2. Pay off all debts - Deepstash
2. Pay off all debts

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.

1

STASHED IN:

24

MORE IDEAS FROM Few best personal Finance tips that no one might give you before! TATS PODCAST | S2E144

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.

STASHED IN:

24

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.

STASHED IN:

29

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.

3

STASHED IN:

25

6. Pay off home early.

This step is where you become completely debt free by paying off your home early.

STASHED IN:

23

4. Invest 15% of your income in retirement savings.

Start putting 15% of your gross household income into a 401(k) or Roth IRA.

1

STASHED IN:

26

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.

STASHED IN:

23

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.

2

STASHED IN:

32

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

GET THE APP:

RELATED IDEA

What is SOSTAC?

The SOSTAC® planning model, which walks through the process of creating and executing a marketing plan, encourages data from the control stage of previous marketing plans to be fed back into future situational analysis.

1

STASHED IN:

35

In psychology, grit is a positive, non-cognitive trait based on an individual's perseverance of effort combined with the passion for a particular long-term goal or end state.

STASHED IN:

12

Define a mission statement.

Keep your Sales team focused with a clear and concise Sales Operations mission statement that supports your departmental and corporate goals.

STASHED IN:

8