529's are only advantageous depending if there is any tax benefit correct? That would depend on what state you live in and which state's 529 you invest in (you can pick others that are not your own, some seem better managed than others and each has their only level of fees).
No I don't exactly follow the baby steps. I use leverage for investing in stocks. But I agree with you that your primary home should be paid off first.
There is also a lot of anecdotal evidence that it works. I'm 58. Mortgage is paid in full. No loans or debt. Both kids have Masters Degrees without student loans. Wife and I have about 600K in retirement savings. We are just beginning the giving part. I can't explain how much fun it is to leave a $22 tip in cash on an $8 lunch bill, or write a $300 check to the church for new shoes for elementary school kids. Full disclosure though, we aren't nearly as intentional with budgeting as we were while we were working our way up to step 7.
I did my best to save, just didn't have that much. I'm 48, not 58, so there is time to make it happen, but not much. I assume you both made excellent money as well. You don't have $600K in savings unless you make enough to save, I assume these were retirement investment accounts as well. Good job, I'm hoping to achieve the same.
Great job. Jealous of you. :p I’m trying my best for step 2. Trying to pay off the last 50k in student loans in the next 2 years. Can’t wait to get to your steps.
@Sir Alfred Lawrence Not really a good question to ask a single mom. I was raised by a single mom, and it was an amazing way to grow up. You're just trolling "4 the lulz" but take a look at yourself and that comment. You should find baby steps to talk nicely.
Good luck, kid! Take this advice to heart and you'll be all right. Sure wish I could go back in time and guide my 14-year old self to a better financial life.
Mike Marroquin you are in a great place to start working on your future. Good luck to you and stick to the plan. Most 14 year olds I know aren't even thinking like you or there financial future. Don't let anyone distract you stay the ccourse and stay focused.
Same for me, I'm from Morocco, my income is much lower than the US average (like.. muuuch lower lol) but I'm preparing for an action plan for the upcoming year (2020) while adjusting to my own country (for the rates and taxes etc) . I'm fed up with my crazy spending habits especially after visiting apartments on sale… I realised that if I keep the same habits, I won't be able to afford an apartment, let alone facing an emergency (sickness, being laid off for some Reason,etc), I'll be totally ruined so… the whole concept seems logic, I hope that I'll be disciplined enough to commit to it.
@@Ssookawai my family lives in Morocco too the day I immigrate to America they were living in apartment with a very cheap rent I signed 12 checks for them to allow me at least to start my life here and see if really I want to live in America. They took the money from my bank, buy a chertla. Then started milking me like a cow, never gave a chance to think about my own life, and each time I mention marriage they get nervous and talk about how much they want me to brihg my brothers which is why in the first place I immigrate. After they moved to rich area they want me to buy an expensive VILLA my sisters and my father refuse to buy an apartment. Well I get my brothers and one of my sisters here with me. Now I end up getting married at a very late age my only dauther is 12 years old I have a house thet I paid 1/2 it's price have 65000 in 401k have good saving. My family never satisfied because they ask for too much that I couldn't effort since I came here already old, went to school because I'm really smart get my RN certificate while working and sending crazy money to Morocco. I'm still buying love of my family. I'm sorry that's was very long but really I want people to be a little selfish If you want to be happy and fulfill your dreams.
Yeah, just translate the equivalent of the currency and buying power of the nation you live in. I'm swedish and 1K dollars is about 10K swedish crows and the living standard is roughly the same. We just earn 10 times "more" and and everything "costs" about 10 times more (so basically the same). But the US has lower income taxes though, but Daves teachings still work.
You need to enroll in a High Deductible Health Plan. Max annual out of pocket (in network) is like 13K. Most people don't because copay is cheaper for little stuff but the big expense is what you need to be wary of. Always go HDHP+HSA. Life losers go the other route.
I followed Dave's advice. I got a second job and went from $70k in debt to $30k in the bank and maxing out investments. I only wish I had known about this in my 20s.
I am currently burning through my late 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
The step that Mr. Ramsey talks about all the time, and probably the most important, is the one that comes before Step 1. The first thing that he has you do is to sit down with your spouse and get organized. Getting on a strict budget first is absolutely essential to do the Baby Steps. Ramsey's book was excellent. I recommend it to everyone. Thank you very much for your videos.
etian contreras He also asks that you get current on all of your debt as you work on your budget and if you can’t then you need to reassess your job or expenses to enable yourself to pay minimums on all debt and I love that too!
