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  1. 03-20-2010, 01:44 PM #1
    StanleyJohnson
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    Default Baby Step 2.....

    I just started to listen to DR's radio program.
    I'd like to follow the baby steps, but I'm not sure how to break down my debt. Last July we consolidated our debt. We have $41,000 in a HELOC at 3.25%. That represents a car, over run from a wedding and honeymoney and a remodeling project on our house.
    *** 2012 Goals***

    Pay off........

    1) Car Loan $5,700--500 left @ 3.25%

    2) Treadmill Pd in Full

    3) Rental refurb- $7,075
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  2. 03-20-2010, 02:13 PM #2
    ladykemma2
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    Default

    Quote Originally Posted by StanleyJohnson View Post
    I just started to listen to DR's radio program.
    I'd like to follow the baby steps, but I'm not sure how to break down my debt. Last July we consolidated our debt. We have $41,000 in a HELOC at 3.25%. That represents a car, over run from a wedding and honeymoney and a remodeling project on our house.
    good. keep listening to the radio program. it's better than the tv show.

    have you cut the cable and other fluff yet? it would be helpful if you would post your budget and your total indebtedness.
    11% gross to retirement
    10% takehome to tithe and offerings
    emergency fund maintained at 3000(works for me)
    credit card debt 7500
    mortgage free
    freedom accounts/sinking funds that ebb and flow
    then live on the rest!

    i am trying something new. LDS church advises savings or debt repayment should be the same as the tithe. 10% each.

    "i create prosperity, abundance, and savings for me and my household"
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  3. 03-20-2010, 03:04 PM #3
    frugalfriend
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    Check out Dave's book from the library called The Total Money Makeover. It will break everything down for you step by step. It's a proven plan that works!
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  4. 03-20-2010, 03:48 PM #4
    StanleyJohnson
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    Quote Originally Posted by frugalfriend View Post
    Check out Dave's book from the library called The Total Money Makeover. It will break everything down for you step by step. It's a proven plan that works!
    That will be the next book I read
    *** 2012 Goals***

    Pay off........

    1) Car Loan $5,700--500 left @ 3.25%

    2) Treadmill Pd in Full

    3) Rental refurb- $7,075
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  5. 03-20-2010, 04:11 PM #5
    StanleyJohnson
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    Default

    Quote Originally Posted by ladykemma2 View Post
    good. keep listening to the radio program. it's better than the tv show.

    have you cut the cable and other fluff yet? it would be helpful if you would post your budget and your total indebtedness.
    I listen to him on Satellite radio and the internet if I miss the show.
    I still have cable and XM radio. I have cut my auto expense by quite a bit.
    I had a lot more debt, but I cashed in some underperforming investments and used the funds to pay down my mortgage.
    I had a 5.9% mortgage. I used part of my HELCOC to pay the remaining mortgage off. That was last July. I'm down to $41,000 now.
    I feel I should change my focus to pumping up my emergency fund over debt payment.
    *** 2012 Goals***

    Pay off........

    1) Car Loan $5,700--500 left @ 3.25%

    2) Treadmill Pd in Full

    3) Rental refurb- $7,075
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  6. 03-20-2010, 05:34 PM #6
    Greebo
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    The HELOC goes in BS2 unless it represents more than 50% of your household income, in which case it goes in BS6.

    In either case, when you address the HELOC, it goes in order of the smallest to largest debts.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  7. 03-20-2010, 06:05 PM #7
    StanleyJohnson
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    Default

    Quote Originally Posted by Greebo View Post
    The HELOC goes in BS2 unless it represents more than 50% of your household income, in which case it goes in BS6.

    In either case, when you address the HELOC, it goes in order of the smallest to largest debts.
    BS6 sounds good to me. I'd like to start saving for my 6 month Expenses.
    *** 2012 Goals***

    Pay off........

    1) Car Loan $5,700--500 left @ 3.25%

    2) Treadmill Pd in Full

    3) Rental refurb- $7,075
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