Is there any better plan for personal finance out there better than the...

[Johnny S.]

...Dave Ramsey plan? This is not a plug for his plan. I am really asking you guys, does anyone else out there have a plan that works better than this? And what is making it better?


Dave's baby steps.

1. Save $1,000 to start an Emergency Fund

2. Pay off all debt using the Debt Snowball

3. Save 3 to 6 months of expenses to finish Emergency Fund.

4. Invest 15% of household income into Roth IRAs and pre-tax retirement

5. College funding for children

6. Pay off home early

7. Invest in mutual funds and real estate and build wealth and give!
I'm comparitive shopping for financual guidence just like I would shop for a phone. I hear a lot of talk about the iphone (not a plug) and I want to hear about what is good about it and how it compares to other phones out there. This question is asked in the same light.

[Jen M]

You can look at Suze Orman however, her advice is much the same it is just not put in the terms of 'baby steps'.

She is also an excellent writer and her books are very enjoyable to read. If you purchase her book the Young, Fabulous and Broke, you will find that there a website for her you can log onto and track your progress much like the baby steps. Might give you a different perspective though.

[mldjay]

I don't think anyone else has a better plan. I have read several (Howard Dayton, Suze Orman, Winget). I think Dave's no nonsense approach is what works for us. Work fast and hard to get to the debt free living. The reason he says not to do the 3-6 months up front or at the same time (as Mary Hunt) is to keep you motivated to get out of debt as fast as possible.

We also like that he uses everyday, lay people language. Suze Orman I find difficult to read- very technical. She also likes the FICO score and if you are truly a Dave Ramsey follower you find that you don't need a FICO score if you don't borrow money.

I suggest Dave to everyone that will listen!

[teresathegreat]

David Bach and Suze Orman offer similar sage advice. Any of these plans work well, if used properly - no one has a lock on the single sure-fire no-fail plan. How well the plan works depends on the user's dedication and luck.

[mister ed]

there are several out there so i will not pimp for any -- in most cases since most folks will not heed the advice the only person making money is the person selling the book!!!