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This video explains Dave Ramsey’s 7 baby steps and how they can help you. I also give a review of the programs and explain what I think of the program. It’s a great video!
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BABY STEP 1: SAVE $1,000 TO START YOUR EMERGENCY FUND.
This is the most significant thing you can do for yourself financially. You never know when you will have to deal with a situation that requires a large amount of money. Maybe your alternator goes out or it rains and you find out your roof is leaking and needs to be patched. Having an emergency fund will let you cover these expenses without getting in debt or dipping into your savings (if you have any).
BABY STEP 2: PAY OFF ALL DEBT
After setting aside your baby emergency fund to take care of any crisis, you are ready to get started with the debt snowball! We’ve covered the details of how to set up your debt snowball before. The basics of this step are to order your debts from smallest to largest and pay them off in that order. This will give you small victories that will motivate you. Ramsey is an advocate for the Debt Snowball method, which consists of combining small amounts of money (debt snowflakes) and rolling them into a larger amount (debt snowball), which can add up and help you quickly to pay off debt.
BABY STEP 3: 3 TO 6 MONTHS EMERGENCY FUND
Once you have your contingency fund set and said goodbye to debt, the next step is to gather enough to take care of at least three months’ worth of your bills and needs. This means your rent or mortgage, car payments, insurance, utilities, groceries, etc. You would still need to pay for them if you were to get laid off. Unemployment insurance can be an option, but it probably won’t be enough. The idea here is to be prepared so you don’t even have a reason to fall back into the debt trap. Unexpected life events happen. Job loss, major medical issues, pregnancy and even death in the family. While it may be easier to think these things won’t happen to you, it is better to be financially prepared just in case they do.
BABY STEP 4: INVEST IN YOUR RETIREMENT
Once you have your fully funded emergency fund from step 3 (abbreviated in the Dave Ramsey community as FFEF), you are ready to start saving for retirement. Ramsey suggests investing at least 15% of your salary in Roth IRA’s.
BABY STEP 5: COLLEGE FOR YOUR CHILDREN
Watch the rest of the video to find out more details.
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Legal Disclosure: I’m not a financial advisor. The information contained in this video is for entertainment purposes only. Before investing, please consult a licensed professional. Any stock purchases I show on video should not be considered “investment recommendations”. I shall not be held liable for any losses you may incur for investing and trading in the stock market in an attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!
