In Today’s Podcast we cover:
Dave Ramsey and Jonathan’s history following him
Dave’s unyielding stance on debt: don’t do it
Review and evaluate Dave’s teaching philosophies
Baby Step 1: Get an emergency fund of $1,000
Baby Step 2: Pay off all your debt except for your mortgage
Explanation of the Debt Snowball
Our hybrid approach to the Debt Snowball vs. Debt Avalanche
Advice isn’t “one size fits all.” You need to figure out what works for you!
The 4% rule explained and the impact on financial independence
Dave Ramsey says to not take advantage of 401k match if you’re paying off debt
The math of personal finance vs. the psychology of personal finance
Baby Step 3: Get 3-6 months of expenses in savings
Our personal emergency fund strategies
Baby Step 4: Invest 15% of household income into Roth IRAs and pre-tax retirement funds
Baby Step 5: College funding for children
Baby Step 6: Pay off your home mortgage early
Baby Step 7: Build wealth and give
Please leave us a written review on Itunes to help the podcast grow
Corrections from the show
Roth's do not require any seasoning period. You can withdraw your initial contributions tax free at any time for any reason. It does not have to season for five years. Practically this makes the Roth even more powerful as a possible savings vehicle during your teens and college years when your tax rate is very low
Links from the show:
The Dave Ramsey Show
Early Retirement Extreme
Vanguard’s VTSAX
Berkshire Hathaway stock info
Markel stock info
Radical Personal Finance
Virginia 529
Books Mentioned in the Show:
Financial Peace Revisited by Dave Ramsey
The Total Money Makeover by Dave Ramsey
view more