This is the dream: The ability to build wealth and give as part of Baby Step 7.
Once you're there, you are completely debt free including the house, and your money is working for you instead of the other way around. Life feels different when you own everything free and clear. Financial stress? What's that?
Why This Step Matters
The ultimate goal of the Baby Steps is to live and give like no one else. That means:
Continuing to invest and grow your wealth.
Being outrageously generous to causes and people you care about.
Leaving an inheritance and a legacy that will last for generations.
Enjoying the fruits of your efforts (take nice vacations, buy a new toy or two, etc)
How to Keep Building Wealth
Once you've paid everything off, the hardest step is over. But it's not the only step. Growing wealth takes consistency, patience, and a good plan. To do that:
Keep investing consistently and wisely.
Diversify your assets to protect your financial future.
Continue living on less than you make so you can give and save more.
Work with trusted financial professionals to create long-term plans for your wealth and estate.
Pro Tip: By creating an estate plan, you help to keep your wealth and legacy safe for your family.
Next Steps
Keep budgeting with EveryDollar so you can track your giving, set new wealth-building goals, and continue managing your money with purpose.