Author: Phil Osagie

They should be enjoying sunset vacations, dance classes, afternoon golf or extra time with the grandkids. Instead, many Canadian seniors are sinking deeper into debt.

Nearly three in 10 Canadians (29%) planning to retire in the next 12 months expect to continue making mortgage payments into retirement, based on a new survey by Royal LePage.

According to the report, the age of first-time home buyers has been creeping up, which increases the odds of future generations of retirees carrying a mortgage into their non-earning years.

And it’s not just mortgage debt. At the end of 2024, the amount of money Canadians owed on credit cards increased by 9% compared to the year before.

Just because you’re carrying debt into retirement doesn’t mean it’s too late to regain control and find financial freedom. Here are three simple ways to tackle the problem and make your golden years shine brighter.

Make a budget

Debt happens when you spend more than you earn. If you can’t earn more, you have to spend less. The easiest way to do this is to make a budget.

Your budget can be simple, outlining your total monthly income, expected expenses and variable expenses. When you subtract your expenses from your income, you’ll know how much you have left over for savings, leisure and repaying debt.

Budgeting can be a challenge when trying to track multiple accounts and factor in daily expenses simultaneously. With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth.

If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.

The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

Consolidate your debt

Managing multiple debts can feel like an uphill battle, but debt consolidation can help you streamline your finances and put you on the fast track to becoming debt-free.

By merging your debts into one single personal loan — often with a reduced interest rate — you can save on interest charges while paying one predictable payment each month.

The process of finding the right loan is fast and easy with Loans Canada.

You can shop for the most competitive interest rates on personal and debt consolidation loans, since Loans Canada specializes in comparing rates offered by various lenders.

You don’t need a minimum credit score or annual income to receive personalized loan offers.

Use a transfer balance card

A balance transfer moves debt from one or more credit cards onto a new card with a low or zero interest promotional period. The keyword here is promotional.

Once that period ends, your interest rate jumps — quite often to double-digits. So the goal is simple: Use the 0% interest promotional period to pay off as much debt as possible.

Finding the right transfer balance credit card is important. Some cards offer 0% interest for a set period, while others offer low promotional rates with other perks.

If you consistently carry a balance on your credit card, you could opt to pay an annual fee in exchange for a lower interest rate overall.

The Scotiabank Value® Visa Card is perfect for this scenario. It offers a low intro rate of 0.99% for 9 months† — and the $29 annual fee is waived for the first year.

After the intro period, you can take advantage of the card’s lower-than-average interest rate for everyday purchases. A balance transfer card isn’t a reset button. It’s a tool — and like any tool, it only works if you use it properly.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Breaking out of the debt cycle isn’t easy.

According to research by Empower, 37% of Americans can’t cover a $400 emergency expense without borrowing money or dipping into their savings. And a startling 145 million Americans have less than $1,000 in savings.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 6 of the easiest ways you can catch up (and fast)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

So how do you beat debt and build wealth if you’re living paycheck to paycheck?

You may have already heard of Dave Ramsey’s 7 Baby Steps. The radio host and personal finance personality has popularized this step-by-step guide to take control of your money.

"It’s not a fairy tale. Anyone can do it, and the plan works every single time,” according to Ramsey. “Many people have used the plan to ditch debt, increase wealth, and live and give like no one else.”

Whether it’s high-yield savings accounts or low-fee investment options, here are tools that can help you put Dave Ramsey’s 7 Baby Steps into action.

Baby Step 1: Save $1,000 for your starter emergency fund

An emergency fund is a savings buffer set aside for unexpected expenses like home or car repairs – so you can avoid going into debt in case of an unplanned financial situation.

“Without an emergency fund, you are one car repair or medical bill away from financial disaster,” Ramsey noted.

But starting an emergency fund doesn’t have to be overwhelming.

One of the easiest ways to kickstart your emergency fund is by automatically saving your spare change with Acorns. When you make everyday purchases, Acorns rounds up the price to the nearest dollar and invests the difference for you in a smart investment portfolio.

For example, if you buy coffee for $4.30, Acorns will round up to $5.00 and automatically save that 70 cents. These small amounts can add up significantly – just $2.50 in daily round-ups could accumulate to $900 per year, helping you build your emergency fund without thinking about it.

Plus, if you sign up now you get a $20 bonus.

Another smart way to grow your emergency fund is by reducing monthly expenses.

For instance, many people are overpaying for car insurance simply because they don’t compare rates regularly.

OfficialCarInsurance.com makes it easy to compare quotes from leading insurers in your area, potentially saving you hundreds of dollars annually on premiums.

The process is 100% free and won’t affect your credit score. In just a few clicks, you could pay as little as $29 a month.

The money you save on lower insurance rates can go directly into your emergency fund, accelerating your progress toward financial security.

Baby Step 2: Pay off all debt (except the house) using the debt snowball

As of the third quarter of 2024, total credit card debt in the U.S. reached an all-time high of $1.17 trillion, according to the Federal Reserve.

Dave Ramsey recommends using the debt snowball method to pay off your debts. Focus on paying off the smallest debt first while making minimum payments on the others. Once the smallest is paid off, move that payment to the next smallest debt and keep going.

"Debt isn’t a math problem; it’s a behavior problem. The debt snowball method helps you change your behavior by giving you quick wins and keeping you motivated,” according to Ramsey.

Consolidating all your debts into a personal loan through Credible is an effective way to get rid of your debt faster. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.

Through Credible’s online marketplace, the process of finding the right loan becomes much simpler. Credible lets you comparison-shop for the lowest interest rates with just a few clicks.

In less than three minutes, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.

Even after consolidating your major debts, staying debt-free can be challenging especially with rising costs and unforeseen expenses. Budgeting and tracking can help you understand where your money is going, so you can make every dollar work for you.

With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth. You can prioritize saving for short or long term goals — like a vacation or a down payment for a house — with the app’s goal tracking feature.

If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.

The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

Baby Step 3: Save 3 to 6 months of expenses in a fully funded emergency fund

Now that your debt is behind you, keep moving forward with Dave Ramsey’s Baby Steps by focusing on building your fully funded emergency fund. “Take the money you were using to pay down debt and set aside three to six months’ worth of expenses,” according to Ramsey.

This will safeguard you from life’s bigger unexpected bumps – like job loss or a medical emergency – and help you stay on track without slipping back into debt.

Parking your cash in a high-yield savings account can significantly boost your savings and keep you on course to reach your financial goals. Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%.

Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

SavingsAccounts.com, is an online platform that compares savings accounts from over 400 banks and financial institutions. It provides up-to-date information on interest rates, fees and account features. SavingsAccounts.com can help you maximize your savings potential by finding accounts that best match your financial needs.

You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

Baby Step 4: Invest 15% of your household income in retirement

The next Baby Step is to start investing 15% of your gross income towards retirement.

“By the time you’re 67, you should still be working because you want to, not because you have to,” said Ramsey.

A trusted, pre-screened financial advisor can help you develop a solid retirement strategy.

According to research by Vanguard, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time. For instance, if you start with a $50,000 portfolio, you could potentially retire with an extra $1.3 million after 30 years of professional guidance.

With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Baby Step 5: Save for your children’s college fund

By this point, following Dave Ramsey’s 7 Baby Steps, you’ve paid off most of your debts (except the mortgage) and started saving for retirement. The next step is to begin saving for your children’s college expenses.

For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY Plus, SoFi charges no account, monthly or overdraft fees.

The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.

By combining these two powerful tools – earning higher interest rates on your cash while systematically funding a tax-advantaged 529 plan – you can build a solid college savings strategy that works in the background while you focus on other aspects of family life and the next Dave Ramsey Baby Step.

Baby Step 6: Pay off your home early

Now, bring it all home. Your mortgage is the only thing between you and complete freedom from debt. Ramsey said, “Baby Step 6 is the big dog!”

Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two effective ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

Their team of experienced professionals will guide you through the process, helping you understand the potential savings and timeline to become mortgage-free and cross out another Ramsey Baby Step.

When you finally pay off the mortgage, you can then start making your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

Baby Step 7: Build wealth and give

Ramsey said the last step is the most rewarding: keep building wealth, become outrageously generous and leave a legacy.

Real estate has long been a proven path to building generational wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a new Gallup survey.

Today it’s easier than ever to enter the market with crowdfunding investing platforms like Arrived.

For as little as $100, Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

The next factor to consider is the preservation and protection of your wealth. Life insurance is one such tool for protecting your wealth, offering financial security for your family and ensuring your legacy is preserved.

When selecting an insurance type, Dave Ramsey recommends that families choose term life insurance over whole life insurance and invest the significant savings in a tax-advantaged retirement account.

Term life insurance offers coverage for a predetermined period that typically ranges from 10 to 30 years. If the insured person dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option compared to whole life insurance.

Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.

With Ethos, you can get a policy with up to $2 million in coverage, starting at just $2 per day. The application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

The stock market has long been the go-to choice for people looking to invest their money. But that could be about to change as a younger generation — with a preference for alternative investments outside the shaky stock market — enters the scene.

According to a recent survey from Bank of America, individuals aged 21 to 43 with at least $3 million in assets only have 25% of their portfolio invested in stocks — compared to 55% for wealthy investors aged above 43.

Most rich, young Americans (93%) say they plan to allocate more of their portfolio to alternatives in the next few years. So, what alternative investments are capturing the interest of these young millionaires?

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

A golden opportunity to hedge against inflation

The Bank of America survey revealed that among wealthy young investors, 45% own gold as a physical asset, and another 45% are interested in holding it.

Historically, gold has served as a hedge against inflation and market volatility. Many investors turn to “safe haven” assets like gold during economic and geopolitical instability to preserve their wealth.

The enthusiasm of investors has indeed propelled the price of gold to record levels with the precious metal recently sitting around the $3,300 per ounce mark as of June 2025.

There are lots of gold assets to choose from, including gold bars, coins and gold stocks.

But right now, opening a gold IRA could be particularly practical as part of your long-term strategy.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover. Others might offer free gold, silver or other metals up to a certain amount when you make a qualifying purchase.

If you think this might be the right investment for you, you can request a free information guide that can help you learn how to diversify your portfolio and secure your retirement fund.

Real estate: rich with opportunity

Real estate has long been considered a solid portfolio hedge, as rent and property values tend to increase with inflation. It’s no surprise that high-net-worth individuals — regardless of their age — see opportunity in this asset.

In the Bank of America survey, 31% of younger people said real estate presents the greatest opportunities for growth. Federal Reserve data also shows that the top 1% of Americans hold over $6 trillion in real estate assets.

You can tap into this market by investing in shares of vacation homes or rental properties through Arrived.

Backed by world-class investors including Jeff Bezos, Arrived allows you to invest in shares of vacation and rental properties, earning a passive income stream without the extra work that comes with being a landlord of your own rental property.

To get started, simply browse through their selection of vetted properties, each picked for their potential appreciation and income generation. Once you choose a property, you can start investing with as little as $100, potentially earning quarterly dividends.

Artwork: a creative way to diversify

More than 72% of younger investors (ages 21-43) believe it is no longer possible to achieve above average investment returns by investing solely in traditional stocks and bonds. Art is one of the alternative investments that has captured the attention of smart investors.

With over $67 billion in annual transaction volume and a total estimated global value of $1.7 trillion, art represents a massive asset class, according to Deloitte.

In fact, fine art has historically outperformed the S&P 500, with contemporary art achieving an annual return of 11.5% from 1995 to 2023, compared to the S&P 500’s 9.6% during the same period.

In the past, you had to be ultra wealthy to invest in art, considering you needed to have the millions it takes to buy a painting at an auction.

But Masterworks has now changed that. This investment platform has made it possible for more investors to access this prized asset.

Instead of buying a single painting for millions of dollars, you can now invest in fractional shares of blue-chip paintings by renowned artists including Pablo Picasso, Basquiat and Banksy.

All you have to do is select how many shares you want to buy and Masterworks will take care of the rest.

How it works

• Step 1: Accredited investors need to visit Masterworks.com, where they’ll be prompted to enter a few details about their portfolio and investment goals.

• Step 2: Investors can schedule a call with one of Masterworks Advisers — registered investment representatives — to determine which current art holdings match their investment goals. The benefit is that you can select one or many art pieces, buying fractional shares based on your interests and goals.

• Step 3: As soon as Masterworks sells a piece you invested in, you get a return from the net proceeds. While every artwork performs differently, overall the past three exits — where Masterworks has acquired, held and eventually sold the art work — delivered median returns of 17.6%, 17.8%, and 21.5%.

See important Regulation A disclosures at Masterworks.com/cd.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Private equity investing

Private equity refers to investments in companies that are not publicly traded on a stock exchange. This asset class involves investing directly in private companies, often during their growth stages or through buyouts.

It remains a popular choice among young investors seeking higher returns and more control over their investments.

The Bank of America survey showed that over 25% of young wealthy millionaires identified private equity as one of the greatest growth opportunities.

