Money Personality
Sally loves to live in the moment. She enjoys shopping, going to concerts, and going out to eat. She tends to struggle maintaining a budget and often maxes out her credit cards. What type of money personality is Sally?
Spender
Spenders, Savers, Investors, and Balancers. These are examples of ____________.
Money Personalities
Give me an example of Charitable Giving
Answers vary
"I want to build an emergency fund of $5,000 by saving $500 each month over the next ten months."
What part of this is "(T)ime Bound?
Next Ten Months
Short, Medium, or Long Term:
Buying groceries
Short
John is very careful with his money. He owns a single pair of shoes that he wears everywhere. His friends tease him for his minimalistic life style, but he has a very large savings account. What money personality is John?
Saver
Phoebe's favorite flavor of chip
BBQ
True or False: Sometimes, charitable giving can raise your taxable income.
False
"I want to read three personal finance books within the next six months to improve my financial literacy. I will dedicate at least one hour each week to reading and taking notes to apply the concepts I learn"
What part of this is "(S)pecific"?
3 personal finance books
Short, Medium, or Long Term:
Saving for retirement
Long
Name all four money personalities.
Saver
Spender
Investor
Balancer
During a stock market boom, many investors see others buying shares of a popular tech company and rush to buy in as well. Even if they have doubts about the company's fundamentals, the overwhelming excitement of the crowd will lead them to invest. What is this describing?
Herd Mentality
What is the difference between a charity and a fundraiser?
Charities can be claimed on tax return, fundraisers cannot
Fundraisers are often events that raise money where as charities are longer term
Ect.
What does SMART stand for?
Specific
Measurable
Achievable
Realistic
Time bound
Short, Medium, or Long Term:
Saving for a car
Which money personality was Miss Schaeffer?
Spender
Imagine you receive a coffee mug as a gift. You value it at $10. However, when a friend wants to buy it from you, you insist its worth $20 because it's yours. What is this explaining?
Endowment Effect
Miss Schaeffer's favorite restaurant is _____________.
Olive Garden
"I want to increase my credit score by 50 points over the next six months by paying my credit card balances and ensuring my bills are paid on time. I will monitor my progress using a credit monitoring app each month."
Which part of this goal is "(S)pecific"?
Increase credit score
What was Miss Schaeffer's long term goal on her Goal's Project Example?
Goat farm, duh
Which money personality would take the advice "Don't put all your eggs in one basket" and "Morals over money"
Investor
Imagine you have $100, and you're offered a gamble where you could either win $60 or lose $40. Most people will decline the gamble. What is this describing?
Loss Aversion
When you want to claim your charitable giving on your tax return, you must donate to a ______________
Charity/Government Recognized
"I want to save $1,800 for a vacation by setting aside $300 each month for the next 6 months."
Which part of this is "(A)chievable/(R)ealistic"
$300 each month
Short, Medium, or Long Term:
Has the highest risk level attached to it
Long