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The 5 Foundations

By Olivia Jiang

First

Save a $500 emergency fund

It is important to save $500 a month for an emergency fund so you are able to cover things you don't budget for. Having this emergency fund will also help avoid debt. To set up an emergency fun, open a separate savings account and use ONLY in emergencies.

second

Get out of debt

Getting out of debt will make it easier to build wealth and stop paying for things you bought years ago. To get out of debt, you should budget your money, and change your spending habits.

third

Pay cash for your car

Car loans might seem like a good idea at the time, but these loans will rack up interest if you don't pay them on time. If you pay for a car with cash, you can get discounts and you won't have to pay interest.

fourth

Pay cash for college

College is expensive and it wil make a big dent in your bank account. Depending on where you want to go, college can cost up to 50,000 a year and thats only tuition. While it is better to pay cash for college so that you won't spend the rest of your life paying off student loans I know it is not possible for some people to do that. But, they should apply for scholarships, grants , and student aid. You should also start saving money as soon as you can.

Build Wealth and Give

Fifth

It's important to build wealth so that you will be finacially stable and exliminate some stress. It's important to give money to yourself and others because if you hold on tightly to your money, it's not going anywhere, but you're also not going to earn anyting.

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