The Back to Basics Book of Money! A Couples Guide to Financial Peace
But there is a time and a place for graduating from some of its principles!
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I completely agree with your points. I live in CT where houses are expensive and it makes more sense to me to try and avoid as much mortgage interest as possible. Great post! No, I think you make a really good point. In our day and age, there are a few aspects of his teachings that seem a bit outdated.
Its important to note that the reason Dave has people cut up credit cards is because many are in credit card debt and have proven they cannot handle a credit card responsibly. You can use debit cards like credit cards and in place of cash which Dave also advocates. Finally credit cards are not the only way to influence your credit score so if that is your only reason for having them I would discourage that attitude.
Like you stated, the credit cards! Same here! If you use them responsibly, there are so many benefits! We have never been strict Dave Ramsey adherents. These are also available just about everywhere, so access is good. Please do correct me if I am wrong on this. I think that the real-life, face-to-face, in-person support is extremely important for people to succeed in making the major life style changes that getting out of debt requires.
Online stuff is great, but it is not a substitute for real-life people in your corner. Real life accountability partners help you stick to it. A goal becomes so much more real when you have a real person offering you real support. I mean, our debt pay-off did, but not the way we go about it. A Using cash for everything is annoying. And we have a credit card that has awesome rewards so why would we pass that up?? C We had one debt in particular with a crazy-high interest rate. I understand the psychological advantages of the snowball method, but it made more sense for us to get rid of the debt that was costing us the most.
You guys sound a lot like us. It sounds like you guys have been more than able to have success without following every rule to a T! Credit cards are a necessity once you have learned discipline to budget. So very worth it, but using care and discipline. Thought of another Ramsey nugget I have altered — the emergency fund. He suggests Mos and I refuse to do more than 3. If we saved 6 mos, it would take so long that we would never get to spend. Having 5 figures of savings covers most emergencies just fine.
I suppose like a lot of things in life, there are no hard and fast rules. Haha, I think our method is this: personal finance should be personal! I wish Dave would do a little bit more of that! I agree and disagree with some of the points in the article and comments. By applying the same basic rules to everyone it shows confidence in the system by allowing him to remain consistant. It gives people hope. Credit card debt has never been a problem for either one of us.
And that is THE most important thing. You make some really good points, Michael. We finished FPU two years ago and have slightly deviated from the plan in almost all the ways you just described. Mostly the credit card versus cash thing. You and I are the exact same! I always feel more accountable with my credit card because I know Johnny will see exactly what I bought, too!
We loosely used the DR when we paid off debt and recommend his book to anyone interested in getting their finances in order. But we did not adhere to all his rules. We used credit cards, but we did not have a credit card problem. I know people with many maxed out credit cards and I think in their cases, they should not use credit for a while. We have always kept a zero balance on ours, so we did not stop using them.
I also agree that some student debt is not a terrible thing. I think it allowed me to have the college experience I had and gave me a stake in my education. They did not feel any financial responsibility in that decision.
We also used the avalanche because that made more sense to us. We paid off 56k in one year, so it worked for us, but was a very personalized journey! It sounds like you guys did all the right things for your specific situation. And major kudos on paying off that much debt in a year! That is quite an achievement! Huge fan of Dave Ramsey but I am not following every rule either. I refuse to lower my pension contributions. I have not used a credit card in several months and have been paying cash for almost all my purchases; however I keep my emergency credit cards locked up and ready to use for emergency use only.
My biggest lesson from him is that money is more emotional than mathematical. However, I enjoy the emotional feeling I get from free money. Some people may be more motivated to get out of debt by reducing their interest than by reducing their number of debts. Money Mustache gets credit for this approach. I agree, personal finance is personal so it works differently for each person. Get ideas from Dave Ramsey and many others including OFB of course , then figure out your own approach to keep yourself motivated towards your own goals.
My fear is that people who rely too heavily on what he says could get defeated early on because some of his advice is so stringent. Also, love hearing all the ways you and your family are personalizing your own budget. Hey guys! Hope you all enjoyed St. Did you and Sally dress up in green? But you know many of these folks feed off each other in their writings, when you really look closely, so I have read elsewhere about many of the same points that he makes.
