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The Five Foundations

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by

Dayna Spry

on 9 October 2014

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Transcript of The Five Foundations

The Five Foundations
The Second Foundation
-Don't use credit cards
-Don't borrow money and not pay it
back
-Don't purchase student loans
-ALWAYS put money aside for large
purchases
-ALWAYS keep track of financial
budgets
The Third Foundation
-Never purchase a loan for a vehicle
-Never go into debt: ALWAYS pay
cash
-When a loan is purchased, more
money is paid than the car is
actually worth!
-This foundation may not be as
general as the other but is still
important.
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>.
Conclusion
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
Full transcript