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!