Where Financial Peace gave you the solid saving and investing principles, this book puts those principles into practice. You'll be exercising your financial strength every day and quickly freeing yourself of worry, stress, and debt. And that's a beautiful feeling.
©2003 Dave Ramsey; (P)2003 Thomas Nelson Publishers
"The strength of this book is that it is a straightforward motivational tool. He provides the brutally direct truth about the hard work it takes to become free of debt, and his directness is a great part of the book's charm." (Publishers Weekly)
I have business degrees from Wharton (BS) and Stanford (MBA), but like most Americans from middle class backgrounds, I never got much training in personal finance and always felt bewildered by it. I recently listed to The Total Money Makeover for the third time and it clicked. The first two times, I was still in school and had no income, so felt powerless to act on its lessons. Now, with a steady income (and some monstrous student loans) the lessons are relevant, actionable, and empowering.
Before, I always felt at a loss when it came to budgeting. After re-listening to The Total Money Makeover, I got a second savings account to hold my emergency fund and long-term savings, making it easier to separate between current accounts and short-term savings. Now, I have an Excel spreadsheet with a separate column for each upcoming pay check. I know how much of each paycheck will get immediately transferred into long-term savings (e.g. for a wedding in the fall), how much will go to short-term savings (e.g. for next month's rent), and how much disposable income I have in my current checking account.
Furthermore, I have a better plan for paying down my debts. If I were to approach this according to the pure net present value financial principles taught in school, I would start with my big student loan (highest interest rate), then my smaller student loan, then my car loan (lowest interest rate). After listening to Ramsey, I'm going to do it in the opposite order. Although that will cost me some in NPV, it means I can pay off my car loan in a few months (freeing up $250 per month in cash flow), and can pay off my smaller student loan in a few years. My larger student loan is the size and duration of a mortgage, and I'll treat it like it's one. If I tried to pay it off first, I wouldn't see any impact on my cash flow for probably 14 years, making it discouraging to try to find extra dollars to put towards paying down debt. Trying this the Ramsey way, I already feel like I'm making progress and am motivated to do more.
Dave Ramsey is an inspiring speaker. Although his message may come across as simple, in my opinion it does a far better job taking into account human nature than any of the sophisticated financial and economic models I spent so much money learning. I can't recommend this book enough.
Bi-Vocational Pastor/Draftsman. Full time husband and dad. Audiobooks are a staple in my life because I can read and work...
Even if you might not adhere to Dave's plan exactly, the idea of slavery to debt and freedom from it are very motivational. I feel like the examples he uses are real life people and he doesn't use terms or language that is reserved for finance professionals. It really is a good, practical plan for getting out of debt via hard work and perseverance. Even though his plan is not the best "mathematically", the point of getting some quick wins by paying off the lowest balance without regard to interest rate is a legitimate point. Honestly, you can hear most of the content of this book in his daily podcasts. I do recommend this book to people.
this book is really targeted at people with lots of debt and financial problems. Although there are some good tips for everyone, the main focus is on how to get out of debt.
The narration/reading of this book made me wonder if it was written in all capitals and italics. While I appreciated the information/ideas shared by the author, I didn't appreciate him yelling at me. I understand he's trying to motivate, but the intensity of his voice was just too much.
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Great book! He gives you clear instructions on how to get out of debt. Good motivation for people who don't know where to start. Well worth the credit!
Mr. Ramsey makes quite a bold statement when he says you should invest in a 12% "Growth Stock" Mutual Fund rather then take the 7% Prepay option (when it comes to financing college). He fails to inform the listener about 2 threats to your investment. In first line, a Mutual Fund comes with a range of various expenses that will dramatically impact your real rate of return, referred to as the Expense Ratio. Second, there is absolutely no guaruantee that you will receive 12% in any given year, not to mention, 4 years in a row (average college duration)! If you are already stuggling financially, pick the guaranteed 7% saved by paying for college in advance.
Overall the audible is decent; focuses on the -mentality- of money management but lacks the -technical/factual information- needed for effective longer term plans.
Some people have remarked that they don't like the tone of this book. If the author seems a bit "brash", it's only because he's attempting to highlight the level of insanity with which most people approach personal finance. Take a look around you. The guy you work with who just bought a new Hummer. Your sisters' friend who just moved into a $800,000 home. They must be doing great, right? WRONG.
The truth is, they're most likely broke. They're high-income, low-net-worth people who are teetering on the edge of complete financial ruin. Rich people, don't do these things!! Well, that is unless they're really really rich.
