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The Water Cooler
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Car buying and financial responsibility
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<blockquote data-quote="Gabriel42" data-source="post: 2874005" data-attributes="member: 28680"><p>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. </p><p></p><p>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. </p><p></p><p>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. </p><p></p><p>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. </p><p></p><p>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. </p><p></p><p>Work on building the savings up at the same time. </p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="Gabriel42, post: 2874005, member: 28680"] 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. [/QUOTE]
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