Budgeting Basics
What percentage of your income should be allocated to savings according to the 50/30/20 rule?
What is 20%?
Which type of loan should you prioritize paying off first to minimize interest accumulation?
What are high-interest loans?
Name one advantage of a Roth IRA over a traditional IRA.
What is tax-free withdrawals in retirement?
Who was the first Black president of the USA
Barack Obama
What should you create to track monthly expenses and plan for future financial goals?
What is a budget?
Name one strategy to pay off your loans faster.
What is making extra payments as often as possible?
The ideal amount to have in an emergency fund
What is 3-6 months of living expenses?
What is the most widely spoken language in the world?
What percentage of your budget should you ideally spend on housing?
What is 30% or less of your income?
A financial tool that allows consumers to borrow funds from a predetermined limit to make purchases or withdraw cash, with the requirement to pay back the borrowed amount, usually with interest?
What is a credit card?
The best way to build credit while in college?
What is using a credit card responsibly and paying it off in full each month?
Who is the Black self-made millionaire?
Who is Madam C.J Walker?
What’s a common budgeting mistake that can lead to financial trouble?
Overspending
Accumulating Debt with high interest rates
underestimating expenses
Why is credit card debt not ideal
Hurts your credit score
Name one type of account that offers higher interest rates than traditional savings accounts.
What is a high-yield savings account?
What is the largest planet in our solar system?
What is Jupiter?
The amount paid to use someone else's money
What is Interest?
How long is the typical grace period before you have to start repaying federal student loans after graduation?
What is 6 months?
What is the term for the amount of money you earn on an investment, expressed as a percentage?
What is return on investment (ROI)?
What is the chemical symbol for gold?
What is Au?