Dave Ramsey

#28
#28
So I may be the odd man out but if you marry, then you are joined as one. Debts, savings, sickness, health. We only have one set of accounts. We have a rule that if you spend over $250, you need to atleast call and tell the other. She had student loans when we married and we nailed those first. But if it is her money and his money there is too much that can be secret and I loved her enough to marry her so we absolutely trust each other. Makes it easier to write out a budget too.
 
#29
#29
droski said:
personally i wouldnt' date anyone with any debt. particurally credit card debt.
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I bet you're a hoot on a first date :p

Droski: Yeah babe we'll get to that soon but I'd really like to see your CC statement first.
 
#30
#30
kev20 said:
says who? we are not combining our debt when we get married. she has student loans and I am not going to have anything to do with paying them. we have a separate checking account for household bills that we both pay in to, and we keep our other money separate for the simple fact that it does not cause arguments.
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But if she defaults on all her payments, won't you be just as responsible for the debt? When you have kids, will she still work? What if one of you earns significantly more than the other in the next couple of years? There are a lot of things that happen in marraige that make it difficult to keep finances seperate, even an out of state promotion opportunitity can cause tension. My advice is to have joined finances and agree on how the money will be spent.
 
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#32
#32
red butler said:
But if she defaults on all her payments, won't you be just as responsible for the debt? When you have kids, will she still work? What if one of you earns significantly more than the other in the next couple of years? There are a lot of things that happen in marraige that make it difficult to keep finances seperate, even an out of state promotion opportunitity can cause tension. My advice is to have joined finances and agree on how the money will be spent.
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It's been working for us so far. Why would I be responsible for her debt if my name is not associated with them? She does still work. I do make more than her, and pay into the joint accordingly.
 
#35
#35
kev20 said:
It's been working for us so far. Why would I be responsible for her debt if my name is not associated with them? She does still work. I do make more than her, and pay into the joint accordingly.
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I guess it depends on the state you live in. You will not be responsible for debts incurred before marraige, however if you live in a community property state the following applies:

If you live in a community property state, debts incurred during the marriage to benefit the community (your family), such as credit cards used to purchase items which will benefit both spouses, are considered community property, and are therefore owed by both spouses regardless of whether or not both spouses are listed on the credit card.
 
#36
#36
red butler said:
I guess it depends on the state you live in. You will not be responsible for debts incurred before marraige, however if you live in a community property state the following applies:

If you live in a community property state, debts incurred during the marriage to benefit the community (your family), such as credit cards used to purchase items which will benefit both spouses, are considered community property, and are therefore owed by both spouses regardless of whether or not both spouses are listed on the credit card.
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guess that's our whole point of having our own money and then a separate account to "benefit the community".
 
#37
#37
well i'm goin to see what he says and start cutting back on unnecessary costs(hot wings, muscle mags, guns, etc)
 
#39
#39
I've been living the Dave Ramse way for about 5 years. I attended Financial Peace University, got all the books, drink the kool-aid. If you dont combine your money when married, you are not following the Ramsey plan. He would say "the preacher said and now you are one....not, and now you are a joint venture."
 
#40
#40
utvolpj said:
I bet you're a hoot on a first date :p

Droski: Yeah babe we'll get to that soon but I'd really like to see your CC statement first.
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true i probably should have said marry, but it's generally not hard to figure out who have cc debt. all you need to find is chicks who have low paying jobs, yet still seem to have designer clothes and eat out all the time. this is also a good way to find out if you are dating a hooker too,.
 
#42
#42
utvolpj said:
FP is the one. We already had a good amt saved as an emergency fund and now we're hitting the debt. Got 5mos left and will have everything done (including the mortgage) within 5 years. Might be able to do it faster but the 5yr is without massive lifestyle changes.
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just thought I'd bump this and say as of today we are paid off except for the house!

I now feel much more comfortable in case anything was to happen with our jobs. I know it sounds simple but doing this really changed our habits and put us on a more solid track.
 
