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The Five Foundations are what all students need to succeed through life financially
1. Save $500 emergency fund
2. Get out and stay out of debt
3. Pay cash for your car
4. Pay cash for college
5. Build wealth and give
Purpose's:
- Unemployment
- Urgent medical procedures
- Emergency home repair
- Unforeseen auto repair
- Sudden death or disability
Saving $500 is important because a lot of times in life there can unexpected accidents that can happen.
Having $500 saved relates to financial success because if you fail or somethign bad happens you can fall back onto the saved money.
Purpose:
Humans need welath to pay for all things in life. Giving also makes humans feel less selfish.
Giving to other makes you feel less selfish, and less selfish people have more of a tendency to do better in both relationships and in wealth building.
1. Start by making a plan
2. Make a budget and stick to it
3. Build your emergency fund
4. Automate your financial life
5. Get rid of your debt
6. Max out retirment savings
7. Up your earnings
8. Give to others for well being
Saving money and building wealth is already succesful enough. But to be evn more successful is to give to others and be a great human being.
Purpose's:
- Won't be stressed
- Won't owe any money to others
It is important to stay out of dept because it can drain your cash and you can treat yourself instead of having to worry about your next payment.
1. If your in debt, pay back your debt
2. Quit borrowing money
3. Get a job
4. Save money
If your out of dept then you don't have to make payments so you can only gain money.
Purpose's:
- You'll avoid interest
- You hold the buying power
- You set the budget
- Decrepiation doesn't matter
-The cars in yours
You don't have to concern yourself with qualifying for a loan.
1. Set your budget
2. Save your money
3. Shop at the right place
4. Shop for the right car
5. Get an inspection
6. Negotiate a good price
If you pay for your car you won't have interest to pay for on top of all yournother payments, so you owe nothing. Which owing nothing will help you build your salary.
Purpose:
You won't owe any student loans and you can obtain any free scholarhips or grants.
If you can pay cash for college, it means that you are not taking out loans to be repaid later.
1. Save money
2. Search for scholarships
3. Choose an affordable school
4. Pay with cash so you don't have to pay with loans or grants
Most people are still paying off there student loans or are in college debt. If you pay college with money then you don't have to pay off dept a large portion of your life and you can always be gaining salary.