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Financial Peace for the Next Generation, by Dave Ramsey
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Workbook. Financial Peace is a challenging and highly informative series specifically designed to help men and women take control of their personal finances. These principles and practical tips will enhance your financial future and provide peace of mind. Financial Peace will show you how to: Establish a Cash Flow System; Save Money; Dump Debt; Understand Investments; Understand Insurance; Understand Renting and Home Ownership; Retirement Planning; Negotiate; Set and Achieve Career Goals; And Much, much more...
- Sales Rank: #855409 in Books
- Brand: Brand: The Lampo Group
- Published on: 2003
- Number of items: 1
- Binding: Unknown Binding
- Used Book in Good Condition
Most helpful customer reviews
1 of 2 people found the following review helpful.
8 or something like that. Sometimes people hear what they want to ...
By Donald Johnson
Dave does NOT say that the stock market has made 12%, he says he has MUTUAL FUNDS that have AVERAGED 12% since their inception in 1934... do a search and look it up yourself. It actually 11.8 or something like that. Sometimes people hear what they want to hear and not what someone else SAID.
5 of 19 people found the following review helpful.
Not appropriate for Schools
By Susan T.
I am a high school teacher. Our school recently began a personal finance class - using this text as the foundation for the class.
When I thumbed through the book, I was really disappointed. I am a big Dave Ramsey fan in my personal life. Debt is dumb, buy what you can pay for, etc. However, I don't think that his dogmatic message of 'my way or the highway' is appropriate for a school curriculum. Let me be more specific:
1) Dave is a proud Christian, which I respect. However, I didn't like that, in his chapter about saving, he puts giving as the first thing you should do with your money. This isn't necessarily wrong, but it shouldn't be a textbook answer in a public school. Giving should certainly be mentioned as a worthwhile option, but Dave's personal values are being forced into the classroom here.
2) Dave likes to say that the stock market, over a long period, has reliably returned an average of 12% per year. First of all, I challenge anybody to give me proof of that. 9 or 10% I can believe, but 12? Although these are only a few percentage points apart, they make an enormous difference when compounded over 30 or 40 years. Even worse, Dave NEVER mentions the toll that inflation will take on that money over time. If inflation averages 3%, suddenly that 12 becomes 9 and that 10 becomes 7. So, when he maps out the effect of investing for the high school student and lures them in with 12% returns, A) he is being unrealistic about the 12%, and B) he doesn't say boo about inflation.
Dave has done great things for peoples' attitudes about personal finance. I am an avid listener that believes he does more good than harm. However, he doesn't tell the whole story. Those that are ignorant about his factual omissions have only themselves to blame for not doing their own research. Yet, when it comes to choosing a text for public schools, we have to do a better job of examining the messages that are sent to our young people.
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