Click (here) to read the financial roadmap help article for an overview.
How long does it take to get started?
- It just takes 13 minutes. We timed it.
Why is it showing steps were completed this month when they happened a while ago?
- We don’t have a time machine (yet), so we can’t set your dates in the past. When you start using the feature, the first date that will appear is the date you plug in your numbers. If you’ve already completed some Baby Steps, they’ll stack up on that date—but don’t worry. Everything moving forward will show on the right month!
How do you calculate my net worth?
- Fancy math. We take all of the numbers you give us and run them through the Baby Steps. We take into account the cash in your emergency fund, the value of your home, your retirement balances and how much you plan to put toward your goals each month. Then we adjust for inflation and voilà! You can see your net worth without having to lift a pencil.
Does my net worth include the current value of my real estate and retirement account balances?
- Sure does! We take into account your outstanding mortgage balance and equity (how much of your home you own), plus what you have saved for retirement so far. But as of now, we don’t take into account any paid-for properties, income raises and other assets.
What does “extra” mean? How does it get applied to each Baby Step?
- The extra amount is how much you can contribute toward your current Baby Step after paying all of your expenses. You can play around with this number to see what contributing more or less can do for your progress.
How does this work if I have outstanding debts?
- If you’re in Baby Step 2 (which means you’re paying off your debt using the debt snowball), that counts negatively toward your net worth since it’s money you owe. On your chart, you should see your projected debt-free date, and your net worth will start to go up after you’ve paid off all of your debts.
How does this work if I don’t have outstanding debts?
- If you’re debt-free, then you’re ready to start building wealth! Save up your fully funded emergency fund (Baby Step 3) of 3–6 months of expenses next, then start saving for retirement, putting money in your children’s college fund, and paying off your house early. You’ll see all of those milestones on your projected roadmap.
Why doesn’t the financial roadmap sync with the Baby Steps tracker or my EveryDollar budget?
- Our devs are working as fast as possible to make that happen, so hang tight! It’s coming soon.
Something looks off when I put in information for Baby Step 3b. What’s the deal?
- Right now, Baby Step 3b and Baby Step 6 don’t talk to each other. That means it’s not adding your home value from Baby Step 3b into your house payoff for Baby Step 6. We’re working on getting them fixed as soon as possible.