Baby Step 1
Baby Step 1 is...
What is save $1,000 for a starter emergency fund?
Baby Step 2 is...
What is paying off all debt except the house using the debt snowball?
Baby Step 3 is...
What is save 3-6 months of expenses in a fully funded emergency fund?
Baby Steps 4, 5, 6, and 7 are...
What is Baby Step 4 invest 15% of your household income in retirement, Baby Step 5 save for your child's college fund, Baby Step 6 pay off your home early, Baby Step 7 build wealth and give?
The correct order of completing the Baby Steps
A. save $1,000, pay off debt with debt snowball, save 3-6 months of expenses for emergencies, invest 15% of household income in retirement, save for child's college fund, pay off home early, build wealth and give
B. save $1,000, pay off debt with debt snowball, save 3-6 months of expenses for emergencies, save for child's college fund, invest 15% of household income in retirement, pay off home early, build wealth and give
What is A. save $1,000, pay off debt with debt snowball, save 3-6 months of expenses for emergencies, invest 15% of household income in retirement, save for child's college fund, pay off home early, build wealth and give?
It takes about this amount of time to get into a rhythm with your budget
What is 3 months?
You can _____ into debt but you can't _______
What is wander into debt but you can't wander out?
When you use the emergency fund, _______
What is build it back up?
You'll do Baby Steps 4-6 in ____ but at the ______
What is in order but at the same time?
Live like no one else so later you can ______ and ________
What is live and give like no one else?
The four walls that should be covered in the budget
What is food, utilities, shelter, and transportation?
It takes _____ to get out of debt
What is gazelle intensity?
Your emergency is insurance not ______
What is an investment?
The two options for college savings
What is an ESA and a 529 plan?
A meeting you should schedule soon (at the end of each month) with your spouse or accountability partner
What is Budget Committee Meeting?
This type of person may live by the phrase "It'll all work out"
What is free spirit?
True or false: A credit card is more secure than a debit card
What is False: debit cards and credit cards have the same amount of protection?
What is the difference between saving for 3 months and saving for 6 months
What is 3 months for double income household, 6 months for single income household?
If you're ready for Baby Step 4 you should contact ______
What is a SmartVestor Pro?
2 ways to increase income
What is get a part-time job such as Post Mates or Call Center and sell things on websites such as Craigslist and eBay?
In order to successfully complete the zero based budget where income minus expenses equals zero these two ways can assist you in doing that
What are increase your income or decrease your expenses?
Once a debt is gone _______ and ________ to continue the debt snowball
What is take its payment and apply it to the next smallest debt?
The place your emergency fund should be saved and why
What is money market account because you need to protect your hard earned cash (security) and still get to it when you need it (liquidity)?
Think of a way to distribute $1,000 to Baby Steps 4-6
What is Baby Step 4 open a Roth 401(k) and invest $750, Baby Step 5 open an ESA and invest $166, Baby Step 6 use remaining $84 on mortgage payment?
Why would you pay off debts from smallest amount to largest amount instead of highest interest rate to lowest interest rate?
What is having small successes encourages you to keep going and paying off highest interest rate to lowest interest rate compared to the debt snowball method only had a one month pay off difference?