Just completed the best mod ever

Congrats! That's awesome.

 

Who has 2.5% earnings in savings???

Looking at some of these posts i need to lower my food bill... looked down at my stomach and maybe i need a big reduction, shit i spent $117 at Red Lobster last night! But was singing "rock lobster" on the way home

 

Ally bank, discover, citibank to name a few.

 

Thanks, looks like im getting F'ed with Chase

 

We have chase as well, checking and savings since it's super convenient to bank with them and quick pay people but their APR is dismal earning just pennies each month. Our paycheck goes in and I set automatic transfer outs into our online savings account.

 

Looks good i got to the application part on Citi site, i have a credit card from Costco through them so maybe easier to try them out and set up an auto-deposit from Chase
THe site said up to 2.6% but then when i put in my state it is 2.36% but that is still a good deal

 

Beats the 0.07% at chase.

 

Here is the Dave Ramsey method. We have been doing this for 5 years. It absolutely works and changed my families lives.

 

Congratu-fucking-lations mate! That's something to be damn proud of. I bet you're walking 'round with a smile now.

 

I was offered 2.36% as well. I believe its a fairly new thing from Citi. I hadn't seen it before, but I have their double cash card and they sent me some emails announcing the high APR savings. I'm in an Amex savings at 2.10% right now.

 

I'm not against Dave Ramsey method but you gotta find that balance between having fun/ enjoying life and saving. I see way too many of my patients tell themselves they will retire and travel the world with their significant other only to get sick and all plans put on hold.

 

Interesting comments about Whole Foods, Walmart, Costco etc. I don't find Whole Foods prices to be more expensive than anywhere else really. Most people just buy higher quality products or foods from Whole Foods. A lot of people find great deals on meats at Walmart and stuff but they are buying USDA choice meats instead of USDA Prime, yes there's a difference. Likewise with fish, how many people go to Costco or Walmart to buy $30/lb Chilean Sea Bass.

 

Congrats OP! Huge accomplishment and not easy, but it takes willpower that all can achieve if you stick to a plan. For the first 15 years of my career, I was what doing what Dave refers to as "out-earning your stupidity" and that was my motto. I eventually learned, but I do wish I could have learned earlier - lot's of $ needlessly squandered that could have earned many years of retirement later on.

That said, I do think there's a balance to strike. I do see some folks go so far conservative that they do nothing - "live like no one else, so you can live like no one else (later)"

Problem is, you don't always have later, and certainly our health continues to degrade over our lifetimes. Studies have proven that buying "things" makes none of us happy - beyond the initial joy and newness of something. Why? Because we are a highly adaptable species. The newness of ANYthing wears off and that thing will only bring you temporary happiness - the exception? "things" that enable you to do and explore and build experiences.

Experiences, to me, are just like investing in an appreciating asset like a home. Be smart about it, but don't pinch to the point that you don't live for what may be some of the best, most energetic years of your lives. All things in moderation and balance... Taking that bucket list trip, visiting a foreign country, going off-grid exploring somewhere new in nature - these are truly valuable because they actually change you, add depth to your experiences.

 

That looks like a easy step by step but so many flaws in my head

"Cut all credit cards"
While this sounds like a good decision, if you are paying off the entire balance every month, you are paying no interest
The bonus is most cards will put your purchases in a pie chart to see where your spending money and your getting CASH BACK on everyday purchases=free money

"Stop contributing to retirement funds"
This is really bad especially if you have company match

"Saving $1000 in emergency baby fund" ?
You should really have 3 months of expenses saved up in emergency fund

Saving 20% for house down payment (This is $40,000 to $80,000+) this is a great step to avoid mortgage insurance, yes
BUT this is stated as step BEFORE contributing to your 401k

Maybe im just attacking the retirement stuff, maybe Ramsey is a good plan, but starting a 401K and contributing along with a ROTH IRA early in your working career is
probably one of your best choices you can make
I have regrets only doing 3% for 7 years at my last job, compared to now at my new job i do 10% and after 4 years it is already much more than the 7 years at last
And if market is healthy your earning constant cash you didnt have to do anything for

Remember to enjoy now

 

methinks it's the pickle that got him into the jam . . . .

 

everything over $5.00 gets paid with my visa cards.

5% or 1% back on purchases depending on chase or bank of 'murica & paid off every month. most months I get enough money back to pay my electric bill. I think different things work for different situations.

 

Anything over $0.01 gets charged on my cards... I don't use a debit and don't usually carry cash. I get that you are more cognizant of spending with cash but I really dislike change.