Dave Ramsey’s Baby Steps PDF
Dave Ramsey’s 7 Baby Steps will show you how to save for emergencies, pay off all your debt for good, and build wealth. It’s not a fairy tale. It works every single time!
Dave Ramsey’s Baby Steps
STEP 1: – Save $1,000 for your starter emergency fund
In this first step, your goal is to save $1,000 as fast as you can. Your emergency fund will cover those unexpected life events you can’t plan for. And there are plenty of them. You don’t want to dig a deeper hole while you’re trying to work your way out of debt!
STEP 2: – Pay off all debt (except the house) using the debt snowball
Next, it’s time to pay off the cars, the credit cards and the student loans. Start by listing all of your debts except for your mortgage. Put them in order by balance from smallest to largest—regardless of interest rate. Pay minimum payments on everything but the little one.
STEP 3: – Save 3–6 months of expenses in a fully funded emergency fund
You’ve paid off your debt! Don’t slow down now. Take that money you were throwing at your debt and build a fully funded emergency fund that covers 3–6 months of your expenses. This will protect you against life’s bigger surprises, like the loss of a job or your car breaking down, without slipping back into debt.
STEP 4: – Invest 15% of your household income in retirement.
Now you can shift your focus off debts and what-ifs and start looking up the road. This is where you begin regularly investing 15% of your gross income for retirement. Because if you’re still working at 67, it should be because you want to, not because you have to. An investing pro can help you build a solid strategy.
STEP 5: – Save for your children’s college fund.
By this step, you’ve paid off all debts (except the house) and started saving for retirement. Next, it’s time to save for your children’s college expenses (that is, if they make it through Algebra II and Chemistry unscathed). We recommend 529 college savings plans or ESAs (Education Savings Accounts).
STEP 6: – Pay off your home early.
Now, bring it all home. Baby Step 6 is the big dog! Your mortgage is the only thing between you and complete freedom from debt. Can you imagine your life with no house payment? Any extra money you can put toward your mortgage could save you tens (or even hundreds) of thousands of dollars in interest.
STEP 7: – Build wealth and give.
The last step is the most fun. You can live and give like no one else. Keep building wealth and become outrageously generous, all while leaving an inheritance for your kids and their kids. Now that’s what we call leaving a legacy!Download Dave Ramsey’s Baby Steps PDF from cdn.ramseysolutions.net using the direct download link given below.
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