These are things that banks charge you if ... you are late in repaying a loan, or you go below a minimum balance, or use an ATM at a different bank.
What are fees?
100
This film contains excellent examples of mistakes people make in blowing their money.
What is "Broke"? On ESPN's "30 for 30" series.
100
In this famous psychological study, children who could defer gratification by waiting for two of these later rather than one now did better in life.
What are marshmallows?
100
This is the absolute worst kind of debt, other than being in debt to the mob.
What is credit card debt?
100
At the end of the day, money is just this.
What is a tool?
200
These are the deals where banks make most of their money, working with customers like you who need to borrow money, and charging you interest along the way.
What are loans?
200
These are the things that you have no choice but to pay for, and you've got to have enough money to deal with.
What are needs?
200
Getting Rich Quickly is very hard and usually a dead end. Getting Rich Slowly is mostly a matter of this.
What is self-discipline/ persistence/ savings habits/ deferred- gratification/ trusting the math of compound interest.
(Any one of the above constitutes a correct answer.)
200
Banks would love for you to pay only the minimum due on your credit card bill, so they can charge you 15% interest or more. But you can beat them at their own game by doing this.
What is paying off the monthly balance in full each month?
200
There are lots of different ways to invest. One popular investment which is risky in the short run but safer in the long run is this.
What is the stock market/stocks/equities.
300
These documents, which you must sign for them to be effective, are technically an ORDER from you to your bank to pay someone or something money.
What are checks?
300
This is a basic tool to help you figure out where your money is going and whether you're staying on track.
What is a budget?
300
This handy rule is a short hand for determining how long it will take to double your money.
What is The Rule of 72.
(Memorize it. You'll thank me later.)
300
If you find yourself getting behind, pay off this kind of debt first.
What is debt with the highest rate of interest?
(Do the math. It makes a huge difference.)
300
This type of investment is often called "Debt" because what you are buying is actually an I.O.U. or loan from a company or government?
What is a bond?
400
This signature on the back of the check signifies to the bank that it is o.k. to deposit or cash the check.
What is an endorsement?
400
This is the "score" generated by companies who track whether you pay your bills on time.
What is your "credit" score?
400
Brilliant scientist Albert Einstein once (jokingly) said this was his most important discovery.
What is compound interest?
400
These are things where it might make sense to take on a manageable level of debt.
What is an education? What is college? What is the purchase of a home?
400
These financial instruments, which are very popular, tend to buy whole bunches of stocks and/or bonds, in a "blend."
What are mutual funds?
500
Bank accounts are safer than many other places to put your money because this entity insures your money up to $250,000.
What is the FDIC? or What is the Federal Deposit Insurance Corporation?
500
This is the legal status one goes into when he/she has more debt than the ability to pay for that debt.
What is bankruptcy?
500
As we saw in class, a person in his/her twenties who manages to put aside $40,000 by the time he/she is 30, invests the money and gets a 10% return, has more than this much by age 79, EVEN IF HE SHE NEVER SAVES ANOTHER DIME.
What is $ 5 million?
500
Ideally, you would take out loans only for these.
What are appreciating assets?
500
This Massachusetts poet authored the lines:
"Tell me what is it you plan to do with your one wild and precious life?"