Does Dave Ramsey's 7 Baby Steps Work in 2024?

Does Dave Ramsey's 7 Baby Steps Work in 2024? Are the 7 Baby Steps still relevant? Let's talk about it LIVE!

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Be careful of scammers. In the comments section, I will NEVER ask you to contact me, offer any investment products, or anything similar. Some scam bot commenters 'ask' for investment help, and later, other comment bots reply with "how great X idea/investment/person is" in the replies. These are scam threads. Do not fall for them:

[angeladenmark]

I'm an Accountant!!! Praise God I've been DEBT-Free over But I had Parents who lived DEBT-Free!!!! We need to be "EXAMPLE" to our Children & Family!!!! Own no man nothing but to Love

[redbella]

I follow the baby steps about 90% of the way and I’ve cleared up over $8000 in debt because of the principles applied. I’ve changed my spending habits, I use the every dollar budgeting app on a daily basis. I’m not on beans and rice like Dave says but I am much better off today than I was before his Teachings.

[thomaschew]

When we finally got to the point that we wanted to get out of debt and do so as quickly as possible, we followed the Baby Steps and now in BS 7. I know that there are other methods that work and I know that it is possible to accomplish the same thing maybe save some money in interest rates but to answer the question do the Baby Steps work in 2024? Well they worked for us in 2022. I feel strongly that if you have a lot of debt and want out and have put in the effort you will transform your thinking about your money and you will get excited about your money and that will cause you to learn money handling skills and at the point of BS 4 you will have taught yourself more than just the basics of saving and investing. We are debt free including mortgage. 10 months fully funded emergency fund. Maxing out my 401K, Sue is putting 15% in her 403B, the rest going into savings and a brokerage account. Our savings rate is 45% of our gross income. 7 years ago we were saving nothing and barely paying our bills.

[Newbie]

I would like to thank you for your view on Step 1. I too agree that this needs to be bumped up to $1500 to $2000. It may even be higher. Using Dave’s formula back in the 90’s, that if you made $20, 000 or less, the your step 1 emergency fund may only be $500. I would possibly argue that today’s step 1 emergency fund may need to be even higher than $2000. We are currently on step 2 with $4000.00 for our emergency fund.
Thank you for your words.

[innerchie]

Worked for me been and been debt free since 10/21 following the baby steps. (baby step 7) Saving 20% in retirement with 5% match. Working on stacking my emergency fund 20K in a HYSA. Rest of the money is in a dividend brokerage account. Tiny bit into crypto for the heck of it. Saved so far $365K and trying to hit 400K at the end of the year. It's been a grind, I been in debt and also had credit card companies hound me. Found Dave one day searching for a way to get debt free. Watched youtube videos, listened to his shows religiously, it got me on the right path. Wish I knew about it earlier, I would be a EDM by now.

[susanwhitbeck]

I have been working on this forever. I feel $1000 emergency fund isn’t enough. I personally think $2000 is more helpful. I struggle to keep it and not dip into it. I take some information from him and multiple other financial tubers. I’m 49 and still figuring out what works for us. Wisconsin!

[lorririvera]

LOVE how you closed with "the young you is the one who will take care of the old you" SO WISE. we get so caught up on what the kids need that we put off our own needs.

[dnah]

They can work but always remember to do your savings plan and stick to it as best as you can.

[sgist]

We are in the UK and have no debt other than our home, we are in our late 40s though

[melvinastewart]

I’m from Chicago a black woman. It worked for me I went from a 4 something credit score to now a 721. I have paid down credit, I have an emergency fund . Several emergencies have come up. It works if you apply it.

[paulajeffrey]

I love Dave Ramsey, Im not in debt. I listen to the Ramsey show to push me to make my business work, make money and buy a house. Im in England.

[leonlong]

#1 was meant to get you into the savings mindset for an emergency. Not so much as the amount. Changing your habits.

[arienfox]

Yes they do work they give you structure so you can make a decision on how to manage your money.

[johnnyenglish]

I think the $1000 is just right. My reason is that it get you to start saving. If I can save $1000, now I have my first win and you feel like you are on your way..

[lyndaslocs]

All roads lead to Rome. Doesn't matter what path you take as long as you get on the road. NY State of mind.

[AfroSenpai]

Index funds over mutual funds I always say...but the steps are legit, just don't be afraid to learn from everyone

[Melanierose.]

I like that you suggest slowing down school. Kids can also work and help pay. I don't know why I never thought of that.

[angelwings]

Anyone else heard Dave mention BS0? A lot of people in my UK group mention it. But I don’t know that Dave has mentioned it. This is the one people say is clear your overdraft before saving your EF.

[dorothydunn]

I have used the Dave Ramsey baby steps and it work well for me. I paid off 10, 000 in credit card debt.

[jasonhorrocks]

Fully funded for emergencies. Not debt free but close. Just stubbornness on paying a 2.2% car loan off.