The Total Money Makeover by Dave Ramsey

Author:Dave Ramsey
Language: eng
Format: epub, mobi, azw3
Tags: ebook, book
Publisher: Thomas Nelson
Published: 0101-01-01T00:00:00+00:00

COUNTDOWN TO FREEDOM!!

Date:_________________

ItemTotal PayoffMinimum PaymentNew PaymentPayments RemainingCumulative Payments

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The Debt Snowball method requires you to list all your debts in order of smallest payoff balance to largest. List all your debts except your home; we will get to it in another step. List all of your debts—even loans from Mom and Dad or medical debts that have zero interest. I don’t care if there is interest or not. I don’t care if some have 24 percent interest and others 4 percent. List the debts smallest to largest! If you were so fabulous with math, you wouldn’t have debt, so try this my way. The only time to pay off a larger debt sooner than a smaller one is some kind of big-time emergency such as owing the IRS and having them come after you, or in situations where there will be a foreclosure if you don’t pay it off. Otherwise, don’t argue about it; just list the debts smallest to largest.

Dum Math & Stupid Tax

The Eternal Car Payment

Most people carry a car note for their entire lives, paying about $495 a month. That same amount invested from age 25 to retirement would, on average, amount to more than $6 million by age 65. You do the math!

The reason we list smallest to largest is to have some quick wins. This is the “behavior modification over math” part I referred to earlier. Face it, if you go on a diet and lose weight the first week, you will stay on that diet. If you go on a diet and gain weight or go six weeks with no visible progress, you will quit. When training salespeople, I try to get them a sale or two quickly because that fires them up. When you start the Debt Snowball and in the first few days pay off a couple of little debts, trust me, it lights your fire. I don’t care if you have a master’s degree in psychology; you need quick wins to get fired up. And getting fired up is super-important.

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