PvE - [9June-20July] Mutant Money Makeover

[alienjenn]

Interestingly enough I am making the most money I have ever made in my entire life and I am more broke than I have ever been. I bought the book (Dave Ramsey) Total money makeover. My friend (not sure who she is going to be when she joins NF so I am gonna call her D… until I know her name here) and I are going to read this book… 1 chapter in the week between challenges and then 2 chapters per week for 6 weeks… there are also worksheets to work though… I intend to get my finances in order!! I am taking 6 months off in 3 years (in order to hike the appalachian trail) and I have to have a significant amount of money set aside… also I am not getting any younger here!! I have to prepare for a fabulous retirement!!

 

 

I have made a spreadsheet with the plan here

                              Chapter/homework

 week 0                 The total money makeover challenge

                              worksheet: major components of a healthy financial plan

week 1                  denial

                             debt myths

                             worksheet: consumer equity sheet

                             worksheet: income sources

week 2                 money myths

                             two more hurdles

                             worksheet: monthly cash-flow plan

                             worksheet: recommended percentages 

week 3                  save $1,000 fast  

                             the debt snowball  

                            worksheet: allocated-spending plan  

                           worksheet: the debt snowball

week 4                finish the emergency fund  

                           maximize retirement investing  

                           worksheet:irregular-income planning  

                          worksheet: breakdown of savings

week 5               college funding  

                           pay off the home mortgage  

                          worksheet: pro rata debts

week 6               build wealth like crazy  

                          live like no one else

 

(I am expecting people to put their name as a column header and then an X as each item is completed) 

 

I understand that different editions of the book may have the chapters in different orders so I have listed them without chapter number and in the order they are in my book... 

 

I am hoping that we can read the book and discuss it here and do the worksheets... we can cheer each other on and give advices

 

 

as long as we all understand that we are not professionals and we don't give professional advice!! 

 

of course I am not expecting you to share your worksheets or your numbers or whatnot... this will be talking about the advice in the book and finding ways to work it in our lives (because honestly I don't care about how much you make/spend )

 

 

 

 

I will edit this post to list participants:

 

alienjenn

Heidi

Elastigirl

MaidofRus

Bekah

TheLovelyMissBeans

[Elastigirl]

So, can I join. I have already read the book and done the worksheets. But I would like re-read the book, since it has  been a while, and it would be a good refresher. We are currently working on building the retirement fund (I forget what step that is)Maybe I can offer some advice along the way, since I have already gone through the earlier steps

[alienjenn]

Awesome eg!

The evil monkeys that live in my phone rarely let my communications come through appropriately

[alienjenn]

I thought that said "i can join" not "can I join" to which the answer is definitely

The evil monkeys that live in my phone rarely let my communications come through appropriately

[Heidi]

Ok, so I'm in. I don't have the book or worksheets yet, but a third of my upcoming challenge is about budget and finances, so I will be picking your brains and cheering you on and crying in amazon withdrawal.

[alienjenn]

yeah... I got an Amazon habit as well

[Heidi]

Ok, I'm making my financial sheet available. (Supposed to be viewable by anyone with the link -- let me know if there are difficulties with that)

I'm embarrassed, but that's what this PvP is about, right?

So here's me, owning my mess. The first step to cleaning it up.

Also, the second tab is a listing of my Incredibly Thin Budget for the summer. I'm hoping that by thinking of it as just for a few months that I won't freak out and throw the whole thing in the shredder.

[alienjenn]

I like your sheet... I may end up stealing it... although I am at work right now and I can't properly access google docs... so I can't steal it right now!!

 

I am excited to see where this challenge leads us! (and a little embarrased to admit I can't pay my bills like a grownup)

[KnitJoy]

I'm in. I have the book and I just need to start reading it!

[alienjenn]

AWESOME!!!

 

add yourself to the spreadsheet!

