(Betsy): Dave Ramsey has coined several phrases and ideas (i.e. "Live like no one else so [that later,] you can live like no one else.") One of our favorite components to his teachings is his idea of attacking debt with "gazelle intensity." Let me explain.
Imagine a camera skimming Africa's grassland habitat (think: Discovery Channel/Travel Channel). You may spot an occasional tree or pond, but we all know the camera man's true intentions. Somewhere nearby is a herd of animals--probably gazelles--with a predator--the cheetah--close by. The camera man continues filming as the gazelles become aware that their enemy is on the prowl. When the cheetah makes his move, darting towards the group of seemingly helpless animals, the gazelles scatter and run like hell. Usually, the cheetah chooses one victim, and a cat and mouse chase develops over the next few seconds. If you concentrate on the gazelle, you will notice that he (or she) is running from the cheetah with a 'focused-intentsity'. In other words, this gazelle is on a mission: to get away from this cheetah, and get away fast. His life depends on escaping his hunter.
We, the American consumer population, are much like the gazelles; our predator, credit card debt. We are constantly being encouraged to go into debt so that we can have what we want instantly. We are encouraged to finance cars, furniture, cosmetic surgeries, televisions, homes, the list goes on... When we finally realize that our lives our now swallowed in debt, we begin to panic. Dave Ramsey argues that we should run like hell from credit card companies, with this 'focused intentsity' that the gazelles use. Likewise, we should be using this same intensity to pay off our debts. Sell things you don't use or need. Work extra hours. Pick up an additional job. Whatever it takes.
Scott and I are fortunate to only have car debt. But, let me tell you, we HATE it. Scott makes double payments each month, and we are both making compromises and sacrifices in order to stick to our budget. We are on schedule to pay off the loan in 12 (or fewer) months. We are incredibly happy with that, as the loan was originally scheduled to be paid off in 5.5 years! To illustrate our 'gazelle intensity' (our roommates now have it too!!), we had a yard sale. Not only was this a great time to make some extra cash, but we also were able to spend some quality time with my roommates. We had many laughs and many customers. The yard sale also gave us the opportunity to meet some of our neighbors and learn some interesting history about our 18th century home.
On a much different note, Scott and I started a new book, Super Freakonomics. The authors, two economists, put a unique twist on interesting topics. For example, they propose that you are at greater risk by walking drunk than by driving drunk. We are currently reading a chapter on why "A Street Prostitute is Like a Department Store Santa." Interesting stuff...
Everyone, have a great week!
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