Why Dave Ramsey's 7 Baby Steps Work
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- Опубликовано: 10 июн 2024
- In this video I explain why Dave Ramsey's 7 baby steps work.
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The 7 baby steps are one of the clearest paths to create personal financial freedom for you and your family. If you follow Dave Ramsey’s 7 baby steps throughout the course of your life, you are almost guaranteed to be financially prosperous.
I have personally followed Dave Ramsey and his 7 baby steps for many years, and it has worked well for me so far.
In the first part of the video I will briefly explain all of the 7 baby steps, and at the end explain why they work!
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*Do you follow the 7 baby steps? Why or why not?*
529's are only advantageous depending if there is any tax benefit correct? That would depend on what state you live in and which state's 529 you invest in (you can pick others that are not your own, some seem better managed than others and each has their only level of fees).
I'll be following the steps now! Thanks!
It’s pretty straightforward and people are against him sometimes for some reason 😝
Not yet. But current struggles and stumbling across your videos have motivated me to do so. I love your videos. Thanks for everything
No I don't exactly follow the baby steps. I use leverage for investing in stocks. But I agree with you that your primary home should be paid off first.
There is also a lot of anecdotal evidence that it works. I'm 58. Mortgage is paid in full. No loans or debt. Both kids have Masters Degrees without student loans. Wife and I have about 600K in retirement savings. We are just beginning the giving part. I can't explain how much fun it is to leave a $22 tip in cash on an $8 lunch bill, or write a $300 check to the church for new shoes for elementary school kids. Full disclosure though, we aren't nearly as intentional with budgeting as we were while we were working our way up to step 7.
You are the person that I'm describing in this video. CONGRATS!!
Ozark Ed That’s who I want to be! Can’t wait to get to it...
I did my best to save, just didn't have that much. I'm 48, not 58, so there is time to make it happen, but not much. I assume you both made excellent money as well. You don't have $600K in savings unless you make enough to save, I assume these were retirement investment accounts as well. Good job, I'm hoping to achieve the same.
Feel to free to help me out with the remodeling of my bathroom..it’s much needed. Haha but seriously congratulations!
Never understood what people meant that giving feels better than receiving. But yes, yes it does...
I am currently burning through my late 40s and This is no time to taper retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.
Research dividend aristocrats and choose six to ten firms with over 25 years of dividend payments. Also consider working with an asset-manager to build a strong portfolio.
A good percentage of people do not invest in the stock market because of lack of guidance. Every year you don't invest, you are falling behind. I’m hitting numbers in the stock market I used to dream of… now my dreams are getting bigger. Going from ($50k to $600k) is surreal all thanks to insights from a professional.
I thought gains like that are nothing but a pipe dream! mind sharing details of yourmanager please?
She goes by ‘’.Sonya Lee Mitchell’ I say you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
I listen to Dave every day on RUclips. I am a single mom and working his program has gotten me out of debt and I'm working on steps 4, 5, and 6 now.
Very inspiring, keep it up Jami
Way to go Jami!
Great job. Jealous of you. :p I’m trying my best for step 2. Trying to pay off the last 50k in student loans in the next 2 years. Can’t wait to get to your steps.
Keep it up
@Sir Alfred Lawrence Not really a good question to ask a single mom. I was raised by a single mom, and it was an amazing way to grow up. You're just trolling "4 the lulz" but take a look at yourself and that comment. You should find baby steps to talk nicely.
I’m 14 and I’m watching financial advice videos 🙃
Good for you! I hope you put it to good use.
luckyducky224 Thanks!
Best time to start
Good luck, kid! Take this advice to heart and you'll be all right. Sure wish I could go back in time and guide my 14-year old self to a better financial life.
Mike Marroquin you are in a great place to start working on your future. Good luck to you and stick to the plan.
Most 14 year olds I know aren't even thinking like you or there financial future.
Don't let anyone distract you stay the ccourse and stay focused.
I dont even live in the US, but i am following the DAVE RAMSEY baby steps! it makes a lot of sense no matter where in the world you live!!!
Agreed!
