6 money lessons from The Total Money Makeover

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Dave Ramsey’s The Total Money Makeover is a profound guide to gaining financial freedom. Let’s see 6 insightful takeaways from the book.

Develop smart habits

Creating wealth is 80% about behaviour and 20% about knowledge. Focus on building smart money habits and be consistent with them.

Invest regularly

Invest 15% of your income every month without fail. This will help you build a retirement fund and secure your future.

Learn budgeting

Ensure that you spend within your predefined budget. This will help you deprioritise unnecessary expenses and save more.

Avoid debt

Debt is a trap; avoid it at all costs. Start by paying off your smallest debts first and keep repeating until all of your debts are paid.

Don’t mix family and money

Avoid borrowing from and lending money to friends and family. Instead, offer support when needed without any obligation.

Prepare for emergencies

Build an emergency fund and ensure that it should be able to last for at least three to six months in case you lose your job/source of income.

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