3 years of doing Dave Ramsey Baby Steps (Why you should NOT do it)

I think sticking to baby steps 1 - 3 are the most important for most people. After that I'm sure most tweak the plan according to their own personal beliefs and circumstances.

Jereme where have you gone? You started with a big bang📣 where are you now?

In 1960, just 8% of American adults had a college degree, and that met the needs of corporate America. By 2000, it was 26%. In 2021 it was 38%. We're approaching saturation. We still need truck drivers, retail workers, factory workers, mechanics, and tradesmen. Many graduates are in debt and underemployed because there's no demand for their chosen field of study.

Have you left YouTube? I haven’t seen you post since this video. Hope you guys are ok and doing well. Miss the videos.

7 months ago we sold our home, paid off ALL debt, paid cash for a tiny house. Tight for space? Yes, had some issues? Yes but also have had the money to take care of the issues.

I use to listen to Dave Ramsey about 20ish years ago and the calls he would get were heart wrenching. At times, I would cry and feel so sorry for the callers. Now, I feel like there are 2nd generation individuals that don’t get why his plan is the way it is. They have heard other ideas. Ramsey was one of the first to talk about personal finance.

This plan is not for you if your spouse is not on board. Trust me on that.

REALLY enjoyed this perspective of the baby steps!! Diligence and contentment are my words to focus on in 2023 ❤

I found Dave Ramsey after an unexpected layoff. When I went back to work I had gone through all my savings after 10 weeks unemployed. I never wanted to be unprepared for whatever may happen. I did baby step 1 and skipped baby step 2 and went to 3 which is 3-6 months emergency fund because I was so scared of giving any income away in case I lost my job again. Long story short I have the 6 month emergency fund, but still have 8000 in debt. I wish I had gotten rid of it 3 years ago instead of getting the emergency fund. My credit would be better and no bills in the mail every month.

Zig Ziglar said, "You can have everything that you want if you can help enough other people get what they want." People who win with their finances tend to be landlords, business owners, doctors, entertainers, innovators, etc.

Great perspective. Great video. My wife and I are both in school with a baby on the way, so having a little more cushion in an emergency fund puts our minds more at ease than the recommended $1,000 in step 1. Also, the credit score portion of this video hits home. I have mixed feelings about credit card use. A credit score was required to get into an apartment where we live, so not keeping up the credit score is not really an option in this stage of our lives.

I also have credit cards and skipped the college step lol. I will say that I understand that Dave’s way is the safest way to do things. Having no debt on cars etc., got us through a few times of unemployment, Illness and other unpredictable times. I believe Dave’s way works always- so it makes sense that he is teaching the sort of “guaranteed” way to be financially okay, and I recognize that although I choose credit cards it’s more out of laziness then because I think he’s wrong. I just don’t want to do the cash system because it feels overwhelming to have to worry about having the envelopes whenever I need to pick up a last minute milk or losing it lol. I’ve always been responsible with money and never keep a balance, but I would never teach someone my way because I know that doesn’t work for most people. And that by having a card you do spend at least a little more than you would if you could only pay cash. I put his way as the standard and just try to get as close to it as possible.

I'm Canadian. I used Dave Ramsay's method as a guideline to help get rid of debt. We are consumer debt-free. I have a $1000 cash emergency fund. I plan to keep my car when our lease is up this year. Our daughter plans to go to a trade school for her career. I do highly recommend paying off your mortgage before you retire. We plan to pay it off before we turn 60. (That's in about 5yrs) I do agree with some of your points. It's not for everyone. But it's a good start 😁

I popped over here to catch up - it's been 11 months - I really hope everything is okay in your family.

I feel babystep 1 should be 2 to $3000. I like the snowball effect. It works but if you are impatient it will be hard. Average time to pay off all debt is 2 to 3 years depending on the amount of debt you have. I don’t agree with stopping retirement investing either til debt is paid off. When rates are down and stocks you may miss opportunities. Just do minimum. As for college we told our daughter she has to pay for first two years of college and then we will help with the other two years. She is starting college at a tech college and will transfer to a university. Smarter move.

Fanstastic video as always, Jereme!

Concerned about you guys. Are you ok???

Most student loans have several loans. I went and signed in and put extra to one loan at a time as I was paying the overall loan. Making steps to pay off each loan was success for me. In 2013 I was 300,000 in debt. Now - zero. I agree dicipline.

I agree with Dave Ramsey when it comes to consumer debt. Assets that cost you more then the return you can make. Such as credit cards, cars, loans. Once past baby step 3 then I think people can venture on their own

Why have you guys stopped uploading video's? I really enjoyed the journey you guys were on and I wanted to see how everything was going with the new house.