Dave Ramsey’s Total Money Makeover – Review
Have you heard Dave Ramsey’s radio show? The Total Money Makeover is just an extension of his views and distillation of his philosophy. This is a self help book which resembles Joel Osteen’s Your Best Life Now or Steven Covey’s 7 Habits of Highly Effective People.
The whole book deals with the basic idea of paying all the debts then saving for emergency fund and after all this starts saving to buy things only with cash. He is dead against taking any kind of debt and this is the base of his book. The first five chapters of the book The Total Money Makeover deals with the psychological hurdles that one must overcome to build finances. According to “Dave Ramsey philosophy” of no debt whatever happens.
The first hurdle is denial of one’s financial condition. He doesn’t want to accept that there may be any financial disaster later due to his spending. The second hurdle is debt myths.there are many myths in society about debt that it’s normal, healthy and acceptable to take. Then the third hurdle is money myths. People believe that money can solve all our problems. He considers money a tool for a comfortable living, not everything in life. Then comes ignorance about own problems. And the last hurdle is keeping up with the Joneses. Many people take debt when they see people around them are taking debt and having a more comfortable living, so they find it socially acceptable.
Then second part of the book The Total Money Makeover deals with the steps to build a financial foundation for a better living. These steps include developing a budget, and then getting all your accounts current. The third step deals with building an emergency fund of $ 1000. This step is very important because in case of any financial disaster or mishap you will have additional fund to support you. Then he emphasizes on paying all the debts. After that we can build a real emergency fund equal to 3 to 6 months of salary and the last step is to save for real purchases. The next part of the book deals with the building wealth. The three steps in this process are start paying for your retirement, then pay for the kid’s college education and lastly, pay off home mortgage.
So till now you must have got an idea about The Total Money Makeover. According to me if you like self help books and you are a regular listener of his show then this is a compulsory asset in your collection. The book is simple and informative without a lot of technical information. One more thing worth mentioning is, he has used Christian overtones at many places. Last but not the least, if you find anecdotal evidence to be more enlightening than detailed instruction the book is for you.
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