more by the start of next month.

I can't get over how fast your able to pay off debt if you just follow his methods.

So here's my deal, I want to give away 1 copy of his book, Total Money Makeover! What I would like you to do with out getting to personal, is to discribe how you have been struggling with finances and how you would like to read this book. I will personally read each story and then pick one that I would feel that could benifit from it the most.
Now I'm not saying none of you could benifit from this book or method, and that's why I wanted to create this thread. Maybe we could get some success stories to tie in with this. I would love to hear what you guys have to say.

So if you're serious about getting out of Debt, let's hear what you have to say.

Congratulations on your accomplishment so far. It takes two to make this work and it is great to hear that you and your wife are on the same page. I agree with Dave Ramsey's teaching and know they work. I wish you great success.

[ColdCamaroSS]

Originally Posted by armysig

I see your point and it's very valid. Now for people that use his teachings don't have to spend a single dime on the program. He has it laid out pretty well on his website. Now if you want to get more indepth and have someone act as a couch for you, I think he's helped a lot of people.

For me I have spent some money, I'm a member of his website, I use his budgeting tool and I have purchased a lot of the books, and I have given them away as gifts. Out of the 10 books I bought and gifted to some people, every last one of them read the book. I have had all of them call me and thank me because now they understand the mistakes they were making.

For me it feels good knowing that I'm fixing my life long mistakes now, so I can not only be financially better for my family, but give in the way of donations and help others when needed.

Thanks everyone for the responses, It's cool to hear from you all.

First and foremost, good for you! Regardless of the means in reducing your own personal debt, the satisfaction and reduced stress of financial peace is no doubt euphoric.

My wife is a fan of his system and has spent money for his products, even though I respectfully disagreed with her and called it common sense, she needed the suggested discipline his program offers. I will say we are mostly debt free and in "financial peace" due to her (us) following the program.

Again, even though I disagree with paying for a service that is designed to make Dave Ramsey rich, I'm glad it makes her happy and has helped our family.

[armysig]

I will not disagree that Dave is making money hand over fist with his merchandise, website and his seminars. He found his nitch to make money, but on the flip side he's shown people the basics of making good dessions and to help themselves.

Now I think of the money I spent on Dave's products as an investment, because my $100 that I spent on everything has already made me money. Well not really, it's made me open my eyes and to stop spending like a drunken sailor. So inturn it has helped me to earn money...If that makes sense.

[nyrfan]

Originally Posted by ColdCamaroSS

Ahh yes, the Dave Ramsey program. Not really rocket science. Destroy credit cards, pay off ALL debt (smallest to biggest, initially), start emergency savings and long-term savings, negotiate purchases with cash and only use cash in the future.

Ok. His program costs over $100 in a lecture environment, I just saved you $100. I'm joking to some extent, but I guess some people need a blueprint.

I'm not going to get into what I think of DR, but I will tell you this is NOT the correct mentality. By not using CC's you are losing all sorts of money and benefits. I have over 400K in available credit between credit cards and LOC and I have 0 revolving debt. I pay everything and anything I can with some type of rewards CC and I mean everything I can down to a pack of gum. The reasons are simple, buyer’s protection, rewards, 0 liability on purchases to name a few. Cash provides NO benefits, NONE. Every purchase I make over the course of a month on my CC is paid in full, I never carry a balance. So not only am I in the same debt position as someone using cash but I am making something from every single purchase. For example, I have one CC that pays me back 5% monthly for my gas purchase, another that pays my back 5% for restaurant and groceries purchases, one that has double miles when I spend on electronics, etc. By using cash only, you are losing money.

The bottom line is live within your means, don’t overspend, use CC’s to reap the benefits they offer, and pay in full every month.

[ColdCamaroSS]

Originally Posted by nyrfan

I'm not going to get into what I think of DR, but I will tell you this is NOT the correct mentality. By not using CC's you are losing all sorts of money and benefits. I have over 400K in available credit between credit cards and LOC and I have 0 revolving debt. I pay everything and anything I can with some type of rewards CC and I mean everything I can down to a pack of gum. The reasons are simple, buyer’s protection, rewards, 0 liability on purchases to name a few. Cash provides NO benefits, NONE. Every purchase I make over the course of a month on my CC is paid in full, I never carry a balance. So not only am I in the same debt position as someone using cash but I am making something from every single purchase. For example, I have one CC that pays me back 5% monthly for my gas purchase, another that pays my back 5% for restaurant and groceries purchases, one that has double miles when I spend on electronics, etc. By using cash only, you are losing money.

The bottom line is live within your means, don’t overspend, use CC’s to reap the benefits they offer, and pay in full every month.