While private equity offers significant upside potential, it also requires a longer-term commitment and comes with higher risks than public equities.

Private equity is a broad category that spans a wide range of assets. So, finding a firm that can help you allocate your capital to the right assets, could be a way to dip your toe into this lucrative category.

With Fundrise you get access to an expansive portfolio of alternative investment opportunities spanning real estate, private debt and venture capital.

With over two million investors and managing over $7 billion in real estate assets alone, Fundrise is an accessible way to diversify your portfolio with the potential of yielding dividends every quarter.

To get started, all you have to do is share some details about financial background and investing style, then Fundrise will build a portfolio for you that aligns with your goals and risk tolerance

We earn a commission for this endorsement of Fundrise.

Cryptocurrency: more than a craze

Investors used to be skeptical about cryptocurrency, perhaps due to its speculative and highly volatile nature. But it has now entered the mainstream, and especially with President Trump vowing to create a “strategic national Bitcoin stockpile”, crypto has surged to a global market cap of $3.72 trillion.

It’s no surprise that the wealthy millennials and Gen Z are fond of this asset class. In the Bank of America survey, 29% of younger people said cryptos offer the greatest opportunities for growth, while only 7% of the older group agreed.

Rich young Americans also allocated 15% of their portfolios to crypto, compared to 2% of the older generation.

If you’re interested in getting in on the crypto game, you can join the club through platforms like Gemini, which allows users to buy, sell and stores bitcoin and 70 other cryptocurrencies.

You can place instant, recurring and limit buys on our growing and vetted list of available cryptos.

But if you’re not ready to buy just yet, you can still invest in crypto with their Gemini credit card.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Breaking out of the debt cycle isn’t easy.

According to research by Empower, 37% of Americans can’t cover a $400 emergency expense without borrowing money or dipping into their savings. And a startling 145 million Americans have less than $1,000 in savings.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now

So how do you beat debt and build wealth if you’re living paycheck to paycheck?

You may have already heard of Dave Ramsey’s 7 Baby Steps. The radio host and personal finance personality has popularized this step-by-step guide to take control of your money.

"It’s not a fairy tale. Anyone can do it, and the plan works every single time,” according to Ramsey. “Many people have used the plan to ditch debt, increase wealth, and live and give like no one else.”

Whether it’s high-yield savings accounts or low-fee investment options, here are tools that can help you put Dave Ramsey’s 7 Baby Steps into action.

Baby Step 1: Save $1,000 for your starter emergency fund

An emergency fund is a savings buffer set aside for unexpected expenses like home or car repairs – so you can avoid going into debt in case of an unplanned financial situation.

“Without an emergency fund, you are one car repair or medical bill away from financial disaster,” Ramsey noted.

But starting an emergency fund doesn’t have to be overwhelming.

One of the easiest ways to kickstart your emergency fund is by automatically saving your spare change with Acorns. When you make everyday purchases, Acorns rounds up the price to the nearest dollar and invests the difference for you in a smart investment portfolio.

For example, if you buy coffee for $4.30, Acorns will round up to $5.00 and automatically save that 70 cents. These small amounts can add up significantly – just $2.50 in daily round-ups could accumulate to $900 per year, helping you build your emergency fund without thinking about it.

Plus, if you sign up now you get a $20 bonus.

Another smart way to grow your emergency fund is by reducing monthly expenses.

For instance, many people are overpaying for car insurance simply because they don’t compare rates regularly.

OfficialCarInsurance.com makes it easy to compare quotes from leading insurers in your area, potentially saving you hundreds of dollars annually on premiums.

The process is 100% free and won’t affect your credit score. In just a few clicks, you could pay as little as $29 a month.

The money you save on lower insurance rates can go directly into your emergency fund, accelerating your progress toward financial security.

Baby Step 2: Pay off all debt (except the house) using the debt snowball

As of the third quarter of 2024, total credit card debt in the U.S. reached an all-time high of $1.17 trillion, according to the Federal Reserve.

Dave Ramsey recommends using the debt snowball method to pay off your debts. Focus on paying off the smallest debt first while making minimum payments on the others. Once the smallest is paid off, move that payment to the next smallest debt and keep going.

"Debt isn’t a math problem; it’s a behavior problem. The debt snowball method helps you change your behavior by giving you quick wins and keeping you motivated,” according to Ramsey.

Consolidating all your debts into a personal loan through Credible is an effective way to get rid of your debt faster. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.

Through Credible’s online marketplace, the process of finding the right loan becomes much simpler. Credible lets you comparison-shop for the lowest interest rates with just a few clicks.

In less than three minutes, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.

Even after consolidating your major debts, staying debt-free can be challenging especially with rising costs and unforeseen expenses. Budgeting and tracking can help you understand where your money is going, so you can make every dollar work for you.

With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth. You can prioritize saving for short or long term goals — like a vacation or a down payment for a house — with the app’s goal tracking feature.

If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.

The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

Baby Step 3: Save 3 to 6 months of expenses in a fully funded emergency fund

Now that your debt is behind you, keep moving forward with Dave Ramsey’s Baby Steps by focusing on building your fully funded emergency fund. “Take the money you were using to pay down debt and set aside three to six months’ worth of expenses,” according to Ramsey.

This will safeguard you from life’s bigger unexpected bumps – like job loss or a medical emergency – and help you stay on track without slipping back into debt.

Parking your cash in a high-yield savings account can significantly boost your savings and keep you on course to reach your financial goals. Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%.

Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

SavingsAccounts.com, is an online platform that compares savings accounts from over 400 banks and financial institutions. It provides up-to-date information on interest rates, fees and account features. SavingsAccounts.com can help you maximize your savings potential by finding accounts that best match your financial needs.

You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

Baby Step 4: Invest 15% of your household income in retirement

The next Baby Step is to start investing 15% of your gross income towards retirement.

“By the time you’re 67, you should still be working because you want to, not because you have to,” said Ramsey.

A trusted, pre-screened financial advisor can help you develop a solid retirement strategy.

According to research by Vanguard, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time. For instance, if you start with a $50,000 portfolio, you could potentially retire with an extra $1.3 million after 30 years of professional guidance.

With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Baby Step 5: Save for your children’s college fund

By this point, following Dave Ramsey’s 7 Baby Steps, you’ve paid off most of your debts (except the mortgage) and started saving for retirement. The next step is to begin saving for your children’s college expenses.

For example, you can open a high-yield checking and savings account with SoFi and earn up to 3.80% APY Plus, SoFi charges no account, monthly or overdraft fees.

The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.

