Total Money Makeover

[DMRick]

I'm putting things on hold, and if I am actually thinking about it the next day, I'll go back. 90% of the time I don't.

This is a wonderful start. Impulse buying can be the worse. My husband would have owned a lot more "junk" years ago, if the rule wasn't , we had to go back for it LOL.

 

[minnie1928]

While bankruptcy isn't on our door--but after last night's workbook exercise...we are very much a pay check to pay check family--it is time to evaluate.

Are you doing the Financial Peace University? If so, are you doing the class or at home? Just curious....

 

[ziggystardust]

The shopping bug is hard to beat! I haven't bought a thing in weeks, it stinks. Good luck - let me know if you want to sponsor each other in some sort of 12 step program!

My name is Eileen, and I'm a shopaholic. Did I mention that I saw this great winter jacket the other day, it was only $285! and that was at Century 21!

I was good and I didn't buy it, but obviously I'm still thinking about it. A anti -shopping thread might be warranted.

I took a few first steps over the last year to get rid of my shopping debt and to save some $$. I took out a very low interest loan from my bank to pay off all the CCs (this loan will be paid off by March - a yr early). I have one for emergencies, which was actually my first card ever, so I'm hoping by leaving it open to add to my credit rating (which is already good) and another one that I use for online stuff and electronic type stuff. It gives me piece of mind (my DBF's check card # was stolen not too long ago) That has a very low balance which I hope to pay off as soon as I get back from WDW.

 

[RichNKatHolly]

Actually, I should clarify. I don't think a book will stop me from liking shopping. BUT, having something like the book sitting on my counter and seeing it every morning will help me fight the urge, more so than just saying "oh no, you really shouldn't." It may not be logic everyone can understand, but that would work for me. I am also interested in how DR thinks you should cut back, etc. I like books, informational books (I've been known to read a ton of travel books rather than novels, etc.). I figure it can't hurt to read it. Whether or not I will go full on board with some type of plan I cannot say.

I know that the only true thing that will work for me is to curb my appetite for Coach, Burberry for the kids, Seven jeans for me, or whatever... That will come in time - maybe it will be a direct result of the hapiness getting a savings plan together will bring. Only time will tell. For now, I'm willing to read a $15 book and see if I get some ideas or motivation.

ZIGGY - the coat sounds great. Glad you passed on it. I just did the same thing online. A store near me (which has an online site) just put their True Religion and some other jeans on $99. Boy, was that tempting! I also tried on a georgous coat (at Marshalls mind You) only to find it was $225! I left it there ... My name is Katrina and I'm on my way to gaining control (but wouldn't my rear look great in those jeans)!

I think our opinions of broke may differer. When I think of broke, I think of not being able to buy neccesities. I understand lots of people do not have savings..however I don't think that makes a person broke. It means IMO if there was an emergency, they may be in trouble. But I talk to my kids (we vacation often together, spend lots of time together, and we discuss finances), and other young people I know. Close enough to them to know if they are in trouble. When I say vacations, I'm not talking about the $5,000 or more Disney vacations. There are nice vacations to be had for a lot less. That won't break a bank that has planned for them. While they may not yet, be all saving for retirement, I know many are. We have two big places many people are employed here, and the matching is a hard thing to give up. Most I have talked with feel it comes out of their pay, and they never had it to begin with.
I've not said that no one should get the book..but I wonder..how many realize that you still even with the book, have to spend less money on "stuff" to make it work? It's not a miracle answer. Most I'm reading here, will not be able to pay off a $200 - 300,000 home mortage, no matter how many books they buy. It still takes control. I would start by writing down everything you buy..and see where you can save on that. The trouble with liking stuff, unless you have control, you will continue to like stuff. A book won't turn that off

By the way..the cars sitting in my neighborhood are not luxury cars..I hope I didn't give anyone that opinion.

 

[RichNKatHolly]

I believe the thread is referring to DR's definition of broke. I don't feel broke, but I don't have any money either.

