We've heard and interacted with several things by Dave Ramsey, and knew that someday we would pick up his book and run with his steps to financial freedom. Well, this weekend Rob picked up the book (Total Money Makeover), and we read quite a bit together last night and we are convinced that we are going to follow his 7 steps to financial freedom. Starting today.
The first step is to have $1,000 in case of emergency. Knowing that this was the first step some time ago we've already accomplished this goal, which is quite freeing honestly.
So we're on step 2: Eliminate debt (except your house) using the debt snowball approach. So this is where we start. The debt snowball approach is listing all of your debts and paying off the smallest amounts first (not the largest interest rate), so that once you pay that off you can snowball that payment into the next smallest debt.
So, today we are collecting information to get the exact pay-off amounts of our debts. And, in some small hope to encourage my readers to do the same (and to keep ourselves publicly accountable), we're going to do this in the public eye. Stay tuned for fun ahead!