Pros & Cons of The Infamous Dave Ramsey Baby Steps!
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Dave Ramsey is outdated and outlined our own 12 toddler steps to financial freedom. We have a reboot article titled 15 Dave Ramsey tips that will change your life forever.
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Step One:
Save at least $1,000 (or $500 for those with lower incomes) to have an emergency fund for unexpected financial events.
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Step Two:
Using the “Debt Snowball,” pay off all your debts except for the mortgage. That includes car loans, credit cards.
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Step Three:
Strengthen your emergency fund and save at least 3 – 6 months of living expenses for unexpected events such as loss of a job, health expenses, etc.
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Advantages to Baby Steps:
1. It’s an Already Proven process
2. Little to No Financial Education Required
3. You Have Lots of Resources Available to You
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Disadvantages of Ramsey Steps:
1. It takes time
2. The Baby Steps Doesn’t Distinguish Between Good Debt and Bad Debt
3. Home Ownership Is Hard to Fit in With the Baby Steps
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