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The Presidency of Joseph R. Biden

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I've been entertained by Dave Ramsey at times I have stumbled across him on the radio. He has this aw shucks kind of demeanor that's kind of engaging, and I never heard any of the overt religious stuff, although it doesn't shock me to hear he uses it on air. But, yeah, can be entertaining. I'll have to locate Clark Howard and check him out.

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That's why I used the Atkins reference to him.  He has some good ideas and generally speaking it's a good idea to reduce debt and watch your cash flow and not spend what you don't have.  But you can take it to extremes.

Basically if you make ok money then there's no reason you should use a CC unless you intend to pay it off each month.  If you are ok with always carrying balances then you can get into trouble. Even low interest ones.  Unless it's an emergency you shouldn't use a CC without plans to pay it when it's due.  

When we go on vacations I pay for the flights in advance, usually bvecause we book far enough out that we have to.  I block out money for the hotel/condo rental and sent that aside for that bill.  Then I take out cash and take that with us for when we are there for meals and entertainment.  I don't use my card  That way I approach it as the vacation is already "paid for".  once I have the cash in my hand then I consider it spent money.

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There are plenty of ways to tailor a good financial plan for each individual.  Everyone is different and every situation is different.  Generally speaking not carrying balances on CC's is a good idea, just like investing is a good idea.

Oblong has a good system for him, but carrying around that much cash is not something I would do.  Once you drop a 100.00 bill or something it is gone.  Someone uses your CC#?  You can get that back or not have to pay it at all.  It is an extreme example because not many people accidently drop money, but once it is gone it is gone.

As long as you are not carrying large debt and you are investing what you can, generally speaking that is a recipe for success.  The psychology of financial planning is on par with life goals etc.  They are all different.

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I invest the equivalent of 20% of my income in retirement.  Our company has the target funds.  I put in 11%, my company matches 4.5% of that, and throws in another 4.5%, independent of what I do, meaning if I didn't invest anything they would still do 4.5%.  If I put in  3%, they would do 3% + the 4.5%, etc.  Each year my investment goes up another 1%.  Other than that I don't pay much attention to it.  I don't like the stress of worrying about it.  I know it goes up but I am not going to waste a bunch of time worrying if the return is 8.8% or 9.3% if I did something else.  

 

 

 

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4 hours ago, chasfh said:

I've been entertained by Dave Ramsey at times I have stumbled across him on the radio. He has this aw shucks kind of demeanor that's kind of engaging, and I never heard any of the overt religious stuff, although it doesn't shock me to hear he uses it on air. But, yeah, can be entertaining. I'll have to locate Clark Howard and check him out.

I tried to listen a bit, and I get the overall aspect of what he's saying.  In fact if my wife allowed it, i'd take the penalty and pull money out of my 401k to pay off my mortgage so I could be truly debt free.  But, I'd get so aggravated with his callers and sometimes him.   The range of caller would be:

"My husband and I have good jobs, he's a VP at a bank and I own my own business, but we have a toddler and we're paying attention to money more and we just don't feel like we're getting ahead.  Our combined gross pay is about 25k a month, we each lease vehicles for 750 a month, our mortgage payment is 3k, and we do manage to save 500 a month for our child's education, but not other savings and our retirement accounts aren't that big.  We have 55k in credit cards and just can't seem to get out of it. What can we do?"

or

"Dave, you helped us out so much!   When we started listening to you we were underwater on our house, owing 150k on a house only worth 125k.  We had 30k in credit cards and 15k loan on a truck.  I'm a stay at home mom that takes care of our kids and my husband works his butt off and just got a promotion at working increasing his pay to 50k!  By paying attention to you, in just 18 months we paid off everything and are saving money now!"

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Sort of like that show where they look for houses and they work at subway but their budget is $750K

 

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26 minutes ago, ewsieg said:

I tried to listen a bit, and I get the overall aspect of what he's saying.  In fact if my wife allowed it, i'd take the penalty and pull money out of my 401k to pay off my mortgage so I could be truly debt free.  But, I'd get so aggravated with his callers and sometimes him.   The range of caller would be:

"My husband and I have good jobs, he's a VP at a bank and I own my own business, but we have a toddler and we're paying attention to money more and we just don't feel like we're getting ahead.  Our combined gross pay is about 25k a month, we each lease vehicles for 750 a month, our mortgage payment is 3k, and we do manage to save 500 a month for our child's education, but not other savings and our retirement accounts aren't that big.  We have 55k in credit cards and just can't seem to get out of it. What can we do?"

or

"Dave, you helped us out so much!   When we started listening to you we were underwater on our house, owing 150k on a house only worth 125k.  We had 30k in credit cards and 15k loan on a truck.  I'm a stay at home mom that takes care of our kids and my husband works his butt off and just got a promotion at working increasing his pay to 50k!  By paying attention to you, in just 18 months we paid off everything and are saving money now!"

