The Five Foundations
The First Foundation
The first foundation is to save up 500 dollars for an emergency fund.
- Depending on your age will depend on how much your emergency fund is.
- Three reasons is emergency fund, purchases, wealth building
- It's a good idea to open different saving accounts for your emergency fund.
The Second Foundation
The second foundation is to get out of debt
- Borrowing money is so ingrained in our culture that we can't imagine life without it.
- Building a credit score causes more harm than good.
- Debt limits how much we spend our money.
The Third Foundation
Pay cash for your car
- Bargain shopping is the best shopping.
- Set a budget to save up for your car "Car payment to your self".
- Buy a used car.
The Fourth Foundation
The fourth foundation is to pay cash for college
- Keep a budget so you can pay for college.
- Don't buy unnecessary items.
- Never loan money to friends.
The Fifth Foundation
The fifth foundation is to build wealth and give
- Never use credit cards.
- Save money.