The purpose of this blog is to journal my journey to becoming debt free. I am using a modified version of Dave Ramsey's Total Money Makover. I like the steps that he has, but I incorporate a lot that I learn from other Personal Finance gurus--especially Suze Orman (who I think rocks!).
For those of you not familiar, the steps of the Total Money Makeover are:
Step 0 Swear off debt and credit card use.
Step 1 Create a baby Emergency Fund of $1000
Step 2 Pay of debt via Debt Snowball, snowflaking method
Step 3 Three to six months of expenses in true Emergency Fund
Step 4 Invest 15% of income in retirement accounts
Step 5 College funding
Step 6 Pay off home
Step 7 Build wealth and give
Now, when I first saw this I thought "15% of income to retirement"?!! But, if you have become debt free this isn't really that hard. These are truly steps. You don't start step 5 until you have completed 1 through 4.
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