Follow The 7 Steps To Success! - Deepstash
Follow The 7 Steps To Success!

Follow The 7 Steps To Success!

Curated from: The Ramsey Show Highlights

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The First Stride: Establishing Your Emergency Fund

The First Stride: Establishing Your Emergency Fund

Begin your journey to financial freedom by saving $1,000 for unforeseen emergencies. This initial step is crucial as it creates a safety net, preventing reliance on debt during unexpected financial hiccups. It's about changing your mindset to prioritize savings and prepare for the unpredictable.

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458 reads

Debt Snowball: Tackling Your Debts Head-On

Debt Snowball: Tackling Your Debts Head-On

List all debts (except for the mortgage) from smallest to largest, and start paying them off in that order, while making minimum payments on the rest. This method offers psychological wins by clearing smaller debts quickly, creating momentum and motivation to tackle larger debts.

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360 reads

Solidifying Security: Completing Your Emergency Fund

Solidifying Security: Completing Your Emergency Fund

Expand your emergency fund to cover 3-6 months of living expenses. This larger safety net ensures financial security in case of significant life disruptions like job loss or major health issues. It’s about building a buffer that can sustain you through more extended periods of financial uncertainty.

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335 reads

Investing in Your Future: Starting Retirement Savings

Investing in Your Future: Starting Retirement Savings

Begin contributing 15% of your household income to retirement accounts such as a 401(k) and IRA. This step emphasizes the importance of long-term planning and the power of compound interest. It's about securing your financial future while you're still earning.

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321 reads

Educational Advancement: Saving for College

Educational Advancement: Saving for College

If you have children, start saving for their college education using tax-advantaged savings accounts. This step focuses on preparing for future educational expenses to avoid debt. It’s about being proactive in supporting your children’s educational goals without compromising your financial stability.

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273 reads

The Freedom of Full Ownership: Paying Off Your Home Early

The Freedom of Full Ownership: Paying Off Your Home Early

Direct extra funds towards paying off your mortgage early. This step is about reducing your biggest debt and achieving the peace of owning your home outright. It's a significant move towards total financial independence and stability.

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274 reads

Building Wealth and Giving Generously

Building Wealth and Giving Generously

With no debt and a fully funded emergency fund, focus on building wealth and giving back. Invest more aggressively, save for major purchases, and contribute to causes you care about. This final step is about enjoying financial freedom and making a positive impact with your resources.

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IDEAS CURATED BY

dimitryaujour

I believe that the vastness of the internet holds content that can aid each of you on your path to self-improvement. My hope is to curate and deliver this content to you, supporting your journey towards becoming a better version of yourself!

CURATOR'S NOTE

I recommend this video because I believe it offers the simplest and most effective approach for anyone looking to build wealth. I truly believe that financial independence is one of the greatest goals one can aspire to achieve!

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