Income
This determines the risk a creditor has when lending money to an individual...
Credit Score
What are two types of expenses?
Fixed & Flexible
The average income for Americans is around
$60,000 per year
Food, shelter and clothing are examples of
Needs
Your job is a good example of ________________ income.
Earned Income
What are the 3 types of income?
Earned Income
Portfolio Income
Passive Income
This MAKES you money
Assets
An XBox is an example of a...
Want
39% of Americans cannot cover a $_______ emergency.
$400
Stocks (where you make money) are a good example of _________________ income.
Portfolio Income
Net pay is also known as...
Take Home Pay
This COSTS you money
Liabilities
Things needed to function at a high level in today's world...
Functional Needs
A rental property is a good example of ______________ income.
Passive
What is the budget formula Dr. H recommends for teenagers?
70-20-10 (70% for savings, 20% for spending and 10% for giving)
Your spending plan is your...
Budget
62% of American's budget goes to three areas. What are they?
Housing, Transportation and Food
73% of Americans make under ___________ a year.
$50,000
Credit scores range from...
DAILY DOUBLE
350 to 850
78% of Americans live...
Paycheck-to-paycheck
Dr. H's Grandpa would say, "It's not how much you _____ that matters, it's how much you ______.
DAILY DOUBLE
Make / Save
Assets MINUS your liabilities EQUALS...
Net Worth
What formula can tell you when you can double your money in an investment?
The Rule of 72
The average student loan is $54,000 upon graduation from college. How much are individuals paying on their student loan payment per month?
$500
What is principal?
The non-interest part of the loan.