Dave Ramsey’s 7 Baby Steps: Pros, Cons, & Our Take 

If you haven’t heard of Dave Ramsey. For many, he represents a financial savior for those who have too much debt and want to improve their money management through Dave Ramsey’s 7 baby steps.

Dave Ramsey is a well-known personal finance guru and coach, helping millions through his top-rated nationally syndicated weekly radio program, books, Financial Peace University, and more.

He has strong convictions about personal finance, backed by his experience, making his own mistakes, research, and religious beliefs.

The philosophy behind Ramsey’s money management approach is to focus on one priority at a time and chalk up wins to gain a sense of accomplishment.

Save $1,000 For Your Starter Emergency Fund

Dave wants you to do two things. Pay your basic living necessities first, and pay what is due on your credit cards and student loans.

Pay Off All Debt  Using The Debt Snowball

The debt snowball requires you to list all your debts in order of smallest payoff balance to largest.

Save 3-6 Months of Expenses for a Fully Funded Emergency Fund

Establishing an emergency fund of three or six months is dependent on your circumstances.

Invest 15% of Your Income in Retirement

Investing 15% of your income should take full advantage of tax benefits and the company match of the sponsored 401K plan.

Save For Your Children’s College Fund

Think carefully about whether college is suitable for you or your children, and if so, expand your search at public schools.

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