Needs vs Wants
What are a needs?
Needs are essentials for you to live and work.
What are Stocks?
Stocks are part ownership in a company.
What is Credit?
Credit is when you borrow money knowing you can pay it back later.
Why should you write your checks in pen?
To avoid people re-writing the check.
What are saving Goals?
Saving Goals include saving money for big purchase, emergencies, and education.
What are wants?
Wants are something you can live without but wish to have.
What are international stocks?
International stocks are companies outside of the United States.
What is a Credit Score?
A credit score shows how you pay your bills on time and your loans.
How should you write cents in a check?
Write the cents as a fraction over 100
Example:
06/100
What are smart goals?
Smart goals are different types of goals that are reasonable and are easy to achieve.
What are examples of Needs?
Examples:
1. Gas
2. Electricity
3. Food and Shelter
What are domestic stocks?
Domestic Stocks are stocks inside of the United States.
What is one way to keep a good credit score?
Pay your bills on time so you don't earn interest.
Why is a line drawn in the space that's left after the written amount?
To avoid someone from writing additional numbers written in word form.
Name different types of goals and make them smart?
1.Buying a house - Saving money over a decade or less for a home.
2.Save money for a new video game - Complete chores for over two months to earn the money for the video game
What are examples of Wants?
Examples:
1. Concert Tickets
2. Movie Tickets
What are some United States Stocks?
1. Apple
2. McDonald's
3. Amazon
What is a credit card and what does it do?
A credit card helps you pay for things after you purchase them.
What colors in pen should you write a check in?
Either Black or Blue color pens.
Why should your smart goals be specific?
You should be specific when writing your smart goals so you can attain the goal.
What rule is used for Needs and Wants?
The 50/30/20 rule is used by people for Needs and Wants.
What do symbols mean in stocks?
Alphabetic codes to identify companies.
What are some of the dangers of credit?
1. Interest
2. Leads you to spend more money on bills
3. Leads you to become bankrupt.
What are the steps to writing a check?
Write the date, Name of the recipient, Amount, Amount in word form and draw a line, Sign the check, Fill memo
What is the 50/30/20 rule?
50% for needs
30% for wants
20% for savings