Well, making a budget, and getting your spouse on board if you have one, is *part* of step 1, and the rest of the program. It's the *way* that you can save that first $1000, pay off your debt, etc.
@@kenmasters8885 why would you do that? It would only slow you down if your diverting money into savings & not investing it. Wait until step 7 to actually give stuff away.
@@AJGT350 I'm not a Bernie Sanders supporter and I loathe and I'm completely disgusted with socialism on so many fronts simply based on economic numbers and moral grounds. However, funding someone else's education is not socialism. It's socialism when you're forced to fund someone else's education. When you chose to, however, it's anything but socialism.
Love that you fully endorse baby step 7 - I think many people don't understand how amazing it is to be able to be at a place that you are not just stressed about yourself and your family but you can give back (significantly) to society. Love it!
@@dany6711 If you are motivated by screaming and being called stupid. Most people, including myself are NOT resisting the message and information. It's his immature delivery method. Immature imo.
I am a financial advisor and so I am always skeptical going into videos like these on RU-vid, but I was very impressed by your overview of Ramsey’s approach and your own input. Only thing missing to me is having life and disability insurance in place for both spouses. Great job!
@CS If you were to study to take your CFP (certified financial planner) examination, the first thing they talk about is risk management i.e. life insurance, disability insurance, emergency fund, and having a handle on your debt. It is too often overlooked because debt has a major emotional component to it (why Dave Ramsey is literally crazy about it) and investing is the sexy thing that everyone wants to talk about. Risk management is the foundation to all of good and thorough planning
And if I were to follow the academic approach to my CFA (CFA, not CPA, not CFP), I’d likely not be running a $000M annual operation; that’s a toss-up; however, what I DO KNOW is if I’d have done things by the academic book or field manual, I assure you my military butt wouldn’t be here today. There’s everyone else’s knowledge (eg academia) and then there’s yours; plus a dose of reality thrown in for the ~spice~ of life lol. 😎👍
@@zachhawkins5005 I would agree as I have sold life policies too and classes taught me a lot including to have disability and accident policies. We personally have used our accident policy.
I would fund relatives' kids college only in baby step 7. I will pay off my own house before worrying about that. I am 100% on board with DR, including paying cash only for everything. No "good" debt. I'm buying a car this week with cash. So glad not to have a car payment ever again!
If you had investments averaging 10% return for the past 20+ years and someone’s offered you a 100k cash loan at a rate of 3%, would you not even consider taking the full loan and investing it? Debt is bad, agreed, but the reasons behind debt may be profitable if you have good management and investment skills.
@@RCXDerp I think having the cash to pay off your home (without actually) doing it gives you the same peace of mind. The down side is paying the mortgage interest.
@@Arteolike You are completely right ..........................IF THINGS GO WELL. You are not considering risk, and you are not considering human psychology. People who use leverage to invest are taking a very big risk. You are a grownup, you can do what you choose with your money, but just don't fool yourself that what you are doing is without substantial risk. Also, paying off your home that has a 3.5% interest rate is analogous, right? Well, getting 3.5% return on a risk-free investment would be a fabulous rate of return, would it not? CD's are paying 2.05% as of today. So you get a *great* rate on a risk free investment, and complete peace of mind! What a deal! Then, the money you used to pay on your mortgage can be used to invest in stocks, real estate, or whatever.
That $1000 cushion comes in handy when you screw up the math in the first month and overpay something too. I won't be confirming where that nugget of wisdom came from in this forum though.
This is a Great video, Everyone needs more than there basic salary to be financially secured. The best thing to do with your money is to invest. Money left in savings always end up used with no returns ..
The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.
To manage investment risk, consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal.
Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
you should probably seek guidance, I do have an Expert Tamara Diane Hagan who does the heavy lifting for me, she makes research on stocks, and adds my portfolio with stocks for monthly and yearly earnings.
7 Baby Steps list: 1. Save 1,000 starter emergency fund 2. Pay off all debt except for mortgage 3. Save 3-6 month of living expenses (emergency fund, liquid) 4. Invest 15% of income into retirement fund (401k/Ira) 5. Save for Kids College fund (529 plan) 6. Pay off Home early 7. Live and give. 8. Like this post to bring it to the top.
