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Book Review: The Total Money Makeover, Dave Ramsey

Verdict: 2.5 hour library read, not worth the purchase

It’s not a bad book. There is some useful information on how to view debt, how to budget and he talks about how to go about paying back debt. I appreciate that debt can get complex at times but think about the average physician making $250k/yr, even with $1 million of debt it’s really not a difficult undertaking to pay it all back. When it comes to prioritizing debt, that’s where a lot of different gurus inject in their gimmicks, while in reality it’s a personal preference combined with a bit of logic.

It’s geared a little bit more towards folks who don’t have a whole lot of income. For a physician this book will seem frustrating to read. However, there are quite a few physicians who don’t have an emergency fund, who don’t have a good concept of ‘good’ debt vs ‘bad’ debt.

It’s a quick read, easy to find at your local library. The worksheets aren’t worth the time since there are much better apps and spreadsheets which you can download for free online.

If you are going to have a budgeting method, one that makes sense without burning you out, I highly recommend YNAB. The $5/mo you pay for YNAB doesn’t just come with an incredible software but an amazing collection of free online videos and webinars that you can participate in. I love¬†gimmick free products and services, this is one of them.

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