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Old 10-04-2012, 12:19 AM   #71
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Originally Posted by nhochs
I hope you don't mind if I join. We are 4 weeks in to FPU at our church and it has given me so much motivation. I have been following DR on the radio for the last 3 years or so but it's nice to actually get gazelle.

DH and I have some decisions to make after FPU and I'm so on the fence. The last 3 years I have been a SAHM to my 4 girls (16,12,3 and 2). My 3rd dd has a medical condition that needs weekly appointments and she attends a special needs preschool. We have a lot of debt. I mean a lot! We were like 25% of the total debt of our class.
Here it is:
Student Loans 84k
Credit Cards 30k
Mortgage 186k
2nd Mortgage 25k
Medical bills 18k

Gross! My dh makes roughly 84k a year and we live on a strict budget but we aren't making much headway with all of our debt. The student loans are mine and I have a MBA. We need to decide if I should return to work. Looking at the numbers it's a no brainer but my dh and I are having such a hard time with it. The main concern is our dd and putting her in daycare. My initial thought is that I wait 2 years until she begins kindergarten then go back full time. But if I wait I feel like I'm hurting my family financially. I've thought about part time but with paying part time daycare costs it's almost a wash. I've been contacted by several companies I could expect to earn around $55k a year.

So help me please...what would you do? Am I being too emotional?
Welcome

I'm no DR expert but in our case, we decided that we couldn't put a dollar amount on me staying home with DS and our future children. It means the world to both of us and even freedom from financial slavery coming a few years sooner isn't worth it to us.

Is there a way to compromise? Work from home or work shifts opposite your dh?

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Old 10-04-2012, 05:29 AM   #72
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Originally Posted by nhochs
I hope you don't mind if I join. We are 4 weeks in to FPU at our church and it has given me so much motivation. I have been following DR on the radio for the last 3 years or so but it's nice to actually get gazelle.

DH and I have some decisions to make after FPU and I'm so on the fence. The last 3 years I have been a SAHM to my 4 girls (16,12,3 and 2). My 3rd dd has a medical condition that needs weekly appointments and she attends a special needs preschool. We have a lot of debt. I mean a lot! We were like 25% of the total debt of our class.
Here it is:
Student Loans 84k
Credit Cards 30k
Mortgage 186k
2nd Mortgage 25k
Medical bills 18k

Gross! My dh makes roughly 84k a year and we live on a strict budget but we aren't making much headway with all of our debt. The student loans are mine and I have a MBA. We need to decide if I should return to work. Looking at the numbers it's a no brainer but my dh and I are having such a hard time with it. The main concern is our dd and putting her in daycare. My initial thought is that I wait 2 years until she begins kindergarten then go back full time. But if I wait I feel like I'm hurting my family financially. I've thought about part time but with paying part time daycare costs it's almost a wash. I've been contacted by several companies I could expect to earn around $55k a year.

So help me please...what would you do? Am I being too emotional?
It might be crazy, but your biggest debt is your home. Would it be possible to sell and make back more than the mortgage plus the 2nd mortgage? I know not many people would move to a cheaper place but it seems that would help you be able to stay home. Also,can you find employment that is on the opposing shift to hubby, avoiding childcare? I too could earn about $50,000 returning to work, but with daycare for 3 kids under 5 would make it not really worth it to me. In pa, it seems houses are cheaper (based on househunters lol!) But nevertheless we live in a pretty small house, and plan to move when we are completely debt free of our home and car. Our mortgage can be paid with my casual pay from working just Sundays. I'm pretty sure Dr would suggest something similar, but I know most people aren't as hard core Dr followers as we used to be..(we weren't as rigid after we had our kids, and are getting back into it now) It's hard to give some of these things (homes, cars, expensive "toys" )up. Hope you can find something that works for you!
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Old 10-04-2012, 08:42 AM   #73
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I have a feeling DR will be going out the window, for a bit (not forever). We found out we might be moving to Italy in 3 months I plan on purging A TON of things so that there will be less to pack/unpack. We really need to replace things like our couch, our dishes (we have ONE glass dinner plate right now lol), our pots and pans. So I will probably replace those after we move, just donate the old ones before we move. $$$. And we need to visit our parents before we leave (not visiting is out of the question). Obviously, way more $$$, as we need to fly to CA and FL (we might be able to drive to CA, we'll have to look at costs to see which is best, and also how much time DH can get for leave). And going to Europe (specifically Italy) is my lifelong dream, so we'll definitely need a nice vacation savings fund. I can't live in Europe for 2+ years and not travel! I'm pretty sure at least one trip to Germany and 1 to Greece are in order. Minimum. Lol.

I still have plans to SB after we move, but it will be less intense, I'm sure, since I will have a vacation envelope to contribute to now

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Stockpile your money. We have been bleeding money since we arrived in Thailand in July. And we didn't replace much of anything except a few small appliances because of the difference in volts and bed linens. Estimate what you think you will spend and triple it just to be safe.
Also, start purging your house now especially if you have to pack up everything, 3 months is not long at all to get your affairs in order and there is a lot that needs to be done and planned out, that gets time consuming and costly.
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Old 10-04-2012, 08:43 AM   #74
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

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Originally Posted by EmmaGM View Post
Welcome

I'm no DR expert but in our case, we decided that we couldn't put a dollar amount on me staying home with DS and our future children. It means the world to both of us and even freedom from financial slavery coming a few years sooner isn't worth it to us.

Is there a way to compromise? Work from home or work shifts opposite your dh?

