February 5, 2001


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  • Baby step #1: $1,000 emergency fund

    Dave Ramsey 101.

    The more people that get this out there, the better! Great article.
    Tim Bunch
     
     
     
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  • Knowing the pain of decreased income and the lack of anything extra to put into savings, this is excellent advice. If I were to refinance my house and have an extra $100, your advice is perfect! Yes! Having a savings account at all is a luxury for some, having 3 to 6 months of income in savings would be miracle level. One thing I might change with this advice is that the extra $100 doesn't have to be all or nothing. The person could save 75 and pay down debt with 25. Either way, lower interest rates means more money for you to work toward a responsible solution. Automatic transfers are near magic wand effectiveness. PFM software (Personal Financial Management) is a tremendous asset. I encourage anyone to get it and use it.
    Jane
     
     
     
 
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