financial basics
what is a budget
a plan for how you will spend your money
what Is baby step 1
save 1000
what is debt
money you owe
what is an emergency fund
money saved for unexpected expenses
you earn 500 and spend 500 are you living below your means
no
what does Dave Ramsey mean by giving every dollar a job
plan where your income goes
baby step 2
pay off all debt
what is debt snowball
pay off debt from small to big
what is investing
put money into assets
baby step 5
save for children collage
what is income
money your earn
baby step 3
save 3-6 months of expense
what is credit card
payment that lets you borrow
what is compound interest
interest earned on both money and
baby step 6
pay off home early
what does living below your means mean
spending less that you earn
baby step 4
invest 15 % income toward retirement
why does he discourage debt
it can limit financial freedom
baby step 5
save 20%
saved 1000 for emergency should you spend
no keep it
what is zero based budget
income minus expense equals 0
baby step 7
build wealth and give
your owe 300, 500 and 1000 what's the first to pay off
200 dollar debt
example of unexpected expense
necessary car repair
ultimate goal of baby steps
build wealth