Dave Ramsey’s 7th Baby Step is to Build Wealth and Give. If you’ve been following each step then you have absolutely no debt, even the house, and you have more than three months worth of expenses in savings. I believe there is more to BS7 and it should be renamed Build Wealth and Leave a Legacy. Also in this show, Chris Hogan shares information about a new class designed to teach us how to truly live and leave a legacy for generations to come. I also share the legacy my Dad left behind – and I didn’t even know it! To listen to the interview and hear the story of my Dad, click the play button on the media player above.
What could you do if you had NO debt?
Imagine the day when you have paid off the house and have absolutely no debt? All you have to do is pay for normal monthly expenses like the electricity and buy groceries. What does your budget look like? What does your weekend look like? Would you:
- Travel more?
- Volunteer more?
- Start a new side business?
- Give more?
One thing is certain: When you have absolutely no obligations you become much more of who you were created to become.
Along with Baby Step 7
This may seem like a nuance but it is important to note you could be doing other Baby Steps at the same time as Baby Step 7. For example:
You will still be saving 15% of gross income into retirement plans (Baby Step 4)
You might still be saving for kid’s college (Baby Step 5)
Even though you are still planning and budgeting and being purposeful with your money, this should become much easier because you don’t have any obligations. None!
What you do in Baby Step 7
There are suggestions for how to properly use that old house payment:
- Increase retirement savings beyond 15%
- Invest in mutual funds outside of retirement plans
- Purchase investment real estate with cash!
- Start a new business
- Donate to a charity that matches your values
- Send Steve Stewart a “Thanks for the Podcast” check 🙂
You don’t have to be completely debt free to start any of these thing.
Chris Hogan, the host of the EntreLeadership Podcast and Chief Strategist for Dave Ramsey, shares details about the newly released Legacy Journey class and tell us:
- The Legacy Journey does not replace Financial Peace University
- Purchase of the kit gives you a lifetime membership
- There are 7 lessons about 90 minutes
- Dave Ramsey, Jon Acuff, Rachel Ramsey Cruze, and Chris Hogan teach the course
- The kit includes a DISC Personality Profile
- state-specific Will
This class is biblically based, even more than Financial Peace University, and goes beyond the Baby Steps. Chris can be heard every other week on the EntreLeadership podcast. You can also find information about his speaking events or having him come to your conference or business to speak: DaveRamsey.com/Speakers.
Joshua Brown’s walk through The Legacy Journey
Mr. Joshua Brown was chosen to facilitate a test-run of The Legacy Journey class. He wrote articles after each class experience. Visit his website via the links below for more about The Legacy Journey class:
- Lesson 1: Snares and Dares
- Lesson 2: The Pinnacle Point
- Lesson 3: The Law of Great Gain
- Lesson 4: The Road to Awesome
- Lesson 5: Safeguarding Your Legacy
- Lesson 6: Generational Legacy
- Lesson 7: Called to Generosity
Aftershow: A song for my Dad
This song makes me think of my Dad: “Hoppipolla” (played at the end of the testimonial)