Dave Ramsey Baby Steps PDF – Overview
Dave Ramsey Baby Steps PDF in high quality and in printable format, David Lawrence Ramsey III (born September 3, 1960) is an American personal finance personality, radio show host, author, and businessman. An evangelical Christian, he hosts the nationally syndicated radio program The Ramsey Show.
Dave Ramsey Baby Steps contains seven baby steps of Budgeting are Start an Emergency Fund, Focus on Debts, Complete Your Emergency Fund,Save for Retirement, Save for College Funds, Pay Off Your House, Build Wealth, Ramsey has written several books, including The New York Times bestseller The Total Money Makeover, and hosted a television show on Fox Business from 2007 to 2010.
Dave Ramsey Baby Steps
The seven steps of Dave Ramsey Baby Steps are given below–
Baby Step 1 – $1,000 Emergency Fund – An emergency fund is for those unexpected events in life that you can’t plan for: the loss of a job, an unexpected pregnancy, a faulty car transmission, and the list goes on and on. It’s not a matter of if these events will happen; it’s simply a matter of when they will happen.
Baby Step 2 – Pay off all debt using the Debt Snowball – List your debts, excluding the house, in order. The smallest balance should be your number one priority. Don’t worry about interest rates unless two debts have similar payoffs. If that’s the case, then list the higher interest rate debt first.
Baby Step 3 – 3 to 6 months of expenses in savings – Once you complete the first two baby steps, you will have built serious momentum. But don’t start throwing all your “extra” money into investments quite yet. It’s time to build your full emergency fund.
Baby Step 4 – Invest 15% of household income into Roth IRAs and tax-advantaged retirement accounts, When you reach this step, you’ll have no payments—except the house—and a fully funded emergency fund. Now it’s time to get serious about building wealth.
Baby Step 5 – College funding for children, By this point, you should have already started Baby Step 4—investing 15% of your income—before saving for college. Whether you are saving for you or your child to go to college, you need to start now.
Baby Step 6 – Pay off your house early, Now it’s time to begin chunking all of your extra money toward the mortgage. You are getting closer to realizing the dream of a life with no house payments. As you attack this last debt, you will gain momentum much like you did back in the second step of the debt snowball.
Baby Step 7 – Build wealth and give!, It’s time to build wealth and give like never before. Leave an inheritance for future generations, and bless others now with your excess. It’s really the only way to live! Golda Meir says, “You can’t shake hands with a clenched fist.”
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