As I mentioned in a previous post, I have been reading Financial Peace by Dave Ramsey. This was a recommendation from an old friend and fellow trail rider who also happens to work in finance. Bryan sent me a few titles, unprovoked, so I thought that now, as we work to harness the power of our income, would be a good time to give those recommendations a look.
Now, despite some recent revelations concerning some daunting student loans, and our lofty financial ambitions, our hope is not yet dashes to pieces as the book’s title would suggest. This book does have a remarkably calming effect though. Ramsey’s approach is low-key and understanding. The font is big and the lines are generously spaced. The reader does not have to work to read, or understand, the messages in this book, a trait that I think is often taken for granted in this sort of literature.
Ramsey is a Christian, and his faith plays a large portion of dictating his financial management strategies. He understands that Christ-centered households are not always out to scrape their way to the top and forgo all morals to become rich, but aims the message at the families trying to pay off their debts and make smarter decisions to (as the title says) restore peace.
The best portrayal of this approach is illustrated early in the book as the author draws attention to the old adage, “Measure your wealth not by the things you have, but by the things for which you would not take money.” He even goes so far as to list a number of scripture verses relevant to a Christian’s tithing, pulling back far before he reaches the point of “preaching.”
But don’t misconstrue these empathetic traits as ineffective or passive, the majority of the book is filled with logical steps and experienced tips for managing your personal wealth. A few of the ideas with strong personal resonance is the “snowball method” for debt repayment and the “envelope cash system” for monitoring and controlling monthly spending.
The read is quick, and I can think of no individual within my sphere of influence that would not benefit in some regard from the helpful messages within the book. So, Thanks Bryan, and I think I will move directly into the next recommendation, Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth by Robert G. Allen.
I completed the first chapter of this particular book last night and if it were not for the recommendation of someone I trust I would probably not go any further. This is one of those pieces of media that looks, sounds, and feels like a scam. The bold font, the abundance of graphics, and the lofty promises of copious amounts of additional income with no mention of hard work or significant upfront investments. Anyone who is familiar with the appearance of online financial scams would raise their suspicions from the first few pages. But, often first impressions are misleading, so I will continue. At least the first chapter was dense with allegory and metaphor, depicting mountains of wealth and money trees with ripe fruit filled with $100 bills for seeds. So there’s that.
Do you have any other recommendations of good books you would like me to read and discuss, or discuss yourself?