The Baby Steps are SmartDollar’s roadmap toward financial stability and success. Whether you’re stuck under a pile of debt or already on your way to building wealth, these common-sense principles can teach something new to people from all walks of life. Here are the 7 Baby Steps:
Baby Step 1: Save $1,000 for your starter emergency fund
Baby Step 2: Pay off all debt (except the house) using the debt snowball
Baby Step 3: Save 3-6 months of expenses in a fully-funded emergency fund
Baby Step 4: Invest 15% of your household income in retirement
Baby Step 5: Save for your children's college fund
Baby Step 6: Pay off your home early
Baby Step 7: Build wealth and give
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