I think our opinions of broke may differer. When I think of broke, I think of not being able to buy neccesities. I understand lots of people do not have savings..however I don't think that makes a person broke. It means IMO if there was an emergency, they may be in trouble. But I talk to my kids (we vacation often together, spend lots of time together, and we discuss finances), and other young people I know. Close enough to them to know if they are in trouble. When I say vacations, I'm not talking about the $5,000 or more Disney vacations. There are nice vacations to be had for a lot less. That won't break a bank that has planned for them. While they may not yet, be all saving for retirement, I know many are. We have two big places many people are employed here, and the matching is a hard thing to give up. Most I have talked with feel it comes out of their pay, and they never had it to begin with.
I've not said that no one should get the book..but I wonder..how many realize that you still even with the book, have to spend less money on "stuff" to make it work? It's not a miracle answer. Most I'm reading here, will not be able to pay off a $200 - 300,000 home mortage, no matter how many books they buy. It still takes control. I would start by writing down everything you buy..and see where you can save on that. The trouble with liking stuff, unless you have control, you will continue to like stuff. A book won't turn that off

By the way..the cars sitting in my neighborhood are not luxury cars..I hope I didn't give anyone that opinion.

 

[Muushka]

I miss Larry Burkett. He was a wonderful financial counselor.

But his information lives on! If you want a Christian perspective, do a google search under his name. Lots of books and tools.

 

[DMRick]

I think we need to start a thread where you can post the purchase you want to make and we'll let you know if it's a good idea LOL! Sort of like when my daughter decided to get a dog, and we discussed it, and things were bought up she hadn't thought about (and I love dogs). You post the item you thought about gettng (but you aren't allowed to get it til it's discussed) and other's will respond to reasons why you should or shouldn't.

I'm not a clothes brand name shopper, with the exception of end of season very good sales (where you get an Alfred Dunner Sport coat for $6), so I'll prob always tell you to put it back..but I bet other's can come up with good reasons.

I can even go first (and if it takes off, maybe we can move it to it's own thread). I want an embroidery machine. Not the cheap one, but the one that is about $800. I figure I could personalize golf towels and bibs, and sell them on eBay. Who wants to talk me out of it?

 

[ziggystardust]

I can even go first (and if it takes off, maybe we can move it to it's own thread). I want an embroidery machine. Not the cheap one, but the one that is about $800. I figure I could personalize golf towels and bibs, and sell them on eBay. Who wants to talk me out of it?

I say if you can get your money back within a reasonable time frame go for it!

I'm not a good influence, its taking everything I have to not go back and buy that beautiful Marc Jacobs coat. Oh it was so pretty!

 

[dvcgirl]

I think we need to start a thread where you can post the purchase you want to make and we'll let you know if it's a good idea LOL! Sort of like when my daughter decided to get a dog, and we discussed it, and things were bought up she hadn't thought about (and I love dogs). You post the item you thought about gettng (but you aren't allowed to get it til it's discussed) and other's will respond to reasons why you should or shouldn't.

I'm not a clothes brand name shopper, with the exception of end of season very good sales (where you get an Alfred Dunner Sport coat for $6), so I'll prob always tell you to put it back..but I bet other's can come up with good reasons.

I can even go first (and if it takes off, maybe we can move it to it's own thread). I want an embroidery machine. Not the cheap one, but the one that is about $800. I figure I could personalize golf towels and bibs, and sell them on eBay. Who wants to talk me out of it?

Trust me when I tell you that it would be an awful idea for anyone here to give people advice as to whether they should buy things or not...lol! Within this thread I can pick out about 10 things that I've read that make me think..."well, they shouldn't be buying that, or taking that vacation or have that car." But, then you get angry responses that you're a know it all, or how dare you to judge me. And really all that you're doing is giving advice to a person who asked for it. When people post things like..."Should I take this vacation?" and then go on about low finances the only answer that they're looking for is.....*yes!!*

 

[wdwpluto]

Read another interesting book recently about retirement.. It was actual stories of how, when and why people retired, their style of retirement and what it has cost them to do so..

Sounds like an interesting read, could you share the author/title please? Thanks!

 

[C.Ann]

Sounds like an interesting read, could you share the author/title please? Thanks!

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"Rags to Retirement" by Gail Liberman and Alan Lavine

Really entertaining reading.. A couple of the people chose to live outside the U.S. - one chose to live on a boat (that would have been my brother, had he not met the wonderful woman he's with now - instead they bought a place in Vero Beach, are making money hand over fist on real estate there and now use the two boats "just for fun") - one couple turned into full-time RVer's - etc.. Very interesting - what different people consider the "ideal" retirement..