Same for me, I'm from Morocco, my income is much lower than the US average (like.. muuuch lower lol) but I'm preparing for an action plan for the upcoming year (2020) while adjusting to my own country (for the rates and taxes etc) .
I'm fed up with my crazy spending habits especially after visiting apartments on sale… I realised that if I keep the same habits, I won't be able to afford an apartment, let alone facing an emergency (sickness, being laid off for some Reason,etc), I'll be totally ruined so… the whole concept seems logic, I hope that I'll be disciplined enough to commit to it.
@@Ssookawai my family lives in Morocco too the day I immigrate to America they were living in apartment with a very cheap rent I signed 12 checks for them to allow me at least to start my life here and see if really I want to live in America. They took the money from my bank, buy a chertla. Then started milking me like a cow, never gave a chance to think about my own life, and each time I mention marriage they get nervous and talk about how much they want me to brihg my brothers which is why in the first place I immigrate. After they moved to rich area they want me to buy an expensive VILLA my sisters and my father refuse to buy an apartment. Well I get my brothers and one of my sisters here with me.
Now I end up getting married at a very late age my only dauther is 12 years old I have a house thet I paid 1/2 it's price have 65000 in 401k have good saving. My family never satisfied because they ask for too much that I couldn't effort since I came here already old, went to school because I'm really smart get my RN certificate while working and sending crazy money to Morocco. I'm still buying love of my family.
I'm sorry that's was very long but really I want people to be a little selfish If you want to be happy and fulfill your dreams.
Yeah, just translate the equivalent of the currency and buying power of the nation you live in. I'm swedish and 1K dollars is about 10K swedish crows and the living standard is roughly the same. We just earn 10 times "more" and and everything "costs" about 10 times more (so basically the same). But the US has lower income taxes though, but Daves teachings still work.
@@Ssookawai I hope you are doing well during the pandemic.
I saved almost 20k for 3 years and lost 18k due to health issues in 6 months. Now I'm back on the game ready for step 4, more frugal. Thanks step 3!
Hi just read your comment very admirable you saved almost 20k. When you were ill for six months how did you find the will after losing 18k?
You need to enroll in a High Deductible Health Plan. Max annual out of pocket (in network) is like 13K. Most people don't because copay is cheaper for little stuff but the big expense is what you need to be wary of. Always go HDHP+HSA. Life losers go the other route.
Nuts! My annual max out of pocket is $1200/yr. I hope you changed insurance, and I hope you’re feeling better :)
@@mandypdx Are you talking about deductible or max out of pocket?
@@robloxvids2233 max out of pocket, my deductible is $500
Dave Ramsey principals without the yelling. I love it.
thank you Jose
Ramsey is motivating and getting his point across......his intent is good
Dude DR rants are the best part
Exactly. The yelling and calling people stupid is just juvenile.
@@dany6711 If you are motivated by screaming and being called stupid. Most people, including myself are NOT resisting the message and information. It's his immature delivery method. Immature imo.
That $1000 cushion comes in handy when you screw up the math in the first month and overpay something too. I won't be confirming where that nugget of wisdom came from in this forum though.
Absolutely true- can confirm.
You know Dave suggests you skip step 5 if you don’t have children. Funding someone else’s college would be a step 7 action.
Melvin Scott save it under the 5 rule but use it under 7!
@@kenmasters8885 why would you do that? It would only slow you down if your diverting money into savings & not investing it. Wait until step 7 to actually give stuff away.
Funding someone else's college would be Bernie Sanders' step
@@AJGT350 and not helping someone you love/in need succeed when you actually can afford to do so is a douchebag step.
@@AJGT350 I'm not a Bernie Sanders supporter and I loathe and I'm completely disgusted with socialism on so many fronts simply based on economic numbers and moral grounds. However, funding someone else's education is not socialism. It's socialism when you're forced to fund someone else's education. When you chose to, however, it's anything but socialism.
I followed Dave's advice. I got a second job and went from $70k in debt to $30k in the bank and maxing out investments. I only wish I had known about this in my 20s.
I really liked your take about paying for college for somebody, even if you don’t have children. I like the kindness in your approach.
