Tweaking The Baby Steps

Radio host Dave Ramsey has a debt elimination framework he calls Baby Steps. It seems to work well from the people I have talked to who have used it. I often think many frameworks can be improved. This is just a quickie article on what ways I would tweak the Baby Steps to “improve” it. (Humbly I don’t know if I could but, that doesn’t mean I shouldn’t try.)

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Depreciation Applied

In the past I did a WAVE-B Drive Free project. The starting car was a Ford Windstar Mini-van which was sold for whatever I could get for it. That money plus my small nest egg of $3,500 was used to buy a 1994 Honda Accord. One year and a half from then I sold it for about what I purchased it for and added that to the money that was saved to purchase a 2012 Honda Accord cash. The purchase price for the 2012 was $15,000 + registration, fees and tax ($17,000 total). The miles on the car was 26,000. The question I have is: what was the depreciation of this car to this point?

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Do Nothing

Do nothing and nothing happens. Do something and something happens.

 

The power of action is not something that can be taken likely. Procrastination is the opposite of progress. Progress can only be made when action is taken, even if the movement is backwards you are a step closer to move forward. Sometimes a bad action is needed to get started on anything. Sometimes writing these articles I have a loss for words. The way I bust through it is to just write about anything and eventually I come up with something I like. Sometimes what I write is so-so in my eyes but, It gets me to move forward on something I really want to say.

Procrastination is Opportunity’s Assassin

~  Victor Kaim

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Iron Sky Or Nazis at the Center of the Earth which has better ROI?

I like to look at things through a financial perspective because it is easier for me to try and value anything. Money no matter what the currency ultimately is valued by labor. It is all relational. To make bread you have to factor the ingredients, the labor to make it, and the production tooling. The ingredients are a factor of labor by themselves as well as the manufacturing of the tooling. So all money is wealth which is a representation of labor.

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Deeper Dive in The Rule of 72 Part II

In part one the example of a 14 year old who invests $5000 one time of the money earned while babysitting showed the power of compounding over a long period of time. Of course as effective as it to invest one time for a long period of time is the most effective way to make use of this is to do the same process multiple times .

Parcheesi with 72 Spaces

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