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FIVE FUNDAMENTALS TO SUCCESS

Anisa Abdulhussein, Kamy Silva, Jackie Lozano, Sam Gumban

Dollars and Sense

EMERGENCY FUND

  • Plan for an emergency to happen
  • Murphy's Law
  • Anything that can go wrong will go wrong
  • Should be kept somewhere that is difficult to access
  • Separate from regular account/spending money
  • Insurance NOT an investment

EMERGENCY FUND

  • Amount grows as you do
  • Three-six months worth of your paycheck
  • High school students should aim to save $500

How much is enough?

GET OUT OF DEBT

Debt is anything you owe someone else

  • Make a budget and stick with it
  • Assess spending personality and change habits if needed
  • Dave Ramsey advises individuals to be cautious when using credit cards
  • Use more cash
  • If you want something save up for it
  • Sinking Fund

How?

Debt keeps you from achieving financial success

Why?

PAY CASH FOR SCHOOL

  • Try to avoid taking out student loans
  • Pay for school with "cash"
  • Apply for scholarships
  • Apply for federal aid
  • Use college funds or saved money

Statistics

  • 70% of graduates take out loans for their education
  • Average student debt
  • $37,172
  • Takes an average of 21 years to pay back loans for a bachelors degree

PAY CASH FOR YOUR CAR

  • Saving and paying with cash can help you avoid unnecessary debt when buying a car
  • Average car payments are about $475
  • 26,000 car
  • Interest rate of about 9.6%
  • After four years, the car's value depreciates by 70%
  • You end up paying $33,000 for a $26,000 car that ends up only being worth about $6,000

Car Payments

  • Buy a cheaper car
  • Put $475 in savings
  • After 10 months, you have a total of about $4,750 + money that you get from selling your car
  • Repeat until you have your dream car

Paying with Cash

BUILD WEALTH AND GIVE

Once building wealth, giving to those in need adds a greater appreciation for money. Being a giver benefits both parties and is a wise way to spend money.

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