+2 votes
151 views
in Personal Finance by (610 points)
Can anybody tell me that what are the steps in the total money makeover and How long does the total money makeover take? Is there any money makeover worksheets, if yes, please share here.

1 Answer

0 votes
by Leader (22.5k points)

It all depends on your current situation. What resources you already have, and for what reason you are asking for this.

Last weekend, I read and listen some audiobook of the Book "The Total Money Makeover" written by David Ramsey in which David Ramsey devised a steps proven plan for anyone's total money make over. I am sharing the summary of the book total money makeover as follows:-

1. Create an Reserve/Emergency/Backup/Security Fund

Before you think of any financial freedom, you need to create an emergency fund which will be used when you face any hardship during your financial career, so that your investment may not suffer for you family, and you can easily consume that emergency fund instead of your investment.

2. Debt-Free Yourself

When you have successfully created your emergency fund, now try to get rid of your debt burden because debts erode your hard earned money and you broke again and again. What you can do is, make a list of your debts/payables from smallest to largest in descending order, then start paying off your debts from smallest to largest one by one.

3. Save at least 10% of your income

Save minimum 10% of your income every month and make it to at least you have savings of 3 months of your salary, then think of leaving your job for your startups/business you plan to do, so that, first three months you can work on your project tension free.

4. Health is Wealth

Whatever we save or earned can be lost or consumed instantly if you lose you health. So keep focused on your health same like you eat everyday, work everyday. same way exercise daily, eat hygienic foods and stay fit so that you can work efficiently on your projects.

5. Lets money and assets work for you

At point number 3 we talked about saving at least 10% of your income, now if you started earning from our project or startup and we also have saving, then, you should invest that money in income earning assets, which produces income even we don't work now. that points to a financial freedom. You can choose some high dividend stocks/shares and invest in real estate for rental income and also you can create intellectual property for royalty income etc. etc.

These steps are crucial for your total money makeover, if you want financial freedom.

Ask, Share & Connect With Self-Help Entrepreneurs

Most popular tags

youtube financial-advice financial independance financial-freedom make money free traffic website traffic seo lifehack wordpress onlinejobs blogging economic crises content writing youtube channel ideas download youtube subtitles youtube earning become rich crypto trading crypto investing crypto bitcoin cryptocurrencies cash apps online business business ideas google adsense passive income failure at work motivation blogniches url-shortener business adsense startup article-writing legitonlinejobs blog free traffic strategies free website traffic work life balance work bullies best hosting web hosting mindful dofollow backlink seo audit headline writing seo writing copyright free music free youtube music youtube outro youtube intro youtube premium digital services backlink youtube algorithm download videos youtube videos wordpress sites file upload plugin wordpress plugins export posts import posts earn with mobile niche selection youtube shorts google seo insights seo insights mysql sale promotion selling techniques sales strategies article seo blog post seo money apps money making apps business without investment finance guru regular income streams career in data scientist data science online store instagram monetization monetization alternatives youtube video monetization youtube channel monetization grow youtube channel youtube channel total money plan money makeover digital marketing voucher marketing coupon marketing high income skills income skills best fintech startup fintech startups best edtech startup edtech startups
...