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Dave Ramsey’s Baby Step Three – Fully Funded Emergency Fund

The other day I wrote an overview of Dave Ramsey’s baby steps system from his book, The Total Money Makeover. There are seven baby steps that you should follow in order that will lead you to financial peace that he discusses in his book which is one of the Top Ten Personal Finance Books of all time that you should be reading. Today, we’re going to focus on baby step 3. Dave Ramsey’s baby steps are… Baby Step 1 – $1,000 Emergency FundBaby Step 2 – Pay Off All Of Your Debt With A Debt SnowballBaby Step 3 – Fully Fund Your Emergency FundBaby Step 4 – Save 15% of Your Income For RetirementBaby Step 5 – Save For Your Children’s College EducationBaby Step 6– Pay Off Your … Read more

Dave Ramsey’s Baby Step 2 – Pay Off Your Debt With A Debt Snowball

by Hank Coleman

The second baby step in Dave Ramsey’s The Total Money Makeover is to pay off all of your debts except your mortgage. He recommends doing this by using a debt snowball. It is his baby step 2. When Dave Ramsey talks about paying off all of your debts except your home, he means precisely that, all of your debts. This is where you list all of your debts in order from the smallest balance to the largest balance. You should include all of your credit card debt, student loans, car loans, loans to parents, debt to the IRS, money borrowed from your parents or family, late payments that you still owe hospitals, and all of your other debts. If you haven’t read The … Read more

How Debt Can Ruin Your Retirement

by Guest Contributor

This is a guest post by Mike Egan who is the author of “Your Stronger Financial Future”. A recent article in the New York Times focuses on seniors who are considering mortgages on new homes when they retire. The article is a good summary of what seniors (or anyone considering a mortgage application) should expect and the specific items to have handy, such as proof of income and a good credit score. What the article doesn’t address is the question of whether a mortgage is a good idea, either for a senior (65 and older) or anyone else. Think about this – no matter what the term of the home loan, or mortgage, you’ll be paying interest to the lender, plus … Read more

Dave Ramsey’s Baby Step One – $1,000 Emergency Fund In The Bank

by Hank Coleman

Dave Ramsey emergency fund of $1,000 to start

The other day I gave a brief overview of Dave Ramsey’s baby steps system to financial freedom that he outlines in his book, The Total Money Makeover. There are seven baby steps that you should take in order to gain financial peace. Baby Step 1 – $1,000 Emergency Fund Baby Step 2 – Pay Off All Of Your Debt With A Debt Snowball Baby Step 3 – Fully Fund Your Emergency Fund Baby Step 4 – Save 15% Of Your Income For Retirement Baby Step 5 – Save For Your Children’s College Education Baby Step 6 – Pay Off Your Mortgage Early Baby Step 7 – Build Wealth And Give Today, I will show you the ins and outs and the method behind the madness of only establishing a … Read more

My Next Home Is Going to Be a Hotel and I’m Saving Over $900 per Month!

by Hank Coleman

Have you ever thought about living in a hotel? Because of the day job that I have, I tend to bounce around from one location to another fairly quickly. There are often times when I am working or going to a class for just a couple of months at a time. So, of course, I’m not going to put down any type of roots in that instance. I could rent an apartment for a month-to-month lease, but the number and quality of those types of apartments are not always the best. Why I’m Thinking About Living in a Hotel So, I started thinking about living in a hotel. I have always been fascinated by extended stay hotels in particular. Every … Read more

Reader’s Question: How Do You Start Saving If You Live Paycheck To Paycheck

by Hank Coleman

Here is the next installment in our the Reader’s Questions Series which highlight questions emailed to me by you, the readers of Money Q&A. Be sure to find out at the end of this article how you can receive a free copy of Dave Ramsey’s book, The Total Money Makeover if your money question is chosen to be featured on a future week’s blog post. If you’re not familiar with Dave Ramsey’s book, you should run right out and get it. It is one of my top ten best personal finance books that everyone should read. Be sure to check out the other answers to money questions in this series. This week’s featured question is from Velma who asked, “If you are living paycheck to paycheck, how do you … Read more