INCOME
What is an example of a job where the pay is low but still requires the cost of a college education
Physical Therapist, Teacher (sometimes, especially preschool), Massage Therapist
What is the difference between a fixed cost and a variable cost?
Fixed costs are the same amount each period, but variable costs can be infrequent or differing amounts.
What percent of your income should you save, at least, regardless of how much you make?
What is 10%
Why would someone with a lot of savings borrow money?
Because the cost of borrowing to them is less than the money they can make with their savings.
What are your income, budget, assets and debts and credit history all used to create?
What is your "credit score". Your credit score is a judgment of how worthy of a borrower you are.
What is an example of a high paying career that requires a lot of expensive college education and training
What is Doctor or Lawyer or?
In terms of budgeting, what is the difference between variable expenses like groceries versus variable expenses like going to the movies?
What is “you have to eat, but you don’t have to go to the movies”
If you don’t make enough to save, and you have cut out all expenses that you possibly can, what should you do?
What is … find a better paying job, or work more jobs or work more hours or work harder at cutting expenses further by getting a(nother) roommate or moving finding resources to help like food banks or rent vouchers or donate blood or plasma or sell off more stuff
What is the difference between a credit card and a debit card?
A credit card uses a bank's money to make the purchase, a debit card uses your own money to make the purchase.
Which negatively affects your ability to borrow the most? Low income, low savings, or poor debt payment history?
What is "poor debt payment history"?
Name at least two examples of a job that requires significant college (7 or more years) but doesn’t pay very well?
College instructor or professor (non tenure track especially, Library archivist, clinical PhD teaching positions
Which type of expense is easiest to cut back on if you are spending more than you make?
What is variable expenses like entertainment, eating out, and subscriptions?
If you managed to save $100 per month for a year, while you also have $1300 in new credit card debt from the same, how much have you actually saved?
What is… “Well, you did save $1200, but you also created $1300 in debt which leaves you $100 in debt, but that is enormously better than not having saved and still owing $1300!!”
What is the difference between credit and debt?
Credit is the amount of money you have available to borrow, debt is the amount of money you already have borrowed (and owe).
No one likes doing this, and no one ever regrets doing this.
What is Budgeting?
What are some of the highest paying jobs right out of high school that do not require college?
What are Construction trades, entrepreneurial ventures…?
Which one of these is not an expense: Rent, Utilities, Food, Tax, or Debt?
What is Debt? The interest you pay on your debt is an expense, but the debt itself is a liability, not an expense.
Is savings an expense or an asset?
What is asset?
Why should you (you being the person you are right now) not get a credit card, even though the experts say you should get a credit card as soon as you can to start building credit?
What is “well if I don’t have reliable and regular income to pay off my credit card purchases, and I have trouble paying off my credit card, then I will be building BAD CREDIT, which is worse than no credit.”
When you buy something on sale, are you saving money or spending money?
You are always spending money when you buy!
What is more important in a career, the amount of money you make, your happiness with the work you do, or the benefit to others that your work provides?
What is “it depends on who you are”?
If your roommate makes five times more than you do, should you have to share the rent evenly?
What is “it depends on whether they want to pay more and whether or not you feel entitled to get more, and most of all, it depends on what agreement you made about sharing costs before you moved in together”.
What is a good mantra for Savings?
Pay yourself first
What is the illegal practice of lending money at an unusually high rate of interest called?
What is “usury"? (usually above 24% per year)
What nearby town did Coach Myles suggest was a great place to find good real estate investments?
Richmond, Indiana