This book will change the way you think about money. When I see the guy in the new Mercedes now, I think, "Man, that guy has nothing in the bank". This book will make you proud of your old jalopy. After all, it's better to ACTUALLY BE RICH.
Most Americans WISH for financial security and DO everything they can to make sure it NEVER happens. I think this is a level of insanity that warrants a brash tone.
If your ready to get real about your finances, this is the only book you need to read.
Yes I would review it for my friend, where most of people share the same problems with debts and credit cards. and the total money makeover is a global plan that suite almost all countries in the world.
The most memorable moments is the emergency plan strategy that any one have to prepare a plan the guaranteeing for him 3 month to 6 month of backup salary if any thing happen such as a down-term in the economy and the turnover in jobs.
if it about the narration I like Dave ramsy and his style in reading
Not at all, because some parts I needed to stop and think in what I listened and the solution that Dave Ramsy has Provided.
Fear is the mind Killer, so Face Your Fear
I have. I am a financial advisor and every high school kid, anyone who wants to be out of debt, and anyone without 6 months savings should read this book. It teaches real money mangement.
The step by step process to financial stability.
He is truly passionate about what he does and is a motivating leader. I do not always agree with him, but he is right when it comes to managing money.
this is a must read and top ten book of all time for me.
I would give a B-. Gets to the point, gives good metaphors and easy to follow.
Metaphors used to describe steps or missteps are very memorable and applicable to most people.
Voice and diction were probably best compared to what I have listened. Would expect good performance from professional speaker. Have heard some "funny" start/stops or paragraph breaks on other books. Probably start of new session or after break. Did not hear in Ramsey's performance, however this book is shorter than most. 3+ hours
No crying, definitely a few laughs. Mostly found myself quoting excerpts to others.
Religious overtones and bible quotes throughout book. However quotes in nature of "Saving" money and neither borrowing or lending; giving money OK. People describe me as Agnostic and this did not bother me. All in all good book, great performance. Enjoy
"Thank you Dave Ramsey"
This is a quick update to those in need of hope. I wrote a review back in June last year and now wish i could give this book more than 5 stars!!! We are now debt free, thanks to Dave's principles layed out clearly in this book.
This is a very good personal finance book . Simple steps to achieve financial freedom. I would buy other book by Dave and read them definitely.
great advice. strong American biased but the basic plan is sound where ever you live.
"Really engaging and it makes so much sense!"
I would definitely recommend this book to a friend because I think this book teaches us something about money which todays society doesn't. We don't need to live pay check to pay check and if this book can help me, then why wouldn't I want to help my friends too?
I really liked the simplicity of this book. Everything Dave talks about just makes sense. His approach to finance and budgeting your money allows you to take control of your money, not your money controlling you.
I don't necessarily think this book should be a film. It works well as a book, and I know that they have an adapted version called Financial Peace University for visual effect.
I really recommend this book to anyone who wants to feel like they have more control over their money. Even if just get you thinking, this book will transform your life.
"Excellent from start to finish"
If you are tired of living life payday after payday and never seeming to have any money then I highly recommend this book.
It is a tried and tested method that so far has worked wonders for me!
"Had to give up listening"
I would imagine it would be as very interesting and helpful subject but I haven't read it so can't compare, the audio version is unbearable due to the shouting and terrible dialogue.
I haven't and will steer clear
Performance was awful, shouting, talked to the listener as if an idiot. Generally came across like he was preaching and forcing something down my throat.
It would have to all be in massive letters with lots and lots of explanation marks !!!!!!!!
Be worth publishing this with a different reader as I think it would have been really good but I just couldn't continue listening.
"Some good advice"
Some very good advice but with a condescending tone which is probably what some us need to get our finances in order. The author seems to be anti OPM which some may think is important for wealth building.
"Good sound advice"
It's what many people need to hear. No rocket science. Just straight talking. Short and to the point. The tough talking could feel a little OTT for some but it is not unbearable; I found it entertaining and used appropriately to stress points. Will pay for itself many times over
"Good Sound System...."
...but Dave Ramsey's narration i found annoying. It's all well and good that he performed in such a way as to make the listener feel like he was talking to one personally, but given the choice I'd rather he just read the text up without the drama...
Whatever the case, I would definitely recommend to anyone needing a good sound financial system....
"A Common Sense Approach to Handling Money."
I've listened to this book a few times now and Dave is clearly passionate about teaching others that it is possible to live a debt free life. I used to think that I was quite good with my money (not that I had much) but this tough, common sense guide revealed to me that I could have done so much better. Although, no longer in my youth Dave also makes it clear that it's not too late to start.
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