Dave Ramsey explains the complete 7 Baby Steps to becoming a millionaire: “works every time”
Baby Step 1: Save $1,000
A little starter beginner emergency fund. Just get a little distance between you and everything can go wrong Murphy. Then once you've got that, you need to do that in the first month. You're on a budget. You're going to squeeze together $1,000, sell some stuff, put things on Craigslist, Facebook Marketplace.
Baby Step 2: Pay Off All Debt (Except the House)
Then we're going to the important one that everyone knows us for is, you're going to get out of debt, everything but the house. List your debts smallest to largest. Attack them with a vengeance. Work all the time, sell everything, don't go to restaurants, don't go on vacation. We're getting out of debt. That's a cool place to be. Zero debt. When you've got zero debt, now you have control, other than your home, of your most powerful wealth building tool, which is your income.
Baby Step 3: Build a 3–6 Month Emergency Fund
We're going to build an emergency fund. Grandma's rainy day fund of three to six months of expenses. That's taking the $1,000 account and adding to it. Have no payments and have a good emergency fund. Think what it would feel like if you had no payments and $20,000 in the bank.
Baby Steps 4–6: (Done Simultaneously)
Four is 15% of your income going into retirement.
Five is save for kids' college.
Six is pay off the house.
Baby Step 7: Build Wealth & Be Generous
Seven is when your house is paid off, just become wealthy and outrageously generous.
The average person doing it is paying off their home in about seven years and becoming a millionaire in about 14 years. This is not an easy plan. It's just one that works every time.
I'm not running for office. But if I were, these are some of the lessons I'd take away from what happened in NY yesterday.
1. Authenticity is measurable. Voters can smell a focus group from a mile away.
2. Endorsements from the current Democratic leadership now read like warnings. The establishment wing of the party is no longer a sword. It's a question mark.
3. Conviction beats caution. The candidates who said hard things about rent, about who pays for what, about Gaza, they won. The triangulators lost.
4. Cost of living is everything. Everything else is wallpaper.
5. The middle is not a strategy. It's an empty room. Voters reached past the establishment to grab someone who actually believes something.
6. Don't fear the base. Court it. The Democrats who ran from their own voters lost. The ones who ran toward them won.
7. If you want to lead a party you have to be willing to fight inside it. Mamdani didn't ask permission. He took the field.
The lesson under the lessons: the country is tired of being managed. People want to be led.
@JonFromMaspeth They’re city leadership: Comptroller, City council majority leader, attorney General and governor. It’s a big deal and they all spoke quickly. It’s being held at city hall and you’d be having a titty attack if none of them showed up. Can’t win with you people.