(Closed) Total Money Makeover / Financial Peace

posted 7 years ago in Money
Post # 3
Member
14503 posts
Honey Beekeeper
  • Wedding: June 2011

I haven’t read it but give me the cliff notes. 

Post # 5
Member
14503 posts
Honey Beekeeper
  • Wedding: June 2011

@indibee:  Ok, now I know the system you are talking about ( I also looked it up).  While the plan is idealic, IMO, it is also impractical in the many ways credit is now used.  When you have zero debt, you can run the risk of actually harming your credit.  My mom found this out the hard way, she took what she made off of a sale of a house, she lived “debt free” for five years and put alot of money into investments and savings.  One day, someone Tboned her car and she needed to get one very quickly as she was moving for a job.  Not having enough liquid cash to pay for a car in full, she took out a loan for the rest.  Her interest rate was rediculously high, and her insurance went up because when they ran her credit, she hadn’t had any in over five years.  She even had a hard time getting an apartment when she moved out of state for the same reasons and was almost not given a great job in accounting.

If I were you, I would listen and learn the complete system.  Then go to your financial planner or life insurance rep and talk to them about the plan.  They will be able to help you develope a program that will work for you within how today’s credit system works and be able to incorporate elements of the system that are practical.

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