Book Review: Total Money Makeover by Dave Ramsey

November 8, 2013

Here’s a post from my husband’s blog. This is a big part of what we’ve been up to. We decided mid-October that we would go live with our cash budget on November 1. Between October 15 and November 1, we had about eight budget meetings to hammer out our budget. Now, we’ve launched and the cash budget learning begins. This book is a great starting point in introducing you to our cash budget journey.

ExamenTech

TotalMoneyMakeover

Rating: Recommended

Summary:Total Money Makeover is Dave Ramsey’s practical how-to guide to apply his financial principles of money management. It is less about the why (although there are some anecdotal stories scattered throughout) than about the how. His step-by-step process is summarized like this:

  1. Save a $1000 emergency fund
  2. Eliminate all debt except for house payment
  3. Save a 3–6 month emergency fund
  4. Save 15% of gross income towards retirement
  5. Save for children’s college via and Educations Savings Account (ESA)
  6. Pay off home
  7. Save Money and live like no one else

For those who aren’t familiar with Dave Ramsey, he is a big proponent of debt free living. His advice is akin to what your grandmother might give you. The overall mantra is “Live like no one else, so that you can live like no one else”. It is actually not circular logic, but makes perfect sense in the context…

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