You win with money the same way you learn to walk - one step at a time. That's where the 7 Baby Steps come in. Learn to save for emergencies, invest for retirement, and build wealth with these proven steps.
Here's the process:
- Baby Step 1: $1,000 starter Emergency Fund in the bank.
- Baby Step 2: Pay off debts smallest to largest with the Debt Snowball.
- Baby Step 3: Fully funded Emergency Fund of three to six months' worth of expenses.
- Baby Step 4: Invest 15% of pre-tax income into retirement.
- Baby Step 5: Invest for kids' college savings.
- Baby Step 6: Pay off the house.
- Baby Step 7: Build wealth and give a bunch of it away.
For a more detailed look at the Baby Steps, check out this article "How to Win with Money in 7 Easy Baby Steps."