Live, learn, make some mistakes and then keep moving forward in the right direction is the only way to go in getting ahead. As you found out, never cancel credit cards and screw up your credit rating , just lock them away and stop using them if you feel the need. Totally save up for college: again no. Makes as much sense as saying save up totally in cash for a house. Look, America would never have become a superpower if everyone had to save up cash to learn stuff.
Getting your budget back on track
Not investing while paying down debt: Uh, again, a big fat no. That is when time is your best investment friend. Fixed Amount Emergency Fund Savings: well here is where things for me anyway get personal. I decided many years ago that I wanted all my money to work as hard as possible for me in earning more income. So use what else? If needed for any for emergency then some or all of it was immediately available, with no hassle.
If not needed, then it just sat there untouched, not costing a cent. In the meantime all our money would then be available for living expenses like food, etc. Slow and steady.
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By all means, educate yourselves by reading from the financial resources out there but always do what you think is the best for YOU. Wise feedback, Rob. BUT, I am going to think about your idea a little more. I like the logic, just want to see what my gut tells me. I totally agree! My husband and I were forced to talk about finances and figure out a way forward that balanced free-spirit spender him and nerdy saver me. The accountability and support from everyone in our class was so vital to helping us stay on track and keep our eye on our goals student loan payoff, emergency fund, now down payment savings.
They help jumpstart new habits and mindsets. A year ago, we talked to a Dave Ramsey financial coach about how to make home ownership a reality for us in Boston where, like NYC, housing is depressingly expensive for both renting and buying. Thanks so much for sharing your story, Anna. This post is so timely for me!
Most people picture wealthy people as living lavish lives, but a lot of truly wealthy people live right down the street, due to living below their means and investing well. There is a lot of data and common sense in this book that proves to have surprising results. It is also full of information about both the emotional baggage and the freedom that money provides. Regardless of your age when you begin to read this book, you will certainly be able to recognize people from your own social circles in it.
Additionally, you will recognize a vision of yourself. And if you are willing to do an honest assessment of your financial habits, you will be able to recognize some areas that could use improvement. While some statistics in this book may be outdated as it has been around for 15 years , the principles remain the same. If you are able to follow these principles and create a plan, you can be well on your way to financial success.
This book is great for everyone searching for information that lays down the foundation for a prosperous life. Soforic combines fiction and non-fiction in a parable-style narrative to share ideas about financial freedom. This guide to prosperity is a refreshing find in a genre where most books tell you how to make budgets and where to invest your money. Instead, it gently directs the reader to see that the pursuit of wealth is a noble adventure, imbuing the book with an air of spirituality. These anecdotes prime the reader for the information found in the chapter.
Soforic gives an in-depth discussion of the way to gain and keep wealth, with an almost encyclopedic presentation of topics such as the 15 virtues of wealth and the 55 powers for wealth. This book, created for to year-olds who are financially clueless, provides a practical and non-judgmental approach to making readers want to follow the advice that is given.
This book is based on the four pillars of personal finance, including banking, budgeting, saving, and investing. It also discusses the wealth-building opportunities of personal entrepreneurship.
Chivon Obiri-Mainoo - NFEC's Personal Finance Speakers Association
This is a logical, step-by-step handbook to help lead readers to financial success. One of the major takeaways from this book is the importance of automating your finances so you are able to save and invest money without putting in much thought or effort. This helps leave you money to spend on everyday things without questioning your decisions or feeling guilty.
This book presents a six-week action plan that is easy and straightforward to follow. Each chapter goes through a task and why it is important, and ends with a clear checklist of actions to be taken. This is a great book for people who have not had the chance to optimize their finances yet, and are looking for a place to start. This down-to-earth book speaks to people in their 20s and 30s who are just starting out. It addresses doing taxes, boosting credit scores, and decreasing debt. It also talks about how to avoid common money mistakes and effectively navigate the world of personal finance.
