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The Five Foundations
Transcript of The Five Foundations
The Second Foundation
-Don't use credit cards
-Don't borrow money and not pay it
-Don't purchase student loans
-ALWAYS put money aside for large
-ALWAYS keep track of financial
The Third Foundation
-Never purchase a loan for a vehicle
-Never go into debt: ALWAYS pay
-When a loan is purchased, more
money is paid than the car is
-This foundation may not be as
general as the other but is still
Dave Ramsey and Rachel Cruze. Digital image. Woman's Day. Hearst Communications Inc, n.d. Web. 07 Oct. 2014. <http://www.womansday.com/life/saving-money/how-to-teach-kids-about-money#slide-1>.
Liz. Keep Calm and Save. Digital image. Career Break 360. N.p., 30 July 2013. Web. 07 Oct. 2014. <http://www.careerbreak360.com/how-can-i-save-money-for-my-career-break/>.
Foundations in Personal Finance. Digital image. Dave Ramsey. N.p., n.d. Web. 07 Oct. 2014. <https://www.daveramsey.com/school/foundations-experience/>.
The First Foundation
Save a $500 Emergency Fund
$500 Dollars. Digital image. Melrose Credit Union. N.p., n.d. Web. 06 Oct. 2014. <www.melrosecu.org>.
-The first foundation is $500 in an emergency fund. Should be done as quickly as possible!
-When in high school, emergency expenses aren't the same as adults (like needing to put a new roof on the house). A surprise expense might be fixing a flat tire or replacing a broken cell phone.
-An emergency fund allows people to have money available for any surprises expenses.
-As an adult and out of school, the emergency fund needs to grow into a full 3-6 months' worth of expenses.
-Keep emergency funds in a separate savings account away from spending money.
Get Out of Debt!
Pay Cash for a Car
The Fourth Foundation
Pay Cash for College
-Never purchase a loan for a college
-Never go into debt: ALWAYS pay cash
-When a loan is purchased, it will take
many, many years to pay that loan back
-This foundation is also not a
generalization but very important.
Cut Up Credit Card. Digital image. Darrell's Blog. N.p., n.d. Web. 06 Oct. 2014. <http://darrellx.com/2009/06/15/beware-credit-cards/>.
Blue Mustang GT. Digital image. All Ford Mustangs. N.p., n.d. Web. 07 Oct. 2014. <http://www.allfordmustangs.com/forums/2005-2010-mustang-gt-tech/56890-hood-scoops.html>.
Southwestern Michigan College Campus. Digital image. Business Finder. N.p., n.d. Web. 07 Oct. 2014. <http://businessfinder.mlive.com/1443307/Southwestern-Michigan-College-Dowagiac-MI>.
The Fifth Foundation
Build Wealth and Give
-This foundation is one of the three reasons to save money
-Discipline is the key ingredient when it comes to wealth building
-Building wealth is a marathon, not a sprint
-Compound interest is a mathematical explosion! Start now!
Building Wealth. Digital image. The Best Residual Income Ideas And Opportunities. N.p., n.d. Web. 07 Oct. 2014. <http://bestresidualincomestrategies.com/how-to-build-wealth-from-scratch>.
The Five Foundations of Personal Finance
1.) Save a $500 Emergency Fund
2.) Get Out of Debt
3.) Pay Cash for a Car
4.) Pay Cash for College
5.) Build Wealth and Give
Personal Finance. Digital image. HEPCamp. N.p., n.d. Web. 07 Oct. 2014. <http://www.hepcamp.org/personal-finance-tips/>.
By: Dayna Spry & Cassi Hoover