Wants VS Needs
What is an example of a need?
Groceries, Rent and clothing.
Is it smart to let your emotions take over first?
No, you should always review the facts first.
Is investing a good decision?
Yes, as it can build wealth over time.
What is a budget?
A Budget is a plan that helps you manage your money. It shows how much you earn and how you’ll spend it.
What's Disposable Income?
Income left over after paying for all expenses.
What is an example of a want?
The latest phone, designer clothing and things of entertainment.
How may facts over feelings be hard to grasp?
Because you'll want to react with your emotions first.
Whats an example of a good and bad decision financially?
Picking something expensive over something cheap of the same quality.
Who can use a Budget?
Individuals, Small Businesses, and Large Companies.
Whats an Expense?
Things you spend money on, Consistent or not All of these add up into expenses if you are losing money from it.
Why is a want less important then a need?
Because needs are necessitates you need to survive, wants are things you can live without.
How would you go about fact checking a source?
By searching from trusted engines and sources.
What would decision making have to do with Financial Literacy?
How can you create a budget?
Add your income, Add your expenses, Subtract expenses from income and Split up the balance.
Whats an Asset?
Anything that you own that brings in revenue or can provide long-term financial security. (IE- Stocks, Businesses and even homes.)
A need that may not be a need to others, but it is to you. (IE: Gas.)
How would you describe the saying 'Facts over feelings?'
Using examples-explain how to analyze the facts before you let your emotions take over.
Why is it important to understand how to make good decisions?
To be able to make financially smart decisions.
Why is it important to have a budget?
To control money and reach financial goals, and Avoid overspending, Save money for important things, Plan for emergencies
What is Income?
The money coming in, whether from a Job, Small Business or even an allowance and birthday money.
You and your friend are going window shopping, you have $50. You see this new designer backpack next to a regular one. You need a new backpack, which do you buy to be the smarter investor?
The designer is $50 while the regular is $15
The regular.
You see a news article talking about how the US needs donations and is raising taxes due to this fact, you are skeptical about this article. What do you do?
You go and fact check it before letting your emotions get the best of you.
Your saving for a computer for school but your friends are planning a vacation which costs over half of your saving money. What should you do in this situation to be financially smart with your money?
Politely decline, finish saving for the computer.
You really want a PS5 that costs $500. You make $400 per month, and spend $235 in expenses per month. How do you get the PS5 in an appropriate amount of time?
By saving certain amounts of money each month.
Whats Debt?
Debt is an obligation that requires a person, to pay back borrowed money. Loans, bonds, notes, and mortgages are all types of debt.