In Saving Tips, Managing & Making Money, we love to showcase books which could help anyone improve their finance security and ultimately, their financial freedom, and although this book isn’t a detailed guide about how you should manage your money, it can give refreshing ideas about it.
The Total Money Makeover by radio host Dave Ramsey talks about his philosophy about money and how to use it. He’s an advocate of a no-debt movement and his book is completely immersed in that philosophy, and with a good reasoning.
The read itself is pretty entertaining although Ramsey’s way of explaining things could fall short on some occasions. On the other hand, the lessons this book brings to the table are pretty good, let’s study them in detail.
This lesson is about how people perceive money and what would be the correct attitude to take in order to have better control of your financial future. The first one being denial, referring to people who doesn’t understand they’re not in control. The second one being seeing debt as acceptable, as this is completely wrong in the eyes of the author.
The third one is ignorance, as most people don’t have a clue about where to go or what to do in order to obtain financial security in the long run, and the last of them being social acceptance as an argument to accept debt as something positive. Not thinking about this is a freeing experience.
This lesson refers to the simplest steps to take when one is starting to see this plan, this financially free future. It focuses primarily on paying everything before even considering investing. His golden rule is still applied in this one.
The other step he explained in the book is about creating a $ 1000 savings fund for emergencies, which is a smart choice if you ask us. After paying everything you owe, you’ll be able to grow that exponentially. The last one would be just saving for real investments, which is the end goal right at the gates of financial security.
This refers to the later steps of the money making game, where things start to get interesting. It focuses on paying things ahead of time, like saving for your retirement or for your children’s college education. However, the big part focuses around the idea of paying your mortgage before is due, and while this can be a challenge, you’ll actually be free after that.
The Honest Truth – Is it Worth Your Time?
This is going to be an eye-opening book for many new readers, but it’s going to be one more book for the ones that are accustomed to these financial-focused books. If you like self-help books, this one is going to be one of your favorites. If you’re more goal-focused and detail-oriented, it might be too new age for you.