#43
#43
nice, congrats i just bought and paid off an engagement ring, paid off my student loan. i've got to pay off my john deere in a couple of months so that'll just leave me with my house and truck. bad thing is my gf has debt, needs another car, and is wanting to go back to school to be a forensic nurse. FML for the nxt 4-5 yrs
 
#44
#44
utvolpj said:
just thought I'd bump this and say as of today we are paid off except for the house!

I now feel much more comfortable in case anything was to happen with our jobs. I know it sounds simple but doing this really changed our habits and put us on a more solid track.
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That's good to hear. That's gotta give you some peace of mind. :good!:
 
#45
#45
Congrats utcolpj!

I started listening to him back in early 05 when I got sick of hearing steroids talked about on sports talk radio all day. I pretty much lived that lifestyle before I knew about him. My now wife thought he and I were both crazy. I told her she wasn't getting a ring until she at least read TMMO, she did, and for the first (and only) time in our relationship told me I was right. Now she's drank the kool-aid more than me.

I'll say this much. We have had discussions and compromised on some stuff, but we've not had the first fight about money in nearly 4 years of marriage.

Dave's plan is simple, too simplistic for some of my "smarter" friends, but it does work, and for the most part we're in a position to do whatever in the heck we want whenever we want, unlike some of my "smarter" friends. It was worth a year of sacrifice to pay off her debts for what we're able to do now.
 
#46
#46
mania I was in a very similar position before we started this. Ring, cars, her loans, etc. Once we decided to tackle it all together it was so much easier.

tigervol9802 said:
Dave's plan is simple, too simplistic for some of my "smarter" friends, but it does work, and for the most part we're in a position to do whatever in the heck we want whenever we want, unlike some of my "smarter" friends. It was worth a year of sacrifice to pay off her debts for what we're able to do now.
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it's funny but we told some of our friends what we were doing and they kind of shrugged it off. We persisted and gave them a book as a gift and a couple months later they called and said they were doing it too.

It's amazing how much more fun it is when you don't have to discuss much about finances.
 
#47
#47
droski said:
with interest rates this low and the mortgage deduction you'd be a lot better off investing that money rather than paying off your house.
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That's one of the areas where Dave Ramsey flies off the tracks a little for my tastes. Sure, I'd like to have a paid off house, but I just don't feel very compelled to dump cash into my home when I have a 4.5% mortgage. Consumer debt truly sucks, but cheap money is cheap money.
 
#48
#48
Vol Mania 21 said:
nice, congrats i just bought and paid off an engagement ring, paid off my student loan. i've got to pay off my john deere in a couple of months so that'll just leave me with my house and truck. bad thing is my gf has debt, needs another car, and is wanting to go back to school to be a forensic nurse. FML for the nxt 4-5 yrs
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just be sure getting married is what you want before you do it... sounds like things are going to change quite a bit for you if you do it... I know love is great and all that but....................
 
#49
#49
Wanted to bump this thread to announce that as of yesterday afternoon, we are debt free with exception to our mortgage which will be paid off in less than 5 years. We have been following Dave's plan and started our "baby steps" February of this year. It has taken some sacrifices, but necessary ones. It has really been like going on a diet that turns into a lifestyle change. I would say that the biggest hurdle was getting my wife onboard, but once that happened, we were able to make it happen. My target date of retirement was age 66, but unless the worst "murphy" happens, I will be able to retire at the age of 60 :)
 
#50
#50
BearCat204 said:
Wanted to bump this thread to announce that as of yesterday afternoon, we are debt free with exception to our mortgage which will be paid off in less than 5 years. We have been following Dave's plan and started our "baby steps" February of this year. It has taken some sacrifices, but necessary ones. It has really been like going on a diet that turns into a lifestyle change. I would say that the biggest hurdle was getting my wife onboard, but once that happened, we were able to make it happen. My target date of retirement was age 66, but unless the worst "murphy" happens, I will be able to retire at the age of 60 :)
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Congrats my man. :loco:
 
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