children’s future. If you have children or plan on having children, Dave suggests saving money to pay for your child’s college fund.
6. Pay off your home
Paying off your home early is probably one of the best feelings you will ever have. After you have become debt free and have funded your emergency, retirement, and children’s educations funds, you can now begin to pay off your home mortgage early
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7. Build wealth and give
This is the last step and a breath of fresh air. You are now financially free to live and give any way you choose. This last step includes giving generously to those in need and leaving an inheritance for future generations.
As stated above, over 5 million people have followed these seven baby steps and become financially free in less than five years. Taking these steps will require extreme sacrifice including cutting back on spending habits like shopping and eating out and possibly taking on extra work for additional income. But like Dave Ramsey says “if you live like no one else now, you’ll live like no one else later.”
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Lisa Hammond is a 24-year old faith and lifestyle blogger from Cleveland, OH. With a Bachelor’s degree in Journalism from Cleveland State University, Lisa’s goal is to become a full time journalist.
