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The Five Foundations of Personal Finance

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Jayme Williams

on 18 August 2014

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Transcript of The Five Foundations of Personal Finance

The First

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
The Second Foundation
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
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 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
Thank you!
Use compound interest as a main way to create wealth.
Compound interest is using your interest to make more interest.
The Five Foundations of Personal Finance
Full transcript