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Dave Ramsey's Five Foundations

As title implies.
by

Megan Irvin

on 21 January 2015

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Transcript of Dave Ramsey's Five Foundations

5. Build Wealth and Give
Once you have your money, it's time to use it (wisely).

Give to
yourself,

to
your family's future,
and to
those in need.
1. Saving a $500
Emergency Fund

High school students should keep at least
$500 for emergencies only
.
Should be kept in the bank or somewhere difficult to access.
Should be kept separate from spending money.
INSURANCE, NOT INVESTMENT
2. Get Out of Debt
Make a budget.
Set up automatic deductions.
Cut costs.
Change your spending habits.
Get help if necessary.
Debts keep you from achieving financial success.
Owing someone ANYTHING is a debt.
Get out of the negative so you can grow towards the positive.
Stop growing interest.
3. Pay CASH for
Your Car
The average U.S. monthly car payment is $475.
Buy a cheap car
($2,000) to get around in for, say, 10 months.
SAVE
the $475 that you're NOT spending on a new car loan for the 10 months.
Sell the cheap car.
Buy the new car with cash!
Repeat until you have your dream car.
Avoid being trapped by car loans/debts.
4. Pay CASH for
College
DO NOT take out student loans.
Apply for
scholarships
.
Apply for
financial aids
(federal, state, military, etc.)
Personal funds
savings, income from working, parental contributions, etc.
Student loans haunt you into adulthood. Start fresh!
Dave Ramsey's Five Foundations:
Thank you!
Unlocking the Key to
Financial Success

DEBT
LOANS
FIVE FOUNDATIONS
CREDIT
Megan Irvin
&
Joseph Law
Full transcript