The Total Money Makeover- Book Review

"The Total Money Makeover" by Dave Ramsey is a personal finance book that provides a step-by-step plan for achieving financial freedom and building wealth. The book is based on Ramsey's experience as a financial counselor and offers practical advice and strategies for getting out of debt, building an emergency fund, investing for retirement, and achieving financial goals.

One of the key principles of the book is that it emphasizes on the importance of creating a budget and sticking to it. The book provides a detailed budgeting system, known as the "Baby Steps," which is a seven-step plan that helps readers get their finances in order and achieve their financial goals.

Another highlight of the book is the emphasis on the importance of emergency funds, and the concept of "living like no one else so later you can live like no one else", which means living below your means and saving aggressively to achieve your financial goals.

The book also provides practical advice on how to get out of debt, including strategies for negotiating with creditors and consolidating loans. It also covers investing basics and provides tips on how to choose the right investments for your risk tolerance and financial goals.

Overall, "The Total Money Makeover" is a comprehensive guide to personal finance that offers practical, actionable advice for achieving financial freedom. It is a great resource for anyone looking to improve their financial literacy and gain a better understanding of how to manage their money. However, the book is quite focused on Dave Ramsey's personal philosophy and methods, and not all of his ideas may be suitable for everyone.

Who is Dave Ramsey

Dave Ramsey is an American financial expert, author, and radio host. He is best known for his personal finance advice and his nationally syndicated radio program, "The Dave Ramsey Show," which focuses on personal finance and money management.

Ramsey is a self-taught personal finance expert and has written several books on the subject, including "The Total Money Makeover" which is one of his most popular books. He is also the founder of the company, Ramsey Solutions, which provides financial education and counseling to individuals, families, and businesses.

Ramsey is known for his emphasis on the importance of living below your means, creating a budget, and getting out of debt. He has developed a seven-step program, called "The Baby Steps," which is a step-by-step plan for achieving financial freedom and building wealth.

He is a popular speaker and has been featured on many national television shows, as well as in numerous newspapers and magazines. He is also a regular guest on other radio shows and podcasts.

Dave Ramsey's teachings and methods have been well-received by many people, but also have some critics who may disagree with some of his views and methods. It's always important to do your own research and consult with professionals before making any financial decisions.

The Millionaire Mind - Book Review

"The Millionaire Mind" by Thomas Stanley is a book that delves into the financial habits and attitudes of millionaires in America. The book is based on a study of over 1,000 millionaires and offers insights into their spending habits, investment strategies, and overall financial mindset.

One of the key takeaways from the book is that the majority of millionaires in America are self-made and have achieved their wealth through hard work, frugality, and smart financial decisions. The book also highlights the importance of financial education and the role it plays in building wealth.

Stanley also delves into the difference between the mindset of the wealthy and the non-wealthy. He argues that the wealthy tend to be more frugal, have a long-term perspective, and are more focused on saving and investing. They are also more likely to take calculated risks and are more resilient in the face of financial setbacks.

Overall, "The Millionaire Mind" offers valuable insights into the financial habits and attitudes of the wealthy. It is a useful read for anyone looking to improve their financial literacy and gain a better understanding of the mindset and behaviors that can lead to financial success. However, it's important to note that the book is based on a study done in the late 90s, and some of the information may be outdated and not applicable to current market conditions and demographic.

Interesting fact:

As of 2021, the number of millionaires in America is estimated to be around 14.5 million. This number is expected to increase in the coming years as more people continue to build wealth and achieve millionaire status. The United States is home to the largest number of millionaires in the world, and it is also the country with the highest number of billionaires.

The Intelligent Investor - Book Review

"The Intelligent Investor" by Benjamin Graham is a classic book on investing that was first published in 1949. It is considered a "bible" of value investing and is widely regarded as one of the most important books ever written on the subject. The book is aimed at the lay investor and provides a comprehensive guide to the principles of sound investment.

The book is divided into three parts. The first part provides an overview of the principles of value investing, including the importance of understanding the underlying value of a company and the dangers of speculation. The second part covers the various types of common stocks and bonds, and the third part provides practical advice on investment strategies and portfolio management.

Throughout the book, Graham emphasizes the importance of long-term investing, diversification, and avoiding common mistakes such as following market trends and chasing hot stocks. He also stresses the importance of understanding financial statements and the underlying business of a company.

The book has stood the test of time and is still considered a must-read for anyone interested in investing. It provides a solid foundation for understanding the principles of value investing and is a valuable resource for both novice and experienced investors.

These are some of the most well-known quotes from Benjamin Graham's book "The Intelligent Investor" a classic book on value investing.

1. "The intelligent investor is a realist who sells to optimists and buys from pessimists."

2. "Price is what you pay. Value is what you get."

3. "The stock market is filled with individuals who know the price of everything, but the value of nothing."

4. "In the short run, the market is a voting machine but in the long run, it is a weighing machine."

5. "The most important quality for an investor is temperament, not intellect."

6. "The investor's chief problem—and even his worst enemy—is likely to be himself."

