Dave Ramsey – Total Money Makeover

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4 Responses

  1. Great review PCI. I’m a huge fan of Dave Ramsey. I listen to his podcasts regularly. I read the Total Money Make Over. And, I even attend a couple of his Financial Peace University classes. However, I must say that I don’t follow him religiously either. As for baby step one, I completely agree. Right now, my starter emergency fund is about $400, and I might have to use it for something. So, I constantly have to rebuilt that starter emergency fund to $1000.

    I love his approach to tackling debt, that is the smallest to the largest via the debt snowball method. Where I diverge though is that I still invest while paying down debt, which is not his approach. His approach is to focus everything on getting out of debt. I don’t disagree that his approach works and I recognize that it has probably helped millions of people get out of debt. But, for my personal situation, I’m really focused on investing in my retirement accounts and dividend portfolio. I have one student loan remaining and I recognize that it’s going to take me longer than necessary to get out of that debt, but I understand the cons and accept them.

    For baby step three, I have no quarrels there. Although I agree that if you can save more than 15%, then even better. Finally, I’m torn between paying off your mortgage early which Dave Ramsey recommends, vs not paying off your mortgage early, which Ric Edelman recommends in his book, the Truth About Money. Perhaps you could review that one next.

    All in all, I like Dave Ramsey. Thanks for the review of his book. I just choose what parts of his plan I want to follow based on the specifics of my life. As they say, personal finance is, after htt, personal.
    Dividend Portfolio recently posted…A Moment To ReflectMy Profile

  2. Leo T. Ly says:

    I am currently on baby step #6. Although I am also working on step 4 and 5 continuously.

    I would love to have a paid off house. However, I don’t have honk that it’s necessary. Look at it this way, if you have the financial discipline to pay off your mortgage, you will definitely have the discipline to save and grow your money.

    The important thing to keep in mind is: save and invest often.
    Leo T. Ly recently posted…The Easiest Way To Boost Your Retirement Savings By $100,000My Profile

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