Credit Score
What should you set up so that you never miss a payment?
Auto bill payments
Do repossessions show on your credit check?
Yes
Should you open a savings account to put money away instead of limiting yourself when keeping it in a normal banking account?
Yes
What is an example of appreciating assets?
Silver, gold, jewelry, rare cars, and art
What should you do to mainly save and not spend?
Set a budget
Why would your car get repossessed?
When an autopay defaults or failure to pay loan
What are examples of low risk investments?
Money market funds, Short term Certificates of Deposit, Corporate bonds, Cash management accounts, Money market accounts, Agency Bonds
What is an example of a depreciating asset?
Trucks, rusted and broken cars, toys, computers
What mainly effects your credit score?
Payment history
How long does a repossession stay on your credit record?
7 years
What is an example of high risk investments?
Cryptocurrencies, NFTs, High-Yield bonds, Currency trading, Initial Public Offerings
Should you keep old things you get from your grandparents? Why or why not?
Yes, they could be valuable
What is the rule of 72?
72/expected rate of return=amount of years to double
Calculates how long it takes to double your money
How long does a lender in Wisconsin have to wait after notifying you of defaulting pay to come repossess your car?
40 days
What are examples of long term growth investments?
S&P 500 Index Funds: invest in 500 of the largest U.S companies
Exchange-Traded Fund or an ETF is a type of pooled investment security that holds a basket of assets like stocks or bonds
Individual Growth Stocks such as technology or A.I
What is an example of a old thing that is in good shape?
An old car that is still shiny and looks new