This blog is about my journey from nothing towards a net worth of one million dollars. To get there, I am chronicling my journey as I closely follow Dave Ramsey’s 7 baby step process. At the start of 2009 I was sick and tired of being sick and tired. I had been out of college and working for a couple of years and was getting nowhere in life. I had no savings, was out of control with credit cards, had a student loan of $24,000 bearing down on me and a girlfriend I wanted to marry. I seriously felt like a hamster on a wheel. Since that time I have become debt free, saved for a fully funded emergency fund, am regularly saving for retirement, paid cash for our wedding and am planning to pay cash for our first home together.
I entirely credit Dave’s baby steps in getting me to where I am today. If you’re new to the program, here are Dave’s 7 baby steps:
1. Save $1,000 for a baby emergency fund
2. Payoff all debt using the debt snowball (everything but the mortgage according to Dave)
3. Save 3-6 months of expenses for a fully funded emergency fund
4. Save 15% for retirement using 401ks and Roth IRAs
5. Save for kids’ college using an ESA
6. Payoff the mortgage (for us this is paying cash in full for a house)
7. Build wealth and give a bunch of it away
This blog ultimately is the voice that says you can be a person of modest means and achieve financial security and build wealth. I say that you can break the chains of debt, live debt free and succeed financially! So thank you for stopping by on my journey and may it inspire you to take control of your own personal finances. Happy reading!