Jasper Ghostly I plan to live with my girl, I have a paid off car 🔥 and I plan to become an uneducated millionaire lol my Marine sergeants make 100k a year with no degrees or debt 😎
First of all - from one grunt to another - Oorah, devil dog. 👍 Second of all, dm me if you’d like a rl story of a Soldier that enlisted & had a personal goal of being a millionaire before his 20 years. Great story imo. Until then, Semper mf Fidelis, you. Sincerely, Army
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
Thanks so much for your videos, I made poor financial decisions in my early 20’s and now at 27 I am working towards financial freedom. Veliki pozdrav Marko! 😊
I am happy I did Steps 1 to 3 years ago. Because of the pandemic, both of my emergency funds are now gone. Just imagine if I don't have any of those in the first place. Now that I have a job again. I am saving up for Step 1 again. And I learned it all from this channel. Thank you!
Investing in Nfts, and particularly the crypto market is one important step I’ll be taking this year, I’m new to it a basically been doing lots of research. There’s so much opportunity to earn.
The market is looking a little bit relief, I anticipate a short bull. It is reasonable to open some sport positions from here and of course with tight stop loss.
I like your comment on baby step 6, just bought our first home and just after a few payments it stinks to have that payment around. Peace of mind is huge!
I'd add: get a reliable used car first. Then make a car payment to yourself (separate account) so you have the budget set and can pay for repairs until you've saved enough to buy another car *outright*. You save a lot on collision/comprehensive insurance and hideous car loan interest. Also, never have a car loan longer than your car's warranty. Outside of that, another solid video I'm glad to share w/others. Thank you.
Why not lease a new car with zero down at $169.00 a month. Start a home business and write off 100% of that lease each year. That's a $2,028 a year tax deduction and it's a brand new car under warranty. If $169.00 a month disrupts your finances then you're in a pretty bad situation to begin with.
@bonnie half-elven Why? Because Dave said so. You are obsequious for sure. I'm a real estate investor that has cash flowing properties. I live in one of my duplexes and my tenants rent next door pays the mortgage in full. My other properties pay my bills and vacations. Under construction now on a 5 unit multifamily with a bill cost of $950,000 and when completed will be worth $1,850,000. I will net over $800,000 when all units (townhouses) are sold. I can drive a Bentley if I want to but I LEASE a 2019 Toyota camry for $375 a month. Dave's baby steps are for people with jobs and limited income not business owners. Step your game up sweetie and a car payment wouldn't mean shit to you. Or you could just go back to listening to dear ol' Dave that'll have you living a paupers life until you're 65 and near death.
I searched EVERYWHERE trying to find what the Dave Ramsey baby steps were, at least on You Tube and couldn’t find them UNTIL I saw your video! YOU SIR ARE A LIFESAVER! Thank you! Now I know all of them. NOW! LET GO MAKE SOME MONEY DOING THEM!!!
So I've had my steps out of order. I've been prioritizing in the following order 1,2,3,6,9,4,5 with step four only at 8% I hadn't heard about steps 4-7. I'm in the process of increasing my step 4. This video is perfectly timed for me. You've really motivated me to tackle step four more aggressively over your last couple videos. Thanks.
Dave Ramsey is the man, he has helped many people for a long time. It’s proven to work. His investing style I might differ from but personal finance is basically spot on. Can’t really argue with him 🤷🏻♂️
I told my mom about Dave Ramsey about 17 years ago, because a customer at a store told me about him. We both did financial peace and read the book. My mom is debt free and retired now. I have no credit card debt and working with my wife on hers. His steps definatley work. But you do need to adjust some for your own lifestyles. Q.
I was born in youngstown. My father donated to kids town in boardman park when it was being built. I recently returned to the area for the first time in 20 years, and our family name was still on the fence surrounding the playground. Although we weren't on the plaque with the DeBartolo family (my father was saving for my college at the time so he didnt donate the way Eddie did), it was still a proud moment to see "The Delrio family" still there, towards the front of the playground, where everyone who has visited that playground has had to walk by over the last 27 years or so.
I'm over in the UK and I'm working on this too. I moved out on my own in October with £100 left in my overdraft, already this month I have nearly got £1k together. The best advice I have for anyone really struggling is to have patience and trust the process. It's took 4 months to achieve that but it does come together.
