Dave Ramsey’s 7 Baby Steps Explained: What I Wish I Knew Before Starting

Do Dave Ramsey's 7 Baby Steps still work in today's world? In this video, we will help answer that question.

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I am not a financial advisor and the information in this video is for educational and informational purposes only. It is not provided or endorsed by any companies mentioned. Please consult with a financial advisor before making any financial decisions.

[feasiblecreative]

As mentioned in the intro, the goal of this video is to explain Dave Ramsey's 7 Baby Steps and my experience following them thus far.
I have found financial success following Dave Ramsey, and hope my insights can benefit your life as well. Enjoy!

[HHmz-rpht]

for the "Snowball vs avalanche" debate on paying debt, of course paying the highest intersts would save you money but if the one paying those debts was such a financially logical person, they wouldn't have half a dozen credit cards balances, a car payment of half their income and a student loan they've been carrying for a decade. also starting with the lowest balance doesn't mean they'll also start with the lowest interst rate. in fact they are most likely to knock down the credit cards with balances of a couple thousands with a 30% interest rate before moving to the car payments and morgage who are generally a lot less than 20 to 30%

[Nick-]

Dave was the first person I learned finances from so I’ll always have a soft spot for him. I think the only things I differ from him is his view on credit cards and 15 year mortgages. But other than that I think his teachings are pretty solid!

[YahsLoveisEnough]

I found Dave Ramsey after an unexpected lay off. I didn't follow the steps correctly. I regret it because after 4 years I am still on baby step 2. However, I have a large emergency fund and have been getting my employer match in retirement savings. I was so insecure after being laid off I was too afraid to pay off all my debt not knowing if I'd get another 2 week notice. The pandemic hit a couple months after I went back to work and where I work people would come in and tell me their whole office just got laid off that morning and they don't know what to do. We'll that was the beginning of covid and in a time of no job security I did not follow the steps really out of fear. If I lost my job, my debtors will not feed me, but my savings would so I held on to every dollar. I'm going to pay off the remainder of the debt soon, but bad times call for different measures. It's hard to give up savings in an unstable job market.

[deb]

I the get psych part of snowball but it wouldn't work for me. I had decent credit so put my high interest on a 0% Disney card and every month I saw the numbers go down. On his method I'd barely be paying on principle on most cards. When I finished, I never used card and they eventually closed it. I also use no pay for year for couches etc and pay it off beforehand. Just stretches out the payments when I don't want to take all the money out at once

[eyeballroomer]

No one told me what a 401k was until I was thirty. I never had a job that would do any matching, then I was too old to not contribute to retirement. I’m not too bad off though, I have some student debt and car loan, but I don’t regret either given my situation prior to having those debts.

[jimmyvila]

It won’t work for me when it comes to my house it’s just unrealistic, most people can’t pay off a house unless they’re on a 30 year mortgage.

[emilybrowno]

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