Reply to Do you follow Dave Ramsay?

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Reply to "Do you follow Dave Ramsay?"

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[quote=Anonymous]I think for the "average" American, following his advice would make a significant positive impact on their life.  1) save $1000 dollars 2) Pay off all your debt 3) save a 3-6 month emergency fund. 4) fund your retirement with 15% of pay 5) save for kid's college 6) pay off your mortgage.  I'd quibble and say to contribute to your 401k up to the company match starting after you have step 1 complete.  Raise that amount after you've paid off your debt.

The average savings rate in our country is about 3.5%.  Americans carry a huge amount of a variety of forms of debt.  A lot of people aren't in a position to build wealth, they're just trying to get by.

I do listen to Dave fairly regularly.  He gets a lot of calls on a lot of different topics.  I definitely don't follow all of his advice.  We liberally use credit cards and pay them off every month.  The rewards for us are well worth it because we're responsible with them.  I'm not religious, so most of that aspect of his show doesn't necessarily appeal to me.

We have no debt except our mortgage, but we're in no race to pay it since it's at such a low interest rate.  We're definitely much heavier into the investing side at this point.

Take what works for you, leave the rest.[/quote]

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