I’m in my mid twenties and I use baby step 5 to find/save for my master’s degree, as I am a new teacher and getting my masters is very important for my salary.
Great list. I started a 529 the day I got my child’s birth certificate/social. College tuition has increased at an incredible rate over the last few decades.
I had 529 but was told that it had several stipulations on it. For instance if my daughter wanted to attend culinary school the 529 wouldn't pay for it, it must be a college/university....
@@tanitrarobinson7477 not true you can use it for any education, trade school works too. If all fails you can just take the money out pay tax on it and use it for whatever.
I agree with Dave Ramsey on the personal finance. Where I differ is on the investments. He swears by mutual funds. I like dividend stock investing. 3-6 months emergency fund is a bare minimum. Everyone should have that. I’m single and have only myself to rely upon, so my emergency fund is a whole year of living expenses.
5 лет назад
good luck with that when the current stock market conditions are realized by the masses you will see your mutual fund evaporated or insolvent. even if you dont how much gain you are making on that does it even exceed inflation? (real inflation 4-6%) your credit is probably great and your thinking you are disciplined and set for retirement or other event... but honestly if you could make 1000-2000 daily consistently you wouldnt need that anyway. . . because you would have an utter abundance. I trade options though .... sometimes my huge swinging pair gets in the way .. say hi to your wifey for me :)
Mutual funds are good for people who dont know much about investing and arnt interested in the learning/research required. Dividend investing is also a good strategy when you are happy putting in a little more work. Honestly, I dont agree with basically any advice I've heard Dave give but at least even if it is bad advice it wont hurt anyone to follow it. Carl, that was an a complete load of gibberish. Nothing in your first paragraph had any meaning and the best guess I could give it lead to you just being wrong. You're second paragraph was mostly just dumb, but at least you got to brag about options trading. I do it too and it doesn't make either of us special. Good luck with your life and try to be better in the future.
401ks don’t work. It works for very very few people. Even if you had a million dollars in a 401k with a very generous 7% return, you would only get 70,000 a year. That’s not what most people call a retirement
@@scarysunburns7733 $70,000 a year with a paid off house and vehicle is more than enough. You basically dont have any bills. Maybe $1,500 a month, tops, including groceries and gas for cars. Maybe not if you live on either coast, but the average income in the U.S. right now is $59,000
Dave’s baby steps work because they are just as much psychological as they are mathematical. They take into account the fact that winning with money is more about discipline than it is tactics. The debt snowball is a path to getting your brain towards the “gazelle intense” mentality, which ultimately gives you the momentum needed to kill off your debt and start making your money work for you. Like Marko says, it’s like working out. You can come up with the best plan on paper, but it‘s useless if you can’t actually get yourself to do it…
Student loans are so daunting. I feel like they hold me back from ever building wealth, and I'm late to the game with trying to do that anyway. I'll be stuck on step 2 for a LONG time.
U gotta look at the long term. The potential of what you can make will cancel out debt fast. Of course it depends on the career choice and how much debt is built up.
I feel ya with that! I just graduated with a VERY high student loan debt, I’m talking six figures BUT with my medical degree I’m about to earn six figures on my first year as well. So I don’t feel TOO scared with paying back my loan just because that’s my only big responsibility besides small bills like a gym membership. So it really depends on the field you go into too!
@@NicoRockatansky Weeeell... combined wealth is better than individual wealth - all the stats prove it. Maybe you should modify it to "marry the right person".
Opinionated Ape If you want to go faster go alone, but if you want to go further go with someone (your spouse). I choose the later. It’s a blessing being married.
I Follow Daves advice religiousy and his 7 steps are awsome advice, but it does boil down to recognizing first, how you are managing your money,and saying to yourself "Im sick and tired of being sick and tired ". I also woke up myself when he was outspoken about bad habits and realized he was absolutely right.
Who grumbles lol?!? I don’t get this. What am I missing?? (After flipping through the comments, I plan to post my own & ask why his better half “curses Dave” lol.
I largely agree with Dave Ramsey, except that I personally flip step 2 with step 3. For people with less than a stable job or in a real danger of layoff (like me), having 3-6 months of emergency fund is much more important than being debt free. I did draw the line on credit card debt though. The 0% interest on one of my credit cards was ending, so I sacrificed 2 months of emergency fund to not pay 21% interest. However, I continue to make my car payment because it's only 2.5%. My online savings account pays 2.1%, so I only lose 0.4% a year. I consider it as the cost of having peace of mind, no different from paying for insurance.
