The Total Money Makeover: A Proven Plan for Financial Fitness Review

Before my husband and I tied the knot, we went through a pre-marriage course that was run by a family friend who happened to be a minister. We learned about love languages, volunteered at a homeless shelter and also read this book. While I believe in this book and Dave Ramsey, there are several factors in both the book and the man that I dislike. He also has a radio show, but I do not listen to this show.

The Book

This book employs several ideas to help you eliminate debt. it's Christian-based, though not screamingly so that it offends others. It employs baby steps - including building a nest egg, paying off debt smallest to largest, buying used, no credit cards, etc. There's even work book you can use to help you get started. Even beyond the book, you'll hear stories of people eliminating hundres of thousands of dollars worth of debt thanks to these steps! It obviously does work.

The Man

Please note that while I enjoy listening to this man and love what has done to help millions of people, he's not a financial expert by any means. He is very good at eliminating debt and empowering others, but he is by no means a true expert. His tagline is to "Live like no one else so you can live like no one else!" Meaning sacrifice now to enjoy the riches later. It seems good enough, right?

My Opinions

Personally, I have found both the book (Total Money Makeover) and Dave Ramsey the man as very uplifting. My husband had $75K worth of student loans to pay off when we married and now it's down to $50K. Not a huge leap, but it's something. Although we've had some tight spots, we're still here in our house and cars thanks to Dave. It's great to see that he has really saved a lot of people from debt.

However, that's about where my positives end. Let's start with the book:

I think this book loses a lot of principles of economic responisibility. Take credit cards. I agree that people overuse credit cards. I agree that it's easy to use it when you shouldn't. However, it's not a necessary evil if you've smart. Instead of just saying "don't use credit cards," teach us HOW to use the credit cards. There are so many places where it's good to have a credit card.

For example, let's say I rent a car for vacation and get into an accident. The rental company will actually charge my card (whether debit or credit) the full amount of the damage, leaving you high and dry if you don't have enough cash in your account. 

Another example: let's say I travel to a foreign country. If someone steals my credit card, it's okay. Just give them a call and all is well. If someone steals my debit card, we have an issue. It's harder to get that money BACK INTO your account. A debit card is a direct link to your account, putting your money at risk.

Are credit cards a necessary evil? Of course not, if you use it correctly and don't let yourself get into debt because of it. Are debit cards a necessary evil? Of course not, if used correctly and safely. Anyone who says that they believe their debit card is 100% safe is not being real. If someone steals your debit card information and empties your account, you are in for months of headaches. In contrast, if someone steals your credit card you can easily work wtih the company to get the charges reversed WITHOUT having to lose any of your money in the process.

Now, for the man himself:

I think Dave Ramsey has been a great leader in eliminating debt. I can't remember the last time someone like this was actualy doing good! However, I think that his moral obligations to his viewers and readers really are off sometimes. He's now promoting multiple cash-for-gold companies in advertisements on the radio. That's right - he's being paid to promote companies PROVEN to give customers a rotten deal. I have trouble trusting a man who is helping people dig their way out of debt while advertising for companies that con people out of getting the most from their money. It's anti-Dave Ramsey.

Listen, Dave is a great man who has saved millions of lives. That's not a joke. However, he sometimes makes people take such a negative view on things that it's hard to ever dream. If you ever want that huge mansion, it's okay. If you ever want that nice luxury car, go for it! You can save for it but don't need to be judgemental of those who want or have those items.

Overall

If you use Dave Ramsey, don't forget to reason. Don't mindlessly follow - read OTHER books from real financial experts and find a solution that works for your family and your situation. Remember that he's just one opinion.