The Total Money Makeover

by Dave Ramsey

The Total Money Makeover, 3rd edition, is a valuable book for the beginner who wants to get control of their finances. Ramsey’s writing is very simplistic and The Total Money Makeover is therefore written in language which the average 6th grader can comprehend. Even further, the book seems to be written for individuals who haven’t yet realized that spending more than one makes, makes one a slave to their creditors.

Ramsey does a good job of courageously telling folks that they need to stop spending more than they make and start saving money. His “Snowball Debt Reduction Method” makes logical sense; reducing debt by first paying off the lowest balance due rather than going after the debt with the highest interest rate. Such a debt reduction plan allows a debt laden person to “feel” progress a little faster.

It is with strong counsel towards caution concerning Ramsey’s enthrallment with the Mutual Fund industry and some conflicting statements Ramsey makes regarding whole life insurance that are in opposition with readily available statistics from reliable and trusted independent resources, that I recommend The Total Money Makeover. Yet, if you are in debt and desire to get out of debt, Dave Ramsey’s method of designing a budget and paying off your creditors is well worth the read. Just realize that with the use of participating whole life insurance along with Ramsey’s budget and debt reduction methodology you could be much better, much sooner if you don’t follow his advice regarding whole life insurance and investing in Mutual Funds.

Review by Tomas McFie

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