By combining these two powerful tools – earning higher interest rates on your cash while systematically funding a tax-advantaged 529 plan – you can build a solid college savings strategy that works in the background while you focus on other aspects of family life and the next Dave Ramsey Baby Step.

Baby Step 6: Pay off your home early

Now, bring it all home. Your mortgage is the only thing between you and complete freedom from debt. Ramsey said, “Baby Step 6 is the big dog!”

Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two effective ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

Their team of experienced professionals will guide you through the process, helping you understand the potential savings and timeline to become mortgage-free and cross out another Ramsey Baby Step.

When you finally pay off the mortgage, you can then start making your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

Baby Step 7: Build wealth and give

Ramsey said the last step is the most rewarding: keep building wealth, become outrageously generous and leave a legacy.

Real estate has long been a proven path to building generational wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a new Gallup survey.

Today it’s easier than ever to enter the market with crowdfunding investing platforms like Arrived.

For as little as $100, Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

The next factor to consider is the preservation and protection of your wealth. Life insurance is one such tool for protecting your wealth, offering financial security for your family and ensuring your legacy is preserved.

When selecting an insurance type, Dave Ramsey recommends that families choose term life insurance over whole life insurance and invest the significant savings in a tax-advantaged retirement account.

Term life insurance offers coverage for a predetermined period that typically ranges from 10 to 30 years. If the insured person dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option compared to whole life insurance.

Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.

With Ethos, you can get a policy with up to $2 million in coverage, starting at just $2 per day. The application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Breaking out of the debt cycle isn’t easy.

According to research by Empower, 37% of Americans can’t cover a $400 emergency expense without borrowing money or dipping into their savings. And a startling 145 million Americans have less than $1,000 in savings.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• This is how American car dealers use the ‘4-square method’ to make big profits off you — and how you can ensure you pay a fair price for all your vehicle costs

So how do you beat debt and build wealth if you’re living paycheck to paycheck?

You may have already heard of Dave Ramsey’s 7 Baby Steps. The radio host and personal finance personality has popularized this step-by-step guide to take control of your money.

"It’s not a fairy tale. Anyone can do it, and the plan works every single time,” according to Ramsey. “Many people have used the plan to ditch debt, increase wealth, and live and give like no one else.”

Whether it’s high-yield savings accounts or low-fee investment options, here are tools that can help you put Dave Ramsey’s 7 Baby Steps into action.

Baby Step 1: Save $1,000 for your starter emergency fund

An emergency fund is a savings buffer set aside for unexpected expenses like home or car repairs – so you can avoid going into debt in case of an unplanned financial situation.

“Without an emergency fund, you are one car repair or medical bill away from financial disaster,” Ramsey noted.

But starting an emergency fund doesn’t have to be overwhelming.

One of the easiest ways to kickstart your emergency fund is by automatically saving your spare change with Acorns. When you make everyday purchases, Acorns rounds up the price to the nearest dollar and invests the difference for you in a smart investment portfolio.

For example, if you buy coffee for $4.30, Acorns will round up to $5.00 and automatically save that 70 cents. These small amounts can add up significantly – just $2.50 in daily round-ups could accumulate to $900 per year, helping you build your emergency fund without thinking about it.

Plus, if you sign up now you get a $20 bonus.

Another smart way to grow your emergency fund is by reducing monthly expenses.

For instance, many people are overpaying for car insurance simply because they don’t compare rates regularly.

OfficialCarInsurance.com makes it easy to compare quotes from leading insurers in your area, potentially saving you hundreds of dollars annually on premiums.

The process is 100% free and won’t affect your credit score. In just a few clicks, you could pay as little as $29 a month.

The money you save on lower insurance rates can go directly into your emergency fund, accelerating your progress toward financial security.

Baby Step 2: Pay off all debt (except the house) using the debt snowball

As of the third quarter of 2024, total credit card debt in the U.S. reached an all-time high of $1.17 trillion, according to the Federal Reserve.

Dave Ramsey recommends using the debt snowball method to pay off your debts. Focus on paying off the smallest debt first while making minimum payments on the others. Once the smallest is paid off, move that payment to the next smallest debt and keep going.

"Debt isn’t a math problem; it’s a behavior problem. The debt snowball method helps you change your behavior by giving you quick wins and keeping you motivated,” according to Ramsey.

Consolidating all your debts into a personal loan through Credible is an effective way to get rid of your debt faster. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.

Through Credible’s online marketplace, the process of finding the right loan becomes much simpler. Credible lets you comparison-shop for the lowest interest rates with just a few clicks.

In less than three minutes, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.

Even after consolidating your major debts, staying debt-free can be challenging especially with rising costs and unforeseen expenses. Budgeting and tracking can help you understand where your money is going, so you can make every dollar work for you.

With YNAB, you can track spending and saving all in one place. Link your accounts so you can see a big-picture look of your expenses and net worth growth. You can prioritize saving for short or long term goals — like a vacation or a down payment for a house — with the app’s goal tracking feature.

If you want to pay debts faster, you can create personalized paydown plans to calculate how much interest you’d save if you topped up your monthly payments with a little extra.

The easy-to-use platform allows you to simplify spending decisions and clarify your financial priorities. Plus, you don’t need to add your credit card information to start your free trial today.

Baby Step 3: Save 3 to 6 months of expenses in a fully funded emergency fund

Now that your debt is behind you, keep moving forward with Dave Ramsey’s Baby Steps by focusing on building your fully funded emergency fund. “Take the money you were using to pay down debt and set aside three to six months’ worth of expenses,” according to Ramsey.

This will safeguard you from life’s bigger unexpected bumps – like job loss or a medical emergency – and help you stay on track without slipping back into debt.

Parking your cash in a high-yield savings account can significantly boost your savings and keep you on course to reach your financial goals. Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%.

Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

SavingsAccounts.com, is an online platform that compares savings accounts from over 400 banks and financial institutions. It provides up-to-date information on interest rates, fees and account features. SavingsAccounts.com can help you maximize your savings potential by finding accounts that best match your financial needs.

You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

Baby Step 4: Invest 15% of your household income in retirement

The next Baby Step is to start investing 15% of your gross income towards retirement.

“By the time you’re 67, you should still be working because you want to, not because you have to,” said Ramsey.

A trusted, pre-screened financial advisor can help you develop a solid retirement strategy.

According to research by Vanguard, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time. For instance, if you start with a $50,000 portfolio, you could potentially retire with an extra $1.3 million after 30 years of professional guidance.

Finding the right advisor for your needs is simple with Advisor.com. Their platform connects you with an experienced, qualified financial professional in your local area who can provide personalized guidance.

