Post # 1
Just wondering if anyone has read or listened to these books or done the Financial Peace University classes?
I downloaded TMM as an audiobook on a whim, and it’s been pretty interesting so far. Any reviews/thoughts/experience with either of these books from Dave Ramsey? Good or bad, all honesty is appreciated!
Other suggestions of what systems worked well for you as a couple are also welcome. Mr.ND and I are starting to look at scheduling our pre-marital sessions with our pastor, but I want to make sure we shape up our financial smarts as well and start off on the right foot.
Post # 3
I haven’t read it but give me the cliff notes.
Post # 4
@tksjewelry: Basically, from the almost 2 hours I’ve listened to of Total Money Makeover, he’s providing a system to get out of debt and build your wealth/retirement savings/emergency funds/ etc. It requires cutting out extra spending and all that ‘fun’ stuff while you’re getting rid of your debt (or so it seems from what I’ve listened to), but what he’s talked about so far seems like common sense (why you shouldn’t lease a car or have car loans when you could save up for 10 months to pay in full, why credit cards usually hurt folks, etc). I stopped listening for the night since it’s so late and I’ve got to be up early, but apparently his ‘baby steps’ that one needs to follow are coming up next.
Just curious if anyone has read/heard his system or if anyone has used it and how it worked. I’m not even sure what it is yet, since I’m just listening to it for the first time. Debt free does sound smart, though, just not sure how drastic his measures are, etc.
Post # 5
@indibee: Ok, now I know the system you are talking about ( I also looked it up). While the plan is idealic, IMO, it is also impractical in the many ways credit is now used. When you have zero debt, you can run the risk of actually harming your credit. My mom found this out the hard way, she took what she made off of a sale of a house, she lived “debt free” for five years and put alot of money into investments and savings. One day, someone Tboned her car and she needed to get one very quickly as she was moving for a job. Not having enough liquid cash to pay for a car in full, she took out a loan for the rest. Her interest rate was rediculously high, and her insurance went up because when they ran her credit, she hadn’t had any in over five years. She even had a hard time getting an apartment when she moved out of state for the same reasons and was almost not given a great job in accounting.
If I were you, I would listen and learn the complete system. Then go to your financial planner or life insurance rep and talk to them about the plan. They will be able to help you develope a program that will work for you within how today’s credit system works and be able to incorporate elements of the system that are practical.