I've always really enjoyed personal finance and taking lessons from the books I read. One of the first people that got me interested in personal finance was Dave Ramsey. In his book The Total Money Makeover Dave lays out a very clear path on the way to a wealthy and healthy life. Here are Dave's Steps:
There were very few things I disagreed with Dave throughout reading this book on. The two big ones were 15-year fixed rate mortgages and the concept of not having credit cards. I would say that you can make out on a relationship with a credit card company as long as you pay your balance in total every single month. For me personally, I get about $250-$350 annually in cash back for just living my normal life and never carrying a balance to the next month. Also, I'm more of a believer in a 30-year fixed rate mortgage with an absolute minimum of 20% down payment on the home. I just think this gives you more wiggle-room in case of emergencies and you can always pay well beyond your payment to chip away at your principle.
This was an outstanding read and is well done. It provides a road map for even the most clueless of consumers. I really enjoyed how Dave has been getting his steps in front of schools and churches to hit a lot of eyes and hopefully spark smarter consumer budgeting.
What Did I Learn?
About the Author
Andy Rupert is a Penn State (B.A. John Curley Center for Sports Journalism 08') and a Southern Miss (M.S. Sport Management 09'). He has spent his whole career working in sports and tourism digital marketing and metrics.