Dave Ramsey’s “Baby Steps”
Posted in Frugal Friday and tagged with Cheap, Dave Ramsey, Video on 10/17/2008 01:01 am by lori
There are seven “Baby Steps” Dave Ramsey thought of for Wealth Building. They are:
- Build a $1,000 emergency fund.
- Pay off all debts, smallest to largest, using the “Debt Snowball.”
- Put 3-6 months of expenses into Savings.
- Invest 15% of household income into Roth IRAs and pre-tax retirement.
- Set up a college fund for the kids.
- Pay off your home mortgage early.
- Build up wealth and give. Invest in mutual funds and real estate.
Dave expounds on these much more in his book The Total Money Makeover. Click the following link to purchase this book and the workbook: Dave Ramsey Twin Pack - Total Money Makeover Book & Workbook
Dave starts talking about the Baby Steps after 2:28 minutes.
So, how do you finish Baby Step #1, so you can move onto #2? You squeeze your budget. What’s a budget, you ask? Well, stay tuned for next week’s Frugal Friday when I show you images from our budget and how to set up one for yourself.
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October 17th, 2008 at 1:43 am
Nice Site layout for your blog. I am looking forward to reading more from you.
Tom Humes
October 17th, 2008 at 11:30 am
Thanks a lot. Your site looks great, too.