Saturday, May 28, 2016

Baby Steps to Financial Peace

Most Singaporeans will probably not have heard of Dave Ramsey before. But anyway, Dave Ramsey is America's trusted voice on money matters. He also has something written on 7 Baby Steps to Financial Peace. The 7 steps are simple enough to follow and are listed as follows:

  1. $1000 for emergency fund
  2. Pay off all debts less the house
  3. 3 to 6 months of expenses in savings
  4. Invest 15% of household income for retirement
  5. College funds for children
  6. Pay off home loan early
  7. Build wealth and Give
The steps seem simple enough to follow and should be a useful guide for most people. 

I guess not many people take financial planning seriously.

Take this comment by sigdiamond2000 on financial stability for example. It is extremely hilarious. 

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