retirement
This is the stage before you actually retire, involves your new life and planning for it. For many, this stage is a time of excitement and anticipation?
first stage
Making the choice to save money for the future instead of spending it in the present is known as Opportunity Cost
true or false
true
what is banking?
A for-profit institution that offers a full range of financial services to include, checking, savings and lending for individuals and businesses
what is budgeting
allow or provide a particular amount of money in a budget/the amount of money you can spend
How many steps are there until retirement?
5
An emergency fund should be made up of at least 3-6 months of expenses.
true or false
true
what provides on-the-spot, short- term loans for up to 50% of an item’s estimated value?
pawnshop
An expense that changes from month to month and may not even occur every month.
flexible expense
This is the liberation/honeymoon phase of retirement. The liberation phase includes feeling excitement, relief, and freedom from the stress and responsibilities of your day-to-day working life. People in this stage are usually busily reconnecting with family and friends.
2 second stage
The concept that an amount of money today is worth more than the same amount of money in the future
time value of money
A document your write which directs your financial institution to pay funds from your account to order of another party
check
Positive cash flow. Spending less than income.
surplus
what is the meaning of retirement? (in your own words)
the action or fact of leaving one's job and ceasing to work.
An IOU issued by a company, municipality or government in exchange for a loan from an investor that will be repaid with a set rate of return.
bond
The second set of numbers across the bottom of a check and deposit ticket, which identifies each unique customers at the bank
account number
Spending more than your income over a period of time. Negative cash flow
deficit
This is considered the most challenging stage. Reorientation usually occurs after retirees quickly go through their retirement to-do-list, they feel lost of purpose?
fourth stage(4)
The term used to describe the ease and speed with which you can convert savings or investment to cash is:
liquidity
The first set of numbers across the bottom of a check and deposit ticket, which identifies the banks the funds will be withdrawn from
routing number
An expense that is the same each month, and is usually associated with a contractual obligation. Easiest to estimate in the budget process.
fixed expense