I think a lot of people in the financial industry have it wrong with their approach personally And history proves this out time and time again
Anyone done it? I'm thinking of starting it soon. Opinions? Did it help you?
I think a lot of people in the financial industry have it wrong with their approach personally
Don't use a credit card, ever.
List all of your debts on a sheet of paper and rank them from smallest to largest.
Do a monthly budget (income less expenses).
Take excess of income less expenses and apply to smallest debt.
Once smallest debt is paid off, go to the next, and so on until all of your debt is gone.
Only buy a home if you can put 20% down and finance over 15 years.
Make sure you have an emergency fund of at least 6 months of expenses.
Always contribute to a company matched 401k up to the point at which they match, don't pass up free money.
If you are in the financial industry you will find a lot of what he says painfully simplistic and way too conservative.
That being said, he is good at creating a simple financial plan that will put anyone on solid ground. It is a great starting point for anyone looking to take better control of their personal finances IMO.
For me it highlighted a few points but nothing groundbreaking. However, it did wonders for the wife and now we are on the same page. Highly recommended and worth the 100 bucks