Paying off debt

nxhappy

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Well, not all women are terrible with money on a regular basis or goes crazy with CC :). My wife isn't into purses or clothes/shoes. She spends $3000 on a show saddle lol. Which I'm fine with because god knows I spend enough on coilovers/wheels/tires etc.

My wife handles all bills for us...mortgage, water/sewer/internet you name it. We determined how much each of us need to contribute to "our checking" account which we pay all our bills from. Once you set the ground work, there is no "figuring it out". Money goes in/money goes out.



Yep. It's been somewhat eye opening for many reasons. Our plan is for her to get a job ASAP, then any money she is getting as a severance (current salary) will be stashed then used to pay off more debt in a big chunk.

We are both 100% on the same page when it comes to this stuff which makes this SO easy to do. If I was with dating a girl/woman that was terrible with money or did not see the value of the dollar...that relationship would not last long.

It is possible for SOME woman to handle bills and financial aspects. But honestly IMO the men should handle most things. I see too many women blowing cash on real STUPID bullshit.
 

03cobra#2

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It is possible for SOME woman to handle bills and financial aspects. But honestly IMO the men should handle most things. I see too many women blowing cash on real STUPID bullshit.
I handed over all the bill paying and week to week budgeting to my wife a few years ago, and she has been stellar. I handle the retirement accounts to make sure our long term goals are on course as she does not have the best knowledge with investing. She stays home, handles the bills, house, and the little one. She's a Rockstar with, money, budget, and anything associated with making the house hold running smooth.
 

ford fanatic

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hmmm i dont know ....maybe divorce over 50% for men, while women sit back and do nothing ???


I'm honestly sorry that you feel that way, but that would also have a lot to do with the woman you married. I married and divorced a woman like that years ago, so I can relate, but....

My wife is a RN, makes $70 an hour and is very conscientious about saving and investing our income. Don't get me wrong, I am involved in every bit of our financial decisions, she comes to me to make sure we're in agreement of where our money should be going. We both have the same goals, to save, invest and retire wealthy.

When I check our bank accounts and there is over $40K of liquid cash, all of the bills are up to date (all we have is our mortgage) i'd say she's pretty trustworthy.

I'll edit by saying you're going to lose half your shit in a divorce no matter who controlled the finances...
 
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nickf2005

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IMO Ramsey is full of horse shit. He had to file BK on bad decisions. Therefore, I won't listen to his dumb ass.
It is possible for SOME woman to handle bills and financial aspects. But honestly IMO the men should handle most things. I see too many women blowing cash on real STUPID bullshit.
I'm honestly sorry that you feel that way, but that would also have a lot to do with the woman you married. I married and divorced a woman like that years ago, so I can relate, but....

My wife is a RN, makes $70 an hour and is very conscientious about saving and investing our income. Don't get me wrong, I am involved in every bit of our financial decisions, she comes to me to make sure we're in agreement of where our money should be going. We both have the same goals, to save, invest and retire wealthy.

When I check our bank accounts and there is over $40K of liquid cash, all of the bills are up to date (all we have is our mortgage) i'd say she's pretty trustworthy.

I'll edit by saying you're going to lose half your shit in a divorce no matter who controlled the finances...
Ditto @ford fanatic

From the day she got licensed and starting working (a couple months after we got married), my wife has handled the finances. A couple years after we were married, she "got educated" on the Ramsey steps and set out to get us out of debt, establish a healthy cash reserve, and set up hefty contributions to our 401k. The basics of Dave's program. There's other ways to skin that cat, but his ideology is far from trash.

She is the bread winner of our household and I trust her more than anything (even myself) to save/spend/invest in helping us achieve our financial goals. A prime example is that woman will order cheese on the side with an Arby's roast beef because it's cheaper than a Beef n' Cheddar... That's not typical from someone (again, not even myself) in a 200k/year household.

As I said before, we only have the mortgage with 3 vehicles and a tractor owned outright, all student debt eliminated within 2 years of graduating, and no CC debt (we don't even have a CC), and an E-fund that would cover us for 6+months.

She has us on a path to have our house paid off by time we're 42 and our boy will have enough money in a 529 to go to any sub-40k/year college, if he chooses (come on trade school; Daddy wants a shiny new pair of shoes!)

Our current investment path has us tracking to have $4M+ at retirement age, not including any additional investing/saving once the mortgage is paid off.

I lay this all out to explain why my belief is it's less man vs. woman on who should handle finances. It comes down to who is more disciplined and will put the effort into stay on top of things. We would not be in our position now if I was handling everything 100%.

Don't get me wrong, a lot has to continue to go right for us to realize this plan/dream. As a prime example, the OP was doing everything right, but there will be some bumps in the road.

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ford fanatic

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Ditto @ford fanatic

From the day she got licensed and starting working (a couple months after we got married), my wife has handled the finances. A couple years after we were married, she "got educated" on the Ramsey steps and set out to get us out of debt, establish a healthy cash reserve, and set up hefty contributions to our 401k. The basics of Dave's program. There's other ways to skin that cat, but his ideology is far from trash.

