No Get Rich Quick Scheme

Rashidi asks what frustrations could occur after Baby Step 3. Dave discusses the stress removal and the sense of freedom, but that doesn’t mean you’re going to get rich quick.

QUESTION: Rashidi, a MyTotalMoneyMakeover.com member, asks what frustrations could occur after Baby Step 3. Dave discusses the stress removal and the sense of freedom, but that doesn’t mean you’re going to get rich quick.

ANSWER: The first three Baby Steps are intense: $1,000 in the bank, the debt snowball is Baby Step 2, and then Baby Step 3 is finishing up the emergency fund. I guess the frustrations are that you feel like once you’re out of debt except for your house, this thing ought to just go into overdrive and you instantaneously get rich—and you don’t. It just removes a ton of stress, and you will feel this sense of freedom. Think about it. What would it be like to have no payments? No payments but a house payment. You get rid of the slavery.

Your frustrations are fewer once you get rid of the payments, but you’ll feel like things aren’t moving fast enough. They never, ever move fast enough—at least for those of us who are impatient.