I have not. It hasn't been of much interest to me, but I'm trying to have an open mind and might give it a shot. On the subject of paying things off, my two lowest debts, tool account and one cc are interest free. Tool account indefinitely, cc will be interest free and I should have it paid off before interest kicks in. Attack the cc with interest, and my biggest debt?
I have not. It hasn't been of much interest to me, but I'm trying to have an open mind and might give it a shot. On the subject of paying things off, my two lowest debts, tool account and one cc are interest free. Tool account indefinitely, cc will be interest free and I should have it paid off before interest kicks in. Attack the cc with interest, and my biggest debt?
Dave Ramsey's strict planning is for people in high debt and know they have no discipline. Advocates for paying off smallest bill so you get that goal attainment/attaboy boost in morale to keep you on plan and to try to avoid multiple late payment penalties from multiple accounts when you f*ck up. Snow balling your debt works but to minimize debt cost you should focus on your highest interest rate rather than your smallest amount owed as long as you can service the minimum payment on the lower interest accounts as this will actually get the debt paid off faster.
Is your tool account a truck account or manufacturer line of credit? I can carry $4k from our guy without applying for credit and is interest free as opposed to the actual credit line that carries interest.
One single credit card with $6100 balance or multiple? If you have the ability to balance transfer to a lower/zero interest card then as long as the transfer fee doesn't exceed what you would pay in interest charges you'll be ahead in the end.
Identify the balance that carries the highest interest then prioritize that account until it is done and move down the line carrying over everything to the next highest rate account until $0.
VA Disability, forget it until you get that first check then reassess. Sh*t is a nightmare at times; I'm still in the NG so more so for me. They could delay or misplace paperwork so don't plan on having that money until you do.
Work on building the savings up at the same time.
As far as the truck/car situation, if the hot hatch doesn't fit your lifestyle needs and you can sell it, retire the debt on the loan, and come out ahead then I'f go for it, especially as a diesel mechanic. You are definitely paying way, way too much for insurance. Do your damnedest to sell the car privately; yes it's a pain but will garner more money. Also, Jew the guy on the truck as much as you are comfortable with and don't forget to plan for TTL.
Is your tool account a truck account or manufacturer line of credit? I can carry $4k from our guy without applying for credit and is interest free as opposed to the actual credit line that carries interest.
One single credit card with $6100 balance or multiple? If you have the ability to balance transfer to a lower/zero interest card then as long as the transfer fee doesn't exceed what you would pay in interest charges you'll be ahead in the end.
Identify the balance that carries the highest interest then prioritize that account until it is done and move down the line carrying over everything to the next highest rate account until $0.
VA Disability, forget it until you get that first check then reassess. Sh*t is a nightmare at times; I'm still in the NG so more so for me. They could delay or misplace paperwork so don't plan on having that money until you do.
Work on building the savings up at the same time.
As far as the truck/car situation, if the hot hatch doesn't fit your lifestyle needs and you can sell it, retire the debt on the loan, and come out ahead then I'f go for it, especially as a diesel mechanic. You are definitely paying way, way too much for insurance. Do your damnedest to sell the car privately; yes it's a pain but will garner more money. Also, Jew the guy on the truck as much as you are comfortable with and don't forget to plan for TTL.
I differ from Ramsey a bit as I tend to look at the cost of money first.
If you have a CC balance of $6K plus, and a Tool truck balance of $2K plus, I would be willing to bet the rate on both of those is sky high. Not sure what your car note rate is, but it's likely not as high. So to me, over time the CC and Tool Truck balances are going to cost you a lot in interest. Hard to say what the best route is until you put all of the different scenarios into a spreadsheet and look at them, from a cost of money perspective, not from a monthly payment perspective. You might be surprised which option saves you the most money.
If you have a CC balance of $6K plus, and a Tool truck balance of $2K plus, I would be willing to bet the rate on both of those is sky high. Not sure what your car note rate is, but it's likely not as high. So to me, over time the CC and Tool Truck balances are going to cost you a lot in interest. Hard to say what the best route is until you put all of the different scenarios into a spreadsheet and look at them, from a cost of money perspective, not from a monthly payment perspective. You might be surprised which option saves you the most money.
WTF is wrong with your insurance company? I pay 230 for a '13 suburban, '13 Sorento. 50K in coverage on my 71 Buick GS, plus liability on an 02 2500HD, and my 65 Mercury. You pay 200 for one little Fiesta? damn bro, that shouldn't cost more than $75 max
My tool account is actually through my work, they are nice enough to give us a spending limit, and whenever something is purchased on the truck, they just buy it off the truck and automatically take it out of our paychecks, with no interest of additional fees. It is really nice, I can't complain.
Multiple credit cards, 3 to be exact. One has 150 some odd dollars on it (will be paid off prob next paycheck), one has 5800, and the last one is a Best Buy card that I put a computer on with 0 interest for 6 or 7 months. It is only a Best Buy credit card, so no transfer of balances to it.
I'm not counting or planning on having any set dollar amount from the VA, I'm more concerned about the long term care side of disability. However, I am trying to ensure that I do have a plan for the extra income of and when I get it.
See above explanation sir. I am definitely needing to sit down and figure all that out, I actually have a pretty good spreadsheet laying around somewhere for that.
I am not sure at all, I really want to get a hold of someone that could explain why to me. I don't live in a bad neighborhood, don't drive my car a ton or use It for business, and I have an almost spotless record, aside from a bunch of tickets when I was 17-18.
Call your local OK farm bureau agent. They are substantially cheaper than everyone else.
He may be young.
My insurance didn't stop buttfawking me until I was 25. At which point I'd had more accident-free miles than most 50 year olds. Fawking discrimination.
Possibly he has a poor credit record, and as such is considered a higher risk. Being 27 doesn't help.
That's the only thing I can think of.
However, when I was <25 I had cheap paid off cars, so I don't know what full coverage would be on a new car at that age. Still don't actually. Don't own anything less than 10 years old.
Full coverage on new vehicles sucks when you're young. I had a semi-legit reason for buying a new vehicle at 18 (work - was driving a few thousand miles a month at the time).
They getcha.
They getcha.
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