Dave Ramsey

Yea my sister is giving me a family discount on this one. It is actually good for her too in a way. She has moved about an hour away from here and she was having to come back and do maintenance and repairs with her previous renters but our deal is that I take care of all that stuff. She is going to let me buy the house from her when I am ready for whatever is owed on it at that time. I think she owes something like 56k on it right now. When I am ready to upgrade I am going to use it as a rental property.

 

Thelt - haven't heard from you in a while, how is everything going with paying off the debt?

 

I am still chugging along with it. I have faltered a little on Christmas shopping and I did a little work to my kitchen but I am still paying an extra thousand per month on my debt. At this rate I have 6 car payments left and it is paid off. I had to take it in to get the transmission looked at and I am not sure what that is going to end up costing me but even if it needs a new one that will just push me back a couple of months.

I got a pretty good tax refund last year so I am hoping I will get a good one this year. If so I may be able to pay off the car early. Once I get that first big debt paid off it will feel a lot better. I am hoping it will serve as a tipping point that helps me get the rest paid off quickly.

 

BTW, speaking of Ramsey, this was on last night on WBTV here in Charlotte(hope this link works):

http://www.wbtv.com/global/category...d=3538161&topVideoCatNo=128873&autoStart=true

 

I had to borrow $1500 to get my transmission rebuilt, which is a setback but I am still hammering away. I should pay off my car at the end of May. The $1500 loan will go away at the end of June. My Discover card will be gone by the end of the year, barring any more setbacks.

 

Thelt, just keep plugging away man. One day, you will have that Emergency Fund built up and just cash flow these sort of things!!!

 

I have found that if I put $1000 in the bank for an emergency fund like Dave suggests that I end up blowing the money. If I just pay it on a credit card then I still have access to the money if I really need it but I am less likely to spend it. That was working pretty well until one of my credit cards decided to lower my limit after I made a big payment.

I am going to get there though. Once I pay off all this stupid debt I ran up then I will have plenty of cash flow and will not need to dip into my emergency fund any more. My wife and I want to build or buy a new house in a couple of years and I have told her we have to get 6 months of expenses in our emergency fund and be debt free before we can do it. Hopefully we can save up a big down payment first as well.

 

I mailed the check today to pay off my car

 

Congrats man! I know that extra cash flow each month will feel great. I really like not have any credit card debt but oh man, not mailing off a car payment (or two in my case) is a great feeling.