JustGonnaSendIt

Burn Towns, Get Money

FOO or Baby Steps?

I'm working on planning for the next stage of my financial future and have been a big fan of the Money Guy's FOO and Dave Ramesy's Baby Steps for a long time.

I'm curious how some of you savages plan for your finances and what frameworks you apply (understood that everyone's specific situation is unique).

Do you use FOO or Baby Steps? Do you just spend it all and plan for future you to pay it all off? Or do you have a different approach you learned or developed?

Very interested in your goals and how you're planning to get there (or lack thereof).

Which Financial Framework do You Use?

Attached poll

Financial Order of Operations (FOO) Dave Ramsey's Baby Steps Spend it all, baby! (YOLO) Other (mention in comments) Lol, what is a budget?

*Voting in this poll no longer yields commission.

💆‍♂ Mindset

💴 Money Management

16 comments

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funcoupons

WR Officer

👑

I just hit the phones hard so I can make a shit ton of commission and ball out while also being financially set. Budgets are for the plebs.

My back up plan is finding a rich old man with no estate plan to marry.

#prepared

JustGonnaSendIt

Politicker

Burn Towns, Get Money

Ah, ye olde brute force method. Make so much money it doesn't matter. I like it!

Do they actually have rich old men in Canada with all of the taxes you all pay?

funcoupons

WR Officer

👑

Yeah, because the richest ones have A1 accountants who are aware of all the loopholes our government is too fucking dense to spot and close.

GDO

Politicker

BDM

Paddy a rich old man he?

BmajoR

Arsonist

Account Executive

I save around 20% of my monthly income and that's split between ETF's, stocks, savings and my IRA. I also set up a goal fund - so right now I'm saving for a new car so I put away a % into that each month as well.

JustGonnaSendIt

Politicker

Burn Towns, Get Money

Nice - I am in a 20% - 25% savings VS gross income stage also right now. Mostly going into IRA, 401(k), ETF's. I am also within range of paying off my house this year, so that will be nice from a cashflow perspective.

Goal fund is also something I'm doing - I have one for recreational land and also for a new car right now.

Great feedback, thank you!

BmajoR

Arsonist

Account Executive

Good for you! That's a huge milestone. After my car, my next goal is to buy a condo so I'm also chipping away at that fund.

Yeah, I should have mentioned that my 401k is deducted from my pay automatically, so I didn't consider that.

SlinginSoftware

Politicker

Account Executive

I'm not a huge fan of Dave Ramsey... He may be good for people that are in debt and suck at budgeting/saving, but in my opinion is not always the smartest advice.

At least in the US with interest rates being where they are, there is no reason to EVER pay off your mortgage early... and you should never prioritize saving for college funds over building wealth early.

Once again, this is all my opinion!

JustGonnaSendIt

Politicker

Burn Towns, Get Money

Yeah most of Dave's advice seems aimed at the 45+ crowd to reign themselves in before it's too late.

The Money Guy is far better for the young guns.

Kosta_Konfucius

Politicker

Sales Rep

100% agree with the Dave Ramsey take

FamilyTruckster

Politicker

Exec Director, Major Accounts

So many factors on this. Have a family? Own a home? Love traveling? Want to?

As a salesperson, can you gage your performance if you don’t have any goals?

Set some goals. See how you fare. Priorities of how much/why will change as you get older.

JustGonnaSendIt

Politicker

Burn Towns, Get Money

I agree, it does depend quite a bit on your current position in terms of assets and liabilities. Great comment!

I have goals I'm planning for, which is actually what spawned the thought for this poll.

HappyGilmore

Politicker

Account Executive

Try to save at least some of my paycheck while investing into my portfolio. No exact percentage but would say its around 10-20% in a given month I try to save.

Blackwargreymon

Politicker

MDR

I save around 20% of my monthly income and that's split between ETF's, stocks, savings and my IRA.

Clashingsoulsspell

Politicker

ISR

Ive sold a lot of different stuff and it’s pretty much the same everywhere I’ve been. Luck doesn’t have much to do with it. I have yet to hit a milly on one check, but I have met a handful who have. It’s about being in the right place at the right time and having the hard work already done on your part. You can have the right opportunity but fall on your face if you can’t actually sell. It’s an abomination of a cliché, but you make your own luck.

Error32

Politicker

ISR

Had a few other smaller deals (low-mid six figures) also close in that year

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JustGonnaSendIt

FOO or Baby Steps?

Which Financial Framework do You Use?

16 comments

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