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I totally agree. If you can afford where you are now (staying home), I would continue that until your child is in kindergarten. It would be worth looking into a compromise though.

AFM, I've been sewing up a storm to restock my store. I've added over 70 pads since Monday, and today I'm a wee bit tired. DS has a friend coming over after school and I have some cleaning to do so I'm not sure how much I will get done.
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Old 10-04-2012, 10:48 AM   #75
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

Thanks ladies! It's such an emotional decision.
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Old 10-04-2012, 11:22 AM   #76
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

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Originally Posted by nhochs View Post
I hope you don't mind if I join. We are 4 weeks in to FPU at our church and it has given me so much motivation. I have been following DR on the radio for the last 3 years or so but it's nice to actually get gazelle.

DH and I have some decisions to make after FPU and I'm so on the fence. The last 3 years I have been a SAHM to my 4 girls (16,12,3 and 2). My 3rd dd has a medical condition that needs weekly appointments and she attends a special needs preschool. We have a lot of debt. I mean a lot! We were like 25% of the total debt of our class.
Here it is:
Student Loans 84k
Credit Cards 30k
Mortgage 186k
2nd Mortgage 25k
Medical bills 18k

Gross! My dh makes roughly 84k a year and we live on a strict budget but we aren't making much headway with all of our debt. The student loans are mine and I have a MBA. We need to decide if I should return to work. Looking at the numbers it's a no brainer but my dh and I are having such a hard time with it. The main concern is our dd and putting her in daycare. My initial thought is that I wait 2 years until she begins kindergarten then go back full time. But if I wait I feel like I'm hurting my family financially. I've thought about part time but with paying part time daycare costs it's almost a wash. I've been contacted by several companies I could expect to earn around $55k a year.

So help me please...what would you do? Am I being too emotional?
It is such a hard decision to make, and what ever you decide would be best for your family DR would support. He is a huge proponent of Mom being home, I myself work full time and for our family it is great. We have amazing childcare and I make enough to make it worth the cost.
I think you need to do what is best for your family.
Maybe you could get something part time or work from home?

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Originally Posted by EmmaGM View Post
Does dr ever say anything about throwing money away on rent? Because that's what I feel like I'm doing.

Maybe its not so bad in other places but here, I could buy a 3/2 home for the same as I'd pay in rent for a 2/1 apartment.

The point is moot atm because it will be several years before we're ready to buy, I'm just curious as I've never read or heard DR say anything about the nature of renting.

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I know it may seem that way, but you could end up like us, throwing money at a mortgage that we are so upside down in we couldn't sell if we wanted to. Yes home ownership is nice but the reality for us is we don't have options if for some reason we had to move. We are not only in this place because of the housing market, but because we put 0 down.
Maybe you should make a plan to re evaluate when you have paid off 1/2 of your debt. That way you may be in a better financial place and it won't seem that far away
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Old 10-04-2012, 02:54 PM   #77
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

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Originally Posted by nhochs View Post
I hope you don't mind if I join. We are 4 weeks in to FPU at our church and it has given me so much motivation. I have been following DR on the radio for the last 3 years or so but it's nice to actually get gazelle.

DH and I have some decisions to make after FPU and I'm so on the fence. The last 3 years I have been a SAHM to my 4 girls (16,12,3 and 2). My 3rd dd has a medical condition that needs weekly appointments and she attends a special needs preschool. We have a lot of debt. I mean a lot! We were like 25% of the total debt of our class.
Here it is:
Student Loans 84k
Credit Cards 30k
Mortgage 186k
2nd Mortgage 25k
Medical bills 18k

Gross! My dh makes roughly 84k a year and we live on a strict budget but we aren't making much headway with all of our debt. The student loans are mine and I have a MBA. We need to decide if I should return to work. Looking at the numbers it's a no brainer but my dh and I are having such a hard time with it. The main concern is our dd and putting her in daycare. My initial thought is that I wait 2 years until she begins kindergarten then go back full time. But if I wait I feel like I'm hurting my family financially. I've thought about part time but with paying part time daycare costs it's almost a wash. I've been contacted by several companies I could expect to earn around $55k a year.



So help me please...what would you do? Am I being too emotional?


Could you work opposing shifts? Maybe no in your field but in somethign else? We work opposing shifts. He works W-S 6pm-2am and I work 6:30am till 5:15 PM M-T. It actually works out amazingly well. The only thing that SUCKS is when he gets stuck on a call and doesn't arrive home till right before I have to leave for work (hes a deputy). While I miss haivng days off with him I LIKE being home 3 days a week with my daughter all in a row (my old shift was s,sun, tuesdays off
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Old 10-05-2012, 08:03 AM   #78
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

My goal this weekend is to get Oct. budget written. I need to do it before I go grocery shopping tomorrow. I'm feeling very behind. Dh is sick and didn't go to work today, he has an infusion up at the hospital tonight to try and get him back on his feet. Just feeling overwhelmed right now, but I don't want to just go through all the money and not have anything to show for it.
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Old 10-05-2012, 08:43 AM   #79
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

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List them out individually. DR says any loan that is half of your yearly income gets moved to step 6. If you have ones that fall below that put them in step 2...pay minimums on everything but the smallest, put as much money as you can towards it each month, once it is done move onto the next.
My total student loan debt was around 71K we put it in our debt SB with everything else because the individual loans were smaller than 1/2 our yearly income
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."
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Old 10-05-2012, 02:31 PM   #80
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Re: Dave Ramsey Support Thread Oct 1 - Oct 7

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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."
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

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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