Budget
The 80/20 rule of personal finance
What is 80% behavior and 20% head knowledge
The S in SMART goals
What is specific
Taking money out of a bank account
What is withdrawal
Thinking you deserve something without earning it
What is entitlement
Borrowing money from someone else
What is a loan
Giving up something in place of something else
What is opportunity cost
The M in SMART goals
What is measurable
Spending more money than you have in the bank
What is overdraw
Being happy with what you have
What is contentment
The total of the money you owe anyone or any institution
What is debt
A positive roadmap telling your money what to do
What is a financial plan
The A in SMART goals
What is achievable
To sign the back of a check
What is endorse
Waiting to make a purchase after saving up for it
What is delayed gratification
Trying to pay for something out of a checking account that has insufficient funds causes this
What is overdraw / overdraft
Money you earn while you are sleeping
What is compound interest
The R in SMART goal
What is relevant
A number that determines how well or how poorly you manage debt
What is a credit score
Wanting the lifestyle of your neighbor
What is, “Keeping up with the Joneses.”
An item you purchase that goes down in value over time
What is a depreciating asset
Three things you can do with your money
What is save, spend, and give
The T in SMART goal
What is time line
Total of assets minus liabilities
What is net worth
A person who prevents growth in another person
What is enabler
Setting terms over the course of several years to repay a loan
What is financing