Milan Labus, Dave is very rigid with his Baby Steps. I have never heard him tell anybody to put step 3 before step 2, but I hear him pushing people to pay their debt after just $1000 saved, all the time.
KO Investing, you're right. For $10K I'm losing $240 a year, or $20 a month. I pay about $100 a month on car insurance and twice that on health insurance, so $20 a month on homeless insurance is totally worth it.
Actually if you listen to him long enough Dave will tell you to do this if you have an unstable income. He calls it a put and take account or something similar...
I've spent plenty of time listening to Dave Ramsey, and I respect what he does for people. With that said, his advice can sometimes have an extreme negative impact if followed with zeal. He literally told a woman flat out, sell your condo, that you're renting for more than your payment, to pay off your other debts faster. This woman and her husband made 230k a year and were living with her parents to pay of their debts, which were substantial, but which were well within a range of paying off within a couple of years given their circumstances. The key to success with the Dave Ramsey method has more to do with changing your lifestyle and ridding yourself of bad habits, his advice otherwise can actually be quite poor.
As someone who doesn't want children, my step 5 will be to beef the emergency fund to a year of expenses. As you get older, it will be more and more difficult to get rehired after being laid off/fired. Age discrimination is absolutely real and it does take more than 6 months in a lot of cases to get hired again. 2009 was brutal to my parents and learning from that experience, it will give me extra peace of mind to have 50k in the bank that can last me even two years. Also some illnesses or injuries may take up to 6 months to get better and another 6 months to get back to working again.
Two things. First, i agree that paying off your home early is greater peace of mind. It also lowers your living expenses in regards to the emergency fund, making the same amount of money go longer. Second, i also agree ramsey's investment strategies are not the best. My take is that his system is a lowest common denominator take on finance. Anyone can understand it with little knowledge but you can do better with more financial education. You will never be broke on his system but will also miss out on certain types of opportunities.
I would skip step 5 college fund entirely and throw that money into more investing, and step 7 is probably the most satisfying step of all, which I think everyone should partake in if they are able to.
The only problem is that tax-advantaged college savings plans such as 529 plans have annual contribution limits. So if you throw all your money into generic investing, you lose the tax advantages of the 529 plan since you'll be paying tax on your investment income as you go, and you can't catch up on the tax savings later.
Unless you know you can cash flow your kids college, I think that it is a good idea to save money in order to assist them to overcome the barrier that govt funding is putting up for actually paying for college without looking like you think that you're Edward Kennedy on a binge.
Our largest educational goal has been all of our kiddos w/at least one degree and no debt. My mother did that for me and it was absolutely liberating. That lets them make much better career decisions and start at full earning power w/o debt ballast. The student loan industry has too many child predators, to abuse a phrase. The 529s have been our key because we make too much for many scholarships to apply to our kiddos, but not enough to cover multiple college educations w/o pre-saving. Any inheritance has gone there and whatever 529 funds are left-over will be set for aggressive growth until grandkids need it. You can pass on 529s to others w/o tax penalty.
23 year old here :) I’m going to be following these steps as of today! Any bank recommendations you suggest for the emergency fund? I currently bank with BOA. Thank you for this video by the way 👏🏽
I wrote these down on a paper while watching this, and guys I have work to do. But honestly these steps make it seem like anyone can do it. A little will power and we’ll all be there
I think investing in a college fund for your children can even be something like investing in their opportunities for scholarships. I've invested time and money in multiple opportunities for my children, and I'm starting to see ROI now that the oldest is graduating this year. It's not as sure of a bet as a college fund, but it can certainly work if you and your children are dedicated to the same plan.
Scholarships are definitely the smartest way to go, but let’s assume the kid has the worst luck and never got any. College is fairly cheap if you stay away from private college and do you get Gen ed’s at community college (or high school if the kid is excelling) and then doing their Junior and Senior year at a University. Of course this is just for a bachelor’s. Unless you’re becoming a lawyer or a Doctor in medicine, you should work in your field with a Bacheors before deciding to get a Master or a doctorates. By then you should be money smart and can obtain those degrees with little to no debt.
Dave's plan changed our lives, within 1 year we are on baby step 6. I wish we knew about him 6 years ago we would be mortgage free right now. Highly recommend, he's given us our future back.
