so, backstory: our sunday school class (FBC Frisco) is doing a study on the Dave Ramsey principals to saving money and building wealth. its super fun, and super social and we are loving hanging out with our friends while all being on the same "budgeting" page together!-do i hate the word "budget" yes... but is the whole process worth while, YES! its been amazing for us to have such great friends who are all working towards long time goals, PLUS our super fab teacher is a financial planner, so we get great advice for free! yay CC!!
i thought it might be insightful to share the 7 baby steps that Dave Ramsey recommends, I'm sure many of you have heard this already, but a refresher never hurts.... right?!?
1. Set up an emergency fund of $1,000
2. Pay off all debt using the snowball effect
3. Save 3-6 months expenses
4. Invest 15% of household income
5. College Fund for children
6. Pay off home early
7. Build wealth and give
I dont normally blog about any type of deep topic, and i certainly dont want to push my convictions on anyone else, but if you're intrigued... its there. if not.... its cool too! I'm just saying that its something we are enjoying and we are getting something out of. its been a great part of our week and we have so enjoyed hearing other couples money saving tips, which i plan to share in a later post...
anyhoo! hope you all are having fabulous weeks,
happy wednesday!!!
I'm glad you shared this and I think it's terrific advice.
ReplyDeleteI love Dave Ramsey!! And I love that quote--don't exchange what you want most for what you want at the moment.
ReplyDeletelook into Suze Orman. She has a different philosphy but I've kinda interwined his $1k savings with her debit pay of plan. It works :)
ReplyDeleteI'm so glad you're posting about this - I think he is brilliant and most America can relate to his theories. My dad is a financial planner, so I can't complain on the free advice I get ;)
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