Money Psychology
When you haven't come to terms with the reality that time will pass or that you will be old and need retirement/savings. It's the idea that you can always save later, or it will be easier to save later and you push off good money management now.
Time Warp Mindset
Occurs when there is a significant decline in economic activity
Recession
A budgeting method in which you put money away into for your future self before taking care of any other expenses.
Pay Yourself First
Something required or necessary (when looking at a budget)
A need
A _____ ________ is "a user interface that has been carefully crafted to trick users into doing things for the financial benefit of a company."
dark pattern
An increase in supply leads to a decrease in _______
Demand
(I'll also accept Prices)
While utilizing coupons, people tend to spend _____ money
More
Things that are unnecessary, but desired. They may increase someone's quality of life.
A want
The cure for instant gratification
Patience
A fall in the purchasing power of money
Inflation
Expenses that recur monthly, on the same day for the same amount.
Fixed expenses
The 5 components of a SMART goal
Specific
Measurable
Attainable
Relevant
Time-bound
When an individual places a higher value on an object that they already own than the value they would place on that same object if they did not own it, they are experiencing...
The endowment effect
Command economy
In a 50/20/30 budget, 20% of your monthly income should be allocated towards this.
Savings
Where the supply and demand curves meet
Price equilibrium
The benefit gained from consuming one additional unit of a good or service.
Marginal Utility
A factor that gives diamonds their high value (as discussed in the Diamond-Water Paradox).
Marginal Utility
OR
Scarcity
The loss of potential gain from other alternatives when one alternative is chosen.
Opportunity Cost
The process of considering and analyzing information and evaluating options in order to make a choice based on facts and evidence.
Rational Decision Making