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|Dave Ramsey Baby Steps PDF|
|No. Of Pages: 3|
|PDF Size: 51 KB|
|Author: Dave Ramsey|
Baby Step 3: Save 3–6 Months of Expenses in a Fully Funded Emergency Fund
You’ve paid off all of your debts! Don’t slack off now. Take the money you were putting toward debt and use it to create a fully-filled emergency fund that covers 3–6 months of your expenditures. This will safeguard you against life’s greater shocks, like losing a job or having your vehicle break down, without causing you to go back into debt.
Baby Step 4: Invest 15% of Your Household Income in Retirement
You may now turn your attention away from bills and what-ifs and toward the future. This is when you start investing 15% of your gross income on a regular basis towards retirement. Because if you’re still working at the age of 67, you should be doing it because you want to, not because you have to. A professional investor can assist you in developing a strong plan.
Baby Step 5: Save for Your Children’s College Fund
By this point, you should have paid off all your bills (save the mortgage) and begun saving for retirement. Then, it’s time to start saving for your children’s college fees (that is, if they make it through Algebra II and Chemistry unscathed). We advise using 529 college savings accounts or ESAs (Education Savings Accounts).
Baby Step 6: Pay Off Your Home Early
Bring it all home now. The large dog is Baby Step 6! Your mortgage is the only thing standing between you and ultimate debt independence. Can you envision your life without a mortgage payment? Any extra funds you can contribute to your mortgage could save you tens (if not hundreds) of thousands of dollars in interest.
Baby Step 7: Build Wealth and Give
What can folks who are not in debt do? Whatever they want. The last phase is the most enjoyable. You have the ability to live and give like no one else. Continue to amass riches and become extravagantly giving, all while leaving a legacy for your children and their children. That’s what we mean by leaving a legacy!
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