Most millionaires are first generation millionaires which means that they didn’t get their money handed down from their mommy and daddy. Most millionaires built their portfolios from nothing.
Not many of us believe that we will ever be one of these individuals. Don’t loose hope my friend…..there is a lot of education out there free for the taking! There are several plans out there to help you become WISE financially.
Are you familiar with Dave Ramsey? I feel that Dave Ramsey’s approach is a very workable plan for most Americans. He has established simple and straightforward strategies. He uses baby-steps for those of us that have found ourselves in an endless cycle of debt and unstable financial health.
Baby Step #1 – $1,000 emergency fund
Baby Step #2 – Pay off debt (everything but the house)
Baby Step #3 – 3-6 months of expenses in your emergency fund
Baby Step #4 – 15% of income to retirement fund
Baby Step #5 – College fund for children
Baby Step #6 – Pay off home early
Baby Step #7 – Build wealth and give
Another aspect that I love about following the Dave Ramsey plan is listening to his radio show. You can listen to an extensive archive of radio shows for free at www.daveramsey.com/radio You are not alone and hearing other people call into the show is so empowering! We have been working the Dave Ramsey’s plan (or a variation of it) for a little over 2 years and my wallet and I are feeling pretty good right now.
Dave Ramsey’s plan may not be for everyone but don’t let that discourage you. Essentially, what we all need to start doing is becoming more financially responsible. So find a plan, work it, get your finances in order and start building wealth!
Look for my upcoming series of posts on Dave Ramsey’s baby steps so you can start working your plan.