Money Mindset
This is how you think and feel about money based on your life experiences.
What is a money mindset?
This program allows eligible public service workers to have their remaining federal student loans forgiven after 120 qualifying payments.
What is Public Service Loan Forgiveness (PSLF)?
This is a plan for how you will spend and manage your money each month.
What is a budget?
This is money set aside for future needs, unexpected expenses, or goals.
What is savings?
This is a way to earn money outside of your regular job, often based on a skill or interest.
What is a side hustle?
This is knowing how money works, including concepts like budgeting, credit, saving, and debt.
What is financial literacy?
This tax benefit reduces your tax bill dollar-for-dollar and can be worth up to $2,000 per year for education expenses.
What is the Lifetime Learning Credit (LLC)?
These are expenses that stay the same each month, like rent, car payments, or insurance.
What are fixed expenses?
This type of fund is used to cover unexpected expenses like car repairs or medical bills.
What is an emergency fund?
Before starting a business, this is what you should identify to know who you are selling to.
What is your target audience?
This goes beyond knowledge and focuses on applying what you know, building skills, practicing habits, and making informed financial decisions over time.
What is financial education?
If you’re not contributing at least this percentage to your retirement plan at IKIC, you may be missing out on free employer money.
What is 3%?
This is the first step in budgeting that requires reviewing past transactions to understand your actual spending habits, not your guesses.
What is tracking your spending?
This type of retirement account allows your money to grow tax-free, and you can withdraw it tax-free in retirement.
What is a Roth IRA?
This is a number issued by the IRS that identifies your business for tax purposes.
What is an EIN (Employer Identification Number)?
This describes making deliberate choices with your money instead of spending without a plan.
What is being intentional?
These small monthly charges for things like streaming services and apps can quietly add up if you’re not paying attention.
What are subscriptions?
This debt payoff method focuses on paying off the highest interest rate first to reduce the total amount of interest paid.
What is the avalanche method?
Through this program, staff can build their savings over 3–6 months and receive additional funds once they meet the requirements.
What is the Bubble Boost Savings Match Program?
This is the money you spend to run your business, like supplies, marketing, or tools.
What are business expenses?
This describes taking ownership of your financial decisions instead of blaming outside factors.
What is accountability?
This account is known for its “triple tax advantage,” meaning your money goes in tax-free, grows tax-free, and can be used tax-free for medical expenses.
What is a Health Savings Account (HSA)?
This debt strategy is designed to create quick wins by eliminating smaller debts first, helping you stay consistent over time.
What is the snowball method?
This financial concept explains why starting to save early can lead to significantly more money over time, even with smaller contributions.
What is compound interest?
This is the amount of money you have left after subtracting your business expenses from what you earn.
What is profit?