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So what if your favorite personal finance book that you recommend I read?
Over the next month, I will commit to reading 2-3 personal finance books, reviewing the works and developing a debt repayment plan.
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40-something female on the road to "Financial Freedom"
Windy City Blues
Chronicling the daily life and financial journey of a female living and learning in the expensive and yet wonderful Windy City.
Chicago...It's My Kind of Town!!!
Chicago...It's My Kind of Town!!!
Goals! Goals! Goals!
- Pay off credit card each month.
- Live within my budget.
- Find ways to increase income.
- Use eFund for emergencies.
- Blog min once per month.
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I am not a financial advisor. The information shared on Windy City Blues is simply a reflection of my personal opinion and does not attempt to give you advice that relates to your specific circumstances.
Thank you for reading!
Thank you for reading!
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Chitown Net Worth
Step #1: $2,000 eFund
Emergency Fund
100%
$2,000
Step #2: Debt Snowball
Bus Credit Card - Paid 2/2011
100%
$800
Credit Card - Paid 1/2011
100%
$1,300
Law School Loan - Paid 2/2011
100%
$3,000
Private Loan #0 - Paid 2/2011
100%
$5,700
Private Loan #1 - Paid 9/2015
100%
$11,000
Private Loan #2 - Paid 12/2015
100%
$11,000
Private Loan #3 - Paid 12/2015
100%
$12,500
Private Loan #4
100%
$11,900
Private Loan #5
100%
$17,600
Private Loan #6
100%
$22,100
Private Loan #7
100%
$28,800
Credit Card
39%
$23,000
Federal Loan #1
18%
$24,100
Federal Loan #2
100%
$21,800
Federal Loan #3
11%
$64,300
Step #3: 3-6 Mo Expenses
6 Month eFund
100%
$30,000
Step #4: 15% Retirement
Retirement
100%
15%
Step #5: College Fund
College Fund
0%
$0
No Kids Right Now.
Step #6: Mortgage Payoff
Home Mortgage
10%
$120,719
Step #7: Build Wealth & Give
Looking Forward to It!!!
12 comments:
Total Money Makeover by Dave Ramsey. It is such a quick and easy read.
http://books.google.com/books?id=akhuVP5NY-kC&printsec=frontcover&dq=total+money+makeover&hl=en&ei=Tw7iTL7iIoejnAeptKHUDw&sa=X&oi=book_result&ct=result&resnum=1&ved=0CC8Q6AEwAA#v=onepage&q&f=false
2nd the Total Money Makeover by Dave Ramsey
other idea is Smart Women Finish Rich by David Bach
Please read your money or your life. One of the central themes of the book is how much life energy you are prepared to spend working to buy crap and stuff ala coach bags:)
I second Your Money or Your Life. Total Money Makeover is good only for the budgeting/getting out of debt part. The investment information is not to be followed. You're better getting that information elsewhere.
I thought you'd never ask -*wink*
The Millionaire Next Door (Stanley & Danko) -Challenges the myths about wealth
The Automatic Millionaire (Bach)
-Encourages people to evaluate what you're really working for?
The Richest Man in Babylon (Clason)
(Archane language, told in story form, classic timeless themes)
Total Money Makeover (Ramsey) -It will get you fired up and provide you with a step by step plan
Personal Finance is not always intuitive, these books helped me to change my mentality
Best of Luck!
I really like All Your Worth by Elizabeth Warren and her daughter, Amelia Warren Tyagi. She (Elizabeth) has been an advocate for a while now for the "little person" and it's a great read. They use the 50-30-20% spending plan. 50% Needs, 30% Wants and 20% Saving/Debt Repayment.
Okay...So it looks like there is a consensus on the Total Money Makeover by Dave Ramsey. I also downloaded his iPhone App.
Here is the thing...I think his principles teach that 1) you are only supposed to have a $1,000 eFund and 2) you are supposed to pay off your balances from smallest to largest.
So....does that mean, I take what I have left in my short-term savings and put it towards debt sans $1,000. My car repairs earlier this year cost more than $1,000.
Also, I really want to get rid of my credit card debt first since it carries the largest payment.
I will buy/download the eBook for Ramsey tonight and start reading it. I will also check into the cost for Your Money and Your Life and download that book once I finish Ramsey's. Thanks guys!!!
no dont buy it get it free from the library!
buy nothing!
Chitown,
You are correct on your understanding of Dave's baby steps. My recommendation is to read the book in its entirety before making any decisions.
I have worked with many people to customize the 7 Baby Steps. You should do what you feel comfortable with. The important thing is to have a plan, so it is okay (even though it is not advised) if you change the order of your debts.
If you are interested I have a spread sheet that will allow you to enter your debt information and compare strategies. Email me at maharps@gmail.com and I can send it to you.
Very interesting list of personal finance books! So useful, I will add it to my que as well ;) thanks for opening this discussion.
I second (or third) the Money or Your Life book which definitely helped, especially the idea of equating what you spend with how many hours you will have to work to get the money back.
Reading blogs is also good for keeping the saving habit going !! yours is a good one :)
Good luck with the reading list
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