A professional advisor can also help you assess how many years you have left to invest before retirement and determine your comfort level with market fluctuations, both of which are key to creating the right asset mix for your portfolio.

Through Advisor.com, you can schedule a free consultation with no obligation to hire to discuss your financial goals and retirement planning needs.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Baby Step 5: Save for your children’s college fund

By this point, following Dave Ramsey’s 7 Baby Steps, you’ve paid off most of your debts (except the mortgage) and started saving for retirement. The next step is to begin saving for your children’s college expenses.

If you want to give your children the gift of education without the burden of student loans, Wealthfront offers a powerful combination of tools to help make college savings easy and efficient. Start by opening a high-yield cash account that puts your money to work immediately, earning competitive interest rates while maintaining the flexibility you need. Plus, if you fund your account with $500 or more, you can get a $30 bonus with Wealthfront Cash.

Wealthfront’s platform makes it simple to automate regular transfers from your high-yield cash account directly into a 529 college savings plan. This automation helps ensure consistent contributions toward your children’s education fund. Your investments grow tax-free, and as long as the money is used for qualified education expenses, you won’t pay taxes on the withdrawals either. It’s like getting a bonus on top of your savings.

By combining these two powerful tools – earning higher interest rates on your cash while systematically funding a tax-advantaged 529 plan – you can build a solid college savings strategy that works in the background while you focus on other aspects of family life and the next Dave Ramsey Baby Step.

Baby Step 6: Pay off your home early

Now, bring it all home. Your mortgage is the only thing between you and complete freedom from debt. Ramsey said, “Baby Step 6 is the big dog!”

Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two effective ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

Their team of experienced professionals will guide you through the process, helping you understand the potential savings and timeline to become mortgage-free and cross out another Ramsey Baby Step.

When you finally pay off the mortgage, you can then start making your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

Baby Step 7: Build wealth and give

Ramsey said the last step is the most rewarding: keep building wealth, become outrageously generous and leave a legacy.

Real estate has long been a proven path to building generational wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a new Gallup survey.

Today it’s easier than ever to enter the market with crowdfunding investing platforms like Arrived.

For as little as $100, Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

The next factor to consider is the preservation and protection of your wealth. Life insurance is one such tool for protecting your wealth, offering financial security for your family and ensuring your legacy is preserved.

When selecting an insurance type, Dave Ramsey recommends that families choose term life insurance over whole life insurance and invest the significant savings in a tax-advantaged retirement account.

Term life insurance offers coverage for a predetermined period that typically ranges from 10 to 30 years. If the insured person dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option compared to whole life insurance.

Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.

With Ethos, you can get a policy with up to $2 million in coverage, starting at just $2 per day. The application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

What to read next

• JPMorgan sees gold soaring to $6,000/ounce — use this 1 simple IRA trick to lock in those potential shiny gains (before it’s too late)
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

With an estimated net worth of $161.8 billion, Warren Buffett, the CEO of Berkshire Hathaway, has built a tremendous financial empire.

Now, At 94 years old, Warren Buffett has finally decided to retire from his longtime post, having announced the decision at the company’s annual shareholder meeting in early May. Vice-chair Greg Abel will take over the top job as of Jan. 1, 2026, and Buffett will remain as chairman.

With a net worth like his, you might anticipate Buffett living a lavish retirement. But unlike the high-roller lifestyles of other extremely rich celebrities and business people, Warren Buffett lives by smart — and surprisingly simple — investment philosophies that have positively influenced millions of investors around the world. One of his most famous rules is to buy and hold for as long as possible.

“You’ve got to be prepared when you buy a stock to have it go down 50% or more, and be comfortable with it… but some people are not really careful. Some people are more subject to fear than others.”

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now

Invest in yourself

At the 2022 Berkshire Hathaway annual shareholder’s meeting, Buffet said “Whatever abilities you have can’t be taken away from you. They can’t be inflated away from you,” he said. “The best investment by far is anything that develops yourself, and it’s not taxed at all.”

While this isn’t a traditional investment tip, Buffett firmly believes that by regularly investing in knowledge and self-improvement, you yourself become an asset and can more easily access opportunities for growing your wealth.

Even now, Buffett has wise investment advice for investors seeking to shield their wealth and even grow it while keeping their tax obligations low.

Here are some of his top investing strategies.

Real estate

Real estate is generally a “good investment” during times of inflation, according to Buffett.

“They’re the businesses that you buy once and then you don’t have to keep making capital investments subsequently. So, you do not face the problem of continuous reinvestments involving greater and greater dollars because of inflation,” he said during the 2015 Berkshire Hathaway shareholders meeting.

But, while real estate might be a good investment, its barrier to entry can be difficult to cross. Luckily, there are plenty of platforms out there that allow you to invest in real estate with ease.

First National Realty Partners makes it easy for accredited investors to diversify through opportunities in grocery-anchored, necessity-based retail space.

Through FNRP’s online platform, accredited investors can potentially collect quarterly cash flow through a diverse real estate portfolio.

New investing platforms are making it easier than ever to tap into the real estate market.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

If you’re not an accredited investor, crowdfunding platforms like Arrived allows you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Stocks pricing power

Buffett has been around the block a few times, experiencing many highs and lows in the U.S. economy. He has managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of insight on what to own when consumer prices spike.

Buffett likes high-quality businesses with low capital needs, such as Apple. The technology company boasts some impressive financial metrics — a testament to the company’s efficiency, strength and negotiating power — which have enabled it to thrive during this period of inflation.

If you’re looking for a low-stress way to start your investing journey, consider signing up for Acorns, an automated savings and investment app.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. Right now, when you sign up for Acorns, you can get a bonus $20 bonus investment to start growing your savings.

Gold

While Buffett is known for being uninterested in gold investing — describing it in a 2011 letter to shareholders as an asset “that will never produce anything” — other money mavens consider it to be a solid hedge against inflation because its purchasing power has remained relatively stable over time.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover.

Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

What to read next

• Millions of Americans now sit on a stunning $35 trillion in home equity — here’s 1 new way to invest in responsible US homeowners while targeting a 14%-17% IRR
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.

About 20% of Americans aged 50 and older have nothing saved for retirement, according to a recent survey by AARP.

For those starting late, the challenge to save enough in time might seem daunting. Americans, on average, believe they’ll need nearly $1.46 million for a comfortable retirement, based on a 2024 study by Northwestern Mutual.

Even if you’re one of the many Americans falling short of what you expected to have stashed away for retirement by now, you still have options — here are six ways to catch up fast.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now

Automatically invest your spare change

You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.

Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

Plus, if you sign up now, you can get a $20 bonus investment.

Supercharge your retirement contributions

Take advantage of your employer’s 401(k) matching program if that’s an option. Work toward increasing contributions whenever you receive a raise or bonus.

If you’re looking for other options to fund your retirement, you might consider investing directly in precious metals.

One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of Thor Metals.

Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account, thereby combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an attractive option for those looking to potentially hedge their retirement funds against economic uncertainties.

To learn more, you can get a free information guide that includes details on how to get up to $20,000 in free metals on qualifying purchases.

Maximize your current savings

57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.41%, according to the Federal Deposit Insurance Corporation (FDIC).

If you want to grow your savings more efficiently, you can do just that with a high-yield cash account like the one offered by Wealthfront.

Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 4.00% APY — almost 10x the national average.

With full access to your money at all times, Wealthfront also offers fast (and free) transfers to internal Wealthfront investing accounts, as well as external accounts.

To get started, you can fund your cash account with as little as $1 and start stacking up your savings.

And if you fund your account with $500 or more, you’ll get a $30 bonus with Wealthfront Cash.

Find additional sources of capital

With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Ensure your loved ones are taken care of

Many retirees are part of a couple, relying on the income from two people to make ends meet.

If the worst should happen, you’ll want to ensure your partner has the funds they’ll need to cover unexpected costs.

Life insurance can offer a versatile solution to help support your family, providing coverage to potentially replace lost income or settle outstanding debts in the event of your death.

Opting for term life insurance through a provider like Ethos, ensures that as you age, your loved ones are protected from unexpected costs. With term life insurance, you can secure affordable coverage while managing your other financial responsibilities.

Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms spanning from 10 to 30 years. To get a free quote, simply answer a few questions about yourself. Then, you can compare various policies and choose one that best suits your needs.

Talk to a financial advisor

With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you’ve got the right portfolio to meet your goals on time.

Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.

Once you’re set, you can sit back as Vanguard’s advisors manage your portfolio. Because they’re fiduciaries, they don’t earn commissions, so you can trust that the advice you’re getting is unbiased.

What to read next

• Millions of Americans now sit on a stunning $35 trillion in home equity — here’s 1 new way to invest in responsible US homeowners while targeting a 14%-17% IRR
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

Breaking out of the debt cycle isn’t easy.

According to research by Empower, 37% of Americans can’t cover a $400 emergency expense without borrowing money or dipping into their savings. And a startling 145 million Americans have less than $1,000 in savings.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now

So how do you beat debt and build wealth if you’re living paycheck to paycheck?

You may have already heard of Dave Ramsey’s 7 Baby Steps. The radio host and personal finance personality has popularized this step-by-step guide to take control of your money.

"It’s not a fairy tale. Anyone can do it, and the plan works every single time,” according to Ramsey. “Many people have used the plan to ditch debt, increase wealth, and live and give like no one else.”

Whether it’s high-yield savings accounts or low-fee investment options, here are tools that can help you put Dave Ramsey’s 7 Baby Steps into action.

Baby Step 1: Save $1,000 for your starter emergency fund

An emergency fund is a savings buffer set aside for unexpected expenses like home or car repairs – so you can avoid going into debt in case of an unplanned financial situation.

“Without an emergency fund, you are one car repair or medical bill away from financial disaster,” Ramsey noted.

But starting an emergency fund doesn’t have to be overwhelming.

One of the easiest ways to kickstart your emergency fund is by automatically saving your spare change with Acorns. When you make everyday purchases, Acorns rounds up the price to the nearest dollar and invests the difference for you in a smart investment portfolio.

For example, if you buy coffee for $4.30, Acorns will round up to $5.00 and automatically save that 70 cents. These small amounts can add up significantly – just $2.50 in daily round-ups could accumulate to $900 per year, helping you build your emergency fund without thinking about it.

Plus, if you sign up now you get a $20 bonus.

Another smart way to grow your emergency fund is by reducing monthly expenses.

For instance, many people are overpaying for car insurance simply because they don’t compare rates regularly.

OfficialCarInsurance.com makes it easy to compare quotes from leading insurers in your area, potentially saving you hundreds of dollars annually on premiums.

The process is 100% free and won’t affect your credit score. In just a few clicks, you could pay as little as $29 a month.

The money you save on lower insurance rates can go directly into your emergency fund, accelerating your progress toward financial security.

Baby Step 2: Pay off all debt (except the house) using the debt snowball

As of the third quarter of 2024, total credit card debt in the U.S. reached an all-time high of $1.17 trillion, according to the Federal Reserve.

Dave Ramsey recommends using the debt snowball method to pay off your debts. Focus on paying off the smallest debt first while making minimum payments on the others. Once the smallest is paid off, move that payment to the next smallest debt and keep going.

"Debt isn’t a math problem; it’s a behavior problem. The debt snowball method helps you change your behavior by giving you quick wins and keeping you motivated,” according to Ramsey.

Consolidating all your debts into a personal loan through Credible is an effective way to get rid of your debt faster. Instead of juggling multiple monthly payments, you’ll have one predictable payment to manage each month.

Through Credible’s online marketplace, the process of finding the right loan becomes much simpler. Credible lets you comparison-shop for the lowest interest rates with just a few clicks.

In less than three minutes, you’ll see all the lenders willing to help pay off your credit cards or other debts with a single personal loan.

Even after consolidating your major debts, staying debt-free can be challenging especially with rising costs and unforeseen expenses. A budget tool such as Monarch Money’s expense tracking system can be extremely valuable in this process.

Monarch is the all-in-one money app that brings together everything you need to manage your finances effectively. The platform seamlessly connects all your accounts in one place, giving you a crystal-clear picture of where you stand each month.

Whether you’re looking to save, invest, or get out of debt, Monarch helps simplify your finances and return control of your money to you. Plus for a limited time you can get 50% OFF your first year with the code MONARCHVIP for a limited time.

Baby Step 3: Save 3 to 6 months of expenses in a fully funded emergency fund

Now that your debt is behind you, keep moving forward with Dave Ramsey’s Baby Steps by focusing on building your fully funded emergency fund. “Take the money you were using to pay down debt and set aside three to six months’ worth of expenses,” according to Ramsey.

This will safeguard you from life’s bigger unexpected bumps – like job loss or a medical emergency – and help you stay on track without slipping back into debt.

Parking your cash in a high-yield savings account can significantly boost your savings and keep you on course to reach your financial goals. Such accounts offer interest rates that are often 10 to 12 times higher than the national average for traditional savings accounts, which currently stands at around 0.41%.

