Dave Ramsey tells Arkansas mom, 51, with nothing saved for retirement she can still retire with $600K–$800K

Core Insights - The article discusses the financial challenges faced by individuals, particularly those who have been stay-at-home parents, when navigating life changes such as divorce and the need for retirement savings [1][2]. Financial Situation - Trisha, a 51-year-old who was a stay-at-home mom, found herself needing to regain financial control after her husband left, taking his $130,000 annual income with him [1]. - She expressed concerns about her retirement savings, stating she had "basically no retirement" after dedicating her life to raising children and homeschooling [2]. Financial Strategies - Financial expert Ramsey reassured Trisha that it is possible to get back on track with retirement savings, even starting late [3]. - Trisha has taken proactive steps, including refinancing her car loan, starting a second job, and saving $38,000 in a money market fund, along with $3,000 in another account [3]. Ramsey's 7 Baby Steps Program - Ramsey recommended his 7 Baby Steps program as a structured approach to building wealth [3]. - The first step for Trisha was to pay off her car loan, which had a remaining balance of approximately $25,000, while still maintaining a $16,000 emergency fund [4]. - With her emergency fund established and her children having completed college, the next step for Trisha was to invest 15% of her income [5]. Overview of the 7 Baby Steps 1. Saving a $1,000 starter emergency fund 2. Paying off all debt (except the mortgage) 3. Saving three to six months of living expenses in an emergency fund 4. Investing 15% of household income 5. Saving for college for children 6. Paying off the home early 7. Building wealth and giving [6]