Saving Strategies
Name one benefit of saving money in a bank savings account rather than keeping it at home
1. Earning interest on your savings
2. Keep it safe
What is a resume, and why is it important when applying for a job?
A document that summarizes a person's education, work experience, skills, and achievements, and it's important because it helps employers understand why you're a good fit for the job
Define a "need" in terms of personal finance
Things that are necessary for survival, such as food, shelter, and clothing
What is the term for money you owe to a lender, typically with interest?
Debt
What is the mascot of the University of Houston?
Shasta the Cougar
What is the first step in creating a savings plan?
Setting a goal
Name one factor that can influence how much money someone earns in their career
Education level, experience, skills, or demand for their profession
Scenario: You have $50 to spend at the store. You can either buy school supplies for the year or a new video game. Which purchase is a need and which is a want?
Need: School supplies
Want: Video game
What is the term for a card issued by a bank that allows you to borrow money to make purchases, with the promise to repay it later?
Credit Card
If a student wants to study finance UH, which college would they enroll in?
a. Bauer College of Business
b. Cullen College of Business
c. Gerald D. Hines College of Business
Bauer College of Business
What are two ways you can save money on everyday expenses?
Budgeting
Comparison shopping
Using coupons or discounts
Avoiding impulse purchases
Buying cheaper brands
True or False: The average earnings of people with a bachelor’s degree were 63% larger than the earnings of people whose highest educational level was the completion of high school
True
Why is it important to distinguish between needs and wants when managing money?
Prioritize spending on essential items to ensure financial stability and avoid overspending on non-essential items
What is the term for a fee charged by a lender for borrowing money, expressed as a percentage of the loan amount?
Interest rate
What year was the University of Houston founded?
a. 1927
b. 1935
c. 1949
1927
Why is it important to have an emergency fund?
Cover unexpected expenses like medical bills without going into debt
Scenario: If you work part-time at a grocery store and earn $9 per hour, and you work 20 hours per week, how much do you earn in a week before taxes?
$180
($9/hour * 20 hours/week = $180/week)
Explain the concept of delayed gratification in the context of needs and wants
Sacrificing immediate wants for the sake of achieving long-term needs or goals, such as saving money instead of spending it on non-essential items
What is the term for an account that earns interest and is typically used to save money for short-term goals?
A savings account
Which famous football player attended the University of Houston?
Tank Dell
Scenario: If you want to save $800 for a phone in six months and you currently have $200 saved, how much do you need to save each month to reach your goal?
$100 per month
Describe one way someone can increase their earning potential in their career
Furthering their education, gaining additional certifications or qualifications, seeking promotions or advancement opportunities, or developing new skills and expertise
Scenario: You are saving up for a car you need and find two different options. The first is a used car costing $6,000 and the second is a new car costing $25,000. Would both options count as needs? Why or why not?
Only option 1, the used car, would be a need. Even though you need a car, the extra $19,000 for the new car are not needed.
What is the term for a sustained increase in the general price level of goods and services in an economy over a period of time?
Inflation
Who's house?
COOGS HOUSE