Go Back   InterNACHI Inspection Forum > General Inspection Topics > Miscellaneous Discussion for Inspectors

Notices

Miscellaneous Discussion for Inspectors Discuss whatever you wish in this forum.

Reply
 
LinkBack Thread Tools
  #1  
Old 8/12/17, 11:55 PM
Joe Funderburk, CMI's Avatar
Joe Funderburk, CMI Joe Funderburk, CMI is offline
Certified Master Inspector
 
Join Date: Dec 2005
Location: Hickory Grove, SC
Posts: 10,143
Send a message via Yahoo to jfunderburk
Default What do you do with all that money you make?

For the past 18 months, I've lived like no one else so that later, I can live like no one else! The wife and I lived on a budget and used a cash envelope system to make all our purchases. By doing so, I paid off over $90,000 in consumer debt in 9 months. Now I'm debt free except for my house and I'll have that paid for in 3 years. In addition, I saved 6 months of expenses in one year. And I invest 15% of my income to ensure I'll be a millionaire when I retire. Thank you Dave Ramsey!

How about you? Do you spend everything you make? Do you finance a new car or truck (or worse, lease it) every couple of years? Do you drive a $40,000+ inspection vehicle 150 miles a day to impress real estate agents (you are destroying it and your money). Do you spend more than you make (if you have debt, the answer is YES). Are you living like I did for the previous 14 years...not paying attention to your finances?

Pay attention guys! You work too hard and make too much money to be broke and in debt at the end of your life!



“The things that will destroy America are peace at any price,
prosperity at any cost, safety first instead of duty first,
the love of soft living, and the get-rich-quick theory of life.”
Theodore Roosevelt


Joe Funderburk, CBO, CMI
Alpha & Omega Home Inspections, LLC
Inspecting Upstate SC & Charlotte Metro, NC
Angie's List Super Award Winner 2016, 2015, 2014, 2013, 2012, 2011, 2010.
Ph: 704-351-1776
www.aohomeinspection.com

Reply With Quote
Need a home inspection in Michigan? Check out InterNACHI's listing of Michigan certified home inspectors. Or, find a home inspector anywhere in the world with our inspection search engine.
  #2  
Old 8/13/17, 12:17 AM
Bob Elliott's Avatar
Bob Elliott Bob Elliott is online now
Certified Professional Inspector (CPI)
 
Join Date: Aug 2006
Location: Chicago
Posts: 37,422
Default Re: What do you do with all that money you make?

Cash envelope system?
Reply With Quote
  #3  
Old 8/13/17, 12:18 AM
Bob Elliott's Avatar
Bob Elliott Bob Elliott is online now
Certified Professional Inspector (CPI)
 
Join Date: Aug 2006
Location: Chicago
Posts: 37,422
Default Re: What do you do with all that money you make?

So what do you recommend.?
Be a mentor.
Reply With Quote
  #4  
Old 8/13/17, 12:18 AM
Stephen W. Stanczyk's Avatar
Stephen W. Stanczyk Stephen W. Stanczyk is online now
Certified Professional Inspector (CPI)
 
Join Date: Dec 2005
Location: Kapowsin, WA
Posts: 9,971
Default Re: What do you do with all that money you make?

A portion of income each month for the last 35 years has gone into a fund that finances real property purchases. I own 3 rentals free and clear. Next and final purchase will be in November this year. Retirement is just around the corner for me.




Stephen Stanczyk
Washington State Licensed Home Inspector # 221
President, Washington Association of Property Inspectors (WAPI)
(253) 241-0602 calls answered until 10pm


Pierce County -Thurston County - King County - Kitsap County
Reply With Quote
  #5  
Old 8/13/17, 12:45 AM
Joe Funderburk, CMI's Avatar
Joe Funderburk, CMI Joe Funderburk, CMI is offline
Certified Master Inspector
 
Join Date: Dec 2005
Location: Hickory Grove, SC
Posts: 10,143
Send a message via Yahoo to jfunderburk
Default Re: What do you do with all that money you make?

Quote:
Originally Posted by belliott View Post
So what do you recommend.?
Be a mentor.
1. The first thing to do is create a budget, each and every month. A budget doesn't mean you eat dog food. You can eat filet mignon every day if you want to. It just means you tell your money where to go. You don't spend more in a spending category than you budgeted for that category. Here's a free tool for that: https://www.everydollar.com/ With that you can do your budget on your computer or phone and both your and the misses can keep up with the spending.