The step that Mr. Ramsey talks about all the time, and probably the most important, is the one that comes before Step 1.
The first thing that he has you do is to sit down with your spouse and get organized. Getting on a strict budget first is absolutely essential to do the Baby Steps.
Ramsey's book was excellent. I recommend it to everyone.
Thank you very much for your videos.
etian contreras He also asks that you get current on all of your debt as you work on your budget and if you can’t then you need to reassess your job or expenses to enable yourself to pay minimums on all debt and I love that too!
Well, making a budget, and getting your spouse on board if you have one, is *part* of step 1, and the rest of the program. It's the *way* that you can save that first $1000, pay off your debt, etc.
What book exactly?
Biba Oreo Total Money Makeover
Love that you fully endorse baby step 7 - I think many people don't understand how amazing it is to be able to be at a place that you are not just stressed about yourself and your family but you can give back (significantly) to society. Love it!
Why do you think you understand but many other don't?
I wish i started these steps 20 years ago.
Better late than never
Me too. But it’s only too late when you’re dead and your family is stuck with your debt.
Me too
Sure, but you didn't know about them, so don't kick yourself! Start now. :)
Best time to plant a tree was 20 years ago. The second best time, is today.
I would fund relatives' kids college only in baby step 7. I will pay off my own house before worrying about that. I am 100% on board with DR, including paying cash only for everything. No "good" debt. I'm buying a car this week with cash. So glad not to have a car payment ever again!
If you had investments averaging 10% return for the past 20+ years and someone’s offered you a 100k cash loan at a rate of 3%, would you not even consider taking the full loan and investing it? Debt is bad, agreed, but the reasons behind debt may be profitable if you have good management and investment skills.
Agreed, most people aren't disciplined however
@D If I have enough cash to pay it off does it even matter
@@RCXDerp I think having the cash to pay off your home (without actually) doing it gives you the same peace of mind. The down side is paying the mortgage interest.
@@Arteolike You are completely right ..........................IF THINGS GO WELL. You are not considering risk, and you are not considering human psychology. People who use leverage to invest are taking a very big risk. You are a grownup, you can do what you choose with your money, but just don't fool yourself that what you are doing is without substantial risk.
Also, paying off your home that has a 3.5% interest rate is analogous, right? Well, getting 3.5% return on a risk-free investment would be a fabulous rate of return, would it not? CD's are paying 2.05% as of today. So you get a *great* rate on a risk free investment, and complete peace of mind! What a deal! Then, the money you used to pay on your mortgage can be used to invest in stocks, real estate, or whatever.
...and remember, there's only one way to financial peace....and thats to walk DAILY with the prince of peace...
True true
Amen
If you do that you don’t need lots of money.
@@Tubalcain422 said no one ever 😂
Dave’s the man. His podcast is inspiring and keeps my wife and me focused. The debt snowball is absolutely the way to go.
agreed!
Avalanche is mathematically better/quicker if you can make your mind follow the math.
I am a financial advisor and so I am always skeptical going into videos like these on RUclips, but I was very impressed by your overview of Ramsey’s approach and your own input. Only thing missing to me is having life and disability insurance in place for both spouses. Great job!
@CS If you were to study to take your CFP (certified financial planner) examination, the first thing they talk about is risk management i.e. life insurance, disability insurance, emergency fund, and having a handle on your debt. It is too often overlooked because debt has a major emotional component to it (why Dave Ramsey is literally crazy about it) and investing is the sexy thing that everyone wants to talk about. Risk management is the foundation to all of good and thorough planning
And if I were to follow the academic approach to my CFA (CFA, not CPA, not CFP), I’d likely not be running a $000M annual operation; that’s a toss-up; however, what I DO KNOW is if I’d have done things by the academic book or field manual, I assure you my military butt wouldn’t be here today. There’s everyone else’s knowledge (eg academia) and then there’s yours; plus a dose of reality thrown in for the ~spice~ of life lol. 😎👍
I agree but Dave doesn't believein in life insurance from what I have listened to.
