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Learn how to manage your money with Dave Ramsey's proven plan of seven steps to ditch debt, save, invest and give. Find out your debt-free date, net worth, budget and more with free tools and resources.
- 9 min
- Save $1,000 for Your Starter Emergency Fund. Only 32% of Americans say they can pay cash for a $400 emergency.That means 68% of them are borrowing, selling or going into debt when life happens.
- Pay Off All Debt (Except the House) Using the Debt Snowball. Debt’s good for one thing and one thing only: holding you back. But you don’t want to be held back.
- Save 3–6 Months of Expenses in a Fully Funded Emergency Fund. The debt is gone. Goodbye, debt. Talk to you never. Now, you’re going to build up that emergency savings fund so it’s strong enough to stand up to bigger problems, like job loss.
- Invest 15% of Your Household Income in Retirement. For some people, retirement can seem like tomorrow’s problem. But that kind of thinking will leave you working for the rest of your life.
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- Save $1,000 for your starter emergency fund.
- Pay off all debt (except the house) using the debt snowball.
- Save 3–6 months of expenses in a fully funded emergency fund.
- Invest 15% of your household income in retirement.
- Save $1,000 to Start an Emergency Fund. Summary: Ramsey suggests building a $1,000 starter emergency fund before investing or starting to pay off high-interest debt.
- Pay Off All Debt (Except Your Mortgage) Using the Debt Snowball Method. Summary: When paying off debt using the debt snowball method, you start with the lowest balance first.
- Save Three to Six Months of Expenses. Summary: In Baby Step #1, you built a beginner emergency fund, setting aside enough money to prevent a sudden financial setback — like an unexpected car repair — from spiraling out of control.
- Invest 15% of Your Household Income Into a Roth IRA and Pre-Tax Retirement Fund. Summary: With this Baby Step, you start saving 15% of your income for the specific purpose of retirement.
Ramsey+ helps you follow the Baby Steps, a proven plan to get out of debt and build wealth. With Ramsey+, you can see your debt-free date, get coaching, access courses, and connect with others.
Sep 20, 2021 · 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ https://ter.li/6h2c45 📱Download the Ramsey Network App ⮕ https://ter.li/ajeshj 🛒 Visit The Ramsey Sto...
- 8 min
- 1.9M
- The Ramsey Show Highlights
This includes what is called the 7 Baby Steps. These are steps performed one at a time, in their respective order, to obtain what we call financial peace. Baby Step 1: Save $1,000 for Your Starter Emergency Fund. In this first step, your goal is to save $1,000 as fast as you can. Your emergency fund will cover those unexpected life events you ...