2. Get rid of credit cards and close the accounts!!!

3. I only have debit cards and use that only for online purchases and gas (because I'm too lazy to go into the store to pay cash for gas). It's a proven fact you spend more when you pay with plastic.

4. Pay cash. Using cash activates a pain center in the brain. It's much different than using plastic. Each month, the wife and I stuff our respective envelopes with cash that we budgeted to those categories. Thankfully I get paid in cash a lot, so that's not a problem. If you don't, just go to the bank at the first of every month and cash a check sufficiently large for you and your wife to fill your envelopes. The envelopes have names, like: Restaurant, Joe's Misc. Spending, Home Maintenance, Groceries, Pool Supplies, and Beer. You can get a nice envelope system here: https://www.daveramsey.com/store/cEn...tore.envelopes

Yes, I know it looks like a purse. But I'm not in debt so I like it! It works.

Here's the thing. When the grocery envelope is empty. Whoops! Too bad. You don't spend any more money on groceries without having an emergency budget meeting with your spouse, in which you have to reduce the spending in another category to compensate for what you intend to transfer to groceries (as an example). You don't simply take money out of the Restaurant envelope to buy groceries. Or, you simply don't buy any more groceries that month.

5. Save for things each month that you know are coming up, like Christmas, birthdays, car insurance, vacations, etc. Put money in those separate bank accounts (or envelopes that you keep at home in a safe place).

6. The best thing to do is to take this 9 week class: https://www.daveramsey.com/store/fin...puClasses.html

You'll learn more about what I said above and much, much more. You'll learn how to invest, about life insurance, medical insurance, about the importance of having a will, etc.

Watch the Dave Ramsey show on YouTube: https://www.youtube.com/channel/UC7e...GQf2NJQ6G6gAxw

Listen to him 24/7 on iHeartRadio. Or download the Podcasts from iTunes or Google Play. He WILL CHANGE YOUR LIFE!!



“The things that will destroy America are peace at any price,
prosperity at any cost, safety first instead of duty first,
the love of soft living, and the get-rich-quick theory of life.”
Theodore Roosevelt


Joe Funderburk, CBO, CMI
Alpha & Omega Home Inspections, LLC
Inspecting Upstate SC & Charlotte Metro, NC
Angie's List Super Award Winner 2016, 2015, 2014, 2013, 2012, 2011, 2010.
Ph: 704-351-1776
www.aohomeinspection.com

Reply With Quote
  #6  
Old 8/13/17, 12:54 AM
Joe Funderburk, CMI's Avatar
Joe Funderburk, CMI Joe Funderburk, CMI is offline
Certified Master Inspector
 
Join Date: Dec 2005
Location: Hickory Grove, SC
Posts: 10,143
Send a message via Yahoo to jfunderburk
Default Re: What do you do with all that money you make?

Get out of debt using baby steps.

https://www.daveramsey.com/baby-steps/?snid=start.steps

https://www.daveramsey.com/get-started/debt

https://www.daveramsey.com/blog/get-...d=start.debt-b



“The things that will destroy America are peace at any price,
prosperity at any cost, safety first instead of duty first,
the love of soft living, and the get-rich-quick theory of life.”
Theodore Roosevelt


Joe Funderburk, CBO, CMI
Alpha & Omega Home Inspections, LLC
Inspecting Upstate SC & Charlotte Metro, NC
Angie's List Super Award Winner 2016, 2015, 2014, 2013, 2012, 2011, 2010.
Ph: 704-351-1776
www.aohomeinspection.com

Reply With Quote
  #7  
Old 8/13/17, 2:17 AM
Bob Elliott's Avatar
Bob Elliott Bob Elliott is online now
Certified Professional Inspector (CPI)
 
Join Date: Aug 2006
Location: Chicago
Posts: 37,422
Default Re: What do you do with all that money you make?

Sounds like great advice however one shoe does not fit all.For instance the advice to not have credit cards would harm anyone trying to build a good credit rating.They can always hit auto pay and have zero interest plus credit cards give the added benefit of being good to categorize expenses for business. In addition saving for certain holidays sounds good but expense is expense no matter which pot you save it in.
Reply With Quote
  #8  
Old 8/13/17, 6:59 AM
Peter C. Russell's Avatar
Peter C. Russell Peter C. Russell is offline
Certified Professional Inspector (CPI)
 
Join Date: Jul 2004
Location: Alton Bay NH
Posts: 5,229
Default Re: What do you do with all that money you make?

