Dave Ramsey Readers

[Drake2]

I have never read any of his books. Which book is best and why? Current Situation: My wife and I are planning for another child (first just turned two this past December) and we want to make sure we are building a financially sound foundation that will continue to benefit our family. We have done fairly well so far and are fortunate enough to only owe on our house.

[Smoke68]

[huntsober]

Smoke is correct. Get that crip paid off asap. Change those kids family tree

[ScottyLee]

recently read the total money makeover. it's easy to read, and shows a simple way to manage money. highly reccomend it!

[Double R 2]

Along these lines, I'd suggest to anyone the book entitled The Millionaire Next Door. Have seen it for as little as a buck per copy, paperback. It's more principles than generic budgeting. All kinds of free downloads online http://www.4shared.com/document/wmdv1pM7/The_Millionaire_Next_Door.htm

[lower14]

Financial Peace is the "why" book - Total Money Makeover is the "how-to" book.

Real short version:

1 - Decide to never borrow money again
2 - Ever. For anything. (The sole exception - you may take out a 15-yr fixed rate mortgage with a payment of no more than 25% of your take-home pay)
3 - No, really - you're never borrowing another dollar for as long as you live. No more car payments, boat payments - well, the word "payment" needs to be eliminated from your vocabulary.
4 - Seriously - no more borrowing. And cut up and cancel all of your credit cards. All set? OK, good.
5 - Save $1000 for a mini-emergency fund
6 - Pay off all of your debts from smallest balance to largest balance, regardless of interest rate
7 - Save 6-9 months of household expenses for a fully-funded emergency fund
7a - Save 20% of a down payment for a house
8 - Save 15% of income for retirement in good mutual funds
9 - Save for your kids' college (if applicable)
10 - Pay off your house
11 - Build wealth and give a lot of it away to your favorite causes

There - just saved you $20. Apply that to your first debt payoff.

Now, to be fair - this program is not easy. It's tough and it takes time. Hell, it's tough even if you make a six-figure living, let alone a $30k/yr job. But it does work. It's about planning, management and sacrifice, and if you can do those things, the plan does work if you have the discipline to see it through to the end.

[mlj300]

[Smoke68]

[ACEINTHEHOLE]

PM me your address and I will send you my copy of Total Money Makeover.

[flyntwt]

[Drake2]

Thanks for all the replies. PM's have also been returned. DuckSouth site never fails to deliver good information, no matter the topic. Thanks again!

[WeBeJeepin]

I read Total Money Makeover about 10 years ago and it has had an amazing impact on my life. No debt, my house is on a 10 year note, and I have money in the bank at 31 years old. I have given a copy of it to probably a dozen people over the years. It makes sense.

[Long Cut]

The system will work if you commit to it. As stated before it's not easy but it is worth it. My wife and I worked the system when we married in 2001 and by 2006 we had everything paid off including the house and she's a stay at home mom. I was not making crazy money or anything but not having any other debt payments allowed us to get really aggressive in paying off the mortgage.

Best thing about working the dave plan was that I lost my job in 2010 and it took 16 months for me to get back into my field. We would literally have been bankrupt if we had not eliminated this debt and built up a nice savings that got us through.

Work the plan bro, it will pay off one day. I'm living proof.

[simplepeddler]

It works it works it works..........

Check out "The richest man in Babylon" .........it is a great read as well.
Get out debt, tithe, and pay yourself first.

[tazdog]

Check out your local library I know southavens library had some of daves books back in the fall