10-05-2012, 03:31 PM
Join Date: Jun 2010
Location: New Jersey
Re: Dave Ramsey Support Thread Oct 1 - Oct 7
Thank you so much for the clarification We put everything on BS 2, it is a massive list but everything but the 1st mortgage on our house is there. SL and the 2nd mortgage
Originally Posted by KrisM
DR says a second mortgage more than half your income can move to step 6. He says student loans are always BS2. He does say you can have a bigger BEF than $1000, but that means maybe $3000, not a ful 3-6 months.
From his site:
"QUESTION: Penny and her husband have a $33,000 student debt. They bring home $50,000 a year and she wants to know if they should have a bigger baby emergency fund since itís going to take them so long to pay back the student loan. Should they sell their home to pay off the loan faster?
ANSWER: Since itís going to take you so long to pay off that student loan, you should go back to Baby Step 1 and build up your emergency fund to about $3,000. Then go back to Step 2 and finish paying off the student loan. Youíre going to be at it for a while on your income, so you need to have more of a cushion in savings."
AFM: I called our insurance agent a few weeks ago because they automatically up the cover amount for our home every year and this year the estimated cost to rebuild our house due to total loss was DOUBLE the value of our home so they readjusted it. So today I got a check for $302 because of overpayment. I love it We may just be able to get DH's car paid off this month if we keep this streak up!!!
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