@@lindakranak8717 he doesn't like whole life insurance, but says you should have term life.
@@zachhawkins5005 I would agree as I have sold life policies too and classes taught me a lot including to have disability and accident policies. We personally have used our accident policy.
Im 18 and im on step 6! Going in the Marines this august! Cant wait to build wealth and give !
Do you live alone, plan to go to ccolleg/uni and have a car? Because otherwise this might be very easy lol
Jasper Ghostly I plan to live with my girl, I have a paid off car 🔥 and I plan to become an uneducated millionaire lol my Marine sergeants make 100k a year with no degrees or debt 😎
First of all - from one grunt to another - Oorah, devil dog. 👍
Second of all, dm me if you’d like a rl story of a Soldier that enlisted & had a personal goal of being a millionaire before his 20 years. Great story imo.
Until then, Semper mf Fidelis, you.
Sincerely,
Army
Simper Fi
If u are in the Marines and do a 6 month ship deployment
You can save a lot !!!!
I like your comment on baby step 6, just bought our first home and just after a few payments it stinks to have that payment around. Peace of mind is huge!
Wish I had found him when I was younger but it works and feels amazing to be debt free!
great job!
The peace of mind that comes from owning your abode is unmatched.
Thanks so much for your videos, I made poor financial decisions in my early 20’s and now at 27 I am working towards financial freedom. Veliki pozdrav Marko! 😊
I am happy I did Steps 1 to 3 years ago.
Because of the pandemic, both of my emergency funds are now gone. Just imagine if I don't have any of those in the first place.
Now that I have a job again. I am saving up for Step 1 again.
And I learned it all from this channel. Thank you!
Pay off debt. Then pay cash for everything.
@@NicoRockatansky Weeeell... combined wealth is better than individual wealth - all the stats prove it. Maybe you should modify it to "marry the right person".
@@NicoRockatansky Been on both sides of the coin... still stand by it :)... oh and dont marry in communion of property.
That's equivalent to saying get a better job.
Opinionated Ape If you want to go faster go alone, but if you want to go further go with someone (your spouse). I choose the later. It’s a blessing being married.
I agree. The freedom and security of such a lifestyle cannot be imagined by wage slaves in debt.
This is a Great video, Everyone needs more than there basic salary to be financially secured. The best thing to do with your money is to invest. Money left in savings always end up used with no returns ..
The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.
To manage investment risk, consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal.
Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.
I've been in the shadows for too long, who would you endorse ?
you should probably seek guidance, I do have an Expert Tamara Diane Hagan who does the heavy lifting for me, she makes research on stocks, and adds my portfolio with stocks for monthly and yearly earnings.
I searched EVERYWHERE trying to find what the Dave Ramsey baby steps were, at least on You Tube and couldn’t find them UNTIL I saw your video! YOU SIR ARE A LIFESAVER! Thank you! Now I know all of them. NOW! LET GO MAKE SOME MONEY DOING THEM!!!
Step 8. Don't loan to family and friends especially family.
Friends and money are like oil and water
I read his book, it changed my finances around for the better. Highly recommended
Agreed
You speak so beautifully of your father. I have no doubts you have MADE HIM PROUD!!! 😊
I was born in youngstown. My father donated to kids town in boardman park when it was being built. I recently returned to the area for the first time in 20 years, and our family name was still on the fence surrounding the playground. Although we weren't on the plaque with the DeBartolo family (my father was saving for my college at the time so he didnt donate the way Eddie did), it was still a proud moment to see "The Delrio family" still there, towards the front of the playground, where everyone who has visited that playground has had to walk by over the last 27 years or so.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $483k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.
Wow, that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
I’ve actually been looking into advisors lately, the news I’ve been seeing in the market hasn’t been so encouraging. who’s the person guiding you?
I believe you are empowering a lot of followers. Great job!
Thank you Kyle. I'm a big believer in karma and that it all comes back around :)
Thank you for explaining the steps in such a clear manner. It was super informative and helpful!
