General
As a student, how much $ should you have in your emergency fund?
$500
What is another thing that we have called our budget in this class?
Freedom to spend plan
Can you get rid of student loans with a bankruptcy?
No, most are not bankruptable.
When should you start saving?
now/early/on a regular basis/monthly/consistantly
Persistent rise in the cost of goods and services over time.
Inflation
Personal Finance is ___% head knowledge and ___% behavior
20/80
How frequently/when should you create a budget
Every month/before the month begins
Which kind of student loan doesn’t start accruing interest until you leave school?
Subsidized
Interest paid on the interest that has previously been earned on an investment.
Compound interest
What is a 2-year degree called?
Associates Degree
What is a positive net worth?
Assets are greater than your liabilities
What is your biggest wealth building tool?
Your income
How long does the average person take to payback student loans?
20 years
What does it take to build wealth?
Consistent investing and time for the money to grow
The amount of money you personally put into an investment or take out in a loan is called what?
Principal
When you are done with school and completely out of debt, you should build your emergency fund up to how much?
3-6 months of your living expenses
What does a budget show you?
How much money you plan to come in and go out during the month
List 3 ways you can pay for college without taking out student loans
Saved money, Grants, scholarships, work while in school, work study programs, 529 plans or family is helping paying for it
What are 3 questions to ask yourself to determine is something is any emergency?
Is it urgent?
Is it unexpected?
Is it necessary?
What is the best kind of budget?
Zero-based
or
One that you are actually using
When setting S.M.A.R.T goals you should put them in 3 categories. What are these 3 categories
Short Term Goals
Medium Term Goals
Long Term Goals
What should you do if you overspend in one of your budget categories?
See if you have money in one of the other categories to borrow from
What is the name of the form, completed by students and parents, that can help you qualify for student aid?
FAFSA
What are 3 basic reasons to save money?
Emergency Fund
Large Purchases
Building Wealth
What is the test called that some colleges offer for certain classes that you can get college credit for if you pass?
C.L.E.P. test
(College-Level Examination Program)