“You have to live like no one else so you can live like no one else” – Dave Ramsey in “The Total Money Makeover”.
This book was highly recommended as a must read by another author, Donna Partow in her book “Becoming The Woman God Wants Me To Be – A 90 Day Guide To Living The Proverbs 31 Life” and in a bid to follow through I got the book.
This is a must-read for anyone who wants to take control of their financial health. This is not a quick fix, positive push kind of book but one that requires some hard work, persiverance and focus.The author gives advise on how best to get out of debt fast, save and grow wealth using seven steps which he calls “baby steps”. These baby steps are as follows:
- Put aside an emergency fund (Start with $1,000.00)
- The debt snowball – Pay off all outstanding debt except your home mortgage loan starting from the smallest to the highest amount.
- Build your emergency fund to cover 3-6 months of your monthly expenses
- Invest in a retirement fund (Mutual funds are preferable)
- Save for your kids college education
- Pay off the home mortgage loan
- Build wealth by investing (real estate, mutual funds, etc)
It has been proven by many that you can get to baby step 7 in 7 years. Even if you already have an emergency fund and have no debts to payoff, these baby steps will definitely help you build wealth and reach the pinnacle point.
I loved listening to this audio book because it was read by the author and he sounds so genuine and really motivates you to do better. He wrote this book from the lessons he learnt after he went bankrupt 15 years ago so this is not a theoretical approach to grow wealth but one which has been used by people and has worked for them all. The baby steps suggested in this book are also not cast in stone but can be modified to fit your society or environment.
I will definitely come back to listen to this book a couple of more times in the next few months to allow it sink in and work on building financial freedom for myself and my family. I enjoyed this book a whole lot and I encourage everyone to get a copy, you will not regret it at all.
“Money is good for fun, to invest and to give”- Dave Ramsy in “The Total Money Makeover.
Rating: 5 stars
Published: February 1st 2007 by Nelson Books
Purchase @ www.amazon.com/TMMO
The Author: Dave Ramsey, the nationally-syndicated radio host of “The Money Game” and bestselling author, has helped thousands through Financial Peace University-a 12-week financial planning program. He presents seminars in churches and corporations throughout the country. He holds a degree in finance and real estate and lives with his family in Nashville Tennessee.