I agree with you 100% but the program is designed for people making far less than what you probably make on an annual basis. Not saying that the concepts of Dave Ramsey's program doesn't apply to "rich" people, but generally speaking, monetarily weathly people don't require Dave Ramsey!s type of advice and thus Dave Ramsey doesn't make money from said individuals. His target base is people in masses amount of debt looking for a credible alternative to bankruptcy.

[PQ]

Originally Posted by nyrfan

I'm not going to get into what I think of DR, but I will tell you this is NOT the correct mentality. By not using CC's you are losing all sorts of money and benefits. I have over 400K in available credit between credit cards and LOC and I have 0 CC debt. I pay everything and anything I can with some type of rewards CC and I mean everything I can down to a pack of gum. The reasons are simple, buyer’s protection, rewards, 0 liability on purchases to name a few. Cash provides NO benefits, NONE. Every purchase I make over the course of a month on my CC is paid in full, I never carry a balance. So not only am I in the same debt position as someone using cash but I am making something from every single purchase. For example, I have one CC that pays me back 5% monthly for my gas purchase, another that pays my back 5% for restaurant and groceries purchases, one that has double miles when I spend on electronics, etc. By using cash only, you are losing money.

The bottom line is live within your means, don’t overspend, use CC’s to reap the benefits they offer, and pay in full every month.

This is why people LOVE their AMEX cards.

I am going to stop accepting AMEX as my clients can pay just fine without them. I do have a few clients that love to pay everything with their AMEX but they will have to pay another way.

[nyrfan]

Originally Posted by PQ

This is why people LOVE their AMEX cards.

AMEX does not provide nearly the amount of the rewards of some other Visa/MC out there.

[nyrfan]

Originally Posted by ColdCamaroSS

I agree with you 100% but the program is designed for people making far less than what you probably make on an annual basis. Not saying that the concepts of Dave Ramsey's program doesn't apply to "rich" people, but generally speaking, monetarily weathly people don't require Dave Ramsey!s type of advice and thus Dave Ramsey doesn't make money from said individuals. His target base is people in masses amount of debt looking for a credible alternative to bankruptcy.

I am far from rich and make a "decent salary" (just under 6 figures), far less then you'd expect given the amount of credit I have. IMO every salary rage should be using CC (wisely I might add) or you're just throwing money and benefits away.

[PQ]

Originally Posted by nyrfan

AMEX does not provide nearly the amount of the rewards of some other Visa/MC out there.

Well they used to then. I have a client who gos to Hawaii every year on his rewards. He pays EVERYTHING on his card. Then pays his card from his bank.

Well, he won't be paying me with it anymore. AMEX my fees are double just because it's AMEX.

[Hicompression]

Originally Posted by PQ

Nicorette HAS actually helped people to stop smoking.

Oh absolutely...it helped my dad stop smoking after about 40 years (he chewed Nicorette for 4 years).

However, I'm saying that some people don't need the "nicorettes" and "Dave Ramseys" to help them do something. It's called self motivation (or in the case of cigarettes...cold turkey). It's the end goal that matters, not how you got there.

If someone like Dave Ramsey can help certain people save money who otherwise would never save money on their own...I say more power to those people that elect to follow his teachings.

[PQ]

Originally Posted by nyrfan

I am far from rich and make a "decent salary" (just under 6 figures), far less then you'd expect given the amount of credit I have. IMO every salary rage should be using CC (wisely I might add) or you're just throwing money and benefits away.

Maybe. You have to run a lot of money through those cards to get the real rewards. I can remember when me and Bonnie were just starting out 20 years ago we could only get a small limit card. And most of our bills we couldn't pay with a CC.

Things have certainly changed over the years in the market and with us but I never had much luck with the rewards programs. Our youngest card is almost 10 years old. Credit takes a hit when you close one and also when you open one. Minimal hit but I don't want to do it.

Originally Posted by Hicompression

Oh absolutely...it helped my dad stop smoking after about 40 years (he chewed Nicorette for 4 years).

However, I'm saying that some people don't need the "nicorettes" and "Dave Ramseys" to help them do something. It's called self motivation (or in the case of cigarettes...cold turkey). It's the end goal that matters, not how you got there.

If someone like Dave Ramsey can help certain people save money who otherwise would never save money on their own...I say more power to those people that elect to follow his teachings.

I did it cold turkey.

[Hicompression]

Originally Posted by PQ

I did it cold turkey.

Me too. My dad was weak...

[PQ]

Originally Posted by Hicompression

Me too. My dad was weak...

But he got it done. He had the power just needed some cushion.

[OrangeVert]

Originally Posted by nyrfan

... The bottom line is live within your means, don’t overspend, use CC’s to reap the benefits they offer, and pay in full every month.

+1. That's my strategy as well, has been for the last 30+ years, way before DR. Nothing against his program, though - whatever works.