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:
- $1000 for emergency fund
- Pay off all debts less the house
- 3 to 6 months of expenses in savings
- Invest 15% of household income for retirement
- College funds for children
- Pay off home loan early
- 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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