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The Five Foundations

By James Brewington, Markus Byron

Save a $500 dollar emergency fund!!!

First foundation

Importance

It is important to have extra money saved, for when unexpected things happen.

Importance

Purpose

When an emergency happens you want to be able to cover it. Without going into debt. It is a safety net!

Purpose

Relation

It is impossible to get out of debt if you keep going back into debt every time an emergency comes up

Relation

Get out of Debt

Second foundation

Importance

Living debt free enables you to do "more with your money"! Causing you to have less stress.

Importance

Purpose

It is impossible to build wealth while paying off debt.

Purpose

Relation

Until you pay off your debt you will never be able to buy any large purchases "WITH CASH"! such as cars or houses.

Relation

Pay cash for you car

Third foundation

Importance

Not paying cash for cars and using car loans leads to major debt.

Importance

Purpose

If you save and pay cash you will avoid debt on a car loan

Purpose

Relation

getting out debt allows you to save cash for big purchases and stay out of debt. Paying cash for your car allows you to remain debt free.

Relation

Pay cash for college

Fourth foundation

Importance

taking out a student loan to pay for college is a road to years of debt. paying cash keeps you in the clear.

Importance

Purpose

pay for college with cash so you don't go back into debt

Purpose

Relation

If you don't go back into you can start building your wealth.

Relation

Build wealth and give

Fifth foundation

Importance

building wealth and giving will help finance your lifestyle and maybe an early retirement. Its important to give to others who might not have as much as you or to support organizations.

Purpose

Giving helps those around you and building wealth will help you to retire sooner.

Purpose

Relation

once you are out of debt and stay out of debt you can build wealth because you won't have to pay back your borrowed money.

Relation

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