Dave’s baby steps work because they are just as much psychological as they are mathematical. They take into account the fact that winning with money is more about discipline than it is tactics. The debt snowball is a path to getting your brain towards the “gazelle intense” mentality, which ultimately gives you the momentum needed to kill off your debt and start making your money work for you. Like Marko says, it’s like working out. You can come up with the best plan on paper, but it‘s useless if you can’t actually get yourself to do it…
I really do appreciate your videos! Its very informative content, youre relatable & its so helpful 4 ppl like me who dont know what to ask. Please keep them coming!
So I've had my steps out of order. I've been prioritizing in the following order 1,2,3,6,9,4,5 with step four only at 8% I hadn't heard about steps 4-7. I'm in the process of increasing my step 4. This video is perfectly timed for me. You've really motivated me to tackle step four more aggressively over your last couple videos. Thanks.
Thank you for watching sir!
Love your attitude and genuineness, man. Keep it up 👊🏼
I wrote these down on a paper while watching this, and guys I have work to do. But honestly these steps make it seem like anyone can do it. A little will power and we’ll all be there
Great channel, love the visual aid (whiteboard). It truly helps to have it all laid out.
Thanks Joey
7 Baby Steps list:
1. Save 1,000 starter emergency fund
2. Pay off all debt except for mortgage
3. Save 3-6 month of living expenses (emergency fund, liquid)
4. Invest 15% of income into retirement fund (401k/Ira)
5. Save for Kids College fund (529 plan)
6. Pay off Home early
7. Live and give.
8. Like this post to bring it to the top.
He Appeals to all masses and groups of people... Much love from South Africa brother... 👌
Thanks Marko, great video
Appreciate the effort and your kindness
Thanks for summarizing the steps! Great job Breaking it down!
Dave Ramsey has helped countless people and I hope I can help even 1% of the people he's helped with my channel
Marko, you provide good sound advice in an easy understandable manner.
Thank you so much Marko, I look up to you and the knowledge you share. keep posting more videos and congrats on the 100k+ subscribers
Wow thank you Maher!!
Not In the USA but follow Dave Ramsey and the steps. Was doing it in a different order earlier before I saw his videos but now I am aligning better.
I told my mom about Dave Ramsey about 17 years ago, because a customer at a store told me about him. We both did financial peace and read the book. My mom is debt free and retired now. I have no credit card debt and working with my wife on hers. His steps definatley work. But you do need to adjust some for your own lifestyles. Q.
That's awesome!
congrats!!
Keep the videos coming Marko, I appreciate them!
The fact this video has more views than Dave Ramsey's video about his Baby Steps is crazy to me! Great Video, and being debt free is the way to be!
I'd add: get a reliable used car first. Then make a car payment to yourself (separate account) so you have the budget set and can pay for repairs until you've saved enough to buy another car *outright*. You save a lot on collision/comprehensive insurance and hideous car loan interest. Also, never have a car loan longer than your car's warranty.
Outside of that, another solid video I'm glad to share w/others. Thank you.
James Wyatt I like that a lot James
Dave wants everyone to drive $1000 beaters; That does not work for everyone though.
Why not lease a new car with zero down at $169.00 a month. Start a home business and write off 100% of that lease each year. That's a $2,028 a year tax deduction and it's a brand new car under warranty. If $169.00 a month disrupts your finances then you're in a pretty bad situation to begin with.
@@warcamp70there are plenty of videos on Dave Ramsey's site that talk about car "fleeces." It's better not to have car payments of any kind.
@bonnie half-elven Why? Because Dave said so. You are obsequious for sure. I'm a real estate investor that has cash flowing properties. I live in one of my duplexes and my tenants rent next door pays the mortgage in full. My other properties pay my bills and vacations. Under construction now on a 5 unit multifamily with a bill cost of $950,000 and when completed will be worth $1,850,000. I will net over $800,000 when all units (townhouses) are sold. I can drive a Bentley if I want to but I LEASE a 2019 Toyota camry for $375 a month. Dave's baby steps are for people with jobs and limited income not business owners. Step your game up sweetie and a car payment wouldn't mean shit to you. Or you could just go back to listening to dear ol' Dave that'll have you living a paupers life until you're 65 and near death.
