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The Total Money Makeover Review: The Joneses

Have you ever heard of the term, "keeping up with the Joneses?" If not, here is where the term comes from. When you consider the image, you can see that there are monetary numbers that identify the items therein. This illustrates two points:

  1. We look at what others have, decide we want it.

  2. We don't always know the true cost of what others have that we think we want.

This is something Dave drives home. You will always hear him encourage others to stop attempting to keep up with the Joneses!

In order to do that, he and his team have established a system that is known as "the Baby Steps". The Baby Steps are designed to help us live like no one else now, so that we can live like someone else later. Here are the steps in order:

1) Create a Starter Emergency Fund

  • he recommends $1000 (but anything that can be set aside when you start this journey will do)

  • it's only for EMERGENCIES

  • it's also known as a "rainy day fund"

2) Pay Off Debt Using the Debt Snowball

  • this will require discipline & commitment to be the most effective

  • builds behavior momentum

  • you will see progress relatively quickly

  • become debt free with the exception of your mortgage

3) Complete Your Emergency Fund

  • after ALL other debt is paid EXCEPT the mortgage

  • recommended 3-6 months of expenses for a fully funded emergency fund minimum

4) Maximize Retirement

  • have $1000 cash starter emergency fund

  • debt free EXCEPT the mortgage

  • 3-6 months expenses saved in a savings account

  • allocate 15% of your income into retirement investing

5) Start Funding Your Children's Education

  • make sure steps 2-4 are COMPLETED

6) Pay Off Your Mortgage

  • start this step after step 4 if you don't have children

  • if you have children, begin this step after starting step 5

7) Build Wealth & Give

  • at this point you are DEBT FREE!

  • you are building wealth

  • you can live like no one else

  • you can give like no one else

If you would like to know more on this topic, find Dave Ramsey on social media, YouTube and his website.

When I started my debt free & financial journey, Dave and his team were a big help! I recommend getting his book for more in-depth explanations that Dave offers. His approach to becoming debt free and having financial peace has been proven to be effective. I'm currently completing Baby Step 2.

If you'd like coaching with Baby Step 1 & 2 from me, feel free to contact me. If you might like a copy of this book, let me know that as well. I may be able to gift one to you! Lastly, thank you for your time & support. I hope these brief overviews have been insightful.

Be on the lookout, I'll be sharing more about my experience on Dave's methods on our YouTube channel that you can access at the link below. (this isn't the video, but this will lead you to our channel).

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