It’s our first PB BOGO: this week’s Money Minute segment show covers lessons learned from Dave Ramsey’s and you get a full review on the PB blog: The Total Money Makeover: A Proven Plan for Financial Fitness! Our discussion includes:
- Are The Total Money Makeover, Envelop System, and Snowball Debt Payment method still relevant for the Millennial (ages 18-34) generation
- The 14 Personal Finance books we will read (so you don’t have to) and breakdown on upcoming shows
- Why Marcus disagrees that “personal finance is 80 percent behavior and only 20 percent knowledge” – Dave Ramsey
- The pros/cons and still relevant advice found in The Total Money Makeover (2013)
- Why “spend more than you earn or earn more than you spend” might be more timely advice for our generation
Additional Resources
- How the Debt Snowball Works – Dave Ramsey
- Lendedu: What Does Dave Ramsey Think About Home Equity Loans?
- PB26: Behind the Brilliance ft. @LisaNicoleBell inspires The PB “10 Pages a Day” Challenge
- How Much Home, Car, and Debt You Can Afford on a $30, $40, and a $100,000 Salary
- Paychecks and Balances makes an appearance on Shonda Rhimes’ Shondaland.com: These Money Apps Actually Force You to Save
- NerdWallet – A Breakdown of the Average U.S. Household Debt
Announcements
ICYMI – A recap of Marcus’ presentation for #InternationalPodcastDay is now available on Youtube.
October: We’ve been selected to speak at FinCon October 25-28th: How to Build a Money Podcast Without Being an Expert.
Check out our PATREON page! We’re raising funds to grow the show so we can create more great content that helps you get ahead professionally and financially.
Read Marcus’ book on how he buried and dug his way out of over $30,000 in debt by age 30, Debt Free Or Die Trying, on Amazon.
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Hey Fellas! Great job the pair of you are doing!!
The one thing that is changing the way i spend is writing down EVERYTHING i spend on a monthly basis. I don’t consider myself a ‘spender’ but i wasn’t one to necessarily pay attention to what i did spend on outside of normal monthly bills [and even tho i kept my receipts, i NEVER looked at them again]. Writing down everything i spend on has allowed me to see just where my money is going.
So now i have a mental pause before i make a stop at say starbucks on one random day…not because i can’t afford it but because maybe i’ve had quite a bit of ‘random’ spending already for that month and know that my spending is getting higher than is ‘responsible’.
This will also allow me see just what my annual spending VS. annual saving is and make adjustments. Anyways, sorry for the long comment. I know a lot of people might find it daunting to manually record daily purchases but i actually quite like it.
Keep up the great work!!
Great comment! I’m all for the “written” systems. I’m still using white boards like the older (mature!) Millennial I am.
Hello Marcus, I really enjoyed your candid review of The Total Money Makeover. I have been following D.R. for 11 months and have paid off $35K, with another $30K that we will extinguish in the next 9-10 months. I believe you and Dave have more in common than you care to admit. From the sounds of it you and him are very “debt adverse,” which is a really positive thing. Also, both of you know that getting out debt for getting-out-of-debt sake is truly pointless. “You have to have a why that is bigger that your but, if not you but will get in the way of your why!”
If I may give you a run down of the 7 baby steps:
0) Get caught up on you bills.
1) Save $1000, as your baby emergency fund.
2) Pay off all debt, besides you home.
3) Double back to your emergency fund and beef it up to 3-6 months of expenses.
4) Put 15% of net pay in a retirement account.
5) Fund kids college education.
6) Pay house early.
7) Build Wealth and GIVE MORE THAN WHAT YOU HAVE BEEN GIVING!!! (the fun part.)
I’m only on baby step 2 and I must admit that this plan works better than any other plan any guru will be able to sculpt, because of foundation of the principals that which it written.
Also, it is a sure fire why to climbing your way out of the middle and become part of the stuffy 1%. When you have a chance check out his Millionaire theme hour on the Dave Ramsey Show, it is a dive deep within the numbers of individuals that have became rich with rather ordinary amounts income. Dave is always referencing Dr. Stanley and his book Millionaire Next Door as a cornerstone of becoming a prodigious accumulator of wealth.
Keep expanding the minds of many in your endeavor to teach people to become more financially literate!