I follow him pretty closely. First, listening to his radio program is generally uplifting. I like hearing people achieve goals and change habits. It helps keep me disciplined and motivated with money. His advice is intended to be a "large net" to help as many people as possible. I'm certain that other plans may be better for specific people, but his plan will work well, even if it isn't the best. Basically, it is a pretty sure bet for the most amount of people. As you listen/read, keep that fact in mind: it is intended to help as many people as possible. To keep the integrity of his system, he has to keep pounding the core principles, and he does a good job of that.

I look at it like this: If I asked my Mission President if I was an exception to a rule in public, I would probably be told no. But if I asked the same question in private, I would have a much larger chance of getting a "yes" answer. The reason being that the MP would not want to dilute the "rule" for the other missionaries by throwing out too many exceptions publicly.

Here are the areas I agree and disagree with him:

1. Initial emergency fund: He recommends $1k. I would recommend $1k + $500 for each family member. If you have a family of 5, that means $3k or alternatively 1 month of living expenses. More chances for an emergency with more people. If you live in a high cost area like California, it would need to be higher.
2. Debt Snowball: He recommends putting all non-mortgage debt into this. I would recommend consumer debt (i.e. credit cards and cars) Pause investing until you get these paid off. Credit cards because the interest is so damaging and cars because they kill your cash flow so much.
3. 3-6 Month emergency fund: I agree with him here. Like him, I would also add more if you are an entrepreneur or for certain circumstances like pregnancy, health, high potential of job loss.
4. Invest 15% in retirement: I agree with him here.
5. College fund for kids: This is where I would put your college debt. Pay off yours first, then pay for your kids' (if you feel like it, they aren't actually entitled to this).
6. Pay off home: I agree with this. Many don't, but it is pretty incredible from a cash flow perspective if you can knock this out.
7. Give: I agree with this.

Other stuff:
- Investment return: He claims you can get 12%. Not likely. Plan on 6-7%

Like I said, I like listening to him. He is likable and charismatic. He does a good job and listening to him helps me stick to my plan, which is a modification of his.