I'm currently building a second home. My son and I are doing everything from frame to finish except heat, plumbing and electric. Taking awhile because we're so busy with inspections but hope to have it completed by 2018.

Building it with no mortgage so once we're done we plan to use the equity to find something to flip. Eventually I hope to have a couple of rentals with no mortgage for supplemental retirement income.
Attached Thumbnails
do-you-do-all-money-you-make-2017-08-13-camp.jpg  



Russell Inspection Services LLC
New Hampshire state license # 57
Level II Thermographer, ITC
Building Science Thermographer, ITC
Commercial Inspector, ITA
Certified Septic Evaluator, GSDI #148

www.newenglandthermalimaging.com
www.russellinspectionservices.com
www.nhsepticinspection.com
www.nh-commercial-building-inspector.com

Serving Alton, Alton Bay, Wolfeboro, Laconia, Gilmanton, Gilford, Meredith, Center Harbor and the entire Lakes Region
Reply With Quote
  #9  
Old 8/13/17, 8:54 AM
Joe Funderburk, CMI's Avatar
Joe Funderburk, CMI Joe Funderburk, CMI is offline
Certified Master Inspector
 
Join Date: Dec 2005
Location: Hickory Grove, SC
Posts: 10,143
Send a message via Yahoo to jfunderburk
Default Re: What do you do with all that money you make?

Quote:
Originally Posted by belliott View Post
Sounds like great advice however one shoe does not fit all. For instance the advice to not have credit cards would harm anyone trying to build a good credit rating.
Yes, one shoe does fit all. The Dave Ramsey plan has gotten millions of people out of debt with his step by step program and they have gone on to become wealthy. I can testify to it. How is your plan working for ya? How much debt do you have? How much money in the bank and retirement?

About the "credit rating"..Ahhh. Let's worship at the feet of the great FICO! A credit score is a grade of how good you are at getting in debt (when you charge anything on a credit card, you are borrowing money) and how well you pay off your debt. The whole goal should be to get OUT of debt and NEVER go in debt again. Why do you even want a credit score? So you can borrow more money and go further into debt? The bank's building is bigger than your house....someone is making them rich and credit card users are a big part of that.

If you cut up your credit cards and close those accounts and pay off your house, your credit score will go to zero. Contrary to popular opinion, you can borrow money for a house (if you want to) with a zero credit score. It's called manual underwriting. It's what everyone one used to do before the Great FICO came along.

Living without a credit score: https://www.youtube.com/watch?v=Bwl4jyl1hLs



“The things that will destroy America are peace at any price,
prosperity at any cost, safety first instead of duty first,
the love of soft living, and the get-rich-quick theory of life.”
Theodore Roosevelt


Joe Funderburk, CBO, CMI
Alpha & Omega Home Inspections, LLC
Inspecting Upstate SC & Charlotte Metro, NC
Angie's List Super Award Winner 2016, 2015, 2014, 2013, 2012, 2011, 2010.
Ph: 704-351-1776
www.aohomeinspection.com

Reply With Quote
  #10  
Old 8/13/17, 9:37 AM
Mark E. Glowczynski's Avatar
Mark E. Glowczynski Mark E. Glowczynski is online now
Certified Professional Inspector (CPI)
 
Join Date: Apr 2010
Location: Will County Il
Posts: 523
Send a message via ICQ to mglowczynski
Default Re: What do you do with all that money you make?

Quote:
Originally Posted by jfunderburk View Post
Yes, one shoe does fit all.

If you cut up your credit cards and close those accounts and pay off your house, your credit score will go to zero. Contrary to popular opinion, you can borrow money for a house (if you want to) with a zero credit score. It's called manual underwriting. It's what everyone one used to do before the Great FICO came along.

Living without a credit score: https://www.youtube.com/watch?v=Bwl4jyl1hLs
I agree!! We do this and it works. It's rough at first, but it works.



Mark Glowczynski C.P.I.
Illinois Licensed Home Inspections
Certified Mold Inspections
Water Quality Assessments
http://righthomeinspect.com
http://www.facebook.com/joliethomeinspection
https://www.facebook.com/rightathome...nsandsolutions
Reply With Quote
  #11  
Old 8/13/17, 11:09 AM
Roy Lewis, CMI's Avatar
Roy Lewis, CMI Roy Lewis, CMI is online now
Certified Master Inspector ®
 
Join Date: Nov 2012
Location: North Florida
Posts: 11,173
Default Re: What do you do with all that money you make?

