The 5 Foundations
Save a $500 Emergency Fund
You should save a $500 emergency fund and put it in a place where it is easily accessible, yet somewhere it won't be tempting to spend. This money should be there in case your car breaks down or even some sort of family emergency.
Get Out of Debt
Pay off all of your debt. This isn't a two week job it takes time. Pay off credit card debt and other debts, student loans can wait. Pay off any money you owe to anyone.
Pay Cash for Your Car
Paying cash for your car instead of using credit or taking out a loan can save a lot of headaches. By paying cash up front will get rid of any worry about payments in future and less trouble with the bank. It also gets rid of the risk of going in debt because of car payment.
Pay Cash for College
Paying cash for college will act the same way paying cash for a car will. Most Americans retire with student loan debt and nobody wants to be in debt. Paying cash for college will get rid of your worries about being in debt up to your head with student loan debt.
Build Wealth and Give
Once you are free of debt you can save your money and build wealth. Live differently and worry free instead of most other Americans retiring in thousands of dollars worth of debt. Build wealth so that your kids can go to college debt free.