Here is a summary of my financial status as compared to the Dave Ramsey Baby Steps:
1. USD 1,000 to start an EF: Check!
2. Pay of all debt using the Debt Snowball: I have two months left for getting rid of my debt on my rental property.
3. 3-6 months of expenses in savings: Check! (Well semi-check!) I have 3 months worth of expenses in savings but, unless I have a whole years' worth of cash (minus my passive income), I will not feel safe. If I can bring in my "forecast" income by the end of the year, that may be accomplished.
4.Invest 15% of income into ROTH IRAs and pre-tax retirement: We have what is called a Personal Retirement Account to which I am contributing that much. However, due to my age, I need to increase it. Besides, this is a fairly new thing (10 years) in this country so, what I have already accumulated in that account is not significant. Once the debt is gone, I shall divert my rental income property to that. BTW, there is no new tenant yet.
5. College Funding for Children: N/A. I have no kids.
6. Pay off home early: Check! I own my residence free and clear since 2005.
7. Build wealth and give: I donate money on a regular basis so, that is taken care of. I already own a rental property as a part of my building wealth but, I must start a new car fund (2018), home renovation fund(2016) and a Dream Vacation Fund once I clear off the debt and put away a whole year's worth of expenses aside.
All in all, I seem to be doing OK but, I do not feel that way. I am constantly worried about the future. For how long shall I be able to work? What if I get seriously sick? What if I become disabled? What if I live too long?
I do not have kids. My sister is married but she doesn't have kids either. Our family is really really very small. Mom, uncle, sis, BIL, two cousins (unmarried, no kids) and their mom. That is all. We do not have much of a support system by way of family. Except for my sister and her husband, everybody else is just getting by. Noone is wealthy and their income streams are small too. They may need help in the future and that is also a concern too. Sis and BIL work for a state owned bank and their income is steady though not high and they already have some assets to rely on. So, I am not worried about them but you never know...