Welcome to November's Minute on Wealth! I'm Mark Burgdorf, advisor here at Burgdorf Wealth Managers in Fairview.
Do you wonder where your paycheck goes? Or, do you need a bit of help stretching your retirement paycheck? Well, if so, you're in the right place.
Today, we're diving into one of the more popular financial roadmaps from the Dave Ramsey organization called the Seven Baby Steps — a very powerful roadmap to help you experience financial freedom.
Now, the order of the Baby Steps is super intentional and helps build a solid foundation for long term financial success. So let's dive into those steps.
Step one is to save a thousand dollars for your starter emergency fund by setting aside a thousand dollars as a cushion for unexpected emergencies.
Step two is to pay off all debt, except your mortgage, using the debt snowball method.
Step three is to save three to six months of expenses in an emergency fund.
Step four is to invest 15% of your household income for your retirement goals.
Step five is to save for your children's college fund.
Step six is to pay off your home early.
Step seven is a whole lot of fun — build wealth and give generously.
Now, each Baby Step gets you closer to living debt-free and well-prepared for financial emergencies. Again, setting you up to live and give in a way that works best for you.
To help you on your financial roadmap, I would really encourage you to find a SmartVestor Pro. These financial advisors are trained in the Baby Steps — and much more — to help guide you through every aspect of your financial journey.
So, if you're ready to take that first step or you need assistance with any of the steps, you can connect with our in-house SmartVestor pro, Pat Buchana. Remember, you've got the power to live like no one else.
Until next time, stay gazelle intense on reaching your financial goals. We hope to see you next month!
Working with an advisor that is part of the SmartVestor network cannot guarantee investment success or that financial goals will be achieved. There can be no assurance that working with a Dave Ramsey SmartVestor Pro (SVP) will produce or achieve better results than working with an advisor not affiliated with the SmartVestor program. Advisors that participate in this program pay a fee to belong to the program for client leads that are provided. Dave Ramsey and the Dave Ramsey SmartVestor program are not affiliated with Cetera Advisors LLC and Burgdorf Wealth Managers and are not sponsored or endorsed by Cetera Advisors LLC nor Burgdorf Wealth Managers.