What We Read

The Total Money Makeover: A Proven Plan for Financial Fitness by Dave Ramsey

SYNOPSIS

In financial guru Dave Ramsey’s cornerstone book, The Total Money Makeover, Ramsey lays out a proven plan for financial health, with the goal of becoming “Debt Free.” Outlining seven “baby steps,” the book takes Ramsey’s decades of experience in creating financial stability and makes it accessible to anyone.

WHY READ IT

When it comes to creating financial stability, few accomplishments can have as much impact as paying off overhanging debt. And when it comes to paying off that debt, few others have the clout that Dave Ramsey does. By taking the plan step by step, Ramsey ensures that the path forward works for everyone — no matter how big the mountain of debt, or how much progress you can make each month.

A SPECIAL TAKEAWAY

Although “Pay Off Debt” is technically only one step (Step #2 of the 7 Baby Steps), creating a debt snowball is one of the most effective ways to pay off debt — quickly and consistently — and it actually consists of as many steps as you have owing accounts. Essentially, you’ll pay off the lowest balance first, then add that monthly payment to the monthly payment on your next balance, continuing to pay off and add those payment dollars to the next balance. As the balances get larger, so does the snowball!

THE FINAL WORD

If you’re looking to pay off debt and get out from under the weight of your monthly bills, the Total Money Makeover is a great start. For an even deeper understanding — put into practice — find a local organization that teaches Financial Peace — a program built off the same foundational principles of this book.