I just finished up reading Total Money Makeover by financial guru Dave Ramsey. I must say I was a tad bit disappointed in the book. I have heard people just rave about this book and his program. I love personal finance books and thought this one would be a great read. Sadly, it did not do anything for me.
The biggest issue is Dave Ramsey’s belief system. In my opinion (and I know I may get reamed for this) but I think that your religious beliefs have nothing to do with your financial situation. Your money in/money out/money saved/money earned has nothing to do with religion. It is based off of your actions, which could be influenced by religion. Ramsey’s company mission statement is as follows:
“The Lampo Group, Inc. is providing biblically based, common-sense education and empowerment which gives HOPE to everyone from the financially secure to the financially distressed.
I know most people who read Dave Ramsey read him because of his views and he does provide “biblically based” information. For me, it didn’t do the trick.
Another issue I had with the book is the some of the money management tips he puts. Yes, I will agree he had some great, basic tips on finances like pay cash when you can, save 15%, invest, blah blah blah. Some of his ideas where out there. Pay cash for a house? Yeah, this maybe possible if you are looking in the 20k-30k range. But trying to save 100k+ for a house is a little out there.
All in all, my biggest issue was how basic the book actually was. And with all the basic personal finance books out there, this one just didn’t hit the mark. A better choice is Suze Orman’s Young Broke and Fabulous, which was the best basic personal finance book I have ever read. It got my finances in order quickly. Another good one is Your Money Or Your Life. Your Money Or Your Life is more similiar to Total Money Makeover in the idea of cutting costs, living below your means. But if you had to buy one, go with Suze Orman. It covers the ray of all things personal finance if you need a place to start.
Agree? Disagree? Love to hear your take on the book.