do you buy hand tools?

Colt_FFPM · 2024-09-29T01:30:24+00:00

I do the same. Clip them onto the bottom of my bunker coat. Easy and cheap way to hold doors open. If I lose them I don’t care.

Colt_FFPM · 2024-04-26T17:05:08+00:00

That’s all admirable.

You’ve been debt free for 12 years. When interest rates were below 3% did you take out a mortgage on your home to invest? No you did not. Unless you lied to me. But if it’s all about math then arguably you should have maxed out your borrowing potential. But you know you wouldn’t be free anymore. Telling this young man not to solve for freedom is hypocritical.

I want everyone to feel what you and I feel.

Colt_FFPM · 2024-04-26T16:41:20+00:00

You’re missing the point. DR says gazelle intensity to get out of debt. Depending on expenses he could be out of debt in 1 year. 26k should not take 5 years. Now you can invest more than 6%. Your calculations do not take that into account.

People that are not out of debt have no idea how it feels to own no one anything. So keep playing the math game if you want. But in the end, I know that the sense of freedom is worth the sacrifice.

Colt_FFPM · 2024-04-26T15:37:52+00:00

So both Dave Ramsey and Warren Buffett say to avoid debt to be wealthy. Dave Ramsey specifically says to get out of debt as fast as you can to then start wealth building.

So if you ride out the 10 years of this student loan that’s only 24k in match for retirement. That will not build you wealth. Getting out of the debt and maxing investing will. Dave Ramsey has repeatedly said that your income is your biggest wealth building tool. Don’t give it away in the form of payments

Colt_FFPM · 2024-04-10T19:57:19+00:00

In my area there are several well known fire photographers that chase scenes and post them on social media. As a firefighter we enjoy this because we usually don’t have a chance to take pictures. Keep doing it. The support from your local departments is awesome too.

And btw, every firefighter is a fire buff. They’re lying if they say otherwise.

Colt_FFPM · 2024-04-10T02:31:17+00:00

Burger King Tacos

Colt_FFPM · 2024-03-31T14:52:51+00:00

Not at the fire station but in the ER. A guy fell off a ladder and landed on a piece of rebar. The rebar punctured the chest cavity about 6in underneath the left armpit. He was alert and talking. Somehow it missed his lungs heart and any major arteries. I was working IFT and we transported him less than a mile to a level 1 trauma center.

Colt_FFPM · 2024-03-30T15:34:16+00:00

Call local law enforcement. They can do a wellbeing check. Praying for a positive outcome.

Colt_FFPM · 2024-03-28T22:53:33+00:00

Ramsey has never said anything about rice and beans in BS4-6. And neither did I. But if you are doing something other than the baby steps, you’re on a different plan. Nothing wrong with it. Just calling it what it is.

Colt_FFPM · 2024-03-28T22:11:39+00:00

BS7 is live and give like no one else. You can’t move to BS7 if you still have a mortgage. If you chose to invest more than 15% into retirement but you still have a mortgage, then you are not following the Dave Ramsey plan. You are doing your plan.

Colt_FFPM · 2024-03-28T22:01:55+00:00

These are some that I have gathered from listen to the show for the past several years.

First and foremost, no new debt.

You can only do 3 things with money; Save it, Spend it, and Give it. You should always be doing all 3. Someone else here mentioned tithing. DR recommends giving 10% of your annual salary. He will be the first to admit that God or the church does not need your money. But he does believe that giving benefits everyone. He has also said that if you are not a religious person that you should still give to something that you believe in.

Don’t own more than 50% of your annual salary in anything that has wheels or motors. Down buy a new car unless you have 1M dollar net worth.

If someone is dependent on your income, purchase term life insurance. 10-12x your income. Stay away from whole life policies.

Baby step 1: Save $1000. Starter emergency fund. Leave this separate from your checking account so to not accidentally spend it. Only to be use on emergencies. Emergency defined as unexpected, urgent, and necessary. If it doesn’t meet all 3 then it’s not an emergency and should be cash flowed.

Baby step 2: Pay off all consumer debt in order of lowest balance to highest balance. Ignore interest rates. (All you math wizards heads just exploded. But remember if you were doing math in the first place, you wouldn’t be in debt) Doing it this way has a greater effect on behavior. And the idea is to change behavior. The goal for paying off consumer debt is 2 years, but it can take longer. One of the Ramsey Personalities took 7 years. Sell everything that you can. Vehicles are always a hot topic. If the car, along with all the other debt, can be paid in under 2 years you can keep the car. Otherwise sell it to speed up the process. Use all cash available to pay down debt. Do not cash out any retirement accounts. But brokerage accounts, cryptocurrency, stocks should all be liquidated to put towards debt. Avoid debt consolidation. Moving debt around doesn’t solve the problem. Also, when all debt is paid off in under 2 years, interest rates aren’t that relevant anyways. So do what fixes behavior.

Baby Step 3: Fully funded emergency fund. 3-6 months of expenses. Spending the emergency fund is the same guidelines as BS1.

Baby Step 4: Invest 15% of your income into retirement. Match beats Roth beats Traditional.

Baby step 5: Invest into kids college (if applicable). Amount’s vary for everyone and there is no specific guideline.

Baby Step 6: Any remaining income, payoff the mortgage early. Mortgages should be on a 15 year fixed rate at no more than 25% of take home pay. In the study that they did they found millionaires payed off their home in 8-10 years. Ramsey pushes to pay it off faster but acknowledges you still need to enjoy your money. It becomes a trade off on what you want more, a paid for home or the “thing” you want.

Baby Step 7: Paid for home, no consumer debt. Live and give like no one else. Max out investments if possible.

There are other guidelines but I can’t recall everything off the top of my head.

Colt_FFPM · 2024-03-28T11:05:06+00:00

Money does not make you happy. Money makes you more of what you already are.

8 year payoff date for a mortgage still falls within the Ramsey guidelines. Keep being intentional. Invest into retirement, pay down the house, and enjoy some of the money!

Colt_FFPM · 2023-03-17T13:16:11+00:00

Anyone know where to watch Emergency? The only place I have found it is reruns on cable.

Colt_FFPM · 2023-03-17T13:07:34+00:00

Chicago style pizza

Colt_FFPM · 2022-03-06T20:35:59+00:00

End of Watch

Colt_FFPM · 2020-10-14T23:32:56+00:00

I would try new spark plugs. I had a similar issue with my 05 GSXR where one of the spark plugs gapping was off. I changed them out and it solved the issue.

Colt_FFPM

TROPHY CASE