But....shhhhhhhh..this is another book I purchased for someone else but just HAD to read first before I passed it on.. (Have I mentioned lately how much I LOVE books? LOL )

 

[C.Ann]

I can even go first (and if it takes off, maybe we can move it to it's own thread). I want an embroidery machine. Not the cheap one, but the one that is about $800. I figure I could personalize golf towels and bibs, and sell them on eBay. Who wants to talk me out of it?

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The concept of a thread of this nature is awesome, however, considering a simple thread such as "Should I use a stroller for my 2.5 year-old?" turns into a free for all in the time it takes to make a piece of toast, I'm afraid it would get REAL ugly - REAL quick..

It's a shame too because it really could be quite helpful..

 

[Lisa loves Pooh]

I'm not sure if the "goody for you" was you being snarky or what (and I'm not sure why you thought you had to be if it was), but I think you are misunderstanding what I wrote.

Bad day--it was a snark...I'm sorry!

It is important to note that it is possible to live without credit cards. A debit card can be used in the place of a cc in most cases.

 

[C.Ann]

It is important to note that it is possible to live without credit cards. A debit card can be used in the place of a cc in most cases.

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Second generation of NO credit cards here and I've managed just fine (and probably spent WAAAAAAAY less money.. LOL ) Hopefully I'll go to my grave never having used one..

 

[Spoisal]

It is important to note that it is possible to live without credit cards. A debit card can be used in the place of a cc in most cases.

That is true, but if you are the victim of fraud - your credit card will protect you, where your debit card will not. I have been the victim of fraud & my credit card handled everything, it was effortless. If you pay with a debit card, you don't get the same amount of protection. I use a debit card around town (probably shouldn't), but I only use a credit card on vacation or on line. Just be careful!

 

[sunkissed212]

i just got back from my local library and unfortunately they don't have this in their holdings. I'll have to check out the bookstore...i'm definitly interested in reading it.

 

[Lisa loves Pooh]

Are you doing the Financial Peace University? If so, are you doing the class or at home? Just curious....

Just doing the home study of TMM.

Take a hand at that first.

We've done Crown--but--though we believe in it--it was more a bible says this so do this kind of thing. Shamefully--we are in the same boat we were in when we took it.

The TMM book is the FIRST time ever where it clicked in my head--no matter how many times people say spend less than you make, save for a rainy day, yadda yadda yadda.

To me it was like the book of revelation for money. The end of my money world will come soon if I do not take steps now.

With everything the way it is in our country---I've been scared for about a year. I don't wish to be that way anymore.


And one more note---they have those "creative financing mortgages" now--you know, the interest only. The bubble will burst when all those flood the market b/c people can no longer afford to keep them.

 

[Lisa loves Pooh]

I miss Larry Burkett. He was a wonderful financial counselor.

But his information lives on! If you want a Christian perspective, do a google search under his name. Lots of books and tools.

There are actually christian/biblical references in Dave Ramsey's book--which I was surprise.

Crown was great---but it didn't knock it into you like DR did. I've done the Crown study--I think this is a supplement that I should have read along with crown.

 

[FirstTimer]

I told DH about this thread and about the book and how I was gonna buy it. He said it's impossible to be debt free, use cash only. I said, we'll see about that. Granted he's closer to this task than me (1 more year on car payment, will be done this year with student loans and has no credit cards) but still doesn't see how it's possible. Since I've *ahem* have had some indulgences in the past it will take me a little longer but I'm up for the challenge. <---just like the dog

 

[C.Ann]

That is true, but if you are the victim of fraud - your credit card will protect you, where your debit card will not. I have been the victim of fraud & my credit card handled everything, it was effortless. If you pay with a debit card, you don't get the same amount of protection. I use a debit card around town (probably shouldn't), but I only use a credit card on vacation or on line. Just be careful!

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There was an article in the newspaper just the other day.. A debit card with the Visa logo on it now affords exactly the same protection.. Debit cards are becoming very popular as people begin to shy away from credit card debt..