Behavioral Economics
These are what traditional economics does not factor in.
What are emotions?
This is the formula to determine your NET income.
What is gross income minus deductions (taxes)?
This is the program for short-term mission trips that all students should plan on doing at least once while at MLC.
What is Daylight?
Financial experts say you should not spend more than this % of your income on a vehicle payment.
What is 20%?
The best time to plant a tree is then.
What is 20 years ago?
This is when you value an owned object higher than its market value.
What is the Endowment Effect?
This is the formula to determine Net Worth.
What is ASSETS minus LIABILITIES?
Stewardship is often explained as these three "T"s.
What are time, talent, and treasures?
To have a better credit score, it is best to keep your credit utilization under this percentage.
What is 10%?
Who is John Denver?
This is when consumers change their preference between two options when presented with a third "asymmetrically dominated" option.
What is the Decoy Effect?
This is the formula to determine DTI.
What is debt divided by income?
Giving our best to the Lord is also called this. (Think Abel's offering.)
What is our firstfruits?
This is the % of depreciation on a new car as soon as it is driven off the lot.
What is 11%?
He said, "He who is not contented with what he has, would not be contented with what he would like to have."
Who is Socrates?
This is when people value things that they had a hand in creating.
What is the IKEA Effect?
This is the formula to determine FRONT END Ratio.
What is monthly HOUSING expenses divided by income?
This is a low-cost event that almost all of our churches utilize to promote fellowship and a church family atmosphere.
What is a potluck?
This is the maximum debt-to-income ratio that you should have.
What is 36%?
Benjamin Franklin said, "Rather go to bed without dinner than rise with THIS."
What is debt?
The tendency to follow through on an activity because time and/or money was already spent on it.
What is the Sunk Cost Fallacy?
This is the formula to determine Basic Liquidity Ratio (how easily you can handle an emergency).
What is cash assets divided by monthly expenses?
There is a major stewardship message in the book of this minor prophet (referenced in the WELS article we read.)
Who is Haggai?
What is co-insurance?
Thomas Jefferson said, "Never spend money before THIS."
What is "you have earned it?"