What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience? ~ Adam Smith
In response to my last few blogs about personal finance, I received an email asking for my thoughts about author and radio host Dave Ramsey. For those of you who don’t know (I didn’t), Ramsey hosts The Ramsey Show and has authored best-selling books such as The Total Money Makeover. Politico calls him “the pro bono financial advisor to millions of Americans who otherwise could never afford one.” His self-syndicated show has a staggering 14 million listeners (Wikipedia), putting him just behind conservative talk show hosts Rush Limbaugh and Sean Hannity in popularity.
I have not read his book or listened to his show but according to his website, here are the foundations of his plan in “Seven Baby Steps” that are done in the order listed:
- Baby Step 1: Save $1,000 for your starter emergency fund.
- Baby Step 2: Pay off all debts (except the house) using the “debt snowball.”
- Baby Step 3: Save 3-6 months of expenses in a fully-funded emergency fund.
- Baby Step 4: Invest 15 percent of your household income in retirement.
- Baby Step 5: Save for your children’s college fund.
- Baby Step 6: Pay off your home early.
- Baby Step 7: Build wealth and give.
My thoughts?
Although one could quibble with some of the steps, I think his recommendations are spot on because he encourages saving, reducing debt, and giving.
I’m going to end today’s blog, my 260th, a little differently. I have managed to publish a blog every week now for the last five years by my self-imposed Thursday morning deadline. I’ve decided to make this one my last. I still have a long list of story ideas in my blog queue and I still love writing. However, I’m going to use my extra time to devote to a new project and to get some extra sleep.
As to a final song for our Manufacturing Peace of Mind Spotify playlist, today I’m going to leave you with Elvis’s version of “Amazing Grace.” It’s not my favorite rendition of this song but Elvis was the first artist I ever listened to as a kid and to this day I love his music.
As to the song – it gets me every time.
I was in Taiwan a couple of summers ago and while I was doing a TRX workout at a park early in the morning some ladies, one of whom had a guitar, were sitting on a bench singing. I don’t speak Mandarin so I didn’t know what kind of music they were singing but I could definitely feel the spirit if you know what I mean. As the sun began to illuminate the park, I couldn’t believe it when they started singing Amazing Grace in English.
All I could do was: Stop. listen. and weep.
Like I said – it gets me every time.
Whether this is your first visit to this blog or your 260th thanks so much for taking time out of your life to be a part of mine. I’m truly grateful.
Yours in Christ,
Christian Frueh
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Having said that, I am interested to hear from you. Good, bad, or otherwise, please feel free to drop me a line at xian@evaero.com. I’m the only person who will read your email and, as time allows, I’ll do my best, at a minimum, to personally acknowledge receipt.