Dave Ramsey’s – 7 Baby Steps to Financial Freedom

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Dave talks about the ‘snowball method’ which asks you to list everything you owe except your mortgage. The point is to ‘snowball’ your debts one by one. How do you do this?

Attack the first balance on your list by paying off as much as you can, make minimum payments on the other balances
Don’t worry about interest rates unless two debts have similar payoffs
Order your debts from smallest to largest
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Be sure to order your debts by balance, smallest to largest. Don't worry about interest rates unless two debts have similar payoffs—then you’ll list the higher interest rate debt first.

Dave talks about the ‘snowball method’ which asks you to list everything you owe except your mortgage. The point is to ‘snowball’ your debts one by one. How do you do this?

Fact Lab

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Interesting fact: