Renting Basics
This is the recommended % of income you should spend on rent.
What is 30%?
This is the FIRST step before buying a car.
What is set a budget?
This document outlines the rules between a renter and a landlord.
What is a lease?
Limited resources vs unlimited wants.
What is scarcity?
Money you pay every month for an apartment.
What is rent?
This protects the landlord if you damage the apartment.
What is a security deposit?
This is when you try the car before buying it.
What is a test drive?
This is a legal agreement you sign when financing a car.
What is a loan agreement / contract?
The next best thing you give up.
What is opportunity cost?
Money paid monthly for a car loan.
What is a car payment?
You should always do this to protect yourself when renting.
What is get everything in writing?
Focusing only on this can trick buyers into overspending.
What is monthly payment?
You should always do this before signing any contract.
What is read it carefully?
Study of individuals and small decisions.
What is microeconomics?
These are extra costs like electricity, water, internet.
What are utilities?
Name one thing you must do before moving in.
What is set up utilities / inspect apartment / sign lease / take pictures of any existing damage to the apartment for evidence ?
(Will accept any of these answers.)
This includes price, interest, fees, and insurance
What is total cost?
This phrase means your agreement is documented and enforceable.
What is “in writing”?
When prices rise over time.
What is inflation?
This cost is often a forgotten cost when budgeting for (LONG TERM) expenses that come with buying a car.
What is insurance?
Name one thing you should do before moving out to get your deposit back
What is clean / repair damage / give notice?
(Will accept multiple answers)
This is a strategy used to lower the price of a car.
What is negotiation?
Name ONE way to protect yourself from being taken advantage of in renting or car buying.
Total value of goods/services in a country.
What is GDP?
This mistake leads people to think they can afford more than they can.
What is ignoring total cost?