In Dave Ramsey's words, "Debt is dumb; cash is king and the paid off home mortgage has taken the place of the BMW as the status symbol of choice"
Gary and I (and his family) have been listening to Financial Peace University for Family Home Evening each Monday night. At first I was disappointed figuring it was going to be a waste of my time. I was wrong. It only took minutes to fall in love with what this man has to say. He's got some great advice we could all learn from. I dare you to read his book, listen to his radio show or check out his website AND try implementing it into your life.
Here is his advice in a summary:
Baby Step 1
$1,000 to start an Emergency Fund
Baby Step 2
Pay off all debt using the Debt Snowball
Baby Step 3
3 to 6 months of expenses in savings
Baby Step 4
Invest 15% of household income into Roth IRAs and pre-tax retirement
Baby Step 5
College funding for children
Baby Step 6
Pay off home early
Baby Step 7
Build wealth and give!
$1,000 to start an Emergency Fund
Baby Step 2
Pay off all debt using the Debt Snowball
Baby Step 3
3 to 6 months of expenses in savings
Baby Step 4
Invest 15% of household income into Roth IRAs and pre-tax retirement
Baby Step 5
College funding for children
Baby Step 6
Pay off home early
Baby Step 7
Build wealth and give!
Learn more about being debt free at:
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