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SVTPerformance's Chain of Restaurants
Road Side Pub
Any Dave Ramsey fans in here or financial gurus? Need advice..
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<blockquote data-quote="wundrbird" data-source="post: 16131501" data-attributes="member: 18025"><p>No offense intended, but you're not following Ramsey's baby steps. If you actually follow them, you'll be further ahead in a shorter amount of time.</p><p></p><p>Step 1: $1000 emergency fund DONE</p><p>Step 2: Debt snowball DONE (since you only owe on your house)</p><p>Step 3: Save 3-6 months expenses DONE, with at least 6 months extra</p><p>Step 4: Save 15% into a retirement account ***GET STARTED***</p><p>Step 5: Save for child's college. ***FUHGEDABOUDIT***</p><p>Step 6: Pay off house early</p><p></p><p>Keep the car, especially if it's your only one. Heck, keep it even if it's a second car. You don't owe a dime on it, and I know it's a blast to drive.</p><p></p><p>Start putting 15% into retirement immediately. If you don't have anything at work, max out a Roth each year (making up for 2018!) and check around for good mutual funds for the remainder of the 15%. The ones I have through Vanguard have earned over 9% annually for the lives of each.</p><p></p><p>Take six months of expenses from step 3 and refi your house on a 15-year fixed. That extra money is being wasted sitting in a low interest bearing account. That'll save you the PMI charge, a buttload of interest, and it probably won't affect your monthly payments since you're already putting more towards the principal each month.</p><p></p><p>By the time you're 55 you'll probably have close to $675,000 in a retirement account, and that was a simple interest calculator, not taking into account pay raises through the years and an increase in $$ to the account each pay period. Add that to the value of your paid-off house, and you'll technically be a millionaire.</p><p></p><p>Either way, you're killing it. Congrats! Keep the beast!</p></blockquote><p></p>
[QUOTE="wundrbird, post: 16131501, member: 18025"] No offense intended, but you're not following Ramsey's baby steps. If you actually follow them, you'll be further ahead in a shorter amount of time. Step 1: $1000 emergency fund DONE Step 2: Debt snowball DONE (since you only owe on your house) Step 3: Save 3-6 months expenses DONE, with at least 6 months extra Step 4: Save 15% into a retirement account ***GET STARTED*** Step 5: Save for child's college. ***FUHGEDABOUDIT*** Step 6: Pay off house early Keep the car, especially if it's your only one. Heck, keep it even if it's a second car. You don't owe a dime on it, and I know it's a blast to drive. Start putting 15% into retirement immediately. If you don't have anything at work, max out a Roth each year (making up for 2018!) and check around for good mutual funds for the remainder of the 15%. The ones I have through Vanguard have earned over 9% annually for the lives of each. Take six months of expenses from step 3 and refi your house on a 15-year fixed. That extra money is being wasted sitting in a low interest bearing account. That'll save you the PMI charge, a buttload of interest, and it probably won't affect your monthly payments since you're already putting more towards the principal each month. By the time you're 55 you'll probably have close to $675,000 in a retirement account, and that was a simple interest calculator, not taking into account pay raises through the years and an increase in $$ to the account each pay period. Add that to the value of your paid-off house, and you'll technically be a millionaire. Either way, you're killing it. Congrats! Keep the beast! [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Any Dave Ramsey fans in here or financial gurus? Need advice..
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