Dave Ramsey Principals for a better life?

mrgoodtude · Oct 15, 2006

Financial Peace and Extreme Money Makeover, debt free gospel on XM radio as well as Sirius....
I admittedly am a late bloomer in the area of retirement planning, 401k, Roth Ira's, mutual funds.
Don't get me wrong I have invested but not with a passion that makes my friends think I am nuts.
I haven't attacked my debt with a fierceness that enabled me to live like I have never lived.
Alot of my personal frustration here of late is that I expected to have been able to do all the above and yet I have not accomplished a ##### thing.
I would really like to hear some success stories from like minded expediters that have achieved goals they have set for themselves as well as those like us that haven't quite started their baby steps.
The coolest part of this sight is that so many people from varied backgrounds chose to embrace the lifestyle of expedite.
Big truck drivers,Ceos,Business owners Hell we even have a guy that invented online ad campaigns for a head of state..
In short if you own it and made it work for you please share your success stories, beats the hell out of debating who is better Fed or the Cat.
Mike and Cyn

davekc · Oct 15, 2006

I actually like his approach for personal finance. "Cash is King"

From a business and investment perspective, I would say I am much closer to Bruce Williams, Clark Howard, or Jim "the crazy man" Kramer.

Pay cash for everything, and only leverage on certain investments.

Davekc
owner
22 years
PantherII
EO moderator

mrgoodtude · Oct 15, 2006

Thank's Dave I was sure you would post on cash is king.;-)
Not familiar with the others cept for crazy Kramer, that guy makes you feel like you could make a million on his word alone.
Mike

davekc · Oct 15, 2006

I like Kramer for alot of the day trading types of stuff. Clark Howard is more quiet and methodical.

I do love Kramer's "lightning round"

Davekc
owner
22 years
PantherII
EO moderator

Paul56 · Oct 15, 2006

Never go into debt for items that depreciate and moving to part 2 of that... if you cannot pay cash for it, then you cannot afford it.

Jayman · Oct 15, 2006

Mike,

I havent broke into the biz yet. But, I have done some investing in my future with my current position. From what I am reading in your posts...look at it like other things as best you can. Keep your chin up, dont focus on your mistakes/weaknesses, just find your path to success and hit it hard.

Jay

nightcreacher · Oct 16, 2006

don't use your own money in business,if you loose,its on uncle sam,depreciation and interest will be more than the note is anyway

TeamCaffee · Oct 16, 2006

We have been on Dave's plan a long time before we even knew about Dave. You want to talk about stress relief? follow his plan get rid of the bills and everyday does start brighter. You can make better decisions when you do not have debt hanging over your head.

pelicn · Oct 16, 2006

We discovered "Dave" abut 6 months ago. Although we still use the debit card for stuff on the road, it still translates to nothing but cash for purchases.

People think we're nuts when we say....sorry can't afford it, cash only no credit cards :7

mrgoodtude · Oct 16, 2006

I can't believe I forgot about Clark Howard haven't heard him in ages (light bulb just came on) what station is he on? He still driving a hybrid Honda?
Mike and Cyn

mrgoodtude · Oct 16, 2006

Thank's Jay,
Welcome to the biz.
Mike and Cyn

mrgoodtude · Oct 16, 2006

I agree Paul,
But how many of us live and die by that principal?
Nightcreacher I have wanted to comment on your Coronado for awhile, "sweet ride". How have things been for you "E" unit since the change? Are you running temp control?
Bob and Linda, Steve and Judy
Your position and discipline with finance is what I am talking about, do you find yourself able to adjust your cost per mile rate (accept less profit) and if you do adjust is it solely because you love the lifestyle?
Most important, if someone decided to become a Expediter at this juncture would they need to embrace a "cash is king philosophy" to be successful?

LDB · Oct 16, 2006

I'm semi-Ramsey. I have 3 paid for trucks. I am choosier on what loads I run because my monthly payment goes to the Leo Savings Bank and that gives me more flexibility. I still have all the other expenses to deal with but it's much easier when you have the title in hand.

