Just wondering if anyone has read his books and what your thoughts are.

I've read The Total Money Makeover and damn if that didn't make sense in every single way. I was pumped for a while, but employing his advice long-term is so dang hard!

I see he has a new one coming out - EntreLeadership. Anyone plan on getting that one?

 

I havent read his books but i've listened to his show a few times on XM radio. Basically his financial advice is quite sound and conservative. People rely on credit too much and tend to get sucked into long-term debt slavery.

 

He says not to buy a new car EVER until you have at least a million in the bank. He won't get much support around here LOL

 

I prefer Clark Howard, myself. Ramsey's advice is solid, but I don't like his delivery. I find him a little rude and arrogant. I'm sure some people need that to motivate themselves into making the needed changes, but I don't.

 

I've come from an Asian background.
thrifty/frugal/cheap/VALUE is my middle name.

 

Ramsey, Howard, Orman...I think all of them have solid advice for 80% of people that have a little bit of debt.

It really depend on who or what strategy 'speaks' to you. Just pick one and go with it.

FYI, I just ordered 'total money makeover.' from Ramsey. I'll give it a shot. I personally like being really frugal and being a miser about money. My wife doesn't.

 

Depends on the asian, lol...in my neighborhood (50% asian, 33% white), some kids are driving around in m3s or whatever. Its almost always the asian kids.

Its going to be tough to convince my kids that they don't have to have a bimmer.

 

I have always been on the little to no debt plan. I have bought two new cars and paid them off early and have had a credit card for 18+ years and never carried a balance. The first big debt I incurred was a home several years ago and then got married. My wife had some debt, cc and student loans and she found Ramsey by accident. She really liked "The Plan" and I agreed to play along. We pay bills online and everything else in cash.

We have been at this for over a year now and at 47yrs old, we will be totally out of debt. I don't know anyone now that can say that, and as frugal as my parents were, they didn't pay the house off until in their 60's.

 

I am curious, do you think you could not have accomplished what you have if not for "the plan"? If not, what was the biggest difference the plan made in your life?

I ask because I am currently living just as you were and I feel I'm doing quite well. I'm not sure where the extra money is coming from for you to pay off a mortgage plus the other debt.

 

That's awesome!! Congrats!
I'm reading the Total Money Makeover for the 2nd time. I like the concept and I agree with 90% of his theories, especially when it comes to large purchases, student loans, credit, etc.
I don't know - we follow it for a while, then fall off, then go back to it, then fall off. I was hoping that reading it a 2nd time around would motivate me again.

 

The money isn't "extra", it's just that now we have a budget and cut out all the "crap" we used to spend money on. We still go out to dinner and entertainment, now it's just budgeted. Once you put everything you spend down on paper, I promise you that you will spend less.

Our quality of life hasn't changed either, but there are certainly less impulse buys. I don't think "The Plan" would work as well for a bachelor, because I know I spent money as a bachelor, but his advice is sound.

 

Ok, I'm already doing the same, but using MS Money instead of paper. I am a longtime believer that you need to keep your numbers in front of your face every day to keep you in line.

Good deal!

 

If you are already doing that, there probably isn't a ton you would gain from Ramsey. We still have a credit card for travel and I still use my debit card for gas and purchases where cash isn't convenient, but we have a travel budget and I can tell you that my wife and I spend $225 per month on fuel.

I've started trying to help my friends as well and it's amazing to me how some just don't get it. One told me that, "they were in too much debt to be on a budget." It just has to click for some and I'm probably not helping them anytime soon