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Retirement thread
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<blockquote data-quote="bobo" data-source="post: 405043" data-attributes="member: 861"><p>My wife & I follow the Dave Ramsey plan.</p><p>#1: Pay off all debt other than your house ASAP.</p><p>#2: Save a 6-12 month emergency fund, we have about 9 months now are going to save to get 12 months. Enough money that if we are both out of work for a year we could continue our current standard of living for 12 months</p><p>#3: Put 15% of our income in retirement accounts. Both our company's match 8% so we put 8% in company 401K & the rest goes into a Roth IRA</p><p>#4: Put 10% of our income split into college funds for our 2 kids</p><p>#5: Once emergency find is completed pay as much as we can on our house until its paid off</p><p></p><p>To make this happen we sit down together at the first of every month and make a written budget. Every dollar of income is allocated to go somewhere BEFORE the month starts.</p><p></p><p>To expedite our debt pat off we stopped contributing to our retirement. We started this less than 4 years ago & are now in steps 2-4.</p><p></p><p>We started like most young couples I know: student loan debt, car loans, credit cards, etc. All totaled over $100K of debt.</p><p></p><p>During this time we had 2 kids & we went riding as much as we could. I have a jeep on 1 tons, a DD truck, a tow ring, & wife has her DD. Our junk isn't the newest or nicest stuff around but we own it out right and it gets the job done.</p><p></p><p>This plan is not for everyone but has worked wonders for us financially and made our marriage stronger. When there is no stress over money everything just seems to run smoothly.</p><p></p><p>Jeremy</p></blockquote><p></p>
[QUOTE="bobo, post: 405043, member: 861"] My wife & I follow the Dave Ramsey plan. #1: Pay off all debt other than your house ASAP. #2: Save a 6-12 month emergency fund, we have about 9 months now are going to save to get 12 months. Enough money that if we are both out of work for a year we could continue our current standard of living for 12 months #3: Put 15% of our income in retirement accounts. Both our company's match 8% so we put 8% in company 401K & the rest goes into a Roth IRA #4: Put 10% of our income split into college funds for our 2 kids #5: Once emergency find is completed pay as much as we can on our house until its paid off To make this happen we sit down together at the first of every month and make a written budget. Every dollar of income is allocated to go somewhere BEFORE the month starts. To expedite our debt pat off we stopped contributing to our retirement. We started this less than 4 years ago & are now in steps 2-4. We started like most young couples I know: student loan debt, car loans, credit cards, etc. All totaled over $100K of debt. During this time we had 2 kids & we went riding as much as we could. I have a jeep on 1 tons, a DD truck, a tow ring, & wife has her DD. Our junk isn't the newest or nicest stuff around but we own it out right and it gets the job done. This plan is not for everyone but has worked wonders for us financially and made our marriage stronger. When there is no stress over money everything just seems to run smoothly. Jeremy [/QUOTE]
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