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The Total Money Makeover Workbook (2000)

by Dave Ramsey(Favorite Author)

4.31 of 5 Votes: 4

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review 1: I've always been the nerd in my family. My husband is the spender. When i noticed that significant life changes were putting a dent on our debt level, i wanted to bring him on board of "living within our means" and "stop keeping up w the Joneses" but i just couldnt get through to him. He did not want to sacrifice lifestyle and thought it's imposible to pay off the house. I bought the book and lucklily he picked it up too... In fact, he did not put it down and finished it in a week. This book brought my husband on board and now we're on the same page! We're in baby step 2 and will be done with it in just a few months!
review 2: Must read. This is a book about budgeting, about getting rich slowly all the while living life comfortably, with dignity, happily, but ... morenot without sacrifice. He quotes over and over that you must live like no one else so you can live like no one else. In other words, you must sacrifice things now that no one else is willing to sacrifice, so you can reap the rewards of those sacrifices over the long term and live like others can't. He talks about how to get your financial plans in order, and he assumes you live on an average or below average income. And he creates a plan for you to get your car, house, college and retirement all paid for on an average or below average income. It especially surprised me how many things are possible on an average income.But the thing about this book I loved, even more than the possibilities for life once you have your finances under control, is the peace that comes not from needing to worry about money. Debt is bondage, and you can become free from that bondage. I agree that if you owe money on your things, it's more difficult for you to enjoy those things. If you are willing to make sacrifices to be free of financial worry, this book is for you. less

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Reviews (see all)

kaedy89

Measure wealth by how many years you can survive with no income. Make sure that you first save $1000 for a rainy day fund. Then grow that fund to at least a few months of expenses.Pay off your mortgage as soon as possible. Yes it is possible to make more interest with a mutual fund but you still need to deduct capital gains taxes. The debts affect your ability to sustain in the event that you lose your job.Borrowing money to maintain a lifestyle that you cannot afford is a surefire way to financial ruin. Debt CONsolidation is relabeling bad debt. Buy used cars that you can pay outright. Save to make the purchases that you need. Cut the fat from your expenses. Stop trying to keep up with the Joneses because the Joneses are broke. If your house is paid for, why have a really expensive life insurance premium? Take that extra money and save it in a well manage mutual fund that makes over 10% a year. Have a budget for every dollar that you earn. If there is no destination then the money will disappear on you. Money is a great slave but a horrible master.

Tom

Ramsey gives some excellent biblical advice in this book. Being someone who does not need a budget makeover but a budget revision, it was sobering to hear that if I want to plan for excellent I need to start thinking and moving out of mediocrity. Financial freedom starts with being out of debt, and that means striving to pay off all loans to be able to invest the money that monthly goes toward the payment of debt.There are two points in which I disagree with Dave:1) you can find CDs that don't penalize for early withdrawal, and thus, this form of saving can be used for emergency fund.2) I disagree that a college degree is a luxurious expense, I find it to be a necessity, especially in today's world. Therefore, it should be accounted as a part of the budget, not as a surplus expense.

Akash

Great motivation for getting out of debt and building wealth.

Rue

extremely motivational.loved it

rawr20001

Has changed my life.

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