Who Wants To Be A Wealthy?

Are you tired of living paycheck to paycheck? Do you need a plan to help you get into a better financial situation? Well Black Legacy would like to highlight this great method from financial coach Dave Ramsey. Mr. Ramsey wrote many books and speaks to thousands of people a year, encouraging them with these 7 Baby Steps towards financial peace. Now, are these steps the only way to improve your situation? No, but they definitely place a lot of emphasis on strategic advice that will help you create an emergency fund, pay down your debt, and start investing. Check it out!

I believe that through knowledge and discipline, financial peace is possible for all of us.
— Dave Ramsey

The Seven Baby Steps

Begin your journey to financial peace

Get out of debt the same way you learned to walk—one step at a time. Dave has taught these principles to millions via radio, books, Financial Peace University, live events and online.

Here's the process:

Baby Step 1

$1,000 to start an Emergency Fund

An emergency fund is for those unexpected events in life that you can’t plan for: the loss of a job, an unexpected pregnancy, a faulty car transmission, and the list goes on and on. It’s not a matter of if these events will happen; it’s simply a matter of when they will happen. 

Baby Step 2

Pay off all debt using the Debt Snowball

List your debts, excluding the house, in order. The smallest balance should be your number one priority. Don’t worry about interest rates unless two debts have similar payoffs. If that’s the case, then list the higher interest rate debt first. 

Baby Step 3

3 to 6 months of expenses in savings

Once you complete the first two baby steps, you will have built serious momentum. But don’t start throwing all your “extra” money into investments quite yet. It’s time to build your full emergency fund. 

Baby Step 4

Invest 15% of household income into Roth IRAs and pre-tax retirement

When you reach this step, you’ll have no payments—except the house—and a fully funded emergency fund. Now it’s time to get serious about building wealth. 

Baby Step 5

College funding for children

By this point, you should have already started Baby Step 4—investing 15% of your income—before saving for college. Whether you are saving for you or your child to go to college, you need to start now

Baby Step 6

Pay off home early

Now it’s time to begin chunking all of your extra money toward the mortgage. You are getting closer to realizing the dream of a life with no house payments. 

Baby Step 7

Build wealth and give!

It’s time to build wealth and give like never before. Leave an inheritance for future generations, and bless others now with your excess. It's really the only way to live!


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Spiritual Advice About Money Management

There are many individuals who never grew up within a household that openly discussed managing money. Especially when it comes to what "The Bible" says about being good stewards of the resources God gives us. Here is an amazing presentation from money guru, Dave Ramsey, who covers some important points. Please feel free to leave a comment below if anything stands out. Be blessed!

It's A Great Time To Make A Change

With the holiday season in full effects, you can only imagine how many maxed out credit cards, overdraft fees, and broken budgets are running rampant in America. As we approach 2014, we have a great opportunity to focus our minds on better financial decisions. Almost everyone would like to make a more money in the upcoming year and there are many methods that are not utilized that would increase your income. Black Legacy will bring you great articles and videos on BL’s three keys to income:


- Buying and Selling Investments

- Owning Your Own Business

- Real Estate


We hope that you will be engaged and that our articles will spark interest and action to push our audience towards true financial freedom.

If you would like our writers to cover a particular topic, send suggestions to BlackLegacyUSA@gmail.com.

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