🧾 Credit Scores
This 3-digit number tells lenders how trustworthy you are with money. What is it?
✅ A credit score
This acronym stands for the annual interest rate you pay when you carry a balance on your card. What is it?
APR (Annual Percentage Rate)
This is the date most Americans must file their federal tax return by each year. What is it?
April 15th
This is the difference between what a home is worth and how much you still owe on it. Hint: it's what you actually own. What is it?
Equity
This is the 50/30/20 rule's breakdown: 50% to needs, 20% to savings 30% goes to what?
Wants!
This factor makes up the BIGGEST chunk of your credit score — 35% — and it tracks whether you pay on time. What is it?
Payment history
These website was used in class to compare and research credit cards that fit your credit profile. Name one.
Bankrate or Nerdwallet!
This tax filing status applies to a single person with no dependents who is not married. What is it?
Single
This acronym stands for the 4 main costs included in a monthly mortgage payment: principal, interest, taxes, and insurance. What is it? BONUS: name what each letter stands for
PITI (Principal, Interest, Taxes, Insurance)
This pay is the amount you make before taxes, Social Security, and other deductions is taken out. What is it?
Gross pay
Your credit score is made up of 5 factors. Name 3 of them.
Payment history, amounts owed (credit utilization), length of credit history, new credit, credit mix
True or false: paying only the minimum due each month is a smart strategy for saving money on interest. (Explain)
FALSE — paying only the minimum means you pay way more in interest over time
When choosing where to live, this factor — how much of your income goes to the state government — varies widely by state. Some states have zero of it. What is it?
State income tax
When analyzing a rental property using the Four Square Method, this is what you calculate when monthly income exceeds monthly expenses. What is it?
Cash flow
Name the 3 types of real estate investing strategies discussed in class (hint: one involves renting long-term, one is short-term, one involves buying low and selling fast).
Buy-and-hold (landlord), short-term rental (Airbnb), house flipping
A score of ... earns an excellent rating — the best you can get. What is it?
850
This type of credit card — designed for people with no or limited credit history — is a great first card because you put down a deposit as collateral. What is it?
A secured credit card
This is the term for money taken out of your paycheck before you even see it — covering federal taxes, Social Security, and Medicare.
Withholding (or payroll deductions)
This website — used in class to find homes, estimate mortgage payments, and check average rent in an area — is the #1 real estate marketplace. Name it.
Zillow
In investing, this concept means your gains earn gains — your money makes money on top of itself. What is it called?
Compound interest
This is what it's called when a parent or relative adds a teenager to their credit card account to help them start building credit history — even if the teen never uses the card. What are you called on that account?
An authorized user
Name 2 things you should look for when comparing credit cards beyond just the APR.
Annual fee, rewards/cash back, sign-on bonus, foreign transaction fees, credit limit, introductory offers
Name 3 factors besides taxes that you should consider when deciding which state to live and buy a home in.
Cost of living, quality of life, average salary, proximity to family, remote job opportunities
This advanced metric — calculated by dividing annual cash flow by total investment and multiplying by 100 (quadrant 4) — tells you the percentage return on the money you put in. What is it?
Cash-on-Cash Return
This type of account — offered by employers — lets you invest pre-tax dollars for retirement, and many employers match your contributions. What is it?
401(k)