Do you like the Dave Ramsey Baby Steps or the Crown Money Map? Dave Ramsey created the Baby Steps and Crown Financial Ministries created the Money Map for prioritizing and setting financial goals.
If you’re just joining, this is article #6 in a series about The Baby Steps and Money Map. I invite you to follow along with me as I walk you through both approaches, discuss my observations, hopefully, stimulate your thinking and raise some questions. I’ll round out the series with some summary thoughts.
Baby Step 6 – Money Map Destination 6
What does the Baby Step say?
- Pay off your home early.
What does the Money Map say?
- Home mortgage paid off.
- Children’s education is funded.
- Confirm estate plan is in order.
Observations and Questions
- Essentially, both approaches are coming in-line with one another in phase 6. At the end of this phase, both the Baby Steps and the Money Map have us paying off our homes and funding our children’s education.
- Have you ever thought about what it would be like to not have a home mortgage? Many people don’t think about the home mortgage as being debt, but it is just another form of debt. There are tax advantages to having a house paid for, but imagine all of the money one would have each month and over a year if the mortage payment was going to other financial objectives. The home mortgage by the Money Map and Baby Steps is the last remaining debt to be paid off.
- The Money Map highlights a very important step in planning and that is confirming your estate plan is in order. Since Destination 6 is near the final destination of retirement and in most cases the elderly years we are reminded to check our estate and make sure it’s in order. Setting up a will was recommended as something to do sooner than later. Here are 9 articles about estate planning created by Crown Financial Ministries.
- The Money Map scripture in this destination is John 8:32. “You will know the truth, and the truth will make you free.”
What are your thoughts on this phase? Have you ever given thought to paying off your home mortgage?
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