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The 12 Steps to Eliminate Debt and Build Wealth

Twelve steps, in order, in three phases. Each step frees up money for the next, so you never have to rely on willpower. Not sure where you are? The quiz takes two minutes.

Quiz: Which Step am I on?

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PHASE 1

Build a Foundation

1. Create an Undetailed Budget

2. Separate Income & Expenses

3. Save a 1-month emergency fund

4. Eliminate high-interest debt

PHASE 2

Build a Routine

5. Review insurance and wills

6. Get your employer match

7. Save a 6-month emergency fund

8. Eliminate all non-mortgage debt

PHASE 3

Build a Legacy

9. Invest 15% for retirement

10. Save for college

11. Use an HSA for long-term care

12. Pay off your mortgage

Every step, in plain language

Here are all of the steps in plain language, so you can get started today. Each page shows what to do, why it comes now and how you know you're done. And every step includes an example family, Alex and Jordan, so you can see the numbers at work.

Step 1: Create an Undetailed Budget

Five numbers instead of 80 categories.

Step 4: Eliminate High-Interest Debt

One debt at a time, like a laser.

Sidebar: A Primer on Investing

Boring investing wins.

Sidebar: Buying a House

Buy the house that keeps your surplus.

Step 11: Use an HSA to Self-Insure for Long-Term Care

Protect your retirement from a long illness.

Step 2: Separate Income & Expenses

You're already on a budget. Let your accounts enforce it.

Step 5: Review Insurance and Wills

Protect the people who count on you.

Step 7: Save a 6-Month Emergency Fund

Turn a cushion into a moat.

Step 9: Invest 15% of Gross Income for Retirement

Fund retirement without starving everything else.

Step 12: Pay Off Your Mortgage

Own your home outright.

Step 3: Save a 1-Month Emergency Fund

One month of life, set aside for surprises.

Step 6: Get Your Employer Match for Retirement

Free money first.

Step 8: Eliminate All Non-Mortgage Debt

The last of the consumer debt.

Step 10: Save for College

An education legacy, not a blank check.

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