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Estes | financial peace

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rjjr

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I'll tell u guys what, u can go with this or ignore it, it's up to u.
On the drivers help forum of trucking boards,there is a drivers finance help site. On this site,JEFF has got a post on there about financial help from DAVE RAMSEY.
This system,while I don't follow it to the tee,is a really good way to get to debt free and financial peace.
With the changing economy,and needing to change our lifestyles,this system,if followed will take a load of stress off of your back

I'm pretty much debt free myself, and with job uncertainty the way it is, it sure is refreshing not to live check to check. My wife and I, have no financial arguments, because we r both on the same page with this!!
 
amen I do have the book !! still in baby step 1 and will be on baby step 2 real soon
 
I'm not trying to brag or anything, just giving a bit of wisdom.

As an economist by education and trade I learned early the secrets of our fairytale banking system, stock market and economy. Ramsey speaks a lot of truth although I disagree with him on some issues. I paid off a 15 yr mortgage in 7 years in 1998 and have been completely debt free ever since. All cars and whatever paid for in cash and our only bills are utility bills and property taxes. To be honest there is no better feeling in the world and if I were to lose my job tomorrow in this godforsaken economy it will not hurt me one iota as I can live for at least three years ( and probably 6 or 7) with what I've saved over the years. As Ramsey always says, the key to survival is to live on less than you make and that has been my mantra for 20 years.

While all my colleagues in the business world and in the trucking industry were buying big screen TV's and the latest SUV's and P/U trucks, refinancing their homes, eating out all the time and running up credit card and home equity debt, I was watching a 21 inch TV, sitting on furniture from 1989, driving a used car, eating at home, taking my lunch to work and paying off my mortgage and debt.

Today I have the big screen TV, eat out often, have new furniture and fear not what may happen in this economy as I prepared. And as I recommended to my terminal manager, I would gladly work half a year in order that another driver may not lose his/her job as I could split it with them and still be comfortable. He said he would get back to me, but I kind of doubt it.

As Ramsey always says, the bible says the borrower will be slave to the lender and I will not fall into that catagory as the United States is doing with China and the countless people who are in debt up to their eyeballs.

Get out of debt by all means as that is the tru key to freedom.
 
Congrats there BIBBA,thats what I'm talking about !! Ijust have a small amout of mortgage to go and will b even further on to easy street like u. I like u don't agree 100 percent with him,but his basic principles r spot on. I'm a quiet person with fewer words than most,so thanx for that reponse,perfect xmple of what I was trying to relay !! BeerBoy there is another testimonial s to what u r accomplish. A little pain will gain u a ton in short order,and no stress of check to check. That's a ton of burden off my shoulders !!
 
TY rjjr for not slamming me for "bragging" as it was more a teaching point than anything and is something that is within the reach of anyone who is willing to sacrifice the borrowed gains of today for the paid for gains of tomorrow. Unfortunately many do not listen and I applaud you for taking the steps to not being a "slave".

For anyone who thinks things will get better as they have in the past I have one thing to say to them: Look at Japan. 20 years ago Japan faced the same crisis the US is facing with the boom and crash in the housing market and the stock market. 20 years later the stock market, housing prices and overall consumer prices have not gone up at all. If you bought a house in Japan at the peak of the housing boom you still owe 50% more than what you paid for it and prices overall across the board have not gone up. This is what is in store for the US.

The only difference between Japan and the US is that Japan is a nation of savers who save more than 10% of their income. The US saves 0% or less and, although it has gone up slightly recently in the US it will not match Japan's savings rate due to the massive debt of the US as a whole. Therefore Japan's economy was able to survive these past 20 years. I fear the US will not in the next 20 years.

Also, Japan still has a significant manufacturing base whereas the US is losing manufacturing on a daily basis. The US has only 14% of it's manufacturing base as compared to the 1960's whereas Japan still has about 50%.

Therefore, the key to survival in the US these next few years is to be out of debt completely! However, looking at how our government is indebted to China to the tune of $500 million/week in interest payments and $2 billion per day in loans just so that we may survive, I cannot see the US surviving this crisis.

Just look at YRC and their survival pains to see what is in store for the US. It is a parallel course. As YRC goes, so will the US. Don't get caught up in it.

Get out of debt as fast as you can even if it means selling your home and cars and living in a smaller home and driving used cars. You and your family will be much better for it.
 