Dave Ramsey is the man, he has helped many people for a long time. It’s proven to work. His investing style I might differ from but personal finance is basically spot on. Can’t really argue with him 🤷🏻♂️
100%. Those who deny his philosophy are usually looking for excuses to be quite honest...
Love the clarity and the metro park giving.
Love your videos. They are very informative, motivating and very easy to follow. Have you made a video explaining 401k, tsp,Roth and different retirement plans? Is something I’m trying to understand so I know which route will work best for me. Thank you
easily understood for English as a second language speaker, thank you, Marko.
My pleasure thanks for watching
I'm over in the UK and I'm working on this too. I moved out on my own in October with £100 left in my overdraft, already this month I have nearly got £1k together. The best advice I have for anyone really struggling is to have patience and trust the process. It's took 4 months to achieve that but it does come together.
Good vid again Marko! Dave Ramsey's info is good...and good job on teaching this...
Make "paying off debt" GREAT again!
Step 7 for me would be giving to my close friends for their kids college cause sometimes they need help
Another awesome video. Thank you!!
I’ve been working his baby steps so far! It has changed my life!
Marko. Great videos and lessons, thank you so very much for sharing your knowledge. I which I had known this when I was young. blessings to you and yours.
Thank you Mark , I really like this video and how you lay it out nicely !!
Brilliant....thanks for the financial reboot!! Your videos are starting to change my way of thinking.
Thanks Ron!
I’m in my mid twenties and I use baby step 5 to find/save for my master’s degree, as I am a new teacher and getting my masters is very important for my salary.
Same
I subbed just now ill be following you and working through the baby steps to get to some of your investing suggestions!
Wonderful video!!! Thank you for your service to us.
I don’t think your park bench idea is silly at all. I think it is a kind and humble way to show appreciation.
Honestly great video man!
thanks
Thank you for making this videos you're already changing lives
Love the baby steps. Also smiled when you mention the metro parks! I’m from Akron and used to spend a lot of time at them
Thank you Marko, easy and great video. Straight to the point!
Student loans are so daunting. I feel like they hold me back from ever building wealth, and I'm late to the game with trying to do that anyway. I'll be stuck on step 2 for a LONG time.
I'll make a video about this soon
U gotta look at the long term. The potential of what you can make will cancel out debt fast. Of course it depends on the career choice and how much debt is built up.
we totally understand!! keep pushing don't give up! We are still pushing through ours!
I feel ya with that! I just graduated with a VERY high student loan debt, I’m talking six figures BUT with my medical degree I’m about to earn six figures on my first year as well. So I don’t feel TOO scared with paying back my loan just because that’s my only big responsibility besides small bills like a gym membership. So it really depends on the field you go into too!
Investing in Nfts, and particularly the crypto market is one important step I’ll be taking this year, I’m new to it a basically been doing lots of research. There’s so much opportunity to earn.
The market is looking a little bit relief, I anticipate a short bull. It is reasonable to open some sport positions from here and of course with tight stop loss.
@@noelstout3056 I already made a list of coins to add up with spare funds. I’ll still scan the market for possible entries. I’m trying to go in with the right skills and not just throw funds away.
@@joerobert1801 Such trade profits is impressive. How reliable are Frost Hilda’s trades ?
@@seanroger6954 Frost has been very reliable and transparent with his operations. He understands the market and has proven I can rely on him to constantly earn me profits and he’s always been able to identify lucrative ventures that’ll multiply my funds. . His trades are sure and gives realistic profits.
@@joerobert1801 I need more info on Frost Hilda’s services and how he operates, you got any means of connecting with him?
Just finished step 2, and killing step 3! So freaking awesome
Love the bench idea for the park. Hope you and your wife it get it! That is a lovely idea! Would make a great anniversary gift!
Thanks this is really helpful
Marko, I live in northeast Ohio too!! Just got into your videos and they’re quite helpful.
