{"id":11642,"date":"2023-01-09T04:15:42","date_gmt":"2023-01-09T12:15:42","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=11642"},"modified":"2023-12-03T20:04:19","modified_gmt":"2023-12-04T04:04:19","slug":"debt-elimination-the-pros-and-cons-of-dave-ramseys-baby-steps-3","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id11642-debt-elimination-the-pros-and-cons-of-dave-ramseys-baby-steps-3.html","title":{"rendered":"Debt Elimination: The Pros and Cons of Dave Ramsey’s Baby Steps"},"content":{"rendered":"

\"dave<\/a>Many folks looking for a way to get out of debt and achieve financial freedom eventually gravitate to financial expert Dave Ramsey’s Baby Steps<\/a> program. One thing is certain: Regardless of the pros and cons, there is no denying Ramsey’s seven-step plan has helped many people get out of debt over the years. However, I still believe it offers plenty of dubious advice.<\/p>\n

So what, exactly, are Ramsey’s seven baby steps?<\/p>\n

Well … here they are, along with my assessment of each:<\/p>\n

Step 1: Save $1000 to start an emergency fund<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> Establishing a $1000 emergency fund protects you from acquiring new debt due to unforeseen circumstances while you’re working off existing debt.
\nDo I agree with Dave?<\/strong> No.
\nWhy or why not?<\/strong> As long as you still have available credit, paying down your high-interest credit card debt should be priority-one.
\nMy two cents:<\/strong> If I was deep in debt — but still had available credit to tap — I’d skip this step and rely on my credit card for those rare emergencies.<\/p>\n

Step 2: Pay off all non-mortgage debt using the Debt Snowball method<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> Paying off debt is all about staying motivated; the debt snowball provides the inspiration required to keep yourself committed to the debt-elimination process.
\nDo I agree with Dave?<\/strong> No.
\nWhy or why not?<\/strong> Even Ramsey admits that his debt snowball method makes no sense<\/a>. That’s because it retires IOUs from smallest balance to largest, without regard to interest rates.<\/strong><\/em> This only creates an illusion<\/strong><\/em> that you’re making quicker progress. In fact, you’d be better off paying down debts with the highest interest rate first.
\nMy two cents:<\/strong> If you’re truly committed to getting out of debt, why squander your hard-earned money on financially-inefficient psychological gimmickry?<\/p>\n

Step 3: Save three to six months of expenses in a money market account<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> Once your non-mortgage debt is retired, it’s time to focus on building enough savings to provide a financial buffer to handle unforeseen life events.
\nDo I agree with Dave?<\/strong> Yes.
\nWhy or why not?<\/strong> It’s hard to argue against the importance of a robust emergency fund to handle major financial setbacks resulting from the loss of a job, health issues, and accidents.
\nMy two cents:<\/strong> I keep my emergency and rainy day savings<\/a> in a high-yield account for better transaction flexibility.<\/p>\n

Step 4: Invest 15% of household income into Roth IRAs and pre-tax retirement<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> After retiring your non-mortgage debt, it’s time to focus on your long-term financial security in retirement.
\nDo I agree with Dave?<\/strong> Yes … and no.
\nWhy or why not?<\/strong> Like many financial rules of thumb<\/a>, Ramsey’s 15% one-size-fits-all recommendation cannot be reasonably applied across a broad spectrum of individual circumstances.
\nMy two cents:<\/strong> Your retirement contribution allocation depends on when you start saving and your target retirement age.<\/p>\n

Step 5: Save money for the kids’ college fund(s)<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> I can only assume Ramsey believes parents are obligated to pay for their kids’ college educations.
\nDo I agree with Dave?<\/strong> No.
\nWhy or why not?<\/strong> Simply put, your offsprings’ college degrees won’t help you during your retirement.
\nMy two cents:<\/strong> My kids’ college educations are their<\/em><\/strong> responsibility, not mine. Yes, I’ll help them out a bit when the time comes — but only if they stay away from a college degree that’s not worth the money<\/a>.<\/p>\n

Step 6: Pay off the mortgage early<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> Free-and-clear home ownership, of course.
\nDo I agree with Dave?<\/strong> No … and yes.
\nWhy or why not?<\/strong> Believe it or not, there are<\/strong><\/em> times when it makes sense to not<\/strong><\/em> pay off the mortgage early<\/a> — even when you have the money to do so.
\nMy two cents:<\/strong> Yes, paying off the mortgage provides peace of mind. However, the declining value of the dollar means those with low-interest loans have an equally valid reason for keeping their mortgage as long as possible.<\/p>\n

Step 7: Build wealth and give<\/strong><\/p>\n

Ramsey’s Reasoning:<\/strong> Build enough cash reserves for charitable contributions and inheritances.
\nDo I agree with Dave?<\/strong> Yes … and no.
\nWhy or why not?<\/strong> Come on now. Who doesn’t believe that giving money to charity is a good thing? Oh, yeah; this guy doesn’t<\/a>.
\nMy two cents:<\/strong> Despite what Scrooge thinks, our society depends on charitable donations. On the other hand, I’m not as sold on the virtues of working to fund my kids’ inheritance<\/a>.<\/p>\n

Ramsey’s Baby Steps plan tackles debt from an emotional perspective. As a result, the plan’s initial steps are financially inefficient. Even worse, the latter four steps make assumptions that may not be in your best financial interest.<\/p>\n

That being said, it doesn’t mean this plan won’t work. The ultimate decision, of course, is entirely up to you.<\/p>\n

Photo Credit: Chalky Lives<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Many folks looking for a way to get out of debt and achieve financial freedom eventually gravitate to financial expert Dave Ramsey’s Baby Steps program. One thing is certain: Regardless of the pros and cons, there is no denying Ramsey’s seven-step plan has helped many people get out of debt over the years. 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