lesson1.1
all the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time
what is personal finance
the granting of a loan and the creation of debt; any form of deferred payment
what is credit
make sure to always have a ______
Budget
a plan of action that allows a person to meet not only their immediate needs but also their long-term goals
financial plan
the knowledge and skill base necessary for people to be informed consumers and manage their finances effectively
financial literