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StitcherThis is an old, classic piece of money advice that many people use to learn personal finance, but the world has changed a lot, and we can’t expect it to work the same way anymore. In this episode, Jen and Jill talk about the ways ‘Baby Steps Framework’ are still valid and the ways they believe they should be updated.
When you want your money long-term, pick up the simple path to wealth.
The Baby Steps Framework
Jill explains that the Baby Steps framework didn’t show up until the mid-1990s, with the formal list we know today coming together in the late ’90s to early 2000s. Since then, it hasn’t been updated since it was published in 2003. This gives context as to why these baby steps could be out of touch for many as we so we’re talking about advice that’s at least 23 years old.
Jen and Jill believe that timeline matters because interest rates, insurance markets, college costs, and wages looked very different back then. Jen also points out that as technology, personal situations, and the world itself change, the strategies we use with our money have to change too.
Then vs. Now
Jen and Jill go through all the seven baby steps and establish why it was a good idea before and what has shifted, making it outdated and out of touch today. They covered all things emergency fund, debt payoff, savings, investments, future plans for kids, mortgage, and building wealth. In the end, they also recommend a more modern equivalent approach of each baby step so that it is not far out of reach from our reality today.
What’s a financial rule you live by?
What keeps Jill anchored and allows her to experience success when it comes to money is patience. While Jen believes that the best way to save money is to spend time making it.
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Bill of The Week
Thanks Anon from New Zealand – thank you for sharing your bill about booking biz travel BUT getting cashback
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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Many personal finance books are lacking the personal aspect and truly identifying what you value and what aligns with you as a person. This book did just that. Loved the constant encouragement and doable ideas to figure out what you love and the best way to manage YOUR money that is personal to you.
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