SMART goals
This is what the S stands for in SMART goals
What is "Smart"?
This is usually long-term and progress-oriented
What is a career?
These are things like rent, clothing and groceries
What are needs?
This is money the bank adds onto the money you've already saved. The amount is based on how much money you already have.
What is interest?
Something a bank gives out to people in need of money
What is a loan?
This is what the M stands for in SMART goals
What is "Measureable"?
This is also known as "take-home pay" because it's the amount you get after taxes and deductions are taken out
What is net pay?
This is a term for when you spend too much money out of your budget
What is over budget?
Three word phrase: putting money away into savings as soon as you earn it
What is "pay yourself first"?
This is a type of account that gives you easy access to your money
What is a checking account?
This is what the A stands for in SMART goals
What is "Achievable"?
Uber, DoorDash and AirBnB are examples of this type of economy
What is the gig economy?
These are expenses that change every month, like your credit card bill, or unexpected charges like car repairs
What are variable expenses?
This type of savings should not be used for things like nice vacations, dining out, or luxury clothing
What is emergency savings?
This is a summary statement you receive from your bank each month that tells you about the types of transactions and amounts
What is a bank statement?
This is what the R stands for in SMART goals
What is "Relevant"?
This is a cost that comes with missing out on opportunities because you're pursuing some other goal
What is opportunity cost?
This should be 20% of your budget, according to the 50/30/20 Budget Plan
What are savings?
This is a type of investment fund that is a collection of stocks and bonds
What is a mutual fund?
Identifying the type of account you need, finding out about fees, and considering convenience are all things to think about when doing this
What is choosing a bank?
This is what the T stands for in SMART goals
What is "Timely" or "Tangible"?
This is a group of people you know who can be of help in finding job opportunities by making connections
What is a professional network?
The difference between the money coming into your budget and the money going out of your budget
What is cash flow?
This is where you spread out your investments into a lot of different things to protect against any one of them going bad and you losing everything
What is diversification?
This is where people don't have access to banking services in their area and are forced to keep money in unsafe places and get dangerous loans
What is underbanking?