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Another Dave Ramsey Thread
Posted on 8/13/13 at 10:18 pm
Posted on 8/13/13 at 10:18 pm
So i bout his book Total Money Makeover. I was just wondering if any of you have actually tried his concepts, and if so, how aggressive did you attack the goals? So far, I have read through the first two steps. I like what I have read, and everything makes sense, but it would take a huge overhaul of our personal finances, and lives to start doing this.
Posted on 8/13/13 at 10:37 pm to HoLeInOnEr05
What's your situation?
I think Will Cover has.
I think Will Cover has.
Posted on 8/13/13 at 10:49 pm to HoLeInOnEr05
Huge overhaul in what way?
If you have credit card debt, then yes attack it in the way he suggests.
If you have a 30 yr mortgage at 3%, then no don't liquidate all investments to pay extra on it.
If you have credit card debt, then yes attack it in the way he suggests.
If you have a 30 yr mortgage at 3%, then no don't liquidate all investments to pay extra on it.
Posted on 8/14/13 at 8:14 am to HoLeInOnEr05
All of the principles are sound, especially for people who are prone to get into trouble with budgeting and borrowing.
Even if you do not buy into his "12%" mutual fund return assumption (because I don't), everthing else is sound. There are people who will come in and say, "Why pay off the house or car when the money is essentially free?" And those people are right - for people who do not have trouble with money in the first place and don't need the debt snowball/no more debt method. But for many people, if you stumbled across TMM or FPU, your life will be improved by following it as closely and as aggressively as you can.
Watch his "drive free, retire rich" video for an example of how powerful it can be to have your money work for you, and pay for something before you buy it, rather than the other way around.
Even if you do not buy into his "12%" mutual fund return assumption (because I don't), everthing else is sound. There are people who will come in and say, "Why pay off the house or car when the money is essentially free?" And those people are right - for people who do not have trouble with money in the first place and don't need the debt snowball/no more debt method. But for many people, if you stumbled across TMM or FPU, your life will be improved by following it as closely and as aggressively as you can.
Watch his "drive free, retire rich" video for an example of how powerful it can be to have your money work for you, and pay for something before you buy it, rather than the other way around.
This post was edited on 8/14/13 at 8:36 am
Posted on 8/14/13 at 9:15 am to HoLeInOnEr05
It's pretty much common sense. You don't need the book. Pay of your debt and amp up investing after.
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