The Total Money Makeover: A Proven Plan for Financial Fitness by Dave RamseyMy rating: 5 of 5 stars
Where do I begin? I love--love--love--this book! I am now dedicated and I plan to follow Dave Ramsey's advice and follow his 7 step plan to become completely debt free so i can later live like no one else. This book has taught me the importance of paying off debt and the ease of life without it. Saving and Paying cash for things is something that I still need to learn. While there are a few points Dave discusses that i don't 100% agree on, the basis for his teachings and his principles for "if you will live like no other, later you can live like no one else" make 100% total sense. I only hope that I can inspire everyone close to me to read this book and get a total money makeover!
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A quick Reference for the 7 Baby Steps that I am following--
Step 1--Get a $1000 Emergency Fund
Step 2--Payoff (debt) School Loan (for others it's to get that debt payoff snowball rolling!)
Step 3--Save 3-6 mos of expenses for Emergency Fund (3mos=4500, 6mos=9000)
Step 4--Invest 15% Gross income in a retirement account. Invest up to 5000/year in a Roth IRA!
Step 5--(eventually) College funding for our kids
Step 6--Pay Off my Mortgage
Step 7--Build Wealth (I plan on retiring a millionaire someday, and YES it is possible!)
I highly highly recommend looking into taking Financial Peace University at a local establishment. You can find places on his website. It is worth it 1000x over.
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