The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness Hardcover – September 17, 2013

I have read dozens of finance books and this is one of the best. I would put it up there with Automatic Millionaire, Rich Dad Poor Dad, and Pirates of Financial Freedom. It isn't perfect though which I will talk about later.

Who is this book for? Everyone can benefit from it, but it is great for married couples and those in their late 20s, 30s, and early 40s. Young adults could benefit tremendously from it, but I'm worried it might not be exciting or fun enough to hold their attention. It's not really meant for retirees.

--- The Good ---

* He says financial freedom is 80% behavior and 20% knowledge which is so important, and he emphasizes this by pointing out there are a lot of broke finance professors.

* There are many real-life success stories of real people which shows his method works, and they also provide inspiration.

* He lays out his seven Baby Steps and makes them simple to understand. He points out that living right financially is not complicated. It may be difficult, but it's not complicated.

* I really liked the quote, "If you worked for a company called YOU Inc. and you managed money at YOU Inc. the way you manage your own money now, would you fire you?"

* The book includes helpful budget forms and worksheet in the back of the book.

* He isn't all gloom and doom. He wants you to have fun and even approves of buying a $30,000 watch, but only after you reach step seven and can afford it.

--- The Not-So-Good ---

* He doesn't go into a lot of detail on how to increase your income. Dave Ramsey is rich because he is a business owner who can make money from his radio show, books, seminars, programs, etc. It would have been great to get his advice on that, but he probably didn't want to overwhelm the reader with too many topics.

* I feel his previous bad experience with debt (he was over-leveraged with his real estate investments) has made him overly zealous on not having any debt. College loans can be very appropriate for some people, business loans can be great in the right situation, and his statement that you should put money toward paying down debt rather than getting the company 401(k) match seemed too extreme to me.

* The book wasn't super entertaining. I found a few parts to be a little dry and repetitive. While it certainly wasn't boring, I wish more money management books would be like the new personal finance adventure novel, but I guess that isn't this book's purpose. Still, there were a couple parts that made me chuckle and he did have some interesting stories.

* He stressed putting 100% of your investments in stock-related mutual funds. First, I feel ETFs are probably better than mutual funds because they are cheaper and won't underperform the market. Second, recommending a 100% stock portfolio to everyone regardless of age, financial goals, or risk tolerance seems risky to me. Plus you wouldn't experience the diversification benefit of owning non-correlated asset classes.

* He doesn't talk about the benefits of setting S.M.A.R.T. goals or having an accountability partner, which have been shown to greatly help people achieve all kinds of dreams.

--- Conclusion ---

Overall it is a very good book with a lot of good advice and inspirational case studies. You certainly won't regret reading it.

Good book. Life changing! In 4 months, I paid off my car loan, all credit cards and doctor bills!!! About $6,000 total. I increased my credit score to a 747. Started at a 660.

Within the 1st month this book saved me, I had the $1k saved and my fence blew down, no need for credit!! I wish I had this book 20 years ago when I was 20, but it's never to late. This is a must read.

If you need money help, this is the book. I was already doing everything in the book except for zeroing out the budget at the end of the months (using up all monthly budget funds) so that was my takeaway. This advice is easy, sound and if you follow it, you will get ahead. Just takes discipline.

I would recommend the different pots of money in the bank though not lying around your house.

I LOVE THIS BOOK. While I am only on step 2, and everything he says is common sense, It puts things into perspective. I am now on a plan to pay off all my debt (the up side of $80,000) in 2 years. I even created a budget which I have never lived off of. This book is totally worth it if you are trying to pay off debt like we are. We make fairly decent money in our family so we can afford to pay a lot extra, but even families that don't can learn some great things from this book.

This book was a real eye opener for us. It is a no-nonsense, straightforward approach to eliminating your debt and building wealth. Our family has moved a lot over the past several years, and that essentially means that we incur a lot of costs and start over every couple of years. We have made some dramatic lifestyle changes after knowing that we no longer want to be living under debt for the rest of our lives. We are on a path to financial freedom and it feels great. I can't explain the sense of satisfaction every time a debt is paid off! We refer back to this book often for a refresher course and to keep our heads in the game. Great!

This book has changed my live. I was drowning in debt and after reading the book and a bit of determination I have been able to pay off $50K in debt and am almost debt free. Before this book, I didn't see retirement in my future. Now, I will have my house paid off, student loan paid for, and $60K in home improvements done before I retire in 10 years.

We are in the process of doing his advice. It's sound advice and I do think it's possible to do as David states, but you have to be strict for yourself and fully committed to do every step. I'll update further with our progress.