The 100-Percent-Down Plan
Pay cash for your home
The 100-Percent-Down Plan is a framework for paying cash for a home. This plan requires discipline and sacrifice, but can result in significant financial benefits, including avoiding debt and interest payments.
- Paying cash for a home can help individuals avoid debt and interest payments.
- Saving and paying cash for a home requires discipline and sacrifice.
- The 100-Percent-Down Plan can result in significant financial benefits, including avoiding debt and interest payments.
- Determine your budget and savings goalsCalculate your budget and determine how much you can save each month towards paying cash for a home.Pro tipConsider working with a financial advisor to determine the best savings plan for your situation.WarningBe aware that saving and paying cash for a home may require significant discipline and sacrifice.
- Create a savings planDevelop a savings plan that includes regular deposits into a dedicated savings account.Pro tipConsider setting up automatic transfers from your checking account to your savings account.WarningBe aware that saving and paying cash for a home may require patience and persistence.
Luke's story
Luke and his wife paid cash for their $200,000 home by saving and living frugally for 3 years.
OutcomeThey were able to achieve financial freedom and own their home outright.
Not determining your budget and savings goals
Failing to determine your budget and savings goals can make it difficult to save and pay cash for a home.
Not creating a savings plan
Failing to create a savings plan can make it difficult to save and pay cash for a home.
The 100-Percent-Down Plan was developed by Dave Ramsey as part of his Total Money Makeover program. The plan is based on the idea that paying cash for a home can help individuals achieve financial freedom more quickly.
Source · BOOK
The Total Money Makeover Updated and Expanded