Foundation 1
What is the First Foundation of Personal Finance?
Save $500 for an emergency fund!
What is the Second Foundation?
Get out and stay out of debt!
What is the Third Foundation?
Pay cash for your car!
What is the Fourth Foundation?
Pay cash for college!
What is the Fifth Foundation?
Build wealth and be outrageously generous!
What is the importance of the First Foundation?
Won’t be blindsided by emergency payments!
What is the importance of the Second Foundation?
Having excess debt can make your life harder and make life goals more difficult!
What is the importance of the Third Foundation?
You’ll have a car with not payments!
Why is the Fourth Foundation important?
College education without the loan payments!
Why is the Fifth Foundation important?
Makes you happy and its the right thing to do!
What are some ways to achieve the First Foundation?
Purchase less and put away part of your income for savings!
What are some ways to achieve the Second Foundation?
Lower your expenses to make the maximum amount of debt payments ASAP!
What are some ways to achieve the Third Foundation?
What are some ways to achieve the Fourth Foundation?
Set aside parts of your income specifically for college savings!
What are some ways to achieve the Fifth Foundation?
Have stable income and no debt!
Why is it hard to achieve the First Foundation?
You may have high expenses or low income!
Why is it hard to achieve the Second Foundation?
High amounts of debut/bad spending habbits
Why is it hard to achieve the Third Foundation?
Cars cost a LOT + monthly payments can be seen as easier to manage
Why is it hard to achieve the Fourth Foundation?
College costs a LOT + student loans are the norm
Why is it hard to achieve the Fifth Foundation?
You need to lower expenses and stay out of expenses which is very difficult!
What is a consequence of not following the First Foundation?
No money available to support yourself during an emergency!
What is a consequence of not following the Second
Foundation?
You have to constantly pay your creditors!
What is a consequence of not following the Third Foundation?
Saddled with car payments!
What is a consequence of not following the Fourth Foundation?
Saddled with student loans payments!
What is a consequence of not following the Fifth Foundation?