Dave Ramsey - Unit 1 Flashcards

1
Q

The first of the 7 baby steps

A

Have $1,000 in the emergency fund.

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2
Q

Saving money must be a ______.

A

priority

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3
Q

You must pay yourself _____.

A

first

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4
Q

Give, save, then pay _____.

A

bills

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5
Q

Building wealth is not evil or wrong. Money is _____.

A

amoral

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6
Q

Larry Burkett, a famous Christian author, said, “The only difference in saving and hoarding is ______.”

A

attitude

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7
Q

What are the three basic reasons to save?

A
  1. Emergency funding
  2. Purchases
  3. Wealth Building
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8
Q

_________ events do occur-expect them!

A

Unexpected

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9
Q

Baby Step 3:

_ to _ months of expenses in savings

A

3 to 6

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10
Q

A great place to keep your emergency fund is a ______ ______ account from a mutual fund company.

A

money market

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11
Q

Your emergency fund is not an ______; it is ______.

A

investment; insurance

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12
Q

Do not ______ this fund for purchases.

A

touch

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13
Q

The emergency fund is your _____ savings priority. Do it quickly!

A

first

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14
Q

Instead of _______ to purchase, pay cash using a _______ fund approach.

A

borrowing; sinking

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15
Q

______ is a key ingredient.

A

Discipline

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16
Q

Building wealth is a ______ not a ______.

A

marathon; sprint

17
Q

Just ____ per month, every month, from age 25 to 65. at %12 interest will build to over _______.

A

$100; $1,176,000

18
Q

________ _______ withdrawals are a good way to build in discipline.

A

Pre-authorized checking (PACs)

19
Q

Compound interest is a mathematical _______.

A

explosion

20
Q

You must start ______!

A

now

21
Q

Rate of return or ______ rate is important.

A

interest

22
Q

Saving money is _____ and _______.

A

peace; contentment