If you lose your job. You can also file chapter 7 and become debt free. 3 months later you can do a credit clean and get you credit built back up within a few years. .... So im told anyhow. Lol
 
Bibba1956 said:
TY rjjr for not slamming me for "bragging" as it was more a teaching point than anything and is something that is within the reach of anyone who is willing to sacrifice the borrowed gains of today for the paid for gains of tomorrow. Unfortunately many do not listen and I applaud you for taking the steps to not being a "slave".

For anyone who thinks things will get better as they have in the past I have one thing to say to them: Look at Japan. 20 years ago Japan faced the same crisis the US is facing with the boom and crash in the housing market and the stock market. 20 years later the stock market, housing prices and overall consumer prices have not gone up at all. If you bought a house in Japan at the peak of the housing boom you still owe 50% more than what you paid for it and prices overall across the board have not gone up. This is what is in store for the US.

The only difference between Japan and the US is that Japan is a nation of savers who save more than 10% of their income. The US saves 0% or less and, although it has gone up slightly recently in the US it will not match Japan's savings rate due to the massive debt of the US as a whole. Therefore Japan's economy was able to survive these past 20 years. I fear the US will not in the next 20 years.

Also, Japan still has a significant manufacturing base whereas the US is losing manufacturing on a daily basis. The US has only 14% of it's manufacturing base as compared to the 1960's whereas Japan still has about 50%.

Therefore, the key to survival in the US these next few years is to be out of debt completely! However, looking at how our government is indebted to China to the tune of $500 million/week in interest payments and $2 billion per day in loans just so that we may survive, I cannot see the US surviving this crisis.

Just look at YRC and their survival pains to see what is in store for the US. It is a parallel course. As YRC goes, so will the US. Don't get caught up in it.

Get out of debt as fast as you can even if it means selling your home and cars and living in a smaller home and driving used cars. You and your family will be much better for it.
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I get accused of bragging myself as I am 100% debt free and that does include the house.

I could buy virtually anything I want to drive... I drive a 94 Mazda truck because I do not finance anything...

I paid a 30 yr note off in 5.5 yrs

Wife is a stay home mom and has been for about 5 yrs

eat out anywhere I want, take a vacation anytime I can get off and take a day off anytime without worrying if the bills will be paid next week.

0 credit card debt (although I do have one to pay the bills associated with Truckingboards but it is paid in full every month)

Some of the people I work with actually mock me for the way I do things, try to help people but most can't understand what a want and a need is....


Congrats on being debt free, it's a great feeling, especially in these uncertain times.
 
Sounds like ya'all are doing well for yourselves just don't forget about your kids or grand kids. They may need to stay in school so they don't end up driving a truck for a living. My folks have been debt free all their lives.
 
I drive a 94 Nissan pickup,28 miles to the gallon..I watch what I spend..No credit card debt..I try to live within my means..As I have tryed to teach my kids..It's hard though when you have 1 kid in college and 1 kid 1 year away from starting college..I had my fun,when I was young..I want to leave this earth with more than I came in with..Granted,I may not be able to take it with me,but I refuse to leave it to creditors..No matter what..
 
mildew said:
Sounds like ya'all are doing well for yourselves just don't forget about your kids or grand kids. They may need to stay in school so they don't end up driving a truck for a living. My folks have been debt free all their lives.
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Paying cash and being debt free is something our generation has gotten away from. I do believe that we are on trend to do the same again,I talk to alot of younger folks that are paying off credit cards and cutting them up and paying cash to get away from living check to check.
If you go to borrow money from a bank, you are paying 8 percent plus for interest,yet when you put money into the bank in a savings account thet give you a half percent interest, What's wrong with this picture ??
 
Whats wrong...

rjjr said:
mildew said:
Sounds like ya'all are doing well for yourselves just don't forget about your kids or grand kids. They may need to stay in school so they don't end up driving a truck for a living. My folks have been debt free all their lives.[/QUOTE

Paying cash and being debt free is something our generation has gotten away from. I do believe that we are on trend to do the same again,I talk to alot of younger folks that are paying off credit cards and cutting them up and paying cash to get away from living check to check.
If you go to borrow money from a bank, you are paying 8 percent plus for interest,yet when you put money into the bank in a savings account thet give you a half percent interest, What's wrong with this picture ??
Click to expand...

