Budgeting Basics
This is a plan for how you'll spend and save your money
What is a budget?
This three-digit number helps lenders decide whether to loan you money
What is a credit score?
Money set aside for unexpected expenses is called this
What is an emergency fund?
Which U.S. coin has ridges?
What are the quarter and dime?
This rapper often talks ownership, investments, and generational wealth
Who is Jay-Z?
What is considered a non-negotiable in your budget? (food, gas, housing, transportation)
What are needs?
This type of debt is often considered an investment and good debt
What is student loan debt?
Advisors recommend saving enough emergency funds to cover this many months of expenses
What is 3-6 months? (extra points for 6-12 months)
The average lifespan of $1 billion is about how many years: 2, 7, or 20?
What is 7 years?
This NBA legend invested early in Google and is known for talking about business ownership
Who is Shaquille O'Neal?
What is considered a negotiable or discretionary spending in your budget? (travel, eating out, etc.)
What is a want?
Using a credit card but paying the balance in full each month helps avoid this
What type of savings account builds residual income without having to constantly pour money into it?
What is a high-yield saving account?
What does "LLC" stand for?
What is Limited Liability Company?
What tax do professionals athletes have to pay if they play in state they aren't a permanent resident of?
What is a jock tax?
The "60" in the 60/20/20 stands for what when it comes to your budget?
What is 60% or needs?
What is generally considered a good credit score range?
What is 670 or higher?
When your money earns money, it's called this
What is interest?
What everyday item was once used as money in parts of the world: shells, pencils, buttons?
What are shells?
What is upselling?
Bonus Question: You earn $5,000 per month. You save 20%, spend 60%, and 20% on wants. How much do you save each month?
What is $1,000?
What is the difference between a debit and credit card?
What is debit uses your money and credit borrows money?
This investing concept means your earnings begin earning additional earnings
What is compound interest?
Which U.S. coin is worth the most money if it was accidently minted with the wrong design?
What is a rare error coin?
What asset can a business owner never get back once it's wasted?
What is time?