Vocabulary
A savings account set up specifically to be used to cover financial emergencies....
What is "Emergency Fund"?
The initial amount of money invested or borrowed...
What is "Principal"?
The best way to build wealth is to start investing early. You should start investing money...
It's not IF an emergency will happen, but...
What is "When".
Why do some accounts, like savings accounts at your local bank, earn interest?
What is "Because the bank pays you to use your money".
A purchase that requires a significant amount of money...
What is "A Large Purchase"?
The persistent rise in the cost of goods and services over time.....
What is "Inflation"?
Compound interest is earned at a fixed rate, while __________ is an average based on an investment's past performance.
What is "Compound growth"?
Once you have a $500 emergency fund, you should
What is "save it until you have an emergency".
If you really want to save money, you've got to....
What is "live on less than you make".
A concept that an amount of money is worth more today than in the future due to earning potential.
What is "The time value of money"?
The measure of an investment's profit or loss, usually expressed as a percentage of the initial investment...
What is "Rate of Return"?
Accountants, Engineers & Teachers...
What are "The top three careers reported among millionaires"?
This percentage of Americans have less than $1,000 saved for a(n)
What is "emergency".
The only place you should keep your emergency fund money is....
What is "in a savings account or money market account".
The amount of interest charged on a debt but not yet collected; interest accumulates from the date a loan is issued.
What is "Accrued Interest"?
The percentage a principal charged by the lender for the use of its money...
What is "Interest Rate"?
Two habits that are most important for building wealth and becoming a millionaire are...
What are "Consistently investing money and patience to give it time to grow"?
Be able to cover an unexpected expense with cash and protect you from having to pile up debt when something goes wrong.
What is "The purpose of a an emergency fund"?
Emergencies, large purchases, and wealth building...
What are "The main reasons for saving your hard-earned money"?
The average rate of goth for an investment over time; often expressed as an annual figure....
What is "Compound Growth"?
Interest paid on interest previously earned....
What is "Compound Interest"?
A millionaire's best friend....
What is "Compound growth"?
Once you're out of school, have started your career, and have zero debt, your emergency fund should have.....
What is "3-6 months of living expenses"?
The interest rate on a savings account determines....
What is "How quickly your money will grow over time"?