She is the bread winner of our household and I trust her more than anything (even myself) to save/spend/invest in helping us achieve our financial goals. A prime example is that woman will order cheese on the side with an Arby's roast beef because it's cheaper than a Beef n' Cheddar... That's not typical from someone (again, not even myself) in a 200k/year household.

As I said before, we only have the mortgage with 3 vehicles and a tractor owned outright, all student debt eliminated within 2 years of graduating, and no CC debt (we don't even have a CC), and an E-fund that would cover us for 6+months.

She has us on a path to have our house paid off by time we're 42 and our boy will have enough money in a 529 to go to any sub-40k/year college, if he chooses (come on trade school; Daddy wants a shiny new pair of shoes!)

Our current investment path has us tracking to have $4M+ at retirement age, not including any additional investing/saving once the mortgage is paid off.

I lay this all out to explain why my belief is it's less man vs. woman on who should handle finances. It comes down to who is more disciplined and will put the effort into stay on top of things. We would not be in our position now if I was handling everything 100%.

Don't get me wrong, a lot has to continue to go right for us to realize this plan/dream. As a prime example, the OP was doing everything right, but there will be some bumps in the road.

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We have followed Dave's plan for years, to call it trash because he had to file bankruptcy is a little absurd. I'd rather learn from another persons mistakes who are now very successful, than make my own...
 

9397SVTs

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"women spend money on stupid shit"


Hey guys, I just bought a $30k-100k vehicle that I won't drive unless the weather is perfect. What clapped out beater can I buy to get me to work and back?

ZomboMeme 23112020070350.jpg
 

nickf2005

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My wife is definitely the saver in our relationship. She handles all of our day to day budgeting etc. We would probably be broke and in the poor house if I was in charge of all of that (But we would have a lot of cool toys lol)
A conversation we had this weekend:

Me - Home Depot has good prices on Dewalt impact drivers.

Her - Don't we have a Ryobi one?

M - Yes, but the Dewalt is a bit better.

H - Does it work for what you use?

M - Um, yeah...

H - Then we probably don't need it?

M - No..........



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venmos1

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A conversation we had this weekend:

Me - Home Depot has good prices on Dewalt impact drivers.

Her - Don't we have a Ryobi one?

M - Yes, but the Dewalt is a bit better.

H - Does it work for what you use?

M - Um, yeah...

H - Then we probably don't need it?

M - No..........



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Exactly. Some just never get it. Never will. My wife needs shoes for every outfit but God forbid I buy new tools, boots etc. Words it just like you put it above
 

VegasMichael

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Ditto @ford fanatic



As I said before, we only have the mortgage with 3 vehicles and a tractor owned outright, all student debt eliminated within 2 years of graduating, and no CC debt (we don't even have a CC), and an E-fund that would cover us for 6+months.



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How do you get by not having a credit card? How would you rent a car or a hotel room?
 

rotor_powerd

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How do you build a credit rating with debit cards? I could never have purchased a house without a credit rating.

I've used them in the past, albeit irresponsibly. They were all paid off and cut up a very long time ago, most of my accounts have also been closed due to inactivity for years. My credit was pulled for our refinance a couple weeks ago and it was 809, so clearly the score doesn't depend on frequent credit card use.
 

nickf2005

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Exactly. Some just never get it. Never will. My wife needs shoes for every outfit but God forbid I buy new tools, boots etc. Words it just like you put it above
I guess that wasn't the point of my post. She was 100% correct, and I didn't need to spend the $200 for something that wasn't really needed.
How do you get by not having a credit card? How would you rent a car or a hotel room?
What rotor said. Debit cards for everything.
We use debit cards for everything. I have several credit accounts from the past but we haven't actively used credit cards in ages.
10-4!
How do you build a credit rating with debit cards? I could never have purchased a house without a credit rating.
You don't. We established credit by paying off our student loans, two cars, and holding a previous mortgage. We had adequate credit ratings at 24 to do so, as well as the income to back it up.

In a perfect scenario, our credit rating will be 0. Even if it gets low and someone is needing a loan, then you should be able to tell the story to a loan officer that you've been floating cash for everything for years. Show them your current pay stubs and you're set.

Maintaining debt, to build a credit score, to apply for further debt is, in itself, a silly cycle. However, it's the American Way...

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VegasMichael

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I've used them in the past, albeit irresponsibly. They were all paid off and cut up a very long time ago, most of my accounts have also been closed due to inactivity for years. My credit was pulled for our refinance a couple weeks ago and it was 809, so clearly the score doesn't depend on frequent credit card use.
I think the score depends simply on how promptly you pay your bills as well as how much you owe.
 

ford fanatic

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How do you build a credit rating with debit cards? I could never have purchased a house without a credit rating.

No credit rating? Go here... No Score Loan

Everyone chases the almighty credit score, just so the can go farther in debt, to get a better score, just to borrow more money....don't be slave to the lender.
 

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