A Proven Plan for Financial Fitness
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Total Money Makeover is a personal finance book written by Dave Ramsey, a financial expert, and radio host. It provides practical advice and tools for achieving financial success.
The book starts by introducing the concept of the “debt snowball” which is a method of paying off debt by starting with the smallest debt and working your way up to the largest debt. This method is effective because it allows the individual to pay off small debts and build momentum, which can then be applied to larger debts.
Dave Ramsey also emphasizes the importance of creating a budget and sticking to it. He also recommends investing in mutual funds and diversifying one’s portfolio and advising against high-risk investments.
The key message of the book is the importance of discipline and self-control when it comes to managing money. It encourages readers to take control of their finances and make smart financial decisions to achieve financial freedom.
About Dave Ramsey
Dave Ramsey is an American financial author, radio host, television personality, and motivational speaker. He is the author of several personal finance books, including “Тотальний грошовий переворот,” which has become a best-seller and has helped millions of people improve their financial situations.
Ramsey’s financial philosophy centers around the principles of “living on a budget,” “saving for emergencies and long-term goals,” and “getting out of debt.” He advocates for living below one’s means and avoiding consumer debt, and encourages people to save for long-term goals such as retirement and children’s education.
Ramsey has also hosted a nationally syndicated radio program, “The Dave Ramsey Show,” since 1992. On the show, he provides financial advice to listeners and answers their personal finance questions. He also hosts a television program, “The Dave Ramsey Show,” which is a talk show format featuring Ramsey and a panel of experts discussing personal finance and investment topics.
StoryShot #1: The Super Saving
Total Money Makeover starts with the idea of super saving. You should save money before you spend it, or you’ll spend before you save. Prioritize saving money and putting it into your savings account before you use it to pay for expenses.
The book also suggests that you should set financial goals to give your savings a purpose. For example, You should set financial goals such as saving for a down payment on a house, or building an emergency fund. This will help you stay motivated and on track with your savings plan.
Additionally, the author encourages you to save for all types of expenses, not just for the big ones. You should save for both the big and small expenses, such as saving for a vacation or a new car, as well as saving for unexpected expenses.
You’ll also learn about the importance of creating a budget to help you manage your money and reach your savings goals. The book recommends using a budgeting method such as the “envelope system” to allocate money for different categories, such as housing, food, and entertainment. By creating a budget, you can see exactly where your money is going and make adjustments to reach your financial goals.
StoryShot #2: The Debt Snowball
In this StoryShot, you will learn how to get out of debt and take control of your finances. The author emphasizes that You must get out of debt before you can build wealth.
The “debt snowball” method involves paying off your debts starting with the smallest balance first, while making the minimum payments on your larger debts. You will pay off your debts one by one, starting with the smallest, while making minimum payments on the larger ones. The idea behind this method is that by seeing progress and paying off smaller debts quickly, you’ll be motivated to continue working on paying off your larger debts.
Avoid new debt while working on paying off existing debt. This will help you stay on track and make progress towards becoming debt-free.
Additionally, the author suggests that you should cut expenses as much as possible. This will free up money that can be used to pay off debt.
It’s important to have an emergency fund before investing. The book recommends having 3-6 months of living expenses saved in an emergency fund, so that you can be prepared for unexpected expenses and not have to rely on credit cards or loans.
StoryShot #3: The Three to Six Month Emergency Fund
The goal of this StoryShot is to help you understand the importance of having an emergency fund, and to provide you with strategies and tools to help you save for it. You must have an emergency fund before you invest. It’s the foundation of your financial plan.
An emergency fund is a savings account that you can use to cover unexpected expenses, such as a car repair or a medical emergency, without having to rely on credit cards or loans.
- Save 3-6 months of living expenses in an emergency fund
- Keep your emergency fund in a savings account that is easily accessible, such as an online savings account
- Review your emergency fund regularly and adjust it as needed to make sure it’s always fully funded
- Start saving for an emergency fund as soon as possible and make it a priority before starting to invest or pay off debt
- Keep your emergency fund separate from your other savings to avoid using it for non-emergency expenses
- Consider setting up an automatic transfer to your emergency fund account to make saving easier and consistent.
