Originally Posted by McFarland_Lawn_Care
Yes, I plan on staying in the business is SOME aspect for the rest of my life because it is what I enjoy and I take pride in working hard. That being said I totally agree that we should plan and save and invest for the future and plan for the unexpected. God forbid something should happen, you should have a plan to keep the business going or your family well cared for. You can't prepare for everything, but we should do our best. Working on the Dave Ramsey plan, living below our means will always help out.
That is great that you have a plan you are implementing. I think Dave Ramsey appeals to the masses because his advice is simple and easy to follow. It gives actionable "baby steps" that allow the follower to see immediate results. These results give the follower a psychological boost to continue pressing on with the plan.
As much help as Dave has been to the masses, I do think it is unwise to pay off the smallest balance first instead of the highest interest rate debt first. I understand his reasoning, but think the average American can understand the trade off and pay off debt more quickly by paying the highest interest rate first. If a person doesn't have the self-control to make some tough decisions and sacrifices, I don't think they are going to succeed with a long term financial plan anyways.
More troubling than his debt payoff plan is his investment advice. "Buy growth stock mutual funds across four classes and they will return 12% a year." Obviously it isn't specific investment advice, but I think that is quite misleading to say the least.
Jason, if you are to Baby Step 4, where are you investing your 15% of income for retirement?
By having a plan, you will beat the majority of Americans. Keep up the good work!