70% of Americans Have Poor Financial Health: What You Can Do to Beat the Odds

Let’s face it, when it comes to personal money management there is often a disconnect between knowledge and action. You know the importance of having a safety fund. You understand the long-term impact of consistent retirement contributions. You know it’s vital to spend less than you make. So, why are 70% of people failing at financial health (MarketWatch)? It might be that failure comes from not knowing where to get started.

Enter Dave Ramsey. Have you heard of him? You might have heard his name but have you read one of his books or listened to his podcast? He’s one of the most well-known personal financial experts and speakers. Popular since the 90’s, Dave coined the “7 Baby Steps” method to reaching personal financial peace. While some financial independence experts disagree with a few of the finer points in his plan, they are a great guidepost for getting your finances in order.
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Dave Ramsey's 7 Baby Steps

1. Save $1,000 for your starter emergency fund
2. Pay off all debt (except the house) using the debt snowball
3. Save 3-6 months of expenses in a fully funded emergency fund
4. Invest 15% of your household income in retirement
5. Save for your child’s college fund
6. Pay off your home early
7. Build wealth & give back

His advice is actionable, simple, and measurable. Our team at Blue Fox can appreciate that! We strive to embody those same principles in the financial services we provide to our nonprofit and social impact clients, and their employees. In fact, Blue Fox recently choose to extend discounts to nonprofit employees for their 2019 tax preparation and filing. For more information, call (321) 233-3311

About: Our team at Blue Fox provides customized, boutique financial and back office services for social impact organizations. Services range from standard bookkeeping and payroll services, to coaching and consulting, to full-blown virtual CFO services. Our mission is to disrupt the traditional accounting model through technology, innovation, and a radically client-focused approach that truly empowers nonprofits and social enterprises. For more information call (321) 233-3311, email [email protected], and visit www.YourBlueFox.com. 

Resources:

• MarketWatch, The ‘true state’ of Americans’ financial lives: only 3 in 10 are ‘financially healthy’
• Dave Ramsey, Dave Ramsey's 7 Baby Steps

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