Dave Ramsey - Chapter 3 Latest Update 100% Correct

Dave Ramsey - Chapter 3 Latest Update 100% Correct budget a written cash flow plan cash flow statement a summary that shows total income and spending for a given time period carbon check a copy of each check you write envelope system series of envelopes that are divided into categories and are used to store cash for planned monthly expenses impulse purchase an item that is bought without previous planning or consideration of the long-term effects overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero reconcile to match your bank statement with your checkbook zero-based budget a cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero 10 things millionaires do not do 1) Buy brand new cars. 2) Eat out on a regular basis. 3) Replace what is not broken. 4) Impulse buy. 5) Carry debt. 6) Visit the tanning bed. 7) Buy brand-name clothes. 8) Desire instant gratification. 9) Socialize with people who waste money. 10) Spend more money than they earn. four reasons people avoid budgets 1) It has a straitjacket connotation. 2) A budget has been used to abuse them. 3) They've never had a budget that worked. 4) Paralysis from fear of what they will find. 7 wealth-building habits 1) Live on less than you make. 2) Keep on learning and finding ways to grow your income. 3) Write a monthly budget that includes saving, giving, and spending 4) Plan your spending and avoid impulsive or unnecessary purchases. 5) Stay out of debt. 6) Pay yourself first. 7) Use gifts and "extra" income wisely. variable expenses, fixed expenses, intermittent