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Dave Ramsey Baby Steps Personal

In: Business and Management

Submitted By illkorey
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Dave Ramsey Baby steps
My favorite Financial system is Dave Ramsey's baby steps system. I like how it really can apply to anyone not just people in debt. So really anyone can utilize this system and help make their financial life seem like less of a burden. It starts with an emergency fund. We will all have rainy days in our lives so what better way to be prepared for them than to well prepare for them. He starts by saying have at least $1,000 on standby for emergencies. This was very important to me especially when I became vehicle owner. Some vehicles are unpredictable and you never know when something may or may not go wrong. I remember my first car which was a hand me down from my parents that I actually still have. It's a 1992 Nissan 240sx and yes it may look cool but it had over 300,000 miles on it and a few months ago it needed a transmission which costed me about $900. had no Idea or indication that it would go out it just randomly happened. So yes that experience definitely taught me that it is good to have some sort of money cushion on standby just in case things happen. The next step that I found as a favorite was the using the “debt snowball” method to pay off all debt at an accelerated rate. I have only really owed money for one thing and I did use this method after hearing about it and actually got my item payed for a lot faster using it. It really does help a lot when you pay more than the minimum even as low as maybe a few dollars extra each month. It took me a second to really get it but it is true that every little bit counts. Plus I love seeing that outstanding balance shrink it really feels like a weight is being lifted. My next favorite was step 4 which talked about investing 15% of your income towards retirement. After college we will be looking into getting out into the career field of our choice. After about 20-30 years in our said career field we will probably retire. The best decision we can really make as soon as possible is to take action and plan for retirement. The earlier we invest in it the better off we'll be after retiring from our careers. It always helps to have something there for you when you decide you no longer need to work.
The next step that I liked was step six which was paying off the house. I don't think that there are many people who can pull out their wallet and but a house in full all in one transaction. So of course it would be a good idea to definitely be able to afford the mortgage for the home that you are deciding to live in. On top of that it is also a good idea to pay on time every time for the place you live. Especially when it's a property asset that can be seized and its the place that you live in. The last step that I enjoyed the most was step seven which was build wealth and give. I understand that sometimes people struggle in life. Nothing comes easy and we're all humans who live on Earth sometimes things happen and people need help. It's always good to give what you can to a person or people in need. Plus it makes you feel good to know that you did good by impacting a person or people's lives by giving. When you give, people notice and a lot of times they will do what they can for you when you struggle. I really enjoyed the baby step system. To me it's like a set of laws that should be followed for people with an income. I really don't see a way that anyone could not benefit from it.…...

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