The Total Money Makeover by Dave Ramsey
In 1984 I purchased a brand new car. I took out a 60 month loan. An aversion to debt was instilled in me from childhood. I wanted to pay the loan off as soon as possible, so I always made bigger payments than were actually due. Every year I got a statement with the loan balance. One year the dollar amount was low enough I knew I would be able to pay it off very soon. I continued to make my monthly payments and some extra until by my calculations I was able to make that final payment. I walked into my bank, money in hand, and told the teller I wanted to pay off my loan. I broke into tears when the she gave me the pay off balance. I was crushed. Poor teller, she didn’t know what to do or say. She got a loan specialist on the phone to talk to me. That was when I learned that I should have specified that the additional money be applied to the principle. In a few more months the car title was transferred to my name and I drove that car for 11 years.
I started listening to The Dave Ramsey Show because it was on during my daily commute. Though I am not the average American with debt up to my eyeballs, I found the show very inspiring and entertaining.
I’ve given The Total Money Makeover as graduation and wedding gifts because Dave offers very practical money advice. When I found a $2 copy at Deseret Industries I purchased it thinking another gift giving occasion may come up in the future. When I brought it home I decided to read it myself.
Reading the book is very much like listening to Dave on the radio. I could hear Dave’s voice as I read about the “Baby Steps”. Along with Dave’s advice on becoming debt free are numerous testimonials from listeners/readers that have achieved financial freedom by following his plan.
If you’re in debt, this book offers a common sense plan to work your way out. I also recommend giving it as a gift to people starting out in life so they can avoid debt.
We are not through February yet and I’ve finished 4 books, I hope I can keep up this pace.
You may have guessed that my next report will be on The Family Nobody Wanted.