I asked a banker that in 1980 when paying 19.5% (Carter years) interest on a busisness line of credit- Getting 7.25 on my IRA CD's.

His answer: It's called margin, (my name).
That is what is wrong, margin....
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Credit cards payment are something a lot of folks get in trouble with but are negociable because you don't really have to pay them. A phone call can save you thousands. I have a lot of stuff I really don't need. $47,000 pickup...$32,000 car.....$15,000 boat....$15,000 bike....I'm paying big payments on my house to get it paid off. I only owe on my house and truck. It seems to me that debt free people go through life pinching pennies and don't spend much on anything as they cruise the highways in their chitty chitty bang bangs. Folks that are burried in bills and can't spend any money. Folks that have some bills seem to enjoy life the most.
 
You have a point there MILDEW, but the main idea behind this program is not for you,not to have toys, the idea is not to pay interest to the scummy banks. They just got done :nutkick: us for how many billions ?? That's where people are getting in trouble, by paying all the interest on credit cards and loans, and rewarding the banks for the use of ther money. People could be using this interest money for their own personal use instead. This way you don't sweat the small stuff in life, because you money on hand to cover them
 
A couple of weeks ago one of our drivers out of Norfolf sat down at his kitchen table and spread out almost $40k worth of credit card debt bills and then he shot himself in the heart with a .22 mag. His name was Steve L (Hope it's ok for full name here BB if not edit it please)
I've tried to find a link on the net about it but can't so far. But I can tell you it's true because his brother-in-law works at my barn.
I also knew Steve myself and I took a 10 in Norfolf this week and talked to the TM and some other guys about it.
It's a bad deal, Steve was a good guy and had around 15 yrs with us.
Some of you my have known him to, he ran a bid from Norfolk to G-boro and back for years up until this.

Anyways bottom line is large debt has many bad effects on people.
 
rjjr said:
You have a point there MILDEW, but the main idea behind this program is not for you,not to have toys, the idea is not to pay interest to the scummy banks. They just got done :nutkick: us for how many billions ?? That's where people are getting in trouble, by paying all the interest on credit cards and loans, and rewarding the banks for the use of ther money. People could be using this interest money for their own personal use instead. This way you don't sweat the small stuff in life, because you money on hand to cover them
Click to expand...

I hear ya rjjr. It's an excellent program. I believe the Bush admin. started this banking mess by allowing nearly anyone to get a loan. It was good while it lasted. Everyone was plum full of debt a few years ago and filling bankruptcy by the millions. Bush got all the finger pointing for the crash. America needed change. :biglaugh: Now look what's happening. I hear another stimulas package is being looked into. It aint looking good and I try to look on the brighter side of things.
 
Kings disciple said:
A couple of weeks ago one of our drivers out of Norfolf sat down at his kitchen table and spread out almost $40k worth of credit card debt bills and then he shot himself in the heart with a .22 mag. His name was Steve L (Hope it's ok for full name here BB if not edit it please)
I've tried to find a link on the net about it but can't so far. But I can tell you it's true because his brother-in-law works at my barn.
I also knew Steve myself and I took a 10 in Norfolf this week and talked to the TM and some other guys about it.
It's a bad deal, Steve was a good guy and had around 15 yrs with us.
Some of you my have known him to, he ran a bid from Norfolk to G-boro and back for years up until this.

Anyways bottom line is large debt has many bad effects on people.
Click to expand...
That's a bad deal kd. $40,000 is a fraction of what some folks have built up. Killing yourself just puts the burden on the next person. I'm bad with names but i'm sure i've met him somewhere. I did a google news search on him myself hoping to find a pic. Couldn't find anything.
 
Thanks

Thanks for posting the site i will check it out. I know that i am making ten to twenty thousand dollars less than i have made in the past. My credit card bills are now through the roof so i cant pay them. What a mess.
 
That's a very sad,but true story of today's society there KINGS DISCIPLE. May GOD help his family get thru this whole thing !! MILDEW, it's not CLINTON'S fault, it's not BUSH'S fault,it's our fault. people need to take responsibility for ther actions. WOW, I make 2000 a month and you can get me into a 500,000 house ?? Kool !! I can show the JONES'S how big I can live. Life is about needs and wants, and people need to start deciding which is which and start taking responsibilty for there actions instead of looking for government to bail them out
 
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