Unfortunately, over 82% of Americans aren’t using such high-yield savings accounts — leaving money on the table, according to CNBC Select. So, it’s important to shop around and compare rates.

SavingsAccounts.com, is an online platform that compares savings accounts from over 400 banks and financial institutions. It provides up-to-date information on interest rates, fees and account features. SavingsAccounts.com can help you maximize your savings potential by finding accounts that best match your financial needs.

You can check out the Moneywise list of the Best High Yield Savings Accounts of 2025 to find some savvy savings options that can earn you more than the national average of 0.4% APY.

Baby Step 4: Invest 15% of your household income in retirement

The next Baby Step is to start investing 15% of your gross income towards retirement.

“By the time you’re 67, you should still be working because you want to, not because you have to,” said Ramsey.

A trusted, pre-screened financial advisor can help you develop a solid retirement strategy.

According to research by Vanguard, people who work with financial advisors see a 3% increase in net returns. This difference can be substantial over time. For instance, if you start with a $50,000 portfolio, you could potentially retire with an extra $1.3 million after 30 years of professional guidance.

Finding the right advisor for your needs is simple with Advisor.com. Their platform connects you with an experienced, qualified financial professional in your local area who can provide personalized guidance.

A professional advisor can also help you assess how many years you have left to invest before retirement and determine your comfort level with market fluctuations, both of which are key to creating the right asset mix for your portfolio.

Through Advisor.com, you can schedule a free consultation with no obligation to hire to discuss your financial goals and retirement planning needs.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Baby Step 5: Save for your children’s college fund

By this point, following Dave Ramsey’s 7 Baby Steps, you’ve paid off most of your debts (except the mortgage) and started saving for retirement. The next step is to begin saving for your children’s college expenses.

If you want to give your children the gift of education without the burden of student loans, Wealthfront offers a powerful combination of tools to help make college savings easy and efficient. Start by opening a high-yield cash account that puts your money to work immediately, earning competitive interest rates while maintaining the flexibility you need.

Wealthfront’s platform makes it simple to automate regular transfers from your high-yield cash account directly into a 529 college savings plan. This automation helps ensure consistent contributions toward your children’s education fund. Your investments grow tax-free, and as long as the money is used for qualified education expenses, you won’t pay taxes on the withdrawals either. It’s like getting a bonus on top of your savings.

By combining these two powerful tools – earning higher interest rates on your cash while systematically funding a tax-advantaged 529 plan – you can build a solid college savings strategy that works in the background while you focus on other aspects of family life and the next Dave Ramsey Baby Step.

Baby Step 6: Pay off your home early

Now, bring it all home. Your mortgage is the only thing between you and complete freedom from debt. Ramsey said, “Baby Step 6 is the big dog!”

Refinancing your home loan through Mortgage Research Center could help you pay off your mortgage early in two effective ways. By securing a lower interest rate, you can either maintain your current monthly payment while more of it goes toward the principal, or you can opt for a shorter loan term to accelerate your path to homeownership.

When you refinance to a shorter term, such as moving from a 30-year to a 15-year mortgage, you’ll typically receive a lower interest rate while significantly reducing the total interest paid over the life of your loan. Though your monthly payments may increase, you’ll build equity faster and own your home outright years earlier than planned.

Mortgage Research Center, licensed in all 50 states, can help you explore your refinancing options and find the solution that best fits your financial goals.

Their team of experienced professionals will guide you through the process, helping you understand the potential savings and timeline to become mortgage-free and cross out another Ramsey Baby Step.

When you finally pay off the mortgage, you can then start making your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, pay substantial debt, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

Baby Step 7: Build wealth and give

Ramsey said the last step is the most rewarding: keep building wealth, become outrageously generous and leave a legacy.

Real estate has long been a proven path to building generational wealth. For the 12th year in a row, Americans have ranked real estate as the best long-term investment in 2024, according to a new Gallup survey.

Today it’s easier than ever to enter the market with crowdfunding investing platforms like Arrived.

For as little as $100, Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

The next factor to consider is the preservation and protection of your wealth. Life insurance is one such tool for protecting your wealth, offering financial security for your family and ensuring your legacy is preserved.

When selecting an insurance type, Dave Ramsey recommends that families choose term life insurance over whole life insurance and invest the significant savings in a tax-advantaged retirement account.

Term life insurance offers coverage for a predetermined period that typically ranges from 10 to 30 years. If the insured person dies during this term, the policy pays a death benefit to the designated beneficiaries. Term insurance is usually a less expensive and more flexible option compared to whole life insurance.

Young families and busy professionals looking for fast and affordable insurance can easily connect with Ethos and get term life insurance in 5 minutes, with no medical exams or blood tests.

With Ethos, you can get a policy with up to $2 million in coverage, starting at just $2 per day. The application process ensures you get flexible coverage options quickly and transparently, allowing you to focus on what matters most.

What to read next

• Millions of Americans now sit on a stunning $35 trillion in home equity — here’s 1 new way to invest in responsible US homeowners while targeting a 14%-17% IRR
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

With an estimated net worth of $161.8 billion, Warren Buffett, the CEO of Berkshire Hathaway, has built a tremendous financial empire.

Now, At 94 years old, Warren Buffett has finally decided to retire from his longtime post, having announced the decision at the company’s annual shareholder meeting in early May. Vice-chair Greg Abel will take over the top job as of Jan. 1, 2026, and Buffett will remain as chairman.

With a net worth like his, you might anticipate Buffett living a lavish retirement. But unlike the high-roller lifestyles of other extremely rich celebrities and business people, Warren Buffett lives by smart — and surprisingly simple — investment philosophies that have positively influenced millions of investors around the world. One of his most famous rules is to buy and hold for as long as possible.

“You’ve got to be prepared when you buy a stock to have it go down 50% or more, and be comfortable with it… but some people are not really careful. Some people are more subject to fear than others.”

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Invest in yourself

At the 2022 Berkshire Hathaway annual shareholder’s meeting, Buffet said “Whatever abilities you have can’t be taken away from you. They can’t be inflated away from you,” he said. “The best investment by far is anything that develops yourself, and it’s not taxed at all.”

While this isn’t a traditional investment tip, Buffett firmly believes that by regularly investing in knowledge and self-improvement, you yourself become an asset and can more easily access opportunities for growing your wealth.

Even now, Buffett has wise investment advice for investors seeking to shield their wealth and even grow it while keeping their tax obligations low.

Here are some of his top investing strategies.

