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itsapinkthing


Coach

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Dave Ramsey, Total Money Makeover anyone?
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Has anyone read/done/tried this.  Hubby and I started this month.  I love the idea of living payment free.  I know some of his ideas are controversial, but some I like.  Just curious if anyone has thoughts?

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ILoveChoo


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never heard of it, but it sound interesting. can you give an overview?

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HeatherLynn


Gucci

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We offered one of his classes at the company I work for. Several people in my department are HUGE fans of his. I agree with you that I like some of his ideas. However, I find some of them to be a bit extreme. I am someone who believes that you shouldn't stop enjoying life just so you won't have a house payment. In the world of finance, a mortgage isn't terrible debt to have. However, if you can pay it off thats great too. I don't believe that I should have to give up everything (within reason) to do that. I also believe that a person should save and shouldn't spend everything they make. I just think that there is a good balance. =) I would take his principles and apply the ones that are relevant to your lifestyle that you want to maintain along with the ones that agree with your long term financial goals.

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itsapinkthing


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ILoveChoo wrote:

never heard of it, but it sound interesting. can you give an overview?



He basically has a system of baby steps for "building wealth".. they include:

-Save $1000 fast (this is a baby emergency fund)
-"snowball" debt payments and pay it all off, except the house
-build the remainder of a emergency fund, he recommends one that is nice and large
Then it goes to investing and paying of the house, retirements and that stuff.  Im not an athourity but you can goole him and find out more.  It's interesting if nothing else.  The cash only spending has really made an impact on my habits.



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Teresa


Kate Spade

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would this book be appropriate for someone who doesnt have a mortgage or and kind of payments other than rent, cc, phone, etc? or is it more geared towards someone more financially developed? I know NOTHING about money and have been looking for a book.
P.S. good to see you itsapinkthing, you've been MIA it seems!

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HeatherLynn


Gucci

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CollegeGirl- I would recommend and Suzie Orman book. I know several girls on here have read them and found them to be extremely helpful. I bet you could do a search on her in the forum to read more.

I think her ideas/books would be good as a basics on money.

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NCshopper


Hermes

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HeatherLynn wrote:

CollegeGirl- I would recommend and Suzie Orman book. I know several girls on here have read them and found them to be extremely helpful. I bet you could do a search on her in the forum to read more.

I think her ideas/books would be good as a basics on money.


I'd also recommend Suze Orman for starters.  Her book "Young, Fabulous, and Broke" is great, as is "The Nine Steps to Financial Freedom."  I'd also HIGHLY recommend the Automatic Millionaire--that book is wonderful.



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Teresa


Kate Spade

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thanks!

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Marc Jacobs

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I havent read Dave Ramsey's book or Suze Ormans, but I'm been meaning to order a few of Suze's books that have been recommended. However, DH and I have been on a similar plan for a year now. I have paid off all my CCs, except one that I'm still working on, and we pay cash for everything. I only use the CCs for cashback bonuses/discounts and pay the balances in full. I'm paying off my car in 2 months, 9 months early! I'm considering selling the car (fully loaded VW) and buying a more economical car (honda) and saving the extra cash from the sale. Since we dont own a home yet, I guess I'll be officially debt free after that. DH still owes his truck, but that his problem since he bought it w/o me....but I wont go into that again...

(oh yeah, I have a small student loan, which I am no rush to pay off yet since I am still in school)

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ranchera20


Marc Jacobs

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Is this the one where people call in and yell "I'M DEBT FREEEEEE!!!"?
It's so cute when the kids yell it out with their parents too!


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itsapinkthing


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ranchera20 wrote:

Is this the one where people call in and yell "I'M DEBT FREEEEEE!!!"?
It's so cute when the kids yell it out with their parents too!



yep, that'd be the one...



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