I recently started Dave Ramsey’s Total Money Makeover, a step by step plan for financial fitness. Dave lays out his plan in an easy to understand manner that works for everyone - no matter what your income or expenses. By the time your makeover is complete, you will have an emergency fund in place, all debt including your mortgage paid off, 15% of your income going into a retirement plan, a college fund for your children established, and you will be building wealth like crazy. The Total Money Makeover motto is “If you will live like no one else, later you can live like no one else.” If you haven’t read the book, you should. It’s great, and extremely inspiring.
The Total Money Makeover consists of 7 baby steps. Baby step 6 is paying off the home mortgage, with only wealth building to follow. Dave says that the average person will be finished with step 6 and starting step 7 within 7 years of starting the plan. That sounds great to me, as I have 28 years and 10 months left to pay off my mortgage! I would be thrilled to be completely debt free 21 years and 10 months early!
If anyone else is interested in joining me in the Total Money Makeover, I’d love to have some company! You can pick up the book on Dave’s website, a local book store, or just get it from your local library if you don’t want to spend the cash. Dave’s radio show airs from 2:00 - 5:00 PM ET Monday - Friday and is full of great financial advice. There are also lots of financial tips and tools available at DaveRamsey.com and MyTotalMoneyMakeover.com.
Can you imagine having no debt whatsoever and being able to pay cash for anything and everything life throws at you? Being able to take impromptu vacations to Las Vegas, San Diego, the Outer Banks, or any other destination with absolutely no concern about the price tag? Yeah, me neither. But I’ll be sure to tell you what it’s like in 7 years!
July 26th, 2008 at 10:17 pm
Good for you. I cannot imagine being completely debt free, altho I’d love every minute of it!! I often watch Dave’s show. He has great advice. I hope his plan works for you. I guess I am just not willing to give up most of my “fun” money to pay off my house. ha ha
July 26th, 2008 at 10:49 pm
Hi Tish!
My wife listens to Dave mostly, but every once in a while I get to listen to him on the radio. We like him, very down to earth and logical with money.
We look forward to the day we’re out of debt.
July 26th, 2008 at 11:10 pm
Flat Coke - Yes, it sure would be great! And I can understand not wanting to give up your fun money. I’m not going to give up all of mine, but I’ll certainly reduce it.
Mark - That’s great that you guys listen! He is very down to earth, and I guess that’s how he’s able to get through to so many people. He’s just like one of us, even though he’s a millionaire. Good luck on becoming debt free! You should try the Total Money Makeover.