Money 101: Understanding this Phase

My understanding of Money 101 principles can be summarized in the following list:
1. Take control and responsibility of your finances.
2. Track your spending and create (and follow) a budget.
3. Quit spending more than you earn.
4. Pay down high interest debt (i.e. debt that is at a higher interest rate than what you might get if you invested your money).
5. Stop acquiring new consumer debt (debt for things that lose value).
6. Position yourself for Money 201 (improving credit score, saving seed money, etc.)
7. Begin making additional money, but without contributing much other than time (unless the return on investment will be greater than the debt you are paying off).

I currently am in this phase of my journey. I am a recent law school grad who just passed the bar, and I have taken a job with the county as a criminal prosecutor. I have significant debt, but I also have some time to devote to freelance projects to generate additional income to speed up my journey.

I am still licking my wounds from a failed business venture I began while finishing up my last year of law school. It's a long story, but in short, I learned that you should not personally guarantee a startup business. Needless to say, I found myself in a hole and I am slowly digging myself out using Money 101 principles. My credit is shot (for now) and I am just barely keeping over water. (I'm not looking for sympathy, I just want to share my experiences.) The point is, in order to reach my number, I am going to have to overcome some obstacles. I have no doubt that I will be able to surpass these obstacles, I just need to stick to my plan.

So, what am I missing in my understanding of Money 101? What suggestions are there for me and people in a similar situation?