I love step 7 and hope I can one day get to that point. Unfortunately, a couple years ago, young, single, living with my parents and having no bills, I ticked up a lot of things on my credit card and even financed a nice big truck on a 5 year plan. Fast forward to 2019 and I'm paying for it..while I'm years ahead on my credit card payments, I now have a partner, a mortgage and a baby on the way so these bills especially my truck finance is really killing my budget. I am currently working 1-2 days over time, having no weekends to try pay my credit card off before my baby comes and build up some sort of savings with what little I can... moral of the story... Just cause you have it good right now, doesn't mean you should buy things you might not be able to afford in a year or 2. So here I am learning from you to hopefully get out of my situation 🤣😔 thank you for your videos man! Liked and Subscribed 😊
I would recommend getting rid of your truck bro . What are your payments , like 350-475 ish bi-weekly ? I know it’s hard because I had a car that I could afford to pay for but just the headlight alone was 2,000 .. it’s not worth it in the end . And your gas alone is probably 150 ish to fill up full . It’s more harm then good brother . I live in Canada where it gets negative 30 degrees Celsius and snow and ice everywhere . And we have people driving smart cars and tiny little cars and myself I drive a rear wheel drive 2 Door that is horrible in the winter , but with good tires it works if you drive slow . Point being especially with a kid on the way your going to have to make the sacrifice . Trust me you don’t need a huge lifted up big ass truck . Anyways just some friendly Advice . Get rid of the truck and get an a small suv or a decent car / van for the kid . As Dave Ramsey says , stop caring about what people think , make the sacrifice and it will pay off . Anyways peace man god bless
@@Wickedtingzz thanks for the advice man! well this comment was 2 years ago. And what I ended up doing was actually trading in my truck for a holden commodore. Nice fast car with a tow bar for my towing needs yet still a nice, safe family car for my now, 2yo daughter. The best thing is I'm no longer paying $220nzd a week for finance or $40 a week for road user charges and another $40 for diesel. Now it's just $60 a week for petrol . I definitely don't regret my finance on the truck though! I had a lot of fun with it and it came in handy when we bought a new house and had to move things there. But the best part was the lesson on how financial circumstances can change in 'just 5yrs'. 😅
I've been maxing out my accounts since early 20s, too. it was tough when I was at the bottom, but amazing how it has added up over the years, and I'm only 34. My form of paying off my home early is that I have a 15 year mortgage, other than that, i don't put any more into it.
So much valuable information on the web these days it’s a wonder why everyone in America isn’t wealthy or at least financially stable. I’m 16 and have been planning my future for a while now and cannot wait time start my financial journey and grow as a person. Thank you and everyone else on RU-vid giving away gold for free 🙏🏻
I’m 31 with no spouse or kids. I love the idea of opening a college savings account for my nephew. He is the only kid I’ve got! Thanks for this advice.
@ cara burns...I am doing the baby steps, as of now I'm on baby steps 2. I started on them late (better late than never..lol), with a child I'm thinking man I need to hurry up to get to college fund step 5 so i can help her on a better financial path than I was taught. Come to find out a few months ago a family friend opened up a 529 for her, it was such a blessing to hear that knowing I don't have that much time before she's off to college. For someone to do that who could afford it has helped change my daughters life. I'm am so grateful for people who are not selfish and want to help other people. So I'm with you when I get to baby step 5 I will be able to pass on to someone else to help them.
That sounds great I’m on baby step two and nearly 3 once I get to step five if I’m okay financially I’d consider doing that for my nephew and future nephews and nieces since I don’t want kids
Fresh out of college and my wife will finish in a couple months. Step 1 is done. Combining our bank accounts put a check mark on step 3. We'll now get to work on step 2 and once that's all cleaned up we can look into saving for a house. Even though neither of us make big money, we are still able to work towards something and I'm so thankful for that 😊
Great breakdown. I'll be in step 2 for a while since I have health practitioner debt lol. Recently upped my income by starting my own practice and am somewhat doing step 4 in order to reduce my tax liability (I read contributions to a SEP IRA for the self-employed knocks off your tax bill a good chunk)
Truly wish i had this information when i was 18 yrs but is better late then never highschool should teach the importance of saving money to kids ...it would help them tremendously in the future
Yep! Another good video! As I have gotten older (sooooooo weird to say), #7 is important to me! For many reasons my largest charity every year is "The Wounded Warrior Project." When I leave this planet, I would like to have a cancer research center named after me at Northwestern where I am on staff. In 1998 my buddies saved my life. I survived cancer of my appendix - super rare and poor survivability. I should not be here typing this. But we should know how to completely rid of cancer without chemo and radiation. And oh yeah, when I did get sick in 1998 (and I only missed 10 days of work besides 14 months of experimental chemo and radiation), it was nice to hear my Office Manager Rhonda say, "Please do not worry, don't forget you have the 3 month emergency fund - we are fine.") It was one of my early correct investment "things" I had done. It was also a sigh of relief as most of the insurance policies had a 90 day kick in period. After this time period in my life I went from having a 90 day emergency fund to a 1 year fund. Sorry I am rambling. Please listen to Marko peeps!
