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My Financial Battle of the Bulge

Discussion in 'Channel 19' started by RoadTime, May 8, 2018.

  1. RoadTime
    Paranoid

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    Having won the battle of the bulge on my weight and health, I picked another fight along the way. About 10 months ago, I started to attack my financial bulge.

    Finding myself 25k (and rising) in debt (mostly credit cards) was taking its toll on my financial health. Basically, got to the point of working to just make minimum payments. I was surviving (barely), but definitely not thriving. With no clear plan of attack, I didn’t like where this was heading.

    I started off pretty good on my own (or so I thought). Then I hit a pretty bad stretch last November and December with repair cost resulting in zero net income for those months. Falling into my old habit of charging the problems away, I erased most of my success to that point. And the cycle continued…I needed a plan.

    Goal without a plan.jpg

    Enter Dave Ramsey.

    I was no stranger to Dave Ramsey, but never took his advise to heart. After a lifetime of always being in debt, obviously, my plan was not working. Say what you will about Ramsey, he has helped millions of people get (and stay) out of debt. I decided to jump on board.

    debt free just ahead.jpg


    On January 9th, I started with his audio book “The Total Money Makeover”. I must have listened to it a dozen times. I followed that up with listening to every show via his App to reinforce what I had learned, and to gain greater insight. Over the last 4 months, I was drinking the cool aid.

    During this time, something did change…Me.

    “Good debt management is 80% behavior and 20% head knowledge”- Dave Ramsey

    Changing my behavior was the biggest key to success. Otherwise, the cycle just keeps repeating.
    Even before I went full blown into this, I questioned some of my earlier ways of thinking…

    “I want to pay off debt”

    Why?

    “So I can raise my credit (debt) score”

    Why?

    “So I can go back in debt”

    Rinse and repeat.


    Since January, I have been aggressively following the plan. Focusing on running my business and home more efficiently, cutting cost everywhere, spread sheet budgeting everything to death, and planning for the future.

    And above all, avoid taking on any new debt like the plague.


    Fast forward 4 months to May 8, 2018


    This morning I sent off the final payment making me 100% Debt Free, Including my Home.

    Debt free at last.jpg


    Already have my June budget completed. It looks amazing, when debt is wiped off the table.

    grinds my gears.jpg


    So what’s next, go out and celebrate?

    Hardly. Will continue on with the next step in the plan to fully fund my emergency fund, with 6 months of living expenses.

    I estimate this next step to be completed in 1 ½ to 2 months.

    Then finally off to the rather dull, but most important, act of saving, investing for retirement, and wealth building.

    Do not come back.jpg
     
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  2. BigStickJr

    BigStickJr Veteran Expediter Retired Expediter

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    Congratulations .

    Years ago, when I started drinking the kook aid I bought a bunch of his books and gave them out as partial wedding presents.

    Where would you be if you bought in at 20 years old ?
     
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    • FlyingVan
      Barefooter

      FlyingVan Moderator Staff Member Owner/Operator

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      Paying off 25k in 10 months is no easy task.
      Congratulations.


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    • RoadTime
      Paranoid

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      A multi-millionaire, I try not to think about it :dash2:

      I actually had my first exposure to the audio book back around 2008. Unfortunately, I was well on my path of destruction to bankruptcy by that time, and ended up selling it :rolleyes:
       
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    • RoadTime
      Paranoid

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      Thanks.
      Beans and rice, rice and beans. As Dave frequently says.
      A very tight budget.

      One important word I did learn during all of this was...No ;)
       
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    • jjoerger

      jjoerger Veteran Expediter Owner/Operator US Army

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      Congratulations. I made it to debt free last year including my home and land. I did buy a travel trailer which I financed and now have a little credit card debt from the purchase of a new kitchen. But my debt is easily manageable and interest free.

      Sent from my XT1254 using EO Forums mobile app
       
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    • muttly
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      Listen to him on his radio show. Got rid of all debt (credit card, vehicle and house.) Worked a second job to up the income and speed the process along.Plus streamlined budget. It's a good feeling because debt doesn't sleep. Lol.
       
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    • RoadTime
      Paranoid

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      That's Great! :clapping-happy:

      I'm still getting used to being debt free. I was so used to having money leave my account as fast as it arrives. It's kind of strange having money stay around and grow until I decide where it should go. With my van currently down for repairs for maybe 2 weeks, this normally would have been a major crisis, now just a inconvenience.

      Kind of funny that as I was working through the steps, twice I had 2 unexpected repairs come up that threated to slow down or reverse my progress. I was thinking, well crap, here I go again, trying to figure out where this money would come from without destroying my budget. Both times I completely forgot about my emergency starter fund. I guess I really was doing the out of sight, out of mind thing :rolleyes:

      Fortunately, I ended up not having to need to tap into it, and has able to cash flow the repairs. But it sure was nice to know it was there...Once I remembered it was there ;)
       
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    • BigStickJr

      BigStickJr Veteran Expediter Retired Expediter

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      Just how OLD are You ??
       
    • RoadTime
      Paranoid

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      I forgot :D
       
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    • muttly
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      If you have a sufficient emergency fund then it's all about building wealth. Life is good. :D
       
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    • Andyinchville1

      Andyinchville1 Active Expediter Owner/Operator

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      Paying off bills is a big accomplishment but there is one way to get out of debt that isn't often looked upon favorably BUT it does work...

      It's the old football strategy of Punt and Run....

      Stop paying unsecured debt (the punt) and run (hide from creditors...relatively easy to do if done correctly).

      A friend of mine did it when he came across hard times (lost job etc) and I did it somewhat years ago...

      Scary at first but no real biggie afterwards....

      This method helps you get back on your feet faster and yes, you can still get credit later.....
       
    • Ragman
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      In other words.... borrow money, don't pay it back. Yeah, that's the right thing to do. Sheesh!
       
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    • fastman_1
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      Remind me to never loan you money... or anything else


      Sent from lost in space.
       
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    • skyraider

      skyraider Veteran Expediter Retired Expediter US Navy

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      Toys will drain your bank account


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    • xmudman

      xmudman Veteran Expediter Owner/Operator

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    • DollarSign
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      Great job Roadtime! I've been seeing this thread but never read it. Nothing wrong with Dave Ramsey. I listen to him at 4pm on SXM 132. He doesn't do full 3hrs anymore it seems. He's got other people who gives advice and don't care much for it.
       
    • RoadTime
      Paranoid

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      Thanks. They do air the full show and on-demand on SXM, also shows are available on his App. The SXM broadcast starts at varies times, normally staring around 2:45-2:50pm eastern time, which is a rather odd start time, then it gets partially rebroadcast later. I usually just listen on-demand or via his App unless I just happen to catch the first broadcast on SXM.

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    • RoadTime
      Paranoid

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      Or maybe it's 1:45-1:50pm? Such a odd time I have trouble keeping track of it

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