Melanie (![[info]](http://l-stat.livejournal.com/img/userinfo.gif){kind=small} myprimalscream) wrote,@ 2008-06-14 09:40:00 |
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MI - Money 5 from Jim
As some of you may know Jim is a huge Dave Ramsey fan. Personally I agree with Daves teachings as well. Some say he is too extreme. I say we were extremely careless when we got into debt so we need to take extreme measures to get out of it. If you are looking for guidance, this is a great place to start: http://www.daveramsey.com Dave stresses debt repayment and saving. These questions were inspired by him.
1. What are your thoughts on the use of credit cards?
I think when used responsibly and respectfully they are a great tool. Sadly most of us do not. It's my opinion that you should NEVER purchase anything you can not immediately payback. It's also my opinion that immediately does not mean... As soon as I get paid. With so many no fee reward cards not to mention the benefits of purchase protection you have available to you, it makes sense to use your credit card for your purchase & then post your payment to pay it off. This is the ideal way to use your credit card. 1-5% cash back & security protection, 90 purchase guarantee... these are all great reasons to use your ccd over cash or debit. Unfortunately most folks don't pay their purchase off immediately & get themselves in deep financial trouble. If you are paying Finance Charges, late fees, going over your limit... You are throwing money away & being irresponsible with your finances. Good credit is something you earn and a credit card is a tool to help. Credit is not something everyone has a right to. Your lifestyle & behaviors will prove that. It should be used to reward good behavior not for the purpose of punishing bad. Sadly it is often used for just that. Much to the Glee of the credit card companies. The more you are punished with high rates & fees for financial choices, the more the banks profit. The banks LOVE to profit. And here in the USA - We give them so much to be happy about.
2. When it is time to get a new car will you buy new, used or lease and why?
I believe in PRELOVED - it just makes sense! You can get a GREAT DEAL on a preloved vehicle. If you are selective and play it right, you can find the same or sometimes BETTER than new quality because of the LOVE someone else put into their ride before it became yours for a much better price.
3. Tell us something major in your life you saved up for and if you had to do it again would you save up for it or do it differently?
Hmmmm, Well the down payment on my house but technically I haven't bought it yet so I am going to go with...... Golly I can't think of anything else.... I am pretty satisfied with - WAIT, YES I JUST THOUGHT OF SOMETHING..... RETIREMENT - I think I would have started (knowing what I know now) saving/investing earlier cultivating better habits younger.
4. If you had to watch your pennies a lot tell us one guilty pleasure you would not curb spending on?
Netflix was/is a guilty pleasure. I have canceled it before but decided that it's much less expensive than Direct TV and I use it more
5. What do you think your retirement will look like financially and will you be ready?
I retire from things all the time LOL - As for the JOB - I don't see myself ever willfully retiring. An illness or death itself will be the only thing keeping me unemployed - I do best when I am around others so I plan on keeping that part of my life going. I was also born to Shop so therefor I must work!
As some of you may know Jim is a huge Dave Ramsey fan. Personally I agree with Daves teachings as well. Some say he is too extreme. I say we were extremely careless when we got into debt so we need to take extreme measures to get out of it. If you are looking for guidance, this is a great place to start: http://www.daveramsey.com Dave stresses debt repayment and saving. These questions were inspired by him.
1. What are your thoughts on the use of credit cards?
I think when used responsibly and respectfully they are a great tool. Sadly most of us do not. It's my opinion that you should NEVER purchase anything you can not immediately payback. It's also my opinion that immediately does not mean... As soon as I get paid. With so many no fee reward cards not to mention the benefits of purchase protection you have available to you, it makes sense to use your credit card for your purchase & then post your payment to pay it off. This is the ideal way to use your credit card. 1-5% cash back & security protection, 90 purchase guarantee... these are all great reasons to use your ccd over cash or debit. Unfortunately most folks don't pay their purchase off immediately & get themselves in deep financial trouble. If you are paying Finance Charges, late fees, going over your limit... You are throwing money away & being irresponsible with your finances. Good credit is something you earn and a credit card is a tool to help. Credit is not something everyone has a right to. Your lifestyle & behaviors will prove that. It should be used to reward good behavior not for the purpose of punishing bad. Sadly it is often used for just that. Much to the Glee of the credit card companies. The more you are punished with high rates & fees for financial choices, the more the banks profit. The banks LOVE to profit. And here in the USA - We give them so much to be happy about.
2. When it is time to get a new car will you buy new, used or lease and why?
I believe in PRELOVED - it just makes sense! You can get a GREAT DEAL on a preloved vehicle. If you are selective and play it right, you can find the same or sometimes BETTER than new quality because of the LOVE someone else put into their ride before it became yours for a much better price.
3. Tell us something major in your life you saved up for and if you had to do it again would you save up for it or do it differently?
Hmmmm, Well the down payment on my house but technically I haven't bought it yet so I am going to go with...... Golly I can't think of anything else.... I am pretty satisfied with - WAIT, YES I JUST THOUGHT OF SOMETHING..... RETIREMENT - I think I would have started (knowing what I know now) saving/investing earlier cultivating better habits younger.
4. If you had to watch your pennies a lot tell us one guilty pleasure you would not curb spending on?
Netflix was/is a guilty pleasure. I have canceled it before but decided that it's much less expensive than Direct TV and I use it more
5. What do you think your retirement will look like financially and will you be ready?
I retire from things all the time LOL - As for the JOB - I don't see myself ever willfully retiring. An illness or death itself will be the only thing keeping me unemployed - I do best when I am around others so I plan on keeping that part of my life going. I was also born to Shop so therefor I must work!
