💰Have a mission for every dollar you save or invest.
🏦Start with building an emergency fund of 3 to 6 months' expenses.
📈Invest 15% of your household income for retirement.
🏡Pay off your mortgage and own your home early.
🙏Be generous and give back once you achieve financial stability.
What should I do with my savings?
—Assign a mission and goal for every dollar you save. Follow the baby steps for guidance.
How much should I have in my emergency fund?
—Save 3 to 6 months' worth of expenses in an accessible savings account.
How much should I invest for retirement?
—Allocate 15% of your household income towards your retirement savings.
Should I pay off my mortgage early?
—Yes, prioritize paying off your mortgage to become debt-free and own your home.
What should I do once I am financially stable?
—Once you achieve financial stability, be generous and give back to others.
00:04Dave Ramsey thanks the audience for joining.
00:09Having a mission for every dollar you save or invest is crucial.
00:22Follow the "baby steps" as a guide to financial success.
03:49Save 3 to 6 months' expenses as an emergency fund.
03:56Pay off debt, starting with your car payments.
04:10Put 20 to 30 thousand dollars in a separate savings account as a rainy day fund.
04:55Allocate 15% of your income for retirement savings.
05:32Pay off your mortgage early to become debt-free.
