ScienceEconomicsDave Ramsey, Chapter 2, Savings
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Dave Ramsey, Chapter 2, Savings

Maddox Cooper avatar Maddox Cooper
3 June 2024
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question
The budget is your written plan and tells_______ _______ where to go.
answer
every dollar
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true or false: debt is only when you owe money on credit cards.
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false
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true or false: you should do a budget every single month.
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true
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true or false: anyone can become a a millionaire in this country.
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true
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the first foundations tell you to save $500 for _________
answer
emergencies
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true or false: Debt never solves the problem; it delays one problem while creating another.
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true
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true or false: You should put your $500 emergency fund in your everyday checking account.
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false
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true or false: Savings: If it became important enough, you could save it!
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true
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Saving money is about emotion and ___________.
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contentment
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Money is _______.
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amoral
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true or false: Saving is a learned skill.
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true
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true false:Emergencies are going to happen, expect them!
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true
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true or false: You don't get $500 by accident, it takes time and hard work.
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true
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Saving takes the maturity to say, "_____" to purchases.
answer
no
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Murphy's law states that "If it can go _____, it will"
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wrong
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Instead of borrowing to buy something, pay cash by using a _______ ______.
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sinking fund
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true or false: "90 Day Same as Cash" deals are a great bargain.
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false
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true or false: You can't pay cash for a car.
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false
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true or false: wealth building requires discilpine.
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true
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Building wealth is a_________.
answer
marathon
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true or false: If you saved $100 per month for 40 years, you would be a millionaire.
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true
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true or false: Only a few people in America can become millionaires.
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false
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Automate your wealth building by using ________.
answer
pre-authorized checking withdrawls
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To save you need to be focused and practice ________.
answer
discipline
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What is the first thing you should do with your money?
answer
give
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true or false: You should save first, give second, and spend third.
answer
false
question
Compound interest creates a(n) _______ explosion.
answer
mathematical
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On average, how long does it take to become a millionaire in America?
answer
17 years
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true or false: Most millionaires inherited their money from their parents.
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false
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true or false: The only millionaires are those you see on professional sports teams, in the movies, etc.
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false
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five foundations
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the five steps to financial success.
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emergency fund
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money set aside and left alone for a "rainy day".
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wealth building
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when a person intentionally invests money in a place where it can earn more money.
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sinking fund
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saving money over time for a large purchase.
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interset rate
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percentage paid to a lender for the use of borrowed money, or the percentage earned on invested principal.
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time value of money
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money today has different buying power than the same amount of money in the future.
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compound of interest
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interest paid on interest previously earned.
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savings rate
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compares after-tax income to the money people spend on a variety of items.
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inflation
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the persistent rise in the cost of goods and services.