Here's a list of the baby steps and my current progress through them:
1. $1,000 baby emergency fund - Done
2. Debt Snowball - Done
3. 3 - 6 months expenses in emergancy fund - Done
4. Saving 15% of pre-tax income towardretirement - Not done
5. College funding for children - Close
6. Pay off home early - I don't own a home
7. Build/Enjoy wealth, give - Not done
Those are the baby steps as prescribed by Dave Ramsey, below is how i've ammended them for my personal jouney. I've added a step in bettween 4 and 5 to increase my emergancy fund to a whole year of living expenses because I had the sub-prime collapse hit really close to home when Shanna's (my girlfriend's) father was laid off and was out of work for almost a year because the job market was so bad. Also, baby step #5 is really meant for saving for kids college, but since I don't have any kids and am currently still in college myself, I've adjusted the meaning of that step to apply to me. Also, since I am a college student and not working for 6 months of the year, funding college is a bit more important as a near-term goal.
My new list of baby steps:
1. $1,000 baby emergancy fund - Done
2. Debt Snowball - Done
3. 3 - 6 months expenses in emergancy fund - Done
4. College funding for me - Close
4.5 12 months expenses in emergancy fund - Not done
5. Saving 15% of pre-tax income toward retirement - When I'm making a better salary
6. Pay off home early - When I own a home, I'll work on this
7. Build/Enjoy wealth, give - Not done
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment