Dave Ramsey Radio Show
Today I listened to the Dave Ramsey show for the first time. As I mentioned in my prior post, Budgeting Tools I used to listen to Everyday Wealth Radio every week. This show is daily and I found it very inspirational. I like the direct, straight to the point, no sugar coated advice he gives to callers regarding their debt.
I decided to search out to see what Dave Ramsey does, and it seems his “snowball method” of debt repayment is quite popular. Instead of doing the math and looking at debt in terms of, “What is costing me the most money in interest?”, his approach is more along the lines of, “What can I easily pay off and roll that payment into the next smallest debt?”, which in theory sounds great. I think the second method only works by the simple fact of seeing what the savings would be on the lower debts would have cost you by the time the highest interest debt is paid off.
I am going to seriously consider looking at adopting this type of payoff plan, but at the same time look at ways to try to roll my high interest debt into a lower interest vehicle like a consolidation loan if possible. One thing I take pride in is that even though I have some debt, my credit is great, and I am completely current on everything. It frustrates me to just keep making payments and not feeling like I am moving forward, and I have some smaller balances on two of my accounts that I could probably push to pay off this year. I’m just glad I got my stove and furniture for my house paid off this year. A lot can happen in the 8 months remaining this year and it would be great to be in better shape next year.
Hi,
I’ve been listening to Dave Ramsey for a few months now. I’m not really into his Christian philosophy, but I do appreciate the motivation that his show helps give me.
His book, The Total Money Makeover, while being pretty simplistic is also a decent enough inspirational (and quick) read.
Good luck with paying off your debt, I’m in the same boat and doing my best.
I’m still trying to figure his show out. People were calling in asking him for advice on if they should pay this or that off first. He asks questions real blunt like, why did you get yourself into this, what is your take home pay, and the like. We all make mistakes and learn a lesson about how the choices we make impact our lives. Suze Orman does the similar style with people who call in her show on CNBC. I will listen to his show some more and see what he is all about. The show I previously listened to offered a lot of advice, tips, and shared a few stories or questions from her listeners from time to time.
Thanks for visiting and best of luck to you becoming debt free!
I am a huge fan of Dave Ramsey and myself and my husband are currently on “Baby Step 2″. Paying off our debt smallest to largest! I wish you the best of luck! Don’t give up!