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Marin Noble
Having an emergency fund can quickly help you find your way out of debt. By creating an emergency fund we help ourselves to save more for those unexpected events. The purpose of this is to keep ourselves from freely spending the money we save for those events. This is important because if we didn't have the emergency fund and there was an actual emergency then we would end up putting ourselves farther into debt.
Being in debt is not fun and dreadful. Nobody wants to put themselves in debt, however this seems to often occur in the average American. But if we follow The Five Foundations then we can find ourselves getting out of debt. Once we create an emergency fund then we need to get ourselves out of debt to keep making progress. The purpose of getting out of debt is to keep us out of owing money. If we are out of debt then we don't have to pay back the money we 'borrowed'. This step is important because once we are out of debt then we can go to the next step, which is paying cash and that will continue to help us to stay debt free!
Paying cash on a big purchase is a big deal! That is a result in successfully saving money and putting ourselves debt free. Once we become debt free we never want to look back. So therefore, to pay for these big expenses, such as cars, we don't need to get a loan to return back into debt. We need to save money and pay cash! By paying cash we not only did an excellent job in saving our money, but also we kept ourselves from going backwards and back into debt. Overall, the purpose of paying cash fir a car is to continues to live the debt free life. And this is important because once we are debt free, there is no going back!
Student loans are never the way to go! After graduating college nobody ever wants to find themselves buried in debt. Therefore, we should pay cash for college. By saving money and paying cash for college then we can continue to stay out of debt. The purpose is almost exactly the same as paying cash for a car. We do not want to take the wrong path and end up scrambling to pay for loads of student debt after graduation, therefore we can pay cash and continue to be out of debt. This is important because debt free life is the best life!
This is our last and final step in The Five Foundations, at this point we are on a path to success and staying debt free. Now all there is left to do is to build up our wealth and give back. Living debt free is the perfect plan, however we also have to build our wealth in order to stay that way. We can also learn to give back to others. Now that we have take the road to living debt free, we have learned how to save money the right way. By saving and being wealthy, we can now donate and give back to people in need or our community. The purpose of building wealth and giving back is to continue to be debt free and to help out others. This is important because now that you have reached success, now we can donate and give back to help each other!
The Five Foundations are a set of pre-planned rules for us to follow in order to create a financial peace. They are the basic steps we should follow in order to win money. We need these foundations to help us find the perfect financial ending for everyone. Each step has an important role to guide us to success!
Each step of Th Five Foundations have a relationship to each other to help us find success in the end. By having an Emergency fund, we will have the saved money to spend ONLY in emergencies. When ONLY using the emergency fund for emergencies then it will help lead us to getting out of debt. Once we are out of debt we want to STAY out of debt. So therefore, we will NOT use credit for expenses but instead pay cash. For example, pay cash for your car and college. And finally, you will build the wealth and give. By following all of these step of the Foundations it will lead you to success.