Use Dave Ramsey’s 7 baby steps to achieve financial freedom and build wealth!
One of the biggest tips I have for people wanting to increase their financial awareness is to get mentorship. With books, the internet, and the ability to connect with anyone at anytime, there is no excuse not to find a good mentor.
For a few years, Dave Ramsey has been a financial mentor for me. He is an American businessman, financial advisor and host of the Dave Ramsey Show. He has helped millions of people from all-around the world overcome debt and obtain financial freedom with his radio show, videos on YouTube and speaking events. He has strong values, went bankrupt himself, and practices what he preaches, so he is a great mentor to learn from.
One of his main tenets is his “7 Baby Steps” which gives people a process to take control of their money on their path to financial freedom… a place where we all want to be. The part I like most about it is that it gives people a no-nonsense procedure to move away from their money controlling them to them controlling their money.
The 7 Baby Steps are laid out below:
Step 1 – Save $1000 to start your emergency fund.
Step 2 – Pay off any debt you have using the debt snowball. Start with the smallest debt, and work your way to the largest debt, building momentum as you go.
Step 3 – Save 3-6 months of your expenses in your emergency fund to use in an emergency.
Step 4 – Invest 15% of your income to access when you retire.
Step 5 – Save a percentage for your kid’s college fund.
Step 6 – Pay off your home before the end of the mortgage.
Step 7 – Build wealth and give.
These steps are the beginning to reaching financial freedom and the journey will be tough, but well worth it. If you have any questions, please reach out to me and let me know. I have worked through these steps and I am working on Step 7.
To learn more about Dave Ramsey’s 7 Baby Steps: