Book Review – The Money Answer Book
28 Apr
The Money Answer Book by Dave Ramsey is a book that answers some of the most common questions Dave Ramsey hears on his radio show. He answers questions such as, “My husband just left me. How do I protect my credit?” and “Will I retire with more money if it’s invested in a Roth IRA or a traditional IRA?”
This is a pretty good book. I have a different perspective on debt than Dave Ramsey. Dave Ramsey starts the book with, “No matter what I don’t borrow money.” That seems a little ridiculous to me. If you need medical treatment, of course you borrow money. If you’re out of work for three months, you might have to put groceries on the credit card.
However, I do like a lot of his suggestions such as paying cash for things (it “hurts” more than swiping a debit card) and using an envelope system to help you stay on budget. He even covers things like why you should pay your children for doing chores. He gives good advice, and it’s an easy read.
Since it’s broken up by sections such as “Debt, Credit & Bankruptcy” and “Relationships & Money” you could easily skip around to a section you have questions about. I was impressed that Mr. Ramsey stressed the importance of tithing. Mr. Ramsey also goes over some of his basic ideas which he calls baby steps so you get an overview of what he talks about in his other books, The Total Money Makeover and More Than Enough.
Disclosure: Thomas Nelson provided me with a complimentary copy of this book in exchange for writing a review.
I’ve heard so many people talk about his book, I need to get a copy to see what the buzz is all about. Glad you liked parts of the book, and hope you find a tip or two that works for the two of you!
I don’t agree 100% with everything he says, but his common sense guide to finances is very appealing to me. My personal read is “I Will Teach You to be Rich.”
Would you say this book is more of an introduction to Ramsey’s system, or is this book a needed addition to his other works?
I’ve heard good things about this guy before, but never read any of his stuff. My husband has been trying to get me to go on the cash/envelope system for a while now, but I am reluctant. I think maybe it’s because somewhere inside I know that it will limit us more than we do now. Which would be good, but harder.
Hi!
Cute blog! Thanks for honestly reviewing this book. My sister lent me her copy of Total Money Makeover and I had trouble getting into it because it sounded like a sales pitch (sort of ironic, wouldn’t you say?) I’ve been out of work for a few months and now that I finally got another job, I’m viewing our finances in a completely different light. Things are going to be different! I’m stopping by from SITS today, Happy Friday!
Anna