Debt Free Living – Dave Ramsey’s Radio Show Yesterday
The Dave Ramsey radio show I listened to yesterday had a 38 year old woman that yelled “We’re debt free!” for herself and her husband – an Air Force pilot, after clearing 25,000 worth of debt and now owns their house free and clear – worth $150,000. That figure was absolutely stunning.
Let that sink in a bit. A couple that makes a combined income of $80,000 a year now owns a house worth $150K free of mortgage payments and now debts. Their cars paid in full. A whole lifetime left starting at 28 where they live without any “payments” – just income to live, invest, play, donate and enjoy.
Man… what an amazing feeling that must be. Focus. Whatever discomfort we feel getting to the place where can say “I’m debt free!” will definitely be worth it in the end.
As Dave Ramsey put out there on the radio waves, if they continue to pay that same mortgage amount into investing in their future – from age 28 to 68 – forty years… that’s a big WOW! leading to an accumulation of real wealth. Millions, in fact.
P.S. If a bill collector calls you (it happened to me this week on an old debt I had forgotten about!) and try to set up payments for the full amount – ask them this, “if I can pull together the money to close this account out in one or two lump payments what is the bottom line on this account.” So many times accounts sold off to other collection agencies have a minimum settlement amount that they are authorized to close out the account.
Often such bad debt settlement offers are for the original debt minus years of late fees and high interest rates. They just want to clear the original debt. Instead of a $4,500 bill I ended up with a $900 balance that I’m scrambling to pull together. (Ugh! I had credit cards! 
)
Tam
Tags: bad debt, dave ramsey, debt, debt collector, debt free, Debt Settlement, Investing, money, mortgage
