I was talking to my good friend Danny today and we got on the topic of finances. I don’t think I’ve met another individual as financially prepared and goal oriented as Danny. The man has it all planned out! Sent me a spread sheet and everything of his budget, talked about his financial strategy, etc. He’s a very sucessful guy-has a beautiful family, is involved in his community, and has his financial future planned. Good job Danny!
Anyway, he told me about a little something called the Dave Ramsey Plan. I have to admit, I’d never heard of it before, but after reading his basic steps, am already inclined to stepping on the Dave Ramsey bandwagon-if there is one…i’m assuming there is-and perfecting my “yee-haw”ing (that means i’ll be on the wagon for life. Everyone on a wagon has to know how to yell “yee-haw” properly). For all of you Dave Ramsey virgins out there, I wanted to give you a very brief synopsis of his “plan”. This is taken from Dave’s website:
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The 7 Baby Steps Begin Your Journey to Financial Peace
Get out of debt the same way you learned to walk, one step at a time.
1. $1,000 to start an Emergency Fund
2. Pay off all debt using the Debt Snowball
3. 3 to 6 month of expenses in savings
4. Invest 15% of household income into Roth IRAs and pre-tax retirement
5. College funding for children
6. Pay off home early
7. Build wealth and give!
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And that’s IT! I have to admit, number 7 on that list is looking very good to me, but remember-baby steps! Just like on What About Bob. “Baby steps around the room…baby step to four o’clock…”. Stuff like that-baby steps! I honestly love this guy now. I will be writing a lot more about his ideas and techniques.
Again, thank you Danny for the introduction. I hope this helps all of you wanting to renew your financial goals, get out of debt, and baby step your way to the “build wealth” stage!
[...] to make sure you stay on budget is to keep track of your expenses. The last post talked about the Dave Ramsey Plan. In the plan, it talks about using the Debt Snowball theory. I have taken this theory and entered [...]
Ramsey is amazing. Step one is usually easy for people.. 2 is when it gets tough.. the first few debts usually fly off the board but then it get’s a little daunting when you are paying on the big ones.. But a litte patience and virtue can lead you to payin them off and then 3 is when it starts getting really fun.. I mean imagine how it would feel to be debt free, with 10-15 grand in savings..
It’d be like being held by Edward Cullen is what it would be like (or Alice for the dudes)
Laters
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