Dave Ramsey's Money Tips

FOX Business Network's Dave Ramsey has simple steps to help you manage your money at any age:

In Your 50s

It's never too late to start getting your finances in order. If you haven’t started investing for retirement start now

Get rid of debt and have an emergency fund of 3 to 6 months of expenses

Retirement investing takes priority over paying for your kid’s college

You don't have to have a financial planner, but if you get one make sure they have the heart of a teacher

Retirement doesn’t necessarily mean the end of your working life; it could mean a transition to something else.

More millionaires are made in their 50s than any other decade

In Your 40s

Review your insurance to be sure you're covered: health, auto, homeowner's, life and long-term disability

Have a will

Guard against single parent survival pitfalls: Keeping the house, spoiling your kids, impulse spending

Blended family tips: Remember you are marrying the family — not just the spouse, Agree on parenting rules and money before you marry. Don't let the children from former marriages rule the family

When you vacation: Pay cash. Save a special vacation fund. Stick to the budget while you're gone

In Your 30s

Agree about money before you get married: Men and women view money differently. Men see it as a scorecard and women see it as security

Have a monthly budget committee meeting: If one of you is a nerd: Listen, take input and keep the meeting brief. If the other is a free spirit: Show up, give input and be realistic.

Configure a budget

Use the debt snowball to get rid of Debt

Build an emergency fund to cover 3-6 months of expenses

Invest 15% of your income in mutual funds to build wealth

Invest for college funding

Pay off your mortgage

In Your 20s

Parents should teach teens avoid signing up for unnecessary credit cards and live on a budget BEFORE they leave home!

During and after college, students should:

Avoid credit cards and student loans

Start an 'emergency fund: Cash is never a bad thing — especially in times of transition. Make sure your fund has enough to cover 3-6 months of expenses.

Don't buy a brand new car: It's the No. 1 mistake for young people. There's no point spending $60,000 on assets sitting in your driveway, that will become $10,000 in a couple of years.

Start paying your student loan ASAP: A lot of folks keep their student loan around like it's a pet. Because it's a small amount per month and a small interest rate, we tend to ignore it. But over time, it adds up. Get in attack mood and pop it!