In today's episode Glenn covers baby steps 5,6, & 7 of the Financial Peace University.
How to navigate which college savings plan to use. Why paying off your house early is a great idea. Why building wealth and being generous is enjoyable.
Step 5: Save for College Funds
By this step, you've paid off all debts (except the house) and started saving for retirement. Next, it's time to save for your children’s college expenses (that is, if they pass Algebra II and Chemistry). We recommend 529 college savings plans or ESAs (Education Savings Accounts).
Step 6: Pay Off Your House
Now, bring it all home. Baby Step 6 is the big dog! Your mortgage is the only thing between you and complete freedom from debt. Can you imagine your life with no house payment? Any extra money you can put toward your mortgage could save you tens (or even hundreds) of thousands of dollars in interest.
Step 7: Build Wealth and Give
You know what people with no debt can do? Anything they want! The last step is the most fun. You can live and give like no one else. Keep building wealth and become outrageously generous, all while leaving an inheritance for your kids and their kids. Now that's what we call leaving a legacy!
https://www.ramseysolutions.com/dave-ramsey-7-baby-steps
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Glenn Leest
Senior Investment Advisor
WT Wealth Management
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