- Hardcover: 272 pages
- Publisher: Lampo Group (2008)
- Language: English
- ASIN: B0027MSEX4
- Product Dimensions: 9.3 x 7.4 x 1.8 inches
- Shipping Weight: 2 pounds
- Average Customer Review: 4.7 out of 5 stars See all reviews (552 customer reviews)
- Amazon Best Sellers Rank: #1,772,445 in Books (See Top 100 in Books)
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The Total Money Makeover with Deluxe Executive Envelope System Hardcover – 2008
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Top Customer Reviews
Two years ago, my husband and I were a little over $36,000 in debt including credit cards, cars, and student loans. Today, we are completely debt-free, saving an emergency fund like Ramsey strongly advocates in the book, and we will be able to purchase a home on a 15-year fixed rate mortgage (also something he advocates in the book).
The philosophy is incredibly simple, and a few other reviewers have already listed his "baby steps," so I won't rehash that again. "Baby steps" actually came from the Bill Murray flick "What About Bob?", in case you're wondering. Not only are the steps easy to follow, but you'll want to channel Homer Simpson and have a "Doh!" moment when you read it. On his widely syndicated talk radio show, Ramsey uses the opening line, "Teaching you the same advice your grandmother would, only we keep our teeth in." That line is in deference to the fact that he realizes he is teaching people common sense money management.
If you're in love with your FICO score or looking for a financial expert to help you improve your credit, Ramsey's book is the wrong one for you. Be forewarned that he cares NOTHING about a credit score. The only debt that he "allows" you to keep is a mortgage, and he's not crazy about that. If you're looking for a way to get out of debt, stay out of debt, and learn to make the most of your hard-earned wages (possibly become a millionaire in the process), then you need to read this book. It may change your life; it changed mine.
As a financial professional, I can legitimately claim to be an expert in matters of debt and credit. So I bought his book so I could see just what it was about Dave Ramsey would cause these extreme reactions. After reading it carefully, I have come to some conclusions.
First, I must acknowledge that there is a lot to like about Dave Ramsey. His basic teaching can be boiled down to this:
1. Don't buy stuff on credit that you can't afford
2. Set aside money for emergencies and the future
3. If you are in trouble with debt, stop incurring it (we could also state it as, "When you're deep in a hole, stop digging.")
4. Make a plan to retire your debt systematically
He offers a step-by-step method for getting out of debt and onto a better financial footing. He teaches that you should pay attention to your finances and work from a written budget.
These are all good things.
My first concern is that Mr. Ramsey teaches that All Debt Is Evil (with the possible exception of a 15 year mortgage). Others here have mentioned his assertion that "responsible use of a credit card is not possible." His audience is urged not only to pay off their debt (a Good Thing), but to cut up the cards and close the accounts.Read more ›
The book is a very easy and entertaining read. For those of us who dream of living debt-free, it is a very inspiration book to have. The baby steps are very easy to remember, but not necessarily easy to follow through with. The book gives us understanding why we have to go through some pain to become debt free. Just as person overweight struggles to diet and exercise if they want to become fit, a person trying to stop living on credit goes through type of struggle. Reading about people paying off $20,000 of debt in 9 months makes my missed restaurants visits, or not buying the newest video game seem trivial. For those wanting a way to become debt-free, the small investment in this book is a small price to pay. I have read many financial books, and Total Money Makeover is one of the best.Read more ›
Most Recent Customer Reviews
This book is a practical road map to getting out of debt and building wealth in a responsible and straightforward manner. Read morePublished 28 days ago by Straight Shooter
This is a simple read. easy to understand. Even though you can red it in a day or two you'll find yourself going back to it often for reference and motivation. Read morePublished 28 days ago by WaPe+2