"If you really want to achieve wealth, taking a page out of personal finance guru Dave Ramsey's playbook isn't the worst idea. Ramsey often offers advice that runs the gamut, from addressing your spending to examining your lifestyle. But if you follow his suggestions and use these five key tools, they can - in time - help you reach your financial goals."
"Ideation is great. But there's something about putting pen to paper that helps mentally solidify your intentions. And when it comes to growing financially, having a budget is critically important. That includes itemizing your assets, liabilities (e.g., expenses) and income. That income should include your present pay from working, but could also include potential future sources like Social Security benefits, pensions, investments, and retirement accounts."
"Once the smaller debts are repaid, you'll have new cash flow to make extra payments on higher-interest balances. Then, as noted by Ramsey Solutions, "Make minimum payments on all debts except the smallest - throwing as much money as you can at that one. Once that debt is gone, take its payment and apply it to the next smallest debt (while continuing to make minimum payments on your other debts).""
Create a written financial plan and budget that itemizes assets, liabilities, and income, including potential future income sources like Social Security, pensions, investments, and retirement accounts. Estimate retirement-year expenses for housing, health care, food, travel, transportation, and other recurring costs. Include plans for financial support to family members, such as college tuition, and write those goals down. Eliminate consumer debt by focusing on the smallest balances first to free up cash flow. Make minimum payments on other debts while applying freed-up payments to the next smallest balance, repeating the process until overall debt is reduced.
Read at 24/7 Wall St.
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