I also have a Conoco Mastercard I use for fuel at the J if they are Conoco branded because I get 3% rebate on the purchase. That amounts to more than the cash discount as long as fuel is $1.68 or higher. I mostly fuel at T/A to get the cost plus pricing which beats anywhere else but sometimes use the J and the card. I pay that in full every month though so there's no fees or interest or other costs of using it. Dave wouldn't approve but it keeps more money in my pocket so I have to cross the line on that one.

I believe his methods are excellent and should be followed pretty closely. It will make a world of difference.

Leo Bricker, 73's K5LDB, OOIDA 677319
Owner, Panther trucks 5508, 5509, 5641
Highway Watch Participant, Truckerbuddy
EO Forum Moderator
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Support the entire Constitution, not just the parts you like.

TeamCaffee · Oct 16, 2006

Cash is king philosophy is what works in any lifestyle. Leo is right after you have paid your bills the extra now goes in to the Linda and Bob savings account. We love the lifestyle and we will do everything we can to make this work for us. We where both from County government jobs and at that time in our lives it was great but once the kids left home it was time for us to go have fun. We have followed Dave's philosophy for several years and when the kids left home we where in the position to change our lives. When we talk to prospective expediters we also tell them everything will work better for you if you have your finances in order. You have to be prepared for the slow times and the bumps in the road. Everyone gets down from time to time, if you love what you are doing keep networking with positive people and you will see the positive.

RichM · Oct 16, 2006

I keep waiting for some one to call Dave and say"You know that $12,000 car you told me to sell and buy a $2,000 clunker. Well because it breaks down so often I can't get to the second job you want me to have".

Dave does offer good avice,mainly living within your means and living on a budget.However we all know people that must have it all today with no thought for the future.

ATeam · Oct 17, 2006

mrgoodtude said, "In short if you own it and made it work for you please share your success stories, beats the hell out of debating who is better Fed or the Cat."

I have never heard of Dave Ramsey or his principles so I cannot comment on them. Regarding your request for stories, regular readers here are probably already familiar with Diane's and mine.

Three years ago, and with no prior trucking experince, we left our white collar careers to take up life on the road as expediters. At the time, our stated goals were to increase our income, simplify our lives, spend more time together, share a business project and see the country. Those goals have been achieved and remain essentially unchanged as we look ahead. We plan to continue expediting as long as our health permits. As we do so, we are saving money for retirement and preparing for post-expediting careers.

We drove fleet owner trucks for almost three years before getting into a custom truck of our own (see truck info link in my signature line below). Before purchasing the truck we were debt free. Now, we have a truck loan but are well ahead of the payments and have reserves to cover major setbacks and extended down time if needed.

We are paying off the truck loan well ahead of schedule and plan to pay cash for our next custom-built truck several years from now.

Another important piece is our numbers. While they are lower than normal now due to time spent putting our new truck in service, we are working our way back up to our customary 90% in service and 80% load acceptance.

We built and equipped our truck with FedEx White Glove Services in mind, where we have been from our first day in the business. Having a reefer-equipped, lift-gate-equipped truck and other WG equipment and credentials makes us eligible for certain loads that many other expediters do not see. That helps keep us busy and adds to our bottom line.

While we are optimistic by nature, the negative experiences of other expediters, some with many years in the business, have not been lost on us. We know things can go bad in this business and we have had a few setbacks of our own along the way.

We did our research before entering the business and have always been prepared for the setbacks expediting can bring. Short of death, disability, or some other event that makes it physically impossible for us to keep on trucking, we intend to do just that; keep on trucking.

Broompilot · Oct 17, 2006

You can listen to him at XM 165 from 3-7 EST, or on XM 171 from
3-6 AM the truckers channel.

Also if you go to wwwdaveramsey.com you can find him all over the coutnry on the AM and FM dials. You will hear things you will think its you calling in, and other things will put you in disbeliefe. Enjoy and LEARN....

mrgoodtude · Oct 17, 2006

Leo, Team Caffee, good advice and Rich I know what you mean about the 2k car. I have said in the past that Expedite is best suited for the semi retired types, empty nesters and such. If a person where to really be in for the long haul these days would that person also be the type suited for a RV running the country working temp jobs at campgrounds?
Mike

greg334 · Oct 17, 2006

Thanks for the reminder that Dave Ramsey is still going strong. I am rediscovering him.

Also to throw into the mix, check our Clark Howard, someone who also is good.