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In this episode we break down Dave Ramsey's 7 Baby Steps. Who is Dave Ramsey? Dave Ramsey is a personal money management expert, podcast host, and author with over 11 Million copies of his books sold. By his mid 20's he had built a multimillion dollar real estate portfolio, all to lose it all and file for bankruptcy by age 30.
He is the creator of Financial Peace University (FPU), a program that helps people pay off their debt as quickly as possible, take control of their personal finance, and learn to live a life based founded on commitment and accountability.
In FPU, Dave lays out the 7 Baby Steps. He claims that it will "show you how to save for emergencies, pay off all your debt for good, and build wealth." Baby Step 1 is to save $1,000 for a starter emergency fund. Baby Step 2 is to pay off all your debt (except the house) as fast as possible using the Debt Snowball Method. Step 3 is to buy a 3-6 month fully funded emergency fund. Step 4 is to invest 15% of your house hold income into retirement savings. Step 5 says to save for your child's college education. Dave wants you to pay off your house early in Baby Step 6 and "live and give like no one else" in Baby Step 7 by growing wealth. Brad and JJ both have experience with the 7 Baby Steps. In this episode we break down the 7 Baby Steps.Cheers.
