Debt Stuff
This type of loan is used to buy a car.
What is an auto loan?
This asset generally only depreciates in value, no matter how many times you wash and wax it.
What is a vehicle.
Billy makes $20 per hour at his job. he must work this many hours each week to make $1,000 per week.
What is 50 hours?
First foundation.
These two families both had father and son duos who served as presidents.
What are the Adams and the Bushs?
The type of loan you take to buy a house.
What is a mortgage?
If you don't pay your loan, or get behind on your loan, you are said to be in this not-so-good status.
What is default?
Billy pays 15% of his income in taxes. Of his $1,000 weekly income, Billy pays this amount in taxes.
What is $150?
2nd Foundation.
What is get out of debt and stay out of debt using snowball method?
Which coast was represented by the Wu Tang Clan, Notorius B.I.G and Nas?
What is the east coast?
Credit cards, where as you pay down the amount owed, the amount you can borrow increases, are considered this type of debt.
What is revolving credit?
If the value of your home goes up, and you keep paying the amount you owe on it down, you will be increasing this.
What is your equity in the house?
Billy needs to put down a deposit on a house. He is putting down 20% of the loan on a $150,000 house. His deposit amount is this much.
What is $30,000
3rd Foundation.
What is pay cash for your car?
Who was James Garfield?
The terms of a loan will include the amount, the length of the time to repay it and this important other variable.
What is the interest rate?
This type of investment is the only kind Mr. Sutphen says you should borrow money for, because it generally appreciates in value over time.
What is a house?
If Billy makes $1,000 per week, and takes two weeks off per year, this amount is how much Billy makes annually.
What is $50,000 annually?
4th Foundation.
What is pay cash for college?
Calvin Cordozar Broadus goes by this rapper name.
Who is Snoop Dogg?
A secured loan requires the borrower to put this down to guarantee the loan.
What is collateral?
This type of asset is one that is easy to open, grows at a higher rate than a savings account but yet most people don't open them (even though Mr. Sutphen tells you to look into it).
What is a high yield savings account?
If Billy's expenses each month are $2,900, and his net pay is $3,400, his margin each month is this.
What is $500?
5th Foundation.
What is build wealth (by investing 15% of income into sound investments)?
The five presidents from New York State.
Who are Martin Van Buren, Grover Cleveland, Franklin D. Roosevelt, Theodore Roosevelt and Donald Trump.