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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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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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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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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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6. Pay off home early.
This step is where you become completely debt free by paying off your home early.
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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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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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CURATED FROM
Few best personal Finance tips that no one might give you before! TATS PODCAST | S2E144
open.spotify.com
8 ideas
·1.69K reads
IDEAS CURATED BY
19 | Generalist, Content Creator, Student at Christ University. Stashing about entrepreneurship, self-help, spirituality and the most interesting stuff I read.
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The snowball debt method
With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.
When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, yo...
Debt when you're on a tight budget
There are a couple of paths you can take to pay off your high-interest debt when you're on a tight budget.
- The snowball method. For those who need to see progress, pay off the lowest balance first. You'll feel inspired to keep going.
- The avalanche me...
Game of Thrones: pay your debts
As expected, the amazing GOT provided us with at least one valuable lesson: paying your debts is essential in order to live a prosperous life. One way to do so is by using the so-called 'balance transfer cards' such as Chase Freedom Card or Discover It Balance Transfer, which do not even request ...
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