Quote:
Originally Posted by wyatt
As for the frugality side of things, have any of you heard of/followed Dave Ramsey? He is a financial guru and has a talk-show where he basically gives everyone the same advise... Whether or not you like his political or religious views, he has a good process for finances.
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I'd have to disagree with a lot of that. Budget? No way: just being continually aware of what I spend, and developing a lifestyle in which cheap/free alternative are more fun, as for instance going for a hike instead of playing golf or something.
Cash? No, get a credit card that has a cash-back discount, and pay it off in full every month. (Of course this only works if you have the self-discipline to avoid large impulse purchases.)
Don't pay the small debts first, pay the ones with the highest interest. Better yet, don't borrow money in the first place, unless it's something like those Home Depot 12 months zero interest deals.
Save for your kid's college? No, assuming you have kids, let them work their way through. Help if you want, but don't give them a free ride. If you do, chances are they'll be expecting that for the rest of your life.
Unless you have kids, or a non-working spouse, you don't need life insurance.
And instead of getting married, just move in together. Saves twice: on the wedding, and (statistically) on the divorce lawyers a few years later :-)