Jim's MI-5
As some of you may know I am a huge Dave Ramsey fan. www.daveramsey.com Dave stresses debt repayment and saving. These questions were inspired by him.
1. What are your thoughts on the use of credit cards?
It's easy to get in trouble with them. However, if you pay off your balance every month, or at least pay more than minimum payments, sometimes you need them. Everyone needs one for hotels and car rentals, and emergency car repairs and the like. It's not so wise to use them for dining out, incidentals, gifts, etc. unless you have the discipline to go with them. I'm very careful now, never make a late payment, and rarely use them, but I've had trouble in the past. I think I've learned my lesson.
2. When it is time to get a new car will you buy new, used or lease and why?
I'll probably go with used if the mileage is low enough. I've had new cars before. They don't excite me as much as they used to.
3. Tell us something major in your life you saved up for and if you had to do it again would you save up for it or do it differently?
I don't recall ever saving up for a big purchase other than my first living room set. I basically don't make big purchases other than cars when I need to, and I go in debt for those.
4. If you had to watch your pennies a lot tell us one guilty pleasure you would not curb spending on?
I do have to watch my pennies very carefully now but the thing that I never scrimped on was shoes for my children. I always bought them good shoes. David's feet were outsized when he was little, and Sarah's feet were flat. Good shoes corrected both problems.
5. What do you think your retirement will look like financially and will you be ready?
Since I have just recently retired (for the first time), money is tight. I imagine that I'll work at least part time until I die. Times were tough when I was young and I didn't have enough to be able to save for retirement. When things got better, there weren't enough working years left to build up much of a retirement plan. If I was young again, I'd scrimp somewhere else (except on shoes) and save something out of every pay check, and I can't stress the need for insurance enough. All young people need to have life insurance...a lot these days...men AND women.
1. What are your thoughts on the use of credit cards?
It's easy to get in trouble with them. However, if you pay off your balance every month, or at least pay more than minimum payments, sometimes you need them. Everyone needs one for hotels and car rentals, and emergency car repairs and the like. It's not so wise to use them for dining out, incidentals, gifts, etc. unless you have the discipline to go with them. I'm very careful now, never make a late payment, and rarely use them, but I've had trouble in the past. I think I've learned my lesson.
2. When it is time to get a new car will you buy new, used or lease and why?
I'll probably go with used if the mileage is low enough. I've had new cars before. They don't excite me as much as they used to.
3. Tell us something major in your life you saved up for and if you had to do it again would you save up for it or do it differently?
I don't recall ever saving up for a big purchase other than my first living room set. I basically don't make big purchases other than cars when I need to, and I go in debt for those.
4. If you had to watch your pennies a lot tell us one guilty pleasure you would not curb spending on?
I do have to watch my pennies very carefully now but the thing that I never scrimped on was shoes for my children. I always bought them good shoes. David's feet were outsized when he was little, and Sarah's feet were flat. Good shoes corrected both problems.
5. What do you think your retirement will look like financially and will you be ready?
Since I have just recently retired (for the first time), money is tight. I imagine that I'll work at least part time until I die. Times were tough when I was young and I didn't have enough to be able to save for retirement. When things got better, there weren't enough working years left to build up much of a retirement plan. If I was young again, I'd scrimp somewhere else (except on shoes) and save something out of every pay check, and I can't stress the need for insurance enough. All young people need to have life insurance...a lot these days...men AND women.
posted by Ginny @ 3:30 PM
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