Real estate

Real estate is generally a “good investment” during times of inflation, according to Buffett.

“They’re the businesses that you buy once and then you don’t have to keep making capital investments subsequently. So, you do not face the problem of continuous reinvestments involving greater and greater dollars because of inflation,” he said during the 2015 Berkshire Hathaway shareholders meeting.

But, while real estate might be a good investment, its barrier to entry can be difficult to cross. Luckily, there are plenty of platforms out there that allow you to invest in real estate with ease.

First National Realty Partners makes it easy for accredited investors to diversify through opportunities in grocery-anchored, necessity-based retail space.

Through FNRP’s online platform, accredited investors can potentially collect quarterly cash flow through a diverse real estate portfolio.

New investing platforms are making it easier than ever to tap into the real estate market.

For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors.

With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property.

With risk-adjusted internal returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets.

If you’re not an accredited investor, crowdfunding platforms like Arrived allows you to enter the real estate market for as little as $100.

Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Stocks pricing power

Buffett has been around the block a few times, experiencing many highs and lows in the U.S. economy. He has managed a stock portfolio through periods of double-digit inflation rates in the 1970s and has plenty of insight on what to own when consumer prices spike.

Buffett likes high-quality businesses with low capital needs, such as Apple. The technology company boasts some impressive financial metrics — a testament to the company’s efficiency, strength and negotiating power — which have enabled it to thrive during this period of inflation.

If you’re looking for a low-stress way to start your investing journey, consider signing up for Acorns, an automated savings and investment app.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. Right now, when you sign up for Acorns, you can get a bonus $20 bonus investment to start growing your savings.

Gold

While Buffett is known for being uninterested in gold investing — describing it in a 2011 letter to shareholders as an asset “that will never produce anything” — other money mavens consider it to be a solid hedge against inflation because its purchasing power has remained relatively stable over time.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover.

Priority Gold is an industry leader in precious metals, offering physical delivery of gold and silver. Plus, they have an A+ rating from the Better Business Bureau and a 5-star rating from Trust Link.

If you’d like to convert an existing IRA into a gold IRA, Priority Gold offers 100% free rollover, as well as free shipping, and free storage for up to five years. Qualifying purchases will also receive up to $10,000 in free silver.

To learn more about how Priority Gold can help you reduce inflation’s impact on your nest egg, download their free 2025 gold investor bundle.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links.

So, you’ve left planning for your golden years to the mid-century mark — don’t worry. You’re not the only one.

About 20% of Americans aged 50 and older have nothing saved for retirement, according to a recent survey by AARP.

For those starting late, the challenge to save enough in time might seem daunting. Americans, on average, believe they’ll need nearly $1.46 million for a comfortable retirement, based on a 2024 study by Northwestern Mutual.

Even if you’re one of the many Americans falling short of what you expected to have stashed away for retirement by now, you still have options — here are five ways to catch up fast.

Don’t miss

• I’m 49 years old and have nothing saved for retirement — what should I do? Don’t panic. Here are 5 of the easiest ways you can catch up (and fast)
• You’re probably already overpaying for this 1 ‘must-have’ expense — and thanks to Trump’s tariffs, your monthly bill could soar even higher. Here’s how 2 minutes can protect your wallet right now
• Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10

Automatically invest your spare change

You don’t always have to put away large sums to move toward your retirement goals. Ten dollars a week could make a difference – if you’re smart about what to do with your spare change.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess — the coins that would wind up in your pocket if you were paying cash — into a smart investment portfolio.

Let’s say you purchase a doughnut for $2.30. Before you’re done licking the sugar off your fingers, Acorns will round the amount to $3.00 and invest the 70-cent difference for you. Look at this math: $2.50 worth of daily round-ups add up to $900 per year — and that’s before your savings earn money in the market.

Plus, if you sign up now, you can get a $20 bonus investment.

Supercharge your retirement contributions

Take advantage of your employer’s 401(k) matching program if that’s an option. Work toward increasing contributions whenever you receive a raise or bonus.

Those looking to incorporate precious metals into their retirement strategy can benefit from modern investment solutions, like those offered by companies like American Hartford Gold.

American Hartford Gold is a leading precious metals dealer – allowing you to invest directly in gold or silver.

With secure storage, expert guidance, and customizable investment plans, American Hartford Gold helps investors diversify their portfolios while protecting against inflation. Gold IRAs provide a tangible safeguard for retirement savings, combining financial security with significant tax advantages, making them an appealing choice for long-term wealth preservation.

Maximize your current savings

57% of Americans put their money in traditional savings accounts, which have an average percentage yield of only 0.41%, according to the Federal Deposit Insurance Corporation (FDIC).

If you want to grow your savings more efficiently, you can do just that with a high-yield cash account like the one offered by Wealthfront.

Wealthfront is a financial services platform offering a range of products, from automated investing to cash accounts. The Wealthfront Cash Account offers 4.00% APY — almost 10x the national average.

With full access to your money at all times, Wealthfront also offers fast (and free) transfers to internal Wealthfront investing accounts, as well as external accounts.

To get started, you can fund your cash account with as little as $1 and start stacking up your savings.

Find additional sources of capital

With home values higher than ever, you can make your home work harder for you by making the most of your equity. The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic.

Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.

Rates on HELOCs and home equity loans are typically lower than APRs on credit cards and personal loans, making it an appealing option for homeowners with substantial equity.

Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.

Just answer a few simple questions, and LendingTree will match you with up to 5 lenders¹ with low rates today.

Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it

Ensure your loved ones are taken care of

Many retirees are part of a couple, relying on the income from two people to make ends meet.

If the worst should happen, you’ll want to ensure your partner has the funds they’ll need to cover unexpected costs.

Life insurance can offer a versatile solution to help support your family, providing coverage to potentially replace lost income or settle outstanding debts in the event of your death.

Opting for term life insurance through a provider like Ethos, ensures that as you age, your loved ones are protected from unexpected costs. With term life insurance, you can secure affordable coverage while managing your other financial responsibilities.

Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms spanning from 10 to 30 years. To get a free quote, simply answer a few questions about yourself. Then, you can compare various policies and choose one that best suits your needs.

What to read next

• Don’t have the cash to pay Uncle Sam in 2025? You may already be eligible for a ‘streamlined’ handshake with the IRS — here’s how it works and how it can potentially save you thousands
• Robert Kiyosaki warns of a ‘Greater Depression’ coming to the US — with millions of Americans going poor. But he says these 2 ‘easy-money’ assets will bring in ‘great wealth’. How to get in now
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.