This easy-to-read book also includes Cliff's notes, in case you are jumping around and scanning the chapters. The fundamental concepts are great to come back to every now and then, so it is helpful to have such a well-organized book where you can find what you are looking for easily. This book is a must-read for people who are about to graduate from college and go out on their own. While it is great for people who are looking for general advice, this might not be the book for those who are more established in their financial lives and looking for ways to optimize their finances.
This is a great book for everyone, regardless of where you are in your life financially. It covers everything about taking care of your family, your career, your home, and your retirement. Using a very direct approach, Orman shows the reader how to manage the mix of money and family. She also addresses how to avoid making common, costly mistakes when it comes to real estate and your career. This is a great book to help prepare for retirement as well, as it includes a comprehensive retirement resource with an attainable strategy that can be used at any age. The tools and advice that are presented in this book can take the reader from financial fear to financial security with lessons on how to feel hopeful about the future.
To make things practical and easy to follow for the reader, the author breaks down the pros and cons of various financial decisions and situations that people often encounter. Though parts of this book may not apply to you, there is definitely something in this book for everyone. This book offers tried and true financial tips on how to keep your financial assets growing in spite of the changing market and downturn in the economy.
It acts as a guide through some of the major subjects in finance, including budgeting, paying off debt, saving, and making proper investment choices. Tyson urges his readers to examine all of the aspects of their financial well-being and pinpoint the areas that need improvement. While this is an entry-level book on home personal finance, it is very comprehensive.
The author provides solid and practical information that can be applied to anyone's life right away. With a bit of humor added throughout the book, there are smart lessons laid out that are always useful to keep around and refer back to in the future. This book is easily broken down and very simple to follow. It is a great book to have on hand for anyone who wants to learn how to get out of debt and save money. I may be biased, but I think it is a great resource for anyone looking to create a budget.
Budgets are boring. This is not a flashy topic, like making money, investing or starting a side hustle.
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It is drab and boring. Like brushing your teeth. But what brushing your teeth is to personal hygiene, budgeting is to finance. It may be boring but doing it right is the lynch pin on top of which all financial success rests. In this book we tried to make budgeting as interesting as it possibly could be. But more importantly we strive to give a practical step-by-step guide for how to properly create a budget.
This book talks about how people in ancient times were able to be financially successful. This is an inspiring book on personal success. It helps to strengthen the reader's faith in hard work, a positive attitude, and self-discipline. It also teaches the values of avoiding procrastination and taking advantage of opportunities.
While the old English language that pops up throughout this book may not feel right to some people, it only goes to show that these principles have been around for a long time with continued success. It is more about thought process behind saving rather than actually giving you real world personal finance tools to take action.
Despite the fact that many Americans put money aside throughout their careers for retirement, people often wait until they are in their sixties to realize they have not saved enough. This book aims to show the reader what needs to be done in the next five years to make the best use out of current savings and create a plan for the future.
Birken covers every aspect of retirement planning and provides straightforward strategies to explain how people can make the most of their last few years in the workforce while also preparing for retirement. This is a great book for anyone, whether you have been saving for retirement since the beginning of your career or you are just getting started. It will show you what is important to do now so you are able to live comfortably in the future. This book presents the information in a very clear way, which makes it quite easy to read.
It is also great for people who are not clear on a lot of financial terminology but want to learn more. The story goes to show that just having personal financial planning does not lead to wealth. Rather, it is important to automatically pay yourself first to secure your future while also paying for the present. This book offers a realistic system for anyone to put into place, no matter what their income level is.
This is a great book for teenagers and young adults who are just starting to manage their own money. It teaches them to think about their savings first and then focus on what they want to purchase in the present moment. This straightforward book leaves little room for confusion. Even if you're only peripherally aware of book collecting, you've doubtless heard the term, first edition, bandied about but you may still be in the dark as to what makes them such a big deal.
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Learn about first editions and why collectors value them here. The Beat Generation was born out of WWII, and it still continues to exert considerable influence on today's literary scene. Biblio sellers have a fantastic collection of Beat Generation books and ephemera for browsing. What makes Biblio different? Facebook Instagram Twitter. Sign In Register Help Cart. Cart items. Toggle navigation. The Back to Basics Book of Money!