Top critical review
3.0 out of 5 starsRepetitive but ok for those starting out
Reviewed in the United States on June 9, 2020
Not much new here - don't know that I would purchase it again as there are far too many stories and too much introduction before getting to the main points in the book. Let me save you the money: Debt is bad. Get out of debt as quickly as you can and strip down to only the basics (beans and rice) until you do. Credit is bad - never use credit cards (even though most people who aren't Dave Ramsey with his millions need one for renting a car, etc.) Pay off the smallest debt first and then apply what you were paying for that one to the next one (the debt snowball). Student loans are bad - don't ever take them out. Cash flow college. Establish a $1,000 emergency fund and then build up a 3-6 months emergency fund., Establish a budget and stick to it. Married couples should work together so that they both have a buy-in to their goals. Invest 15% of your income after you've paid off debt - mutual funds highly recommended. Buy only used cars until you have the rest of your finance3s in order. When you get a mortgage, get only a 15 year one and pay off your house ASAP. Follow these steps and you, too, can become a millionaire. That about covers the advice - it's the discipline you need to work the plan. Oh, and I forgot. Investing for your kids' college is in there somewhere, too. That piece of advice I disagree with - there are LOTS of other ways to pay for college inexpensively that do NOT just involve getting scholarships (scholarships are the advice of one of his co-hosts, Christina.) College financial advice is particularly weak in his program (and also the book of another of his former co-workers Anthony.) They neglect to mention DOZENS of ways to get a 2 or 4 year college degree for less money.
I used to follow Dave Ramsey on the radio and read his books, but I've found lately the advice is always the same and repetitive. Now the company is very focused on marketing and almost all their materials and radio shows have the same four or five ideas repeated over and over. In addition, I do not agree with his advice on credit cards. They are dangerous for those who have no discipline, but very advantageous for those of us who pay them off each month in full. I buy all the "extras" like gifts and even food for our church pantry with the points and cash back from my cards. Having airlines cards enable me to avoid baggage fees, get priority boarding, and several other perks that far outweigh the annual cost. I manage my elderly mother's finances and also make sure her card is paid off each month. She charges everything on her Visa and the points she earns enable her to give gifts to her kids and grandkids that she would no be able to give otherwise. All the perks, none of the costs. But like everything else in life, using credit cards well requires personal discipline.
