Personal finance 7 baby steps

[nicholab]

Hi is anyone else trying to follow Dave Ramsey's 7 Baby Steps and how did you get you other wife to buy in?

 

Is also like Martin Lewis apparently i focus to much on him as well.

[Zammo]

I just Googled it..... how on earth is this a baby step?

 

 

Baby Step 3b (BS3b) – Save a House Deposit

Save a House Deposit

Aim for a minimum of a 20% house deposit to make sure you get access to the best rates

[Norphy]

Indeed.

 

It took me two years to save up the deposit for my house, and that was a 5% deposit in a relatively cheap area. 20%? What is that guy smoking?

[3s-gtech]

how did you get you other wife to buy in?

 

Step 1 for better finances - only have one wife.

[DalekSec]

Step 1 for better finances - only have one wife.

Step 1: Don't have a wife

Step 2: Dont have kids

Step 3: Dont have take aways

Step 4: Dont go outside

Step 5: Only each lidl bakery items

Step 6: Live in a tent in your parents garden

Step 7: Profit

[Roberto]

There's quite a lot of criticism of Dave Ramsey's stuff out there if you look. The general consensus is that he might have great ideas for people truly at the bottom of the financial hole, but as a design for life, not so much.

[nicholab]

There's quite a lot of criticism of Dave Ramsey's stuff out there if you look. The general consensus is that he might have great ideas for people truly at the bottom of the financial hole, but as a design for life, not so much.

 

I am aware of those criticisms but generally they put you in a strong position. Have you looked at your pension I know I am currently only going to get about £25k a year when combined with the state pension. I believe they the £34k plus is seen as the rich pension bracket. My salary has grown significantly in the last 5 years 68% extra yet I still feel stretched.

[Roberto]

I’d listen to Martin Lewis ahead of Ramsey, if only because Martin is a Brit, offer advice centered on British economic and financial planning, but it’s good to be planning ahead for your future.

 

I’ve done a bit of work on my retirement planning of late and have a few pensions spread around, including about 25 years LGPS which should do ok for me, current employer has a really good pension plan alongside company shares that are doing well… right now at least. I think it’s important to be interested in the future!