Successful Conversion Stories

[trailrated]

Anybody have any?

I have come to find attempting to talk to people about money  and cultivating better habits is usually just as effective as somebody trying to convert me to religion. That being said, I don't approach other people but if they ask me I do not hesitate to help point them in the right direction.

My best friend talked to me a few months ago and I set up a budget with him and he just finished paying off $5,000 in credit cards. He couldn't be happier and it made me feel awesome for helping out. What happened with your successful conversion?

[JamesL]

I talked my coworker into contributing to our company's 403b. They match up to 7%, so now she's getting free money. It shocks me how people don't contribute to things like that. It's a couple hundred dollars a month of free money. I guess most people just don't even think about retirement, though. Especially in their 20s and 30s.

Oh and I convinced the same coworker to pay off her credit card debt (around 1k), and to pay off her student loan debt (paid off 1k/4k total). She had been doing the minimum of both, and the SL debt was basically just paying the interest.

[Rebecca Stapler]

My mom saw how I scope out thoughtful but inexpensive gifts and activities. This past Christmas, she bought us gifts by cashing in all of her loose change. I was so proud of resourcefulness! (and appreciative of the gifts too). When we plan a get together, too, she's always thinking of free activities and places where we can bring out own picnic or things like that.

[Nords]

Anybody have any?

It's why I wrote the book, and I get more almost every day.

[Theadyn]

My daughter and her boyfriend, who she lives with, brought over there numbers to go over their budget and get some ideas.  I am happy to report that since that time both of them have sold there year old high priced vehicles, with cash to spare.  They are taking said cash and looking for 2 used, older vehicles for cash.  The boyfriend also wanted advice on which books he can read next.  So proud!!

[nawhite]

1.) We just hosted an old friend who had been biking across the country for 4 months.

While she had the low spending lifestyle really dialed in, we got to talking about taxes (as it was filling time). I convinced her to take some money and open a Roth IRA at vanguard and get her savings credit at the same time. She had an effective tax rate this year of about 6% so the Roth will be a gold mine for her.

2.) As 2 DINK's my wife and I get asked about when we'll have kids ALL THE TIME. Our usual response has been to explain our 3-year plan to them (http://forum.mrmoneymustache.com/ask-a-mustachian/what-will-your-retirement-look-like/msg217649/#msg217649)

Most of our friends simply dismiss our numbers as impossible, but a couple of people have taken the time to really dive in and then do the math themselves. One friend is even planning on a 15 year career path now after we walked through the numbers with her.

[Mr. Frugalwoods]

My company has a weekly get together on wednesdays during lunch during which an employee makes a presentation on something that interests them.  Some people talk about sports, others talk about their hometown, one taught the office how to sing like a pirate.

For my latest presentation, I talked about the importance of saving for retirement from an early age.  Our company has a generous 401K match and I knew from talking to HR that there were substantial numbers of my fellow employees who weren't taking advantage of it. 

I kept it funny and not too serious, but I think I made my point.  In the weeks since, a couple of acquaintances from work have let me know they started to contribute to their 401k as a result!  Big success in my book!

Next time maybe I'll ease them into the idea of FI...

[aetherie]

That's awesome, frugalwoods!

[rubybeth]

My DH and my sister, I guess. My DH and I were introduced to Dave Ramsey by his aunt, but I was the one who actually got the books from the library and read them, and then started working on the spreadsheets that map out our entire financial future, and we paid off nearly $54k in student loan debt in four years by working at it together. But he introduced me to Mint.com years ago, which I think was a huge eye-opener, so we're probably even.

My sister is quite a bit younger than I am, and when she got her first real job post-grad school, she asked me for help setting up her first real budget. She followed it extremely well, and she uses me as her financial consultant (before major purchases, she consults with me--it's so nice to be an older sister being ASKED for advice!!), and I helped her get her retirement stuff set up at work and assist with her taxes when she asks. I think I'm most proud of getting her on board. She definitely likes the finer things (shoes, purses, etc.) but is very frugal with her basics (40+ mpg car, does most of her grocery shopping at ALDI, etc.). She was really excited when we figured out she can retire before age 50. :)