The info eugene stated is important because you feel the accomplishments of paying down balances. If you consolidate debt where do you get the money to consolidate and if you do a consolidation loan will it help you avoid dings in the credit report. Chapter 13 BK is out their but, if it get's to that point you are for sure getting dinged in the bureau. Consolidating debt may make sense if the other bills are paid but will you go right back and run up more bills since the credit lines are paid? Food for thought.

uhm...I still don't get the idea.

Well it's like paying off smaller balances and then applying those payment to the larger ones which has a light at the end of the tunnel effect by seeing accounts being paid off which can be motivational.

uhm...I still don't get the idea. Wouldn't it be better if we'll just consolidate our debts so the finance charges won't pile up?

Is this book also available on DVD?

Here you go brother the link for the DVD]


Forget this HJM once I looked at it again and I saw the ridiculous price I said bump that and deleted the link!

6/17/2009

Is this book also available on DVD?

Good for you! I have those two books and I listen to his radio show from time to time at work.

I don't subscribe to everything that he says but most of his principles are sound. I do believe in tithing, living within your means, the debt snowball, having an emergency fund etc I also agree with him re purchasing a late model car and not a new car which depreciates right when it is driven of the lot.

OTOH, I do believe that one should have a few credit cards and work on your Fico scores. He believe that everything should be paid by check, cash or debit card and that one doesn't need a Fico score.

Keep me posted on your journey.

p.s. He gives sound advice re collectors which he calls, 'the scum of the earth'.

You guys are making me want to go and buy the book. Seems like his info would be great to share with members here regardless if they were newbies or O-G's

Good for you! I have those two books and I listen to his radio show from time to time at work.

I don't subscribe to everything that he says but most of his principles are sound. I do believe in tithing, living within your means, the debt snowball, having an emergency fund etc I also agree with him re purchasing a late model car and not a new car which depreciates right when it is driven of the lot.

OTOH, I do believe that one should have a few credit cards and work on your Fico scores. He believe that everything should be paid by check, cash or debit card and that one doesn't need a Fico score.

Keep me posted on your journey.

p.s. He gives sound advice re collectors which he calls, 'the scum of the earth'.

Shark6, I brought a copy of Dave Ramsey's Total Money Makeover and a copy of Financial Peace. I am going to be making my first $1,000.00 deposit at the beginning of next month. Both copies were $10.00 each and I think a good investment. I've been reading the Total Money Makeover for two days now. One of my friends even gave me a link for a spread sheet that works out different scenarios for paying down the cards using a set amount every month.

I'll be making updates to this thread from time to time with my progress!

This is the core of his philosophy]Now its your turn![/B] Use the Baby Steps to get your finances in order and on track. Then pass them on to someone you know and help change their life!
$1,000 to start an Emergency Fund
Pay off all debt using the Debt Snowball
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


Also, I checked the website and he is having the $10 book sale. The other book was Financial Peace

The 7 baby steps seem pretty reasonable to me. I will have to look into it also

Shark6, thanks for the name of the book and I will be ordering it this weekend for sure. From what I see so far I think I can follow along with some of this philosophy.

Again I would like to say that I am so lucky to have come across this website everyone here is so amazingly helpful.

This is the core of his philosophy: The 7 Baby Steps

Now its your turn! Use the Baby Steps to get your finances in order and on track. Then pass them on to someone you know and help change their life!
$1,000 to start an Emergency Fund
Pay off all debt using the Debt Snowball
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


Also, I checked the website and he is having the $10 book sale. The other book was Financial Peace

One of them is :

The Total Money Makeover

I forgot the name of the other one but I purchased it during a holiday weekend for $10 each. In fact, I'm pretty sure that he has a sale now as it seems that every holiday weekend, you can get any of his books for $10. It's a simple read with sound principles.

I take most of what he says and discard the rest. However, if you are looking for a total debt free way of life, his books/philosophy is for you. If you are looking to pay down your debts and do it fast where you can see quick results, then he is your guy and the debt snowball is the way to go.


I intend to do a modify debt snowball. I would like to get all of my cards at 30% and then go back and work on them lower.

www.daveramsey.com

HJM331 and Shark6 thanks for the information. You all are fast. Shark6 if you don't mind me asking what are the titles of the books that you have by dave ramsey.

I like this debt snowballing theory and I think I would like to get going with this soon.