7. "The future is never clear; you pay a very high price in the stock market for a cheery consensus."

8. "The stock market is a device for transferring money from the impatient to the patient."

Top 20 Personal Finance and Investment Books

1. "The Intelligent Investor" by Benjamin Graham: This classic book on value investing provides a comprehensive overview of the principles of investment, with a focus on the importance of understanding the underlying value of an investment and the importance of discipline and patience in investing.
2. "Rich Dad, Poor Dad" by Robert Kiyosaki: This book offers a different perspective on personal finance and wealth-building, emphasizing the importance of financial literacy and the power of investing in assets rather than liabilities.
3. "The Total Money Makeover" by Dave Ramsey: This book provides a step-by-step plan for getting out of debt and building wealth, with a focus on budgeting, saving, and investing.
4. "The Simple Path to Wealth" by JL Collins: This book focuses on the power of long-term investing and the importance of financial independence. It provides practical advice on how to invest in index funds, how to set and achieve financial goals and how to develop a plan for early retirement.
5. "The Millionaire Mind" by Thomas Stanley
6. "The Wealth of Nations" by Adam Smith
7. "The Little Book of Common Sense Investing" by John C. Bogle
8. "The Intelligent Asset Allocator" by William Bernstein
9. "The Black Swan" by Nassim Nicholas Taleb
10. "The Behavioral Investor" by Daniel Crosby
11. "The 4-Hour Work Week" by Timothy Ferriss
12. "The Efficient Frontier: Investing for Growth and Capital Preservation" by James O'Shaughnessy
13. "The Psychology of Money" by Morgan Housel
14. "The Big Short" by Michael Lewis
15. "The Everything Investing Book" by Ken Little
16. "The Random Walk Guide To Investing" by Burton Malkiel
17. "The Intelligent REIT Investor" by Stephanie Krewson-Kelly
18. "The Little Book of Value Investing" by Christopher Browne
19. "The Intelligent Investor in the Age of Irrational Exuberance" by Howard Marks
20. "The Most Important Thing: Uncommon Sense for the Thoughtful Investor" by Howard Marks

5 side hustles you can do in your free time

Here are 5 side hustles and websites to sign up for:

1. Online tutoring/teaching: Websites such as VIPKid and Chegg Tutors allow you to sign up as a tutor and teach students online.

2. Online surveys: Websites like Survey Junkie and Swagbucks allow you to sign up and take online surveys in exchange for cash or gift cards.

3. Delivery driver: Sign up with companies like Uber Eats, DoorDash, or Grubhub to start delivering food to customers.

4. Pet-sitting and dog-walking: Websites like Rover and Fetch! Pet Care allow you to sign up as a pet-sitter or dog-walker and get paid for looking after pets.

5. Virtual assistance: Websites like Upwork and Fiverr allow you to sign up and offer your services as a virtual assistant, providing administrative support to businesses and entrepreneurs.

Please note that these suggestions are based on the general idea of the side hustles and websites may vary depending on the region and availability

Cashflow Quadrant

"Cashflow Quadrant" is a personal finance book written by Robert Kiyosaki, published in 2000 as a sequel to his bestselling book "Rich Dad Poor Dad." The book is based on Kiyosaki's own experiences and provides advice on how to build wealth through investing in assets such as real estate and small businesses.

The book's main concept is the "Cashflow Quadrant," which is a framework that categorizes people into four groups: E (Employee), S (Self-Employed), B (Business Owner), and I (Investor). The book explains the different characteristics and financial opportunities of each group, and encourages readers to move from the left side of the quadrant (E and S) to the right side (B and I) in order to achieve financial freedom.

Critics have noted that the book's emphasis on real estate investing and entrepreneurship may not be suitable for everyone, but generally speaking the book has been well received. The book has  been praised for its clear and concise explanation of the different ways to make money and its practical advice on how to achieve financial freedom.

Overall, "Cashflow Quadrant" is a valuable addition to anyone's personal finance library. It's an informative and thought-provoking book that provides a unique perspective on building wealth and achieving financial freedom. It's a great read for anyone looking to improve their financial literacy and take control of their financial future.

Here are a few quotes from "Cashflow Quadrant" by Robert Kiyosaki:

1. "The Cashflow Quadrant is a way of looking at the different ways people make money."

2. "The Cashflow Quadrant is a map that shows the journey from being an employee or self-employed person to becoming a business owner or investor."

3. "The E (employee) and S (self-employed) quadrants represent the left side of the Cashflow Quadrant, while the B (business owner) and I (investor) quadrants represent the right side."

4. "The difference between the left side and the right side of the Cashflow Quadrant is that the left side is about working for money, while the right side is about having money work for you."

5. "The E and S quadrants are where most people spend their lives, trading time for money. The B and I quadrants are where financial freedom is found."

6. "The key to moving from the E and S quadrants to the B and I quadrants is to acquire assets that generate cash flow."

7. "The key to financial freedom is to have enough passive income to cover your expenses."