Comments on: Dave Ramsey’s 7 Baby Steps: Step 7 – Build Wealth And Give!

By: Dave Ramsey’s Baby Step 6: Pay Off the House Early

Dave Ramsey’s Baby Step 6: Pay Off the House Early — Mon, 16 Nov 2009 15:19:49 +0000

[...] the financial purpose of getting the house paid off is to free up that cash flow for building wealth and being very generous (see Baby Step 7), there is an emotional aspect too: the grass simply feels [...]

By: Twitted by howtofix

Twitted by howtofix — Sat, 08 Aug 2009 09:49:28 +0000

[...] This post was Twitted by howtofix [...]

By: Peter

Peter — Tue, 03 Mar 2009 16:45:55 +0000

It’s not exactly true that giving is put off til step seven. From the very beginning of the plan you’re giving 10% right off the top. I may not have covered that as much as I should have in this baby steps series, but in my series on Financial Peace University I touch on that a bit more.

The giving you are doing in baby step 7 is in addition to the 10% you’re giving off the top beginning in baby step 1. Since the giving comes from a Christian viewpoint, the 10% is a tithe. For non-Christians he suggests giving 10% to local charities, etc. He stresses giving quite a bit because giving makes us better people!

So yes, I agree – giving is very important, and should be done throughout the baby steps. Baby step seven lets you step it up a notch and give EVEN MORE!

By: Scott

Scott — Tue, 03 Mar 2009 16:01:25 +0000

Is the implication then that you can only give out of your excess wealth? It’s a shame that Dave puts off the giving aspect until step seven after all our own needs are taken care of. We should be giving all along the way. If everyone waited until they achieve all the other steps to start giving, there wouldn’t be much giving going on. I know this isn’t really what Dave would advocate, but it seems giving should be given more attention earlier in the process rather than putting it at the end, almost as an afterthought. Steps 1-6 are all about me. Not until step 7 do we start thinking about others.

By: Peter

Peter — Fri, 27 Feb 2009 20:44:00 +0000

You definitely can’t get the same experience just from the book. Attending the class means accountability and small group discussion as well, which adds a whole other layer to the experience. On top of that you also have the video series and workbooks that you get in the class, as well as an envelope spending system, etc. I would highly recommend actually taking the class to everyone!

By: Debt Free Adventure

Debt Free Adventure — Fri, 27 Feb 2009 20:35:26 +0000

Great series Pete... Now that you've been through the whole training process, is it worth it? Or can someone get the same benefit by just reading the book? DebtFREEk! Debt Free Adventures last blog post..What Is The Recession For?

By: Peter

Peter — Thu, 26 Feb 2009 19:53:33 +0000

Stay tuned! I think I’m going to do one more wrap up post to tie it all together..

By: Peter

Peter — Thu, 26 Feb 2009 19:52:55 +0000

I agree, we should always be giving, for example, as a Christian I’m always tithing 10% off the top. However, if you have your financial house in order and everything else set including retirement savings – it allows you to be a bit more extravagant in your giving, which could be extremely fun!

By: Miranda

Miranda — Thu, 26 Feb 2009 17:12:27 +0000

I'm bummed that this series has come to an end. I've really enjoyed it! Anyway, I agree that giving is an important part of personal finance planning. I've seen its benefits in my own life. God has promised that when we put Him first and help others, we will have what we need. And I've seen this at work in my own life. Mirandas last blog post..Terrry Pratchett and the Art of Making Money

By: Travis @ CMM

Travis @ CMM — Thu, 26 Feb 2009 16:59:29 +0000

Loved your reasons and creative ideas about giving. Of course we shouldn’t wait till we have everything else out of the way before we decide to give. I recommend giving all along the way.