 

 

let's be grownups or somethgin

[Bekah]

Ok, I am soooo in. I have been a so-so adherent to Dave's program for a while, but I have a spending problem, combined with an income problem...so yeah, I need to get my crap together. Me and J were just able to get mostly debt free (except Student Loans) and our emergency fund done...but I am concerned that it wont stay that way without mucho effort on my part. I will check out everyone's sheets tomorrow, but I wanted to hold my spot!!!

[Bekah]

I like your sheet... I may end up stealing it... although I am at work right now and I can't properly access google docs... so I can't steal it right now!!

 

I am excited to see where this challenge leads us! (and a little embarrased to admit I can't pay my bills like a grownup)

I'm a lot embarrassed to be wholly confused by spreadsheets and still call myself a nerd, and that I cant pay my bills like a grownup either

We are going to change that though. The lot of us

[alienjenn]

Yay beks!

The evil dancing circus monkeys that live in my phone rarely let my communications come through appropriately

[Bekah]

 I can't find my book!!!! 

I think I may have donated it last year....since I have the FPU stuff and it seemed redundant. However, the FPU doesnt match the book, even though its the same stuff. So maybe I can find one cheap somewhere...hopefully. 

[alienjenn]

Library?

The evil dancing circus monkeys that live in my phone rarely let my communications come through appropriately

[Bekah]

Library?

The evil dancing circus monkeys that live in my phone rarely let my communications come through appropriately

That would have made sense....and been free! DOH! However, I did buy one for $6.50 from Ebay with free shipping, but yeah, I need to remember the library has free books...free is cheaper than Amazon or Ebay both! 

[Elastigirl]

Just looked at the sign up sheet. It says week 0. Does that mean we start this week? I need to go find my book. I know we still have it.

 

I need to ask hubby if he minds us putting up our spending spreadsheet. Disclaimer: The way Dave has you do the finances is to work together on the numbers, but the nerd in the family can put together the spreadsheets. So hubby does the spreadsheets. When we first did them there was a lot of discussion about the numbers, but now I just look at them each month and we rarely make changes, except when the numbers change (like when we finished paying for son's college!)

 

For those of you who feel bad; We budgeted pretty well when we were first married, but stopped after we had a kid. We didn't start Dave's plan and budgeting until a few years ago. Which puts us well into our forties before we decided to be grown ups. The only thing that saved us was my husband had a good job with steady income, but if something had gone wrong, we would have been in trouble.

[alienjenn]

Yes... I'm starting this week... was going to post a "happy week zero" post later tonight when I had free time at work

The evil dancing circus monkeys that live in my phone rarely let my communications come through appropriately

[Bekah]

oh crap...my book may not get here in time. Its scheduled for delivery on Monday but I do have that worksheet already, bc I have FPU which has all the worksheets, so I will do that part at least and do the reading as soon as I get the book if its not till Monday. 

[KnitJoy]

I was bored on Sunday, so I finished reading the first chapter and the appropriate worksheet. I feel like it would be better for me to follow the PVP format instead of ripping through the book. (Which is what I usually do.)

[alienjenn]

I tend to rip through books too... and not get the LESSON behind them.... which is why I wanted a PVP...

 

 

so what did you think of the chapter? of the worksheet??

[Elastigirl]

Ok, found my book....which wasn't Total Money Makeover, it was Financial Peace University. So,I haven't read TMM yet. No library copies, but they did have a kindle download. And we have a line item for books with enough money I can buy it-yay! 

[alienjenn]

YAY!!!

[KnitJoy]

I tend to rip through books too... and not get the LESSON behind them.... which is why I wanted a PVP...

 

 

so what did you think of the chapter? of the worksheet??

 

That's why I'm trying to take it slow. The chapter makes sense, and it's probably good that I am starting this now when I have very little in the way of debt. The worksheet helped me think long term/big picture, but at this point in my life much of it is unnecessary for me. The most important stuff is student loans and taxes!

[alienjenn]

I need to read! It's on my list for Wednesday... my first day off

The evil dancing circus monkeys that live in my phone rarely let my communications come through appropriately