7 ‘baby steps’ for building wealth and paying off debt

The US could have over 25 million millionaires by 2028, as projected by UBS’s 2024 Global Wealth Report. What are some quick and easy steps to take to quickly build up wealth?

Ramsey Solutions personal finance and budgeting expert Rachel Cruze lays out her seven “baby steps” to amassing wealth to Brad Smith on today’s episode of Wealth.

For starters, put together a $1,000 emergency fund. “40% of Americans can’t cover a $400 emergency in cash. So that starter fund of actually having cash is huge. So you can put that just in a high-yield savings account,” the Rachel Cruze Show host explains, slowly building up this emergency fund to cover up to six months of expenses.

Some of the other seven steps include getting out of consumer debt, saving for retirement, and paying off mortgages to own your home as soon as possible.

To watch more expert insights and analysis on the latest market action, check out more Wealth here.

This post was written by Luke Carberry Mogan.