Dave Ramsey's The Total Money Makeover is a well-known personal finance book that teaches you how to get out of debt, save money, and achieve financial freedom. Here's a quick rundown of the book's main points:

The first step is to set aside $1,000 in an emergency fund large enough to cover at least three months of living expenses. This will assist you in avoiding debt when unforeseen expenses arise.
The second stage is to begin paying off your obligations in ascending order, utilizing a technique known as the debt snowball. This entails prioritizing the smallest debt and making minimum payments on the rest. You pay off the smallest debt first, then move on to the next.
The third stage is to save three to six months' worth of living expenses, which will provide you with peace of mind and prevent you from relying on credit cards or loans in an emergency.
The fourth step is to use a tactic known as the debt avalanche to pay off your mortgage or any other long-term debt as quickly as feasible. This entails paying off the debt with the highest interest rate first while making minimal payments on the others. After you pay off the obligation with the highest interest rate, you go on to the next one, and so on.
The fifth step is to put 15% of your salary into retirement accounts like 401(k)s or IRAs, which will help you protect your future while also providing tax benefits. You should also make as many contributions as possible to your spouse's retirement account, if they have one.
Sixth, save for your children's college education by enrolling them in a 529 plan or another eligible education savings plan, which will allow you to save money for their future without paying taxes until they withdraw it for college expenditures.
The seventh and last stage is to have fun with your money by spending it wisely on things that are important to you and your family.
--------------------------------------------------------------
Chapters:
00:00 Introduction to Debt-Problem
00:06 How to Get Out of Debt?
00:15 Total Money Makeover by David Ramsey
01:02 Save $1000 for Your Starter Emergency Fund
01:56 Payoff All Debt using the Debt Snowball
03:04 Save 3-6 Months of Expenses
04:06 Invest 15% of Your Household Income in Retirement
05:05 Save For Your Children's College Fund
05:54 Pay Off Your Home Early
06:36 Build Wealth and Give
------------------------------------------------------------
#totalmoneymakeover #daveramseybabysteps #booksummaryinenglish #recommendedbook
------------------------------------------------------------

свернуть