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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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Dave Ramsey's Complete Guide To Money summary
The All-In-One Resource on Money—Budget, Save, Dump Debt & Invest
19 mins
Brief summary
The Total Money Makeover by Dave Ramsey is a practical guide to financial freedom. It provides step-by-step advice on how to get out of debt and build a solid foundation for a secure financial future.
Table of Contents
Dave Ramsey's Complete Guide To Money
Summary of 7 key ideas
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Key idea 1 of 7
Plan your budget every month
Do you often find yourself staring at an empty bank account, wondering where all your money went? If your answer is yes, then it’s likely because you don’t have a monthly budget.
A budget is essentially your plan for your money. It indicates how much of your income goes to which expense, so you’ll know exactly how to spend every single penny come payday. When you create a budget plan, you’ll cut down on wasteful spending – effectively maximizing your income. You’ll be happier and stress-free too, because you know all your expenses are accounted for.
Now, how exactly do you budget?
If you have a regular income, use the zero-based budgeting system. Simply list all of your monthly expenses, including your savings and tithes. Then, allocate a set amount for each expense until you use up all of your income – so your total income minus all your expenses should be zero.
If you have an irregular income, you’ll follow an approach similar to the zero-based budgeting system. Enumerate all your expenses for the month, with your priorities like food, housing, clothing, and transportation at the very top. Then, when you receive your paycheck, go down the list from top to bottom until you’ve used up your entire income. If you didn’t reach the bottom of the list, simply carry over those items to your budget plan for the next month.
Pair the zero-based budgeting system with the cash envelope system. Here, you’ll set up designated envelopes for the items you prefer to pay for in cash. For instance, you might have envelopes for food, gas, and groceries. Come payday, you’ll withdraw the corresponding cash from your bank account and set it aside in the respective envelopes.
It’s important to do your budget plan every single month. But what’s even more important is to follow it to a tee. Budgeting will only change your life if you live by it.
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What is Dave Ramsey's Complete Guide To Money about?
Dave Ramsey's Complete Guide To Money (2011) is a hands-on guide to personal finance. It details the best approaches to everything money – including budgeting, saving, investing, and getting insurance.
Dave Ramsey's Complete Guide To Money Review
Dave Ramsey's Complete Guide To Money (2012) is an indispensable resource for anyone looking to take control of their financial life. Here's why this book is worth reading:
- Loaded with practical advice, it gives readers the tools they need to eliminate debt, budget effectively, and build wealth.
- Backed by Ramsey's personal experience and relatable stories, the book provides a fresh perspective on money management and motivates readers to take action.
- It's straightforward and easy to understand, making complex financial concepts accessible to everyone, transforming what could be dry content into an engaging reading experience.
Who should read Dave Ramsey's Complete Guide To Money?
- Anyone wanting to manage their finances correctly
- Individuals struggling with debt
- Young adults seeking budgeting tips
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Dave Ramsey's Complete Guide To Money FAQs
What is the main message of Dave Ramsey's Complete Guide To Money?
To take control of your finances and achieve financial peace.
How long does it take to read Dave Ramsey's Complete Guide To Money?
Reading time varies, but it typically takes several hours. The Blinkist summary can be read in just 15 minutes.
Is Dave Ramsey's Complete Guide To Money a good book? Is it worth reading?
Yes, it's worth reading. It provides practical advice for managing money and building wealth.
Who is the author of Dave Ramsey's Complete Guide To Money?
The author of Dave Ramsey's Complete Guide To Money is Dave Ramsey.
What to read after Dave Ramsey's Complete Guide To Money?
If you're wondering what to read next after Dave Ramsey's Complete Guide To Money, here are some recommendations we suggest:
- Baby Steps Millionaires by Dave Ramsey
- The Total Money Makeover by Dave Ramsey
- 12 Months to $1 Million by Ryan Daniel Moran
- Smart Money Smart Kids by Dave Ramsey & Rachel Cruze
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- Superhuman by Habit by Tynan
- The Index Card by Helaine Olen and Harold Pollack
- 12 Rules For Life by Jordan B. Peterson
- The Art of War (new version) by Sun Tzu
- The Financial Diet by Chelsea Fagan and Lauren Ver Hage
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