Taxes
The word for the amount of money you must pay to the government each year to help fund schools, road maintenance, and general government functions
What are taxes
The word for the people who actually give you medical attention
The word for lending someone money in the hope that they pay you back plus extra
What is Investing
The word for the 'cost' of borrowing money; what you must pay the lender
What is Interest
The word for the nearly infinite number of things that would make you happy but are not necessary for living
What is a Want
The portion of the money you earn that is actually taxed
What is taxable income
The word for the people who you pay monthly in order for them to help you pay for large bills
What is Health Insurance
The word for owning a piece of a company
What is a "share" of a stock
The name for the type of business that lends small amounts of cash for high interest rates, designed to low-income borrowers in debt
What is a Payday Loan
The word for all of the goods and services that are essential for your life
What is a Need
The word for the total amount of money you earn in a year from all of your jobs and investments
What is gross compensation or total income
The cost you must pay for each doctor's visit even if you have insurance
What is a Copay
The word for a single investment tool that allows you to easily invest in hundreds of different companies
What is a Mutual Fund
Can range from 300-800, raises if you pay your bills on time, lowers if you do not pay people back; having a higher number makes it easier to take out loans
What is a Credit Score
Having to make a difficult choice to prioritize what you need by sacrificing something that you want
What is Compromise
The two different words for the money you can subtract from your gross compensation to calculate your taxable income
What is Standard Deduction and Itemized Deduction
The free or very low cost insurance option that is available to all California residents, regardless of immigration status
What is Med-Cal
The correct formula for Compound Interest
A = P(1 + r/n)^(nt)
The Simple Interest Formula, used for calculating interest on a loan
What is Principal x Rate x Term
What is $1000 (VERY lucky) to $1500 (much more common)
The full name of the government agency who is in charge of collecting taxes
What is the Internal Revenue Service
The name for the kind of healthcare system that Canada has, where all people can go to the doctor for free, and medical care is paid for by taxes
The amount you would have to invest each month into a mutual fund earning roughly 10% per year in order to be a millionaire by the time you retire at 65
What is between $90 to $100
Your monthly payment on a house worth $700,000 where you put $50,000 down, the interest rate is 3% per year, and your term is 30 years.
What is $3,430.56 per month
This type of fund, recommended to have 3-6 months of expenses saved, helps you handle unexpected costs like car repairs or medical bills.
What is an Emergency Fund