StoryShot #4: Investing the Debt-Free Money
You must invest for your future, it’s the key to building wealth. Investing is the process of putting your money into assets, such as stocks, bonds, or real estate, with the goal of earning a return on your investment.
The book recommends that you should invest 15% of your income for retirement. it ‘s including employer matches, in a Roth or traditional IRA or 401(k). This will help ensure that you have enough money to support yourself during your retirement years.
Additionally, the author suggests that you should diversify your investments, such as investing in a mix of stocks, bonds, and real estate, to minimize risk. Diversifying your investments means spreading your money across different types of assets, so that if one type of investment performs poorly, your overall portfolio will not be affected as much. Avoid high-cost investment products and fees, such as mutual funds with high expense ratios, and instead opt for low-cost index funds.
Long-term investment strategy
Have a long-term investment strategy and avoid trying to time the market. Instead of trying to predict short-term market fluctuations, an investor should focus on building a diversified portfolio of assets that will perform well over the long-term.
A long-term investment strategy involves setting specific goals, such as saving for retirement, and creating a plan to reach those goals. It also involves regularly reviewing and adjusting your investments as needed, to ensure that they are still aligned with your goals.
StoryShot #5: College Funding
You should start saving for your children’s college education as early as possible. The cost of college education has been rising over the years, and it’s important to start saving early to be able to afford it.
The book recommends that you should use a tax-advantaged college savings plan, such as a 529 plan, to save for your children’s college education. It allows you to save money for college while also receiving tax benefits.
Additionally, the author suggests that you should involve your children in the saving process. By teaching them about the importance of saving money and encouraging them to save for their own college education.
Be realistic about how much you can afford to save for college and prioritize other financial goals, such as paying off debt and saving for retirement.
StoryShot #6: Paying Off the Home Mortgage
You should pay off your home mortgage as quickly as possible. Paying off your mortgage early will allow you to be debt-free and have more money to invest in other areas of your life.
The book recommends that you should make extra payments on your mortgage, such as bi-weekly payments, to pay off your mortgage faster. By paying more than the minimum payment, you can reduce the amount of interest you pay over the life of the loan, which will ultimately allow you to pay off your mortgage faster.
Refinance your mortgage if it makes financial sense, such as if you can get a lower interest rate or shorter term, in order to save money on interest and pay off your mortgage faster.
Avoid taking on unnecessary debt, such as credit card balances, and instead focus on paying off your mortgage as quickly as possible.
StoryShot #7: The Great Misunderstanding
The author addresses common misconceptions about money and how to manage it, and provides guidance on how to maintain your financial freedom. One of the key ideas is that living below your means is crucial for financial success. You should live below your means, not above it. By spending less than you earn and saving the rest, you can build wealth and achieve your financial goals.
Avoid lifestyle inflation, which occurs when you increase your spending as your income increases. By living on the same budget even as your income increases, and instead use that extra income to pay off debt, save for retirement, or invest.
You should have a strong financial support system, including having a budget, saving for an emergency fund, and having a plan for your money, to help you stay on track and maintain your financial freedom.
Additionally, the author suggests that you should avoid the “get rich quick” mentality and instead focus on building wealth through consistent and disciplined savings.
Підсумковий звіт та огляд
Тотальний грошовий переворот is a personal finance book by Dave Ramsey. It provides practical advice and tools for achieving financial success. The book starts with the concept of the “debt snowball” method, where you pay off debt by starting with the smallest debt and working your way up to the largest.
Dave Ramsey also emphasizes the importance of creating a budget and sticking to it, saving at least three to six months’ worth of expenses in a savings account for emergencies and investing in mutual funds, and diversifying one’s portfolio.
Dave Ramsey encourages readers to take control of their finances and make smart financial decisions to achieve financial freedom.
The book is divided into several parts, such as Super Saving, Debt Snowball, College Funding, Paying Off the Home Mortgage, and The Great Misunderstanding, each part is providing specific actionable steps and tips for readers to improve their financial situation.
Ми оцінюємо цю книгу на 4,3/5.
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