We’re talking Baby Steps to Financial Freedom with the Help of my Friend Chris Rosendahl, Financial Coach.
The steps to financial freedom that we are going to discuss are designed for anyone. It’s possible for a person with an average income to achieve financial freedom and it can be done using baby steps. People who have been in dire financial circumstances have used them successfully. You may remember my interview the Iron Jen and how she and her family conquered over 200,000 in debt in 4 years while experiencing job loss, surgeries, serious illness and an unexpected new baby. Jen and her family used these very steps. Chris Rosendahl of Rosendahl Financial Coaching generously shares an overview of the baby steps that have worked for countless people.
Step 1 Pull together $1000.00 and put it in the bank for emergencies – emergencies only
Step 2 Cut up the credit cards and pay off all debt using a debt snowball.
Step 3 Expand your emergency fund to cover 3 to 6 months of expenses
Step 4 Invest 15% of income in Roth IRA’s and pre-tax retirement savings (after All Debts except mortgage paid off and emergency fund in place)
Step 5 Establish a college fund for your children
Step 6 Pay off mortgage early (you now have more money available since you have no other debt)
Step 7 Continue to build wealth so you can give to others
Financial issues are the source of so many stress related problems but they don’t have to be. If you would like more detailed information and ideas about making these baby steps work, visit rosendahlfinancialcoaching.com. You can also read Chris’s story and listen to his short conversation with Dave Ramsey. I will have a link to Chris’s website on my website rockinlife.co. I will also include a list of the baby steps in the show notes. Don’t miss Chris’s resources page there’s a wealth of information there. You know Dave Ramsey’s books are available in audio version. If you have not yet taken advantage of your Free Audio Book offer from our sponsor Audible, that might be a great place to start. To get yours just go to rockinbook.com and sign up. Tomorrow we will talk about baby steps to a more healthy body. Hope you join us and bring a friend. If you found value in today’s show please share it. Have a great day and we’ll talk again tomorrow.