1. $1000 In An Emergency Fund - Ramsey advocates having at least $1000 in a saving account since you would not want to stop your debt elimination plan due to an unexpected expense.

  2.  Pay Off All Debts With The Debt Snowball -  The snowball debt reduction
       focuses on paying off the debt with the smallest balance first, as 
       opposed to the debt with the highest interest rate, by paying as much    
       as you can every month until that debt is paid off.  You can then apply  
       the funds you were using to pay off your previous debt to make extra
       payments on your next smallest debt.  Repeat the process until all debts
       are eliminated.  Remember to make at least a minimum mothly payment
       on the rest of your debts.          

  3.  Three to Six Months Expenses in Savings -  After paying off your debts 
        save enough money to cover 3 to 6 months of living expenses.

  4.  Invest 15% of Income into ROTH IRAs and Pre-Tax Retirement Plans

  5.  College Funding - Very important if you have minor children.

  6.  Pay Off Your Home Early -  Mortgage interest is incredibly high and  it
       makes no sense to get back 20 cents in tax return for every dollar you  
       pay in interest.

  7.  Build Wealth and Give to Your Favorite Charity.

Dave Ramsey's baby steps  are very simple and common sense, but some of the steps are also controversial, you can see quite a few critics challenging some of his recommendations at various forums throughout the net.  Finally, not every system fits every need or situation and it is up to the individual to judge whether a financial plan will apply to his/her particular situation.