Using his methods we paid off all of our debt including our home. It took 7 years to accomplish on a strict budget (no vacation, no eating out, drive old cash bought cars, working a 2nd job) but now there is little worry about with being part of a layoff.
Life is MUCH less stressful when you don't owe money to anyone. We will NEVER take a loan again, everything we purchase including vehicles will bought with cash.
We could afford to take a significant pay cut (i.e. layoff) and we would be just fine because our monthly bills (property taxes, insurance, utilities, internet, etc) are only $600/month. Like Dave says: Live like no one else so later you can live and give like no one else!
Here is how you can do it, it is not easy - be ready to sacrifice!
Baby Step 1 – $1,000 to start an Emergency Fund
Baby Step 2 – Pay off all debt using the Debt Snowball
Baby Step 3 – 3 to 6 months of expenses in savings
Baby Step 4 – Invest 15% of household income into Roth IRAs and pre-tax retirement
Baby Step 5 – College funding for children
Baby Step 6 – Pay off home early
Baby Step 7 – Build wealth and give!