Few best personal Finance tips that no one might give you before! TATS PODCAST | S2E144
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Dave Ramsey's best financial tips for personal finance!
Who is Dave Ramsey?
David Lawrence Ramsey III is an American personal finance personality, radio show host, author, and businessman. He is an evangelical Christian, and hosts the nationally syndicated radio program The Ramsey Show.
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1. Save $1000 for emergency.
The first baby step is to save $1,000 for emergencies. The point of this emergency fund is to have money set aside when life happens.
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3. Save 3-6 months of expenses before.
The idea here is that if you lose your primary source of income, you'll be able to support yourself for up to 3 or 6 months without having to go into debt.
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2. Pay off all debts
The debt snowball is another method made popular by Dave Ramsey. It is simply a way of paying off your debt from the smallest balance to the largest.
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4. Invest 15% of your income in retirement savings.
Start putting 15% of your gross household income into a 401(k) or Roth IRA.
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5. Save for children college funds
You can leverage a 529 or Education Savings Account (ESA) to begin saving for your kids' college. These are specifically designed to put money away for your kids' education.
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6. Pay off home early.
This step is where you become completely debt free by paying off your home early.
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7. Build wealth and give.
This final step is where you'll start to build wealth and give generously. That includes maxing out your 401(k) or Roth IRA.
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