BABY STEPS
For those of you who are fans of Dave Ramsey, you will understand this title. And as a Certified Ramsey Solutions coach, I have permission to use Dave’s material. For those of you who have never heard of Dave Ramsey OR are an “objector”, please continue to read. We are here to HELP you!
In this introductory “tip” we will provide the baby steps as written. In future tips we will address each baby step with an explanation and tips for meeting them. Seven baby steps:
- SAVE $1,000 FOR YOUR STARTER EMERGENCY FUND. It is that simple.
- PAY OFF ALL DEBT (EXCEPT PERSONAL RESIDENCE) USING THE DEBT SNOBALL.
- SAVE 3-6 MONTHS OF EXPENSES IN A FULLY FUNDED EMERGENCY FUND.
- INVEST 15% OF YOUR MONTLY GROSS INCOME IN RETIREMENT. (Think: Pay yourself first.)
- SAVE FOR YOUR CHILDRENS’ COLLEGE FUND.
- PAY OFF YOUR HOME EARLY.
- BUILD WEALTH AND GIVE.
We cover all of these in our personal and on-line seminars, as well as give you helpful forms at those seminars.
Follow these steps, in sequence, and you can and will achieve financial freedom. In theory, you could accomplish a couple of the baby steps simultaneously, but you MUST complete a step before moving to the next step.
START TODAY! Find $1,000 and put it away. You can put it in a safe, your socks, your coffee can or even better; purchase a 12-week Treasury Bill and forget about it! Once you start this fund, NEVER touch it unless you have a real emergency! You can purchase Treasury Bills and Bonds directly from the U. S. Government by going to treasurydirect.com.
Have a garage sale, work a side job, sell your old books; whatever it takes to get the emergency fund started ASAP! You will feel great and will be on your way to financial freedom.
More to come!
– Tom