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Originally Posted by Drolefille
^^^ I've listened to him, but my inherent distrust of anyone on talk radio makes me question the whole thing. How useful IS his whole plan thing?
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When you hear someone say they paid off $40K on a $50K income in a year....they SOLD something. Plain and simple. We have lived on approximatel 20-25K. We cut back drastically, but we arent starving, and we arent going without things that we need. We cut out crap like eating out alot, or nail salons, and extra cable channels and garbage like that. We cut our lifestyle back temporarily to get out of debt so that way we can do whatever we want when we have finally reached "financial peace."
I started Financial Peace University in Feb 2009. It took until AUGUST before we were FINALLY at a point where we could quit relying on the credit cards. We werent ever racking the debt up higher on them, but it was a cash flow issue - when paychecks came versus when bills were due and when groceries had to be bought. If I spent $200 on the card, I paid $200 or more to it. Finally, in August 2009, I was at at point where I didnt have to rely on them anymore. In February 2010, we paid off the last of that credit card debt and were down to a consolidation loan and a car loan, and now I'm workin on the car. As soon as I finish the car, I'll begin attacking student loan debt, which has been in deferrment. I just finished grad school last month.
I started
blogging about my journey last January. Personal Finance is just that - personal, but I try to follow the plan as much as I can. It's been ALOT less stressful since I stopped dealing with credit cards. I was STUPID.
I recommend it. The plan works - if you will listen to it. Dave doesnt preach credit or FICO scores. He makes fun of people who "worship at the alter of the FICO" score. If you care about you "credit" then this plan is not for you. We lived better on one income (hubby was unemployed for over a year) by following this plan, than we were when we were making twice the income because all that extra money was slipping through our fingers.