Money Personalities
Dan wants to make it big and retire early, so he likes to put his earnings into volatile AI stocks and hopes to hit it big one day.
risk taker
Ethics are
Moral principles of conduct
Maya has one free hour after school. She can either:
Study for her economics test, or
Watch an episode of her favorite TV show.
Maya chooses to study.
watching the TV show.
What does SMART stand for
Specific, Measurable, Achievable, Results-Focused, Time-Bound
Lila puts away a specific percentage of every paycheck into a savings account and keeps a budget that tells her how much she can spend on extras in a given time.
saver
the act of purchasing an item suddenly on a whim without any prior planning
Impulse Buying
Jordan has $30. He can either:
Buy a new video game, or
Go out to dinner with his friends.
Jordan decides to buy the video game.
the dinner with his friends.
the total value of everything you own minus everything you owe
What is net worth
Amanda loves Amazon, she often browses it before bed and will treat herself to things that catch her eye.
Spender
the total movement of money coming into and going out of a business or household over a specific period
Cash Flow
A student has Saturday afternoon available. They can:
Work at their part-time job and earn $60
Go to a concert with friends
Study for an upcoming exam
The student decides to go to the concert.
$60 in wages.
the buying and selling of goods and services over the internet
What is E-Commerce
Josh saves and invests his money smartly and has some left over to spare, he decides to give this to a charity he likes.
giver
opportunity cost is
the value of the next-best alternative you give up when making a choice
A farmer has enough land to produce either:
100 bushels of corn, or
50 bushels of wheat
The farmer decides to use the land to produce corn.
50 bushels of wheat.
a legally binding promise from a seller or manufacturer to repair, replace, or refund a product if it breaks or fails to meet specific quality standards within a set time
What is a warranty
David does not know what to do with his paycheck and it makes him uncomfortable, so he puts it in a bank account and forgets about it
avoider
the fundamental economic problem of having unlimited human wants and needs in a world with limited, finite resources
What is scarcity
Alex has 4 hours available on Saturday. He can use the time to:
Work at his job and earn $80
Study for an exam, which he believes will raise his grade
Volunteer at a community event
Alex chooses to study.
the concert
A personal financial strategy for how you will spend, save, and invest your money today and into the future
What is a financial plan