A Proven Plan for Financial Fitness
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Dave Ramsey
Baby Steps
Step 1a:
Come current on all debts.
Step 1b:
Save $1000 Dollars for emergencies.
Step 2:
Debt Snowball: pay off all non-mortgage debt from smallest to largest.
Step 3:
Finish the Emergency fund by saving a total of $10,000 (3-6 months expenses).
Step 4:
Maximize Retirement Investing at 15% of gross income.
Step 5:
Fund child’s college fund at $2000 per year each ($166 per month).
Step 6:
Pay off home mortgage/save cash for 100% down home.
Step 7:
Build wealth by proportionately Investing, Giving and having Fun with your money.