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In this episode, The FI Show Guys take an honest look at Dave Ramsey’s 7 Baby Steps.
While we believe Dave Ramsey has been a great gateway for a lot of people, there’s a ton we just can’t agree with.
“Save 15%, never use credit cards, pay off all debt before investing”….these are just too prescriptive and not very optimal mathematically.
We know there’s a lot of Ramsey believers out there, and we welcome your feedback to this episode.
If you’re unfamiliar with the Baby Steps, here’s a quick overview:
- Baby Step 1: Save $1,000 for your starter emergency fund
- Baby Step 2: Pay off all debt (except the house) using the debt snowball
- Baby Step 3: Save 3-6 months of expenses in a fully-funded emergency fund
- Baby Step 4: Invest 15% of your household income in retirement
- Baby Step 5: Save for your children’s college fund
- Baby Step 6: Pay off your home early
- Baby Step 7: Build wealth and give
Know someone that blindly follows Dave’s advice? Share this episode with them and show them there are more options out there!
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