Baby Step Millionaires: Book Report by Dave Ramsey

Baby Step Millionaires: Book Report by Dave Ramsey
Photo by Jordan Christian / Unsplash

This is my first book report in a while. I'm pretty much 0bsessed with reading personal finance books. I hope to share what I've learned and gleaned and maybe convince you to see if you would also like to read the book.

I've read many of Dave Ramsey's books. Financial Peace, Total Money Makeover, and Entreleadership. Most of them have the same message and the same seven baby steps, but like the addicted person I am, I wanted to read his latest book and see what the message was all about.

I won't bury the lead. I liked this book. Dave sprinkled stories of real-life people who took baby steps and became millionaires. He, through storytelling, shows actual people who became millionaires while illustrating and retelling how to use baby steps.

Many folks in the FI community tend to treat good ole Dave as good for most folks but not the most optimal, but everytime I listen to Dave and go back to his material, he has some excellent stuff. His baby steps are simple. If you follow them, they follow all the correct principles. The only caveat I would add is instead of using an advisor, I would invest in low-cost index funds, but I digress. The seven baby steps are remarkable for their simplicity. I would encourage anyone to look into it.

The seven baby steps

  1. Save $1,000 starter emergency fund
  2. Pay off all debt except the house (using the debt snowball)
  3. Fund 3 - 6 months of base expenses in an emergency fund
  4. Invest 15% toward retirement
  5. Pay for kids' college
  6. Pay off the mortgage
  7. Live and give like no one else!

You can always find out more on their website.

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This article is informational; it should not be considered Health, Financial, or Legal Advice. Not all information will be accurate. Consult health, financial, or legal professionals before making any significant decisions.

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Updated 11/1/23