Total Money Makeover

Dave Ramsey's Total Makeover

The following are the baby steps to financial freedom by Dave Ramsey:

1. $1,000 to start an Emergency Fund
2. Pay off all debt using the Debt Snowball
3. Three to six months of expenses in savings
4. Invest 15 percent of household income into Roth IRAs and pre-tax retirement
5. College funding for children
6. Pay off home early
7. Build wealth and give!

The concept is good, though I think not all the steps are workable 100% for all people.  For me step #6 doesn't work because I own a mobile home and have no plans of selling it to buy a home which in my neighborhood would cost me more than $500,000.  I've done the math several times and it just doesn't make sense to buy a home.  My mobile home is paid for.  I live in a 5 star park in a beautiful neighborhood and my rent is only $700.  Though it sounds good step # 6 just doesn't work for me.

I don't have much debt and I save 30% through my IRA at my job.  How do I save so much?  Well, one of my secrets is following the Zen of Attraction.

Moolanomy has an excellent article on Dave Ramsey's steps and have really fleshed out the steps.  Check it out and tell us what you think.

One really strange thing; these gurus say don't spend money, don't have debt, BUT you have to pay to get their products........hmmm........