Every journey begins with a first step. But taking that first step can involve some trepidation. That’s because there is fear about starting something new with an uncertain outcome.
The Total Money Makeover
I think the thing I like most about The Total Money Makeover is that it provides simple steps for winning with money. And anyone can follow the steps regardless of their education level or socioeconomic status. The steps are simple, but not necessarily easy.
That’s why the first step is the most important. Getting started requires will power, focus, energy and time. These are all limited resources, but like physical fitness, fiscal fitness gets easier with time… AND it’s worth it!
Baby Step 1
I’m talking about Baby Step 1. Baby Step 1 is saving $1000 for a starter emergency fund. That’s it. $1000 in the bank, and you’ve taken the first step on your journey to becoming an Everyday Millionaire.
Depending on how mad you are and how much stuff you have to sell, Baby Step 1 should not take more than a month to complete. Imagine $1000 in the bank. It’s there to protect you when Murphy strikes. (That’s the guy who says if something can go wrong, it will???)
And past results show that people who take this first step are much more likely to become Everyday Millionaires than people not following a fiscal plan.
You see, that’s the beauty of the Baby Steps. Your income is our biggest wealth building tool. It’s important to have a simple to follow step-by-step plan that is God-created and Grandma-tested. And it all starts with saving.
Precious treasure and oil are in a wise man's dwelling, but a foolish man devours it. - Proverbs 21:20 Click To TweetSaving money that would typically be spent on restaurants, car payments, furniture payments, and credit cards is the first step.
So that’s my deep dive into Baby Step 1. On Monday, I’ll deep dive into Baby Step 2: The Debt Snowball.