Robert Pick, Research Earthing with Dr. Stephen Sinatra/Dr. Mercola/Clint Ober. Also, look up the BioChargerNG (energy healing). Cancer cells thrive in low voltage. Charge the cells back to proper voltage and cancer will not exist.
RU-vid suggested your video. Dave Ramsey has a great approach. I think it’s great advice for the 80% of people living paycheck to paycheck unable to afford an unexpected $1000 emergency. Personally, I’m not interested in paying off my house. It’s a large house for my large family, but I intend to sell it and downsize when the kids are out of the house, which is when being debt free for my primary expenses will be of high value. With the kids in k-12, my goal is to position myself in the best financial situation upon their graduation. In their 30’s I’d love to give them an early inheritance.. help pay off a mortgage, give them a leg up with their investments, things that will help them build for the future generations. (Of course they’ll have to prove to be good stewards first..) With this, it make more sense to me to sit on the 3% loan on the house and put my money to work in other investments. I’ll lack the piece of mind, but growing wealth is about near term sacrifice for long term gain.
Dave Ramsey... your more than trying to help people. Like him.
5 лет назад
lol Dave Ramsey is behind the curve and his net worth proves this when compared to kiyosaki, Cardone, Robbins, John ... because these people understand how to utilize credit as a tool for greater gains instead of a burden to reduce upon
@ He is a basic consultant for the majority of the people. Net worth has nothing to do with what you want in life. Many people who are happy stay small and happy. If you desire to have more, Biggie said it best...
This wasn't long winded at all. It's great advice all people should take into account. My budget is 10% instead of 15% but every little bit is better than none.
I really do appreciate your videos! Its very informative content, youre relatable & its so helpful 4 ppl like me who dont know what to ask. Please keep them coming!
Love Dave Ramsey but all of our emergencies were always over $1000, which put us back into debt. Now we do our own modified approach… Our baby step one is $4000 minimum. We drive older vehicles, repairs are expensive, healthcare is expensive, kids are expensive, literally… $1000 would do nothing if we were kicked out of our rental home and had to find a new place to live. I realize it’s not supposed to be forever, but it wasn’t enough for us to make any headway because we kept having to use our credit cards when we tried to keep such a small emergency fund. So we paused our debt snowball to build our baby step one to $4000 and then we will resume.
Hi Marco, Great review of the DR Baby Steps! The only thing I'd add is that it's OK to work on 4, 5 & 6 at the same time. And once you've completed #6, it would be fine to continue #4 and #5 while beginning on #7 as well. Carpe diem!
I lived in Ohio for about ten years. I worked for a county who had a partnership with Metro Parks for a few projects. I completely agree that the Metro Parks in Ohio are fantastic.
Thanks for breaking down Ramsey's 'baby steps'...I followed these steps and it actually works if you are disciplined and follow the steps in that sequence. The steps work because it's a common sense, no risk approach to paying debt and slowly but securely building financial security. It's not a "get rich quick scheme".
Love Dave Ramsey! His debt snowball ball method is super simple and it works! Credit cards are the new cigarettes. Throw the credit cards away and stop being stupid and a slave to these companies cause cash is always king! “But what about my points and cash back and frequent flyer miles?” What about having no debt and paying everything in cash! Love DR!
I started to..I was working on step 3..then I had a meltdown ( old family drama) then ended up spending all the money I had saved. Not all is lost! I'm starting to see the cause of my life long self sabotage. I have started over and will be ever mindful of how I handle my emotions and other people.
