Dave Ramsey’s 7 Baby Steps


Step 1: Establish a $1000 emergency fund. 

Step 2: Pay off all of your debt (except for your mortgage) using the “debt snowball” method.

Step 3: Save 3 to 6 months’ expenses for a fully funded emergency fund.

Step 4: Invest 15% of your household income towards retirement.

Step 5: Save for your children’s college fund.

Step 6: Pay off your home early.

Step 7: Build wealth and give back!


Step 1: Emergency Fund



Personal emergencies and family crisis rarely wait until it's convenient for you before striking. Because of this, the first steps towards financial peace is often building up an emergency fund to protect you if and when financial emergencies occur. Here Mary goes through the basics of how to start and keep an emergency fund so that you can be better prepared in for any financial problems that might come your way.

Step 2: The Debt Snowball



When paying off debts, it may very well seem counterintuitive to not just start off with the highest interest rate debt first. In this video, watch as Mary explains how using the "debt snowball" of paying off the smallest loan first can help you free up more cash to take down those stubborn debts and find financial peace.

Step 3: 3 to 6 Month Emergency Fund



Once you've gotten established a basic emergency fund and paid off all of your outstanding debts, why build up a full 3 to 6 month emergency fund instead of investing towards retirement or perhaps saving up for a new car? Here Mary explains why setting up a 3 to 6 month emergency fund is the right thing to do before moving on to investing.

Step 4: Saving for Retirement



Saving for retirement is a complicated matter. However much we might wish that there was a one-size-fits-all answer that we could give you, people's goals and circumstances are different enough that that sadly isn't the case. In this video, Mary discusses why retirement can be such a complicated matter, as well as why starting now is so important.

Step 5: Saving for College


With tuition rates ever on the rise, more and more people are considering helping fund their children's college educations. Here Mary discusses several of the different savings plans and investment accounts available for you to start saving for your children's schooling.

Step 6: Paying off your house


This step is rather straight forward but some people ask why one would pay off their mortgage when there can be many investment opportunities that money could go towards. In this Video, Mary explains the logic of paying off your house early, as well as briefly explaining a couple ways to do so

Step 7: Live and Give


Finally landing on the last of Dave Ramsey's baby steps is a rewarding experience in and of itself, and step 7 includes perhaps the most rewarding part of the entire journey: being able to give back. Big fans of charity and community involvement our selves, in this video Mary talks about ways they we here at Schulz Financial Group have been trying to give back.

Income and Expenses:



The key to moving on to a better financial future is using the b-word, that's right, a budget. But as intimidating as that may seem, it's not as complicated as you might think. Listen to Mary breakdown what a budget is and why it's so important.

Budgeting with envelopes:



Are you already sold on budgeting but just don't know where to start? In this video, Mary breaks down one of the simplest ways to get started on your own budget: budgeting with envelopes.