I have been watching Dave Ramsey 4 yrs ago and follow and work hard on it, I am on step 3 I am a widow 4 yrs ago and I am so happy I did. Cheers 😘❤️❤️
Thanks for sharing this! I listen to Dave Ramsey daily and I loved your video too. My husband and I are currently under a lot of expenses (newborn coming in 2 weeks, bought first appartment and settling in, car broke down) so I can't wait for that to be over so we can start our 1k emergency fund! Thankfully we have no debt!
Great video and well put. I will definitely follow. Thank you.
Thank you
Just recently started watching Marko's video and I must say he's hilarious. Love the content and his smart alac personality.
Thank you for explaining this.
As someone who doesn't want children, my step 5 will be to beef the emergency fund to a year of expenses. As you get older, it will be more and more difficult to get rehired after being laid off/fired. Age discrimination is absolutely real and it does take more than 6 months in a lot of cases to get hired again. 2009 was brutal to my parents and learning from that experience, it will give me extra peace of mind to have 50k in the bank that can last me even two years. Also some illnesses or injuries may take up to 6 months to get better and another 6 months to get back to working again.
Great video Marko, keep up the good work! :)
Hi Marco,
Great review of the DR Baby Steps!
The only thing I'd add is that it's OK to work on 4, 5 & 6 at the same time.
And once you've completed #6, it would be fine to continue #4 and #5 while beginning on #7 as well.
Carpe diem!
Hvala puno Marko!
Sretna nova godina 2020!
I like very much all these simple but efficient advice.
Thanks
You give with knowledge already. Good work
I read that book and it's a great source for personal finance.
Your videos are great. Thanks for the valuable information
Thanks for watching!
I love the park bench goal! Best of luck!
Thanks for the info. Subscribed and shared!
I agree with Dave Ramsey on the personal finance. Where I differ is on the investments. He swears by mutual funds. I like dividend stock investing. 3-6 months emergency fund is a bare minimum. Everyone should have that. I’m single and have only myself to rely upon, so my emergency fund is a whole year of living expenses.
good luck with that when the current stock market conditions are realized by the masses you will see your mutual fund evaporated or insolvent.
even if you dont how much gain you are making on that does it even exceed inflation? (real inflation 4-6%)
your credit is probably great and your thinking you are disciplined and set for retirement or other event... but honestly if you could make 1000-2000 daily consistently you wouldnt need that anyway. . . because you would have an utter abundance.
I trade options though .... sometimes my huge swinging pair gets in the way .. say hi to your wifey for me :)
Mutual funds are good for people who dont know much about investing and arnt interested in the learning/research required. Dividend investing is also a good strategy when you are happy putting in a little more work. Honestly, I dont agree with basically any advice I've heard Dave give but at least even if it is bad advice it wont hurt anyone to follow it.
Carl, that was an a complete load of gibberish. Nothing in your first paragraph had any meaning and the best guess I could give it lead to you just being wrong. You're second paragraph was mostly just dumb, but at least you got to brag about options trading. I do it too and it doesn't make either of us special. Good luck with your life and try to be better in the future.
401ks don’t work. It works for very very few people. Even if you had a million dollars in a 401k with a very generous 7% return, you would only get 70,000 a year. That’s not what most people call a retirement
@@scarysunburns7733 $70,000 a year with a paid off house and vehicle is more than enough. You basically dont have any bills. Maybe $1,500 a month, tops, including groceries and gas for cars.
Maybe not if you live on either coast, but the average income in the U.S. right now is $59,000
Ya, I go index funds. No one can predict temporary ups and downs- so don’t pay fees for others to gamble you $
Well done. Thank you for this.
Thank you
Thanks for this video. I started step 1!
Thanks Marko. I’m really excited to be starting a new financial plan
Great video! As much as people grumble about Dave Ramsey, the baby steps really do work for a lot of people.
Agreed! Thanks for watching
Who grumbles lol?!? I don’t get this. What am I missing?? (After flipping through the comments, I plan to post my own & ask why his better half “curses Dave” lol.
I love your content man, I’m 19 and your videos have honestly helped me!
Thanks for watching!
You are spot on. The Cleveland metroparks is amazing. Everything they touch turns to gold. A great place to donate money.
Thanks for sharing this information 😊