The Total Money Makeover By Dave Ramsey

Posted on May 13, 2007
Filed Under Your Finances |

The Total Money Makeover - is inspiring and gave me the motivation I needed to start my Money Plan. It is a very easy read with loads of real life examples.

The first half concentrates on myths that we all believe that stop us from moving forward in our finances.

Here are some comments from Dave-

1. Debt is NOT a tool - Debt brings on enough risk to offset any advantage that could be gained through leverage of debt.

2.Do not LOAN money to friends or relatives - the relationship will be strained or destroyed. One party will be the master then other a servant.

3.Do not CO-SIGN (Guarantee in NZ) a loan- be ready to repay the loan - the bank wants a co-signer for a reason, which is that they don’t expect the friend or relative to pay.

4. Stay away from Rent to Own deals!

5. Pay cash for everything -i.e. Cut up the credit card , no HP’s, laybys or delayed payments. Dave does allow a mortage but only if you have a 15 yr term. He wants you to live debt free.

6.Don’t give your teenager a credit card.

There is many more - I encourage you to buy a copy OR borrow it for free from your local library!

Rachel Larkin

Comments

One Response to “The Total Money Makeover By Dave Ramsey”

Cindy Calvert on May 24th, 2007 1:07 am

Hi Rachel,

I have just finished reading this book. It is very inspiring. Keep me posted on how it’s going. We’re just beginning our money makeover. We have a long way to go but at least we are heading in the right direction hopefully without too many slips backward.

Blessings,
Cindy Calvert
http://www.CindyCalvert.com

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