Life Lesson 3: Avoid Debt Personal by Joel Wagner - August 31, 2008July 6, 20165 Debt will kill you. The fastest way to waste your income is to pay interest. The fastest way to maximize your income is to earn interest. As long as you have debt (like most of us who graduate from college do), then every penny you spend is borrowed money. Avoid debt at all costs. If you have debt, make a conscious effort to get out of debt as fast as you possibly can. Dave Ramsey’s plan is the easiest and most effective that I have found. Go to his website and take advantage of the $10 special this weekend to buy The Total Money Makeover for a great price of $10. Act now! 7 steps to get out of debt Get $1,000 cash in the bank as a baby emergency fund Pay off all debt (except for house) smallest to largest Build up your emergency fund to 3-6 months of expenses Invest 15% of household income into Roth IRA and other pre-tax retirement Begin building college fund for children Pay off home early Build wealth and give money away like crazy Joel WagnerJoel Wagner (@sywtt) began teaching band in 2002. Though he had a lot of information, his classes were out of control. He found himself tired, frustrated, disrespected by students, lonely, and on the brink of quitting. He had had enough. He resigned from his school district right before spring break of his second year and made it his personal mission to learn to be a great teacher. So You Want To Teach? is the ongoing story of that quest for educational excellence.