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My solution to getting out of debt was to stop wanting so much. In 2017, I was 57, unemployed, $30K in debt with no savings or retirement fund and stressed out. I radically changed my life, sold everything, worked all the time and lived like a monk for 6 years. Now age 63, I have no debt, a fully-funded emergency fund, regular income from my own business plus savings to invest, a comfortable place to live and peace of mind. Life on the other side of debt is so much better.
We have been debt free for years. We still do "scorched earth" budgeting during every winter to save money for big purchases. We pay cash for vehicles, recreational property and are currently planning to build a camp on a property we bought 2 years ago for cash. We ALWAYS pay cash. We are seniors living on a fixed income and still manage to live our best life by staying debt free and saving money for our wants. We literally live on 30% of our income and save the rest for our big purchases. Our friends and relatives think we're dirt poor because of our spending habits LOL.
Skipping vacation is not a really good advice in my opinion! It’s good to release the stress and it’s good for the mental health even if it’s a big expense. You work 5 days a week 52 weeks by year…. You need a break and at least a week or more!
Rachel, wanted to thank you and Dave, and all the folks with Ramsey solutions. Am in my mid 50's now and am very comfortable thanks to you and your father's advice. Took out a mortgage to buy a lake house, but should have that paid off before I retire in a few years. Thanks again!
Ha! I can go many years without a vacation. I don't have any money or enough credit to do so. I'm broke, but in a year and a half maybe two I won't be any longer.
No spend month is the best. I did it in January, now heading for much and am still on it. I have saved so much. In January 250, February 300 and in March I aim for 200. I eat what is in the office. Has turned to be healthy for am eating lots of beans and no meat😂
Always open to hearing your wisdom. That's why I subscribe to your TH-cam channel. Otherwise, I could just sit in a corner and enjoy my own wisdom all day, for my own entertainment.
I am debt free. Other than medical bills, I owe nothing.! However, I now have no credit score. Which is no good cuz in a couple of months I am going to move. And to rent anywhere they check your credit score. Cuz that matters for some reason. Forget that I pay my rent on time, if not early. I pay all my bills. So owing no one anything means bad credit!! Seems backwards to me. One would think that not being in debt is a good thing. Seems to me it's not. I don't care though. I will not go into debt!!!
If I get extra bonus and shifts from my job and have no time for side hustle. Do I still have to get a side hustle if am already burned out from my double shifts at work?
My solution to getting out of debt was to stop wanting so much. In 2017, I was 57, unemployed, $30K in debt with no savings or retirement fund and stressed out. I radically changed my life, sold everything, worked all the time and lived like a monk for 6 years. Now age 63, I have no debt, a fully-funded emergency fund, regular income from my own business plus savings to invest, a comfortable place to live and peace of mind. Life on the other side of debt is so much better.
It's so crazy to me that people go on annual or bi-annual vacations. Like, I haven't been on one in years...being a homebody is good for the wallet😂
I tell my son the best way to get out of debt is to never get into debt. I know, not possible for everyone. But good if you can.
I am going to be happy dancing in 6 1/2 weeks! Is when we hope to pay off the house🎉🎉🎉🎉🎉
We have been debt free for years. We still do "scorched earth" budgeting during every winter to save money for big purchases. We pay cash for vehicles, recreational property and are currently planning to build a camp on a property we bought 2 years ago for cash. We ALWAYS pay cash. We are seniors living on a fixed income and still manage to live our best life by staying debt free and saving money for our wants. We literally live on 30% of our income and save the rest for our big purchases. Our friends and relatives think we're dirt poor because of our spending habits LOL.
Skipping vacation is not a really good advice in my opinion! It’s good to release the stress and it’s good for the mental health even if it’s a big expense. You work 5 days a week 52 weeks by year…. You need a break and at least a week or more!
On baby step 2, my biggest issue is my sweet tooth and way too many trips to the convenience store (DG, gas station...)
One of my best friends wants to plan so much but told em sorry, I'm stepping back and paying off debt first!
Rachel, wanted to thank you and Dave, and all the folks with Ramsey solutions. Am in my mid 50's now and am very comfortable thanks to you and your father's advice. Took out a mortgage to buy a lake house, but should have that paid off before I retire in a few years. Thanks again!
I'm debt-free!! What a peace of mind.
1. Surround yourself with positive people.
Ha! I can go many years without a vacation. I don't have any money or enough credit to do so. I'm broke, but in a year and a half maybe two I won't be any longer.
I put extra income like bonuses into early payoff. Just have to be careful to stick to my banks contract and not overpay.
No spend month is the best. I did it in January, now heading for much and am still on it. I have saved so much. In January 250, February 300 and in March I aim for 200. I eat what is in the office. Has turned to be healthy for am eating lots of beans and no meat😂
I need all 7!
Always open to hearing your wisdom. That's why I subscribe to your TH-cam channel. Otherwise, I could just sit in a corner and enjoy my own wisdom all day, for my own entertainment.
Great information, but I didn't find video listed, and I need the budget help.
I really felt like that blanket was going to be used as a prop. That the blanket was going to start talking, or something.
I am debt free. Other than medical bills, I owe nothing.! However, I now have no credit score. Which is no good cuz in a couple of months I am going to move. And to rent anywhere they check your credit score. Cuz that matters for some reason. Forget that I pay my rent on time, if not early. I pay all my bills. So owing no one anything means bad credit!! Seems backwards to me. One would think that not being in debt is a good thing. Seems to me it's not. I don't care though. I will not go into debt!!!
If I get extra bonus and shifts from my job and have no time for side hustle. Do I still have to get a side hustle if am already burned out from my double shifts at work?