I was going to do all the math on the first example, putting them in a tax bracket, basic living expenses and everything, but realized it was a made up example...I am not that bored today.

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So is Biden forgiving all my student loan debt yet or what?

His big thing is green power right?  Getting rid of fossil fuels?  

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12 minutes ago, John_Brian_K said:

So is Biden forgiving all my student loan debt yet or what?

His big thing is green power right?  Getting rid of fossil fuels?  

GE is now building wind turbines up to 13megaWatt each. They are going to have to sell a lot of them!

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39 minutes ago, John_Brian_K said:

So is Biden forgiving all my student loan debt yet or what?

 

I don't believe he has ever been in favor of anything that drastic.  He has been talking about a relief from payments until September.  

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3 hours ago, Oblong said:

I invest the equivalent of 20% of my income in retirement.  Our company has the target funds.  I put in 11%, my company matches 4.5% of that, and throws in another 4.5%, independent of what I do, meaning if I didn't invest anything they would still do 4.5%.  If I put in  3%, they would do 3% + the 4.5%, etc.  Each year my investment goes up another 1%.  Other than that I don't pay much attention to it.  I don't like the stress of worrying about it.  I know it goes up but I am not going to waste a bunch of time worrying if the return is 8.8% or 9.3% if I did something else.  

 

 

 

I put in 24% which leaves me less to spend but I am getting set up well for retirement.   My school puts in 10% for a total of 34%. The past year has been the exception as money is tight due to Covid bringing down enrollment, but I am still doing my 24%.  The 10% is supposed to start again July 1.  

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2 hours ago, Buddha said:

holy crap you guys save a lot of money.

I don't have kids!

 

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16 hours ago, tiger337 said:

I put in 24% which leaves me less to spend but I am getting set up well for retirement.   My school puts in 10% for a total of 34%. The past year has been the exception as money is tight due to Covid bringing down enrollment, but I am still doing my 24%.  The 10% is supposed to start again July 1.  

Between the retirement accounts and the MESP's for the kids we put in 10% total every year.  I wish it were more.

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16 hours ago, tiger337 said:

I don't believe he has ever been in favor of anything that drastic.  He has been talking about a relief from payments until September.  

So just an extension of what was already in place?  They have been on deferral since March I think.  I am still making payments because all of it is going towards principal now, but did skip a couple payments for a little extra cash last year.

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2 hours ago, John_Brian_K said:

So just an extension of what was already in place?  They have been on deferral since March I think.  I am still making payments because all of it is going towards principal now, but did skip a couple payments for a little extra cash last year.

Yeah people are down right stupid if they could afford to make payments during this time and NOT doing it.......

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20 hours ago, ewsieg said:

I tried to listen a bit, and I get the overall aspect of what he's saying.  In fact if my wife allowed it, i'd take the penalty and pull money out of my 401k to pay off my mortgage so I could be truly debt free.  But, I'd get so aggravated with his callers and sometimes him.   The range of caller would be:

"My husband and I have good jobs, he's a VP at a bank and I own my own business, but we have a toddler and we're paying attention to money more and we just don't feel like we're getting ahead.  Our combined gross pay is about 25k a month, we each lease vehicles for 750 a month, our mortgage payment is 3k, and we do manage to save 500 a month for our child's education, but not other savings and our retirement accounts aren't that big.  We have 55k in credit cards and just can't seem to get out of it. What can we do?"

or

"Dave, you helped us out so much!   When we started listening to you we were underwater on our house, owing 150k on a house only worth 125k.  We had 30k in credit cards and 15k loan on a truck.  I'm a stay at home mom that takes care of our kids and my husband works his butt off and just got a promotion at working increasing his pay to 50k!  By paying attention to you, in just 18 months we paid off everything and are saving money now!"

Perfect encapsulation.

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It's a good start.

I want to see his numbers rise.

Because...

He's doing the right thing (on multiple issues... like... ALL of them...).

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1 hour ago, 84 Lives!!! said:

It's a good start.

I want to see his numbers rise.

Because...

He's doing the right thing (on multiple issues... like... ALL of them...).

The phone call with Putin was fantastic.  Telling people the hard truth about the vaccine also excellent.  Yes, I'm a happy voter at this point.

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Biden needs to do more executive orders.  

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