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The Five Foundations of Personal Finance
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Thank you!
The Fifth Foundation
Build wealth and give away
- If you follow the other steps, you should be on your way to a nice sum of wealth
- Giving back to the community can be beneficial to the ones who need help and maybe they can follow these steps as well
The Five Foundations of Personal Finance
The Fourth Foundation
Always pay cash for college
- Just keep it simple and never pay with credit. Always cash
- Try to take advantage of scholarships
- Being financially aware when it comes to 10+ thousand dollars a year can help you stay out of a boatload of debt.
The First Foundation
- Use compound interest as a main way to create wealth.
- Compound interest is using your interest to make more interest.
The Second Foundation
Save a $500 emergency fund
- Devote a section of your paycheck to the emergency fund
- Make sure to do this very quickly
- Keep in a separate bank account to resist spending it
Get out of debt!
- Don't use credit. Very important.
- For big purchases, create a sinking fund
- Getting out of debt is the most important thing when it comes to building wealth
The Third Foundation
Pay cash for your car
- Never use credit for big purchases like this
- Being patient and buying the car a year later can really help when it comes to not taking out loans.
- Make sure to bring cash. If you bring cash, the dealer may give you a discount
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