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By: Mathew Renner
Have you ever wondered why so many people in America are in debt? It's probably because a ton of people haven't heard of Dave Ramsey's Five Foundations. His first foundation is probably one of the more important one's. The foundation states an individual should save up to a minimum of $500 and a maximum of $1000 in an emergency fund. Although people do have to keep in mind that this is an EMERGENCY FUND and should only be used during a major emergency.
The second foundation has to deal with getting out of debt and staying out. As an individual who currently has no debt, I'm going to try and stay as far away from it as I can.
The third foundation is only paying for your vehicles with straight cash. Paying for your car right then and there with only cash keeps you on track with the second foundation and you don't have to deal with buying a vehicle using card.
Now, the fourth foundation is similiar to the third. The same thing goes for college, you shouldn't have to get a student loan to pay for college and that's why it's the fourth foundation.
Lastly the fifth foundation is to build your wealth and give it to those in need. So in other words once you know you've been following the first four foundationsand you started building your wealth because of it, you can go to many different charitable organizations or even just people on the street and give them some of your money!