Sounds like a Dave Ramsey ,




InterNACHI Lifetime Member.
www.1stproinspection.com
roy@1stproinspection.com
Serving Gainesville Florida and surrounding areas.
Florida Certified Contractor #CRC1328001
Florida Certified Home Inspector #HI7019
Deus solus me iudicare potest
#1st Pro Inspection
Reply With Quote
  #12  
Old 8/13/17, 11:55 AM
Marc A. Goldenberg's Avatar
Marc A. Goldenberg Marc A. Goldenberg is offline
Certified Professional Inspector (CPI) ®
 
Join Date: Feb 2004
Location: Boca Raton, FL
Posts: 4,917
Default Re: What do you do with all that money you make?

Quote:
Originally Posted by jfunderburk View Post
For the past 18 months, I've lived like no one else so that later, I can live like no one else! The wife and I lived on a budget and used a cash envelope system to make all our purchases. By doing so, I paid off over $90,000 in consumer debt in 9 months. Now I'm debt free except for my house and I'll have that paid for in 3 years. In addition, I saved 6 months of expenses in one year. And I invest 15% of my income to ensure I'll be a millionaire when I retire. Thank you Dave Ramsey!

How about you? Do you spend everything you make? Do you finance a new car or truck (or worse, lease it) every couple of years? Do you drive a $40,000+ inspection vehicle 150 miles a day to impress real estate agents (you are destroying it and your money). Do you spend more than you make (if you have debt, the answer is YES). Are you living like I did for the previous 14 years...not paying attention to your finances?

Pay attention guys! You work too hard and make too much money to be broke and in debt at the end of your life!
YEA JOE!
Great to see ya buddy!



http://www.alltropic.com


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Awards Committee Member
SUBMIT YOUR AWARD NOMINATIONS HERE

The InterNACHI Awards Committee is the final
authority of issuance of any award the committee offers.
Reply With Quote
  #13  
Old 8/13/17, 11:55 PM
Bert Hull's Avatar
Bert Hull Bert Hull is offline
Certified Professional Inspector (CPI)
 
Join Date: Oct 2004
Location: Cumberland Gap, TN
Posts: 169
Default Re: What do you do with all that money you make?

Quote:
Originally Posted by belliott View Post
Sounds like great advice however one shoe does not fit all.For instance the advice to not have credit cards would harm anyone trying to build a good credit rating.They can always hit auto pay and have zero interest plus credit cards give the added benefit of being good to categorize expenses for business. In addition saving for certain holidays sounds good but expense is expense no matter which pot you save it in.
You missed the whole point, Bob. The only reason to have a credit score is to get better interest loans. If you don't borrow money any more, you are better off, and you don't need a credit score. If you go ten years or so debt free, your credit score will disappear.
I've been listening to Dave Ramsey for the past couple years. No more credit cards. I only have a debit card now. And no debt.

If you look at the plan, it makes sense.



Mechanical Engineer, Clemson University 1999
Certified Home Inspector, 2013
Licensed and Insured to serve TN, KY and VA
www.ncis-tn.com
Reply With Quote
Need a home inspection in Michigan? Check out InterNACHI's listing of Michigan certified home inspectors. Or, find a home inspector anywhere in the world with our inspection search engine.
  #14  
Old 8/14/17, 8:40 AM
Bob Elliott's Avatar
Bob Elliott Bob Elliott is online now
Certified Professional Inspector (CPI)
 
Join Date: Aug 2006
Location: Chicago
Posts: 37,422
Default Re: What do you do with all that money you make?

Bert if you never owned a credit card �� you would become what's termed a ghost and not be able to purchase a home, get a car loan, etc as debt is how credit rating is determined.
Reply With Quote
  #15  
Old 8/14/17, 8:46 AM
Roy Lewis, CMI's Avatar
Roy Lewis, CMI Roy Lewis, CMI is online now
Certified Master Inspector ®
 
Join Date: Nov 2012
Location: North Florida
Posts: 11,173
Default Re: What do you do with all that money you make?

It is not a " credit score".
It is a "debt score".
I haven't owned a CC in over 20 years and I have a great "debt score".




InterNACHI Lifetime Member.
www.1stproinspection.com
roy@1stproinspection.com
Serving Gainesville Florida and surrounding areas.
Florida Certified Contractor #CRC1328001
Florida Certified Home Inspector #HI7019
Deus solus me iudicare potest
#1st Pro Inspection
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


All times are GMT -4. The time now is 3:52 AM.
no new posts