The 6 Phases of Building Wealth: The Step-By-Step Guide to Achieving Financial Freedom (The 6 Phases of Building Wealth Series Book 1) by Griffin Trevor & Vibert Geoffrey & Hampton R. Phill & Griffin Trevor

Author:Griffin, Trevor & Vibert, Geoffrey & Hampton, R. Phill & Griffin, Trevor [Griffin, Trevor]
Language: eng
Format: epub
Publisher: VGHL Investment Group, LLC
Published: 2017-11-18T00:00:00+00:00

CASE STUDY 4

After completing Phase 3, David updated his budget by taking all of the funds that were previously assigned to minimum debt payments and adding them to his Wealth-Building total.

David adds his fixed and flexible expense totals together to get his monthly expense total. He then multiplies this number by 12 to determine how much he will need to cover one full year of expenses.

Total Monthly Expenses = $1,050 + $800 = $1,850

1 Year of Expenses = $1,850 * 12 = $22,200

At work, David sets up direct deposit so that the budgeted amount ($1,270) is automatically sent to his savings account each month. After just 17 months, David has amassed an emergency fund large enough to cover all his expenses for a full year.

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