Financial Peace Revisited by Dave Ramsey
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Book Reviews of Financial Peace Revisited
Book Review: Top On My List
Summary: 5 Stars
I've read at least two dozen books on money management and wealth creation, including the Rich Dad series (which is also great by the way), and I have to place this book in the number one spot. I've purchased copies for many friends and family members and continually recommend it to people in my seminars. I really believe it can change your life... it did for me.
I was working hard and earning a great income of more than $100k per year, but I was also spending it all. Then changes came and I plunged down, suddenly, to less than $35k per year. For some people that's a lot of money, but imagine you've been earning $35k per year and suddenly it fell to $15-18k - that's about what I felt like emotionally. Then I cam across Dave's materials and my life was literally unlocked.
I learned that I needed to manage my money to manage the rest of my life. I discovered that stress can disappear - even in the modern world - when you've taken care of your primary needs first and provided a security blanket for the future.
Today, I have a bank account that will keep me going for about a year even if my funds were completely cut of and, borrowing from another excellent book, I have multiple streams of income.
Since reading Dave's book, I've read the entire Rich Dad series, the Multiple Streams of Income and Multiple Streams of Internet Income books and many others on finances. They've all added to my life, but this book is the one that started my journey and gave me the needed principles to evaluate opportunities and options that come my way.
You'll love this book.
Book Review: This book is AMAZING - if you're willing to change
Summary: 5 Stars
Dave's principles are easy to apply for anyone, no matter their income. Even if you only make $24,000 a year, you can do this. The principles are simple: Live on less than you make, shed debt, don't borrow, invest wisely. The pervasive "gotta-have-it-now" conspicuous consumption mindset is addressed, in a no-nonsense style that still manages to convey warmth and caring.
He recommends extra jobs to increase income if the existing income is low. For those that view this as anti-family, consider two things: 1) Dave doesn't recommend it for the long term, only as long as is needed to get out of debt; and 2) financial freedom is a wonderful gift for your family. "Changing your family tree" is the aim. If you get out of debt, and teach your children the same principles of not spending money you don't have (i.e. borrowing), then you've changed your family for generations to come.
I did it; I got out of debt on a single-mom lower-than-national-average salary using Dave's principles. I dug out of a $24,000 pile of debt in sixteen months with this system. I am now debt-free, saving for retirement, setting aside some money for my son's education, and more financially secure than I have ever been. The plan works, if you work it. The key is personal responsibility.
Sure, Dave makes hundreds of thousands of dollars a year - now. He didn't always, and the fact that he lived what he preaches makes this book credible, interesting, and relevant.
Book Review: The only book you will ever need for personal fianance
Summary: 5 Stars
Simply the best book on personal finance you can buy, July 26, 2006
Reviewer: Joshua King "Seeker of TRUTH" (Nashville, TN) - See all my reviews
I actually had this book in 1993 when it was self published the principles in it showed me how to go from being totally broke and $50,000 in debt to now having a net worth of $150,000, this is also after going through a divorce where I lost 50% of my net worth.
This is financial step one:Start the journey.I have also been listening to Dave Ramsey on the radio since he started in Nashville in 1993. His common sense information is why I have a 6 figure 401K, and have had financial peace over the past 13 years. He taught me what my parents should have about personal finance. This is a great beginners book in personal finance,it can show you the way out of debt and into prosperity. Here are some of the rules:
1). Never have a car payment
2). Do not use credit cards
3). Get a mortgage of less than 25% of your monthly net income.
4). Have 3 months of expenses saved
5). Get a career you love not a job
6). Tell yourself and yout family NO to things you can not afford
7). Contribute 15% to your 401K
8). Live on a budget
9). Live on less than you make!
10). Work two jobs until you are out of debt.
It is worth the price you pay short term for the long term peace.
Book Review: More Than Money, What Most People Need is Peace of Mind
Summary: 5 Stars
Ramsey is a Christian and is not afraid to say so. But, this does not make him a Christian book. He quoted Methodist founder John Wesley as follows:' Make all you can, save all you can, give all you can". In another words, finance is not merely an exact mathematical science. It is an exact mathematical science until a human touches it. "Financial Peace Revisited" was preceded by a 3.5 years of "unravelling", ending in bankrupcy. With additional comments from his wife Sharon, new chapters and updated statistics, "Financial Peace Revisited" is now firmly in the canon of personal finance classics, helping many people to become solvent. This book provides financial counsel on a wide range of issues. The most popular one is probably the "debt snowball" technique of debt reduction. In essence, you pay off the smallest debt first (no matter how much interest you are paying on the larger ones), then apply the money you would normally have paid off each month to your normal payment on your next biggest debt. When this debt is paid off, you move on to the next one. Something amazing happens: The amount you can pay off a debt each month begins to get bigger and bigger, like a snowball, helping you to pay off obligations quicker than you thought. The technique has help many people demolish their debt mountain in 2 or 3 years.Book Review: Getting Your Finances In Order
Summary: 5 Stars
I first bought this book in 2003 when it came out because of the recommendations on Amazon. It helped me put my finances in order at that time, and reduce my debt and buildup an emergency reserve fund. During the last 7 years, I have seen an increase in my salary, and then a heavy decrease from 2008 and on with the downturn of the economy. To make ends meet, I started getting away from the principles of "Financial Peace", as my debt increased and my emergency fund decreased. I knew I needed assistance, and started watching Suze Orman's show on CNBC and then re-read Dave's book.
It was a financial wakeup to see how far I had deviated from Dave Ramsey's path. My wife and I have now looked intensely at our finances, and made a workable budget to keep our expenses low. We now have an emergency fund, and are beginning the process of killing off our credit card debt. Being a homeowner in this time can be tough, but with Dave's help, we now have our priorities in place.
We look forwards to finishing the 7 Steps of Dave's plan to financial freedom. I am glad that I kept "Financial Peace" closeby, so that we could get back on track, no matter what the economy does or how our income increases or decreases. Good Luck to everyone in this tough economy.