Financial Planning
(L1)
(L1)
Budgeting
(L1)
(L1)
Saving & Investing
(L1)
(L1)
Altruism Organizations (L2)
L1 Misc.
L2 Misc.
100
What is the first step in financial planning?
Set financial goals for yourself.
100
Why should you have a budget?
It helps guide your financial choices!
100
What does investing do to your money?
Your money will GROW!
100
This type of organization is classified as either a private foundation or a public charity for tax purposes.
501(c)(3) Organization
100
What is the Cost of Living?
The amount of money needed to cover basics (housing, food, taxes, and healthcare).
100
How are altruism and philanthropy similar?
Both involve helping other people and promoting their well being.
200
What are some of the factors that influence your financial plan?
Your cash flow, savings, debt, investments, insurance, and any other income or expenses you have.
200
Should you budget for only your current income and expenses?
No! You should consider the money you need for your future.
200
What should you do with your money if you want to protect it for a purchase you plan on making in the near future?
Put it into a savings account, money market account, or a certificate of deposit.
200
These are organizations that help raise money for those in need.
Charities
200
Is your financial plan something you look at one time, or does it require ongoing adjustments?
Ongoing adjustments to reflect changes in income and expenses!
200
How are altruism and philanthropy different?
Altruism may cost yourself something.
Philanthropy has the goal of increasing the well-being of the world/mankind.
300
How much money should you aim to have in your EMERGENCY savings?
3-6 months of essential living expenses.
300
When calculating your expenses, you should look at your spending habits over the last ___ months.
THREE
300
What should you do with your money if you want it have a high return and you're okay with high risk?
Invest it!
300
This is an organization whose goal is not to generate income but serve a cause.
Non-Profit Organization
300
What step in creating a financial plan is Lily on?
Lily is working to put away the equivalent amount of money that matches 3-6 months of her living expenses.
Step 4: Save for emergencies
300
Why should you practice altruism?
Moral reasons, makes us happy, good for education, unexpected financial benefits, contagious, promotes social connection, and its good for your health
400
Why is having a diverse investment portfolio good for you?
It limits risk!
400
What are the FIVE categories that should be in your budget?
1. Essentials
2. Security
3. Goals
4. Lifestyle
5. Discretionary
400
When do you pay taxes with a Traditional IRA & 401(k)?
You pay taxes when you withdraw, but not when you contribute.
400
This is an idea of raising funds for a project or cause through a large group of people online.
Crowdfunding
400
What step of financial planning is David on?
David is meeting with a financial advisor to determine if he wants to purchase stocks, bonds, or a mutual fund.
Step 5: Consider investment options
400
If you want to become a philanthropist, what can/should you donate? (3 things)
Your time, money, or advice
500
What is wealth?
The amount of money you have after subtracting your debts from your assets.
500
What is the most important category to budget for?
Essentials (things you can't live without like rent, utilities, groceries, etc.)
500
__________ is a portfolio of stocks and bonds that is invested in by a group of people that is professionally managed.
Mutual fund
500
This is a form of service that helps the community, but is tied to a curriculum at school.
Service learning
500
How can you get FREE money from your employer?
Take advantage of employer matches to a 401(k)!
500
What are some ways you can tell that a charity is fraudulent?
Their name is similar to a real organization
They ask for donations through email, phone, door-to-door, using a credit card, or check
They don't have a website