Quote: ‘I owe. I owe. Off to work I go.’
The Total Money Makeover by Dave Ramsey is a straightforward book which outlines a plan for financial fitness. It is a concise read with numerous real-life stories and practical ways to achieve financial well-being (freedom).
The summary of this book is:
- Have an emergency fund.
- Pay off all personal debt (including car debt).
- Invest in your retirement.
- Pay off the mortgage.
- Invest to build wealth. Dave mentions he uses simple mutual funds and debt-free real estate* as his investment mix.
Quote: ‘After years of studying, teaching, and even preaching on this subject across America, I can find only three good uses for money. Money is good for FUN. Money is good to INVEST. And money is good to GIVE.’
Overall, I thoroughly enjoyed this book – The Total Money Makeover : A Proven Plan for Financial Fitness by Dave Ramsey. It was easy to follow, entertaining to read, and, most importantly, practical.
MY NOTE: *Debt-free real estate might be a bit of a stretch in Australia with sky-high real estate prices. I recommend reading From 0 to 130 Properties in 3.5 Years by Steve McKnight if you’re thinking about buying investment properties in Australia.
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