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Wealth Management
Dave Ramsey’s 5-Step Financial Planning Process
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Dave Ramsey’s 5-Step Financial Planning Process

Discover Dave Ramsey's 5-Step Financial Planning Process, a comprehensive guide to managing finances, reducing debts, and building wealth responsibly.
1
Understand your current financial situation
2
List down all your incomes and expenses
3
Create a detailed budget plan
4
Establish a $1000 emergency fund
5
Start paying off debts smallest to biggest (Debt Snowball Method)
6
Approval: Debt Payment Plan
7
Build a 3-6 months expenses emergency fund
8
Invest 15% of income into retirement
9
Save for children's education
10
Pay off home early
11
Approval: Retirement Investment Plan
12
Build wealth and give generously
13
Review the financial plan periodically
14
Adjust the budget plan according to changes in financial situation
15
Approval: Budget Adjustment
16
Keep track of your spending
17
Ensure financial discipline and commitment
18
Conduct annual financial reviews
19
Approval: Annual Financial Review