Many readers popping into this blog are going to be familiar with Dave Ramsey, because the dude has made a serious name for himself as someone who helps people get out of debt. Even if you have never read his books, you might know that Dave has Seven Baby Steps to Financial Freedom. And those baby steps are awesome, but his methods tripped me up because we have so much debt. So when I got motivated (again) to pay off our debt, I decided I should probably try a different route, having failed at the baby steps no less than three times.
This time, I read No Debt! No Sweat! by Steve Diggs, and at least for now, I’m liking his approach. The book contains a different set of steps called the Ten Stones of the Wolf Barrier, which is really very similar to the Seven Baby Steps, but with some things in a different order and some things more broken out.
While I may not use them as an exact roadmap out of debt, I’m sure I will reference them frequently, so here are the Ten Stones of the Wolf Barrier, which can be found in No Debt! No Sweat! I’m avoiding giving details here, but you can consult the book or this website for more information.
1. Crisis fund
2. Murphy fund
3. Consider funding life insurance
4. Pay down short term debt
5. “I don’t need this job” fund
6. Tax-advantaged retirement savings
7. College savings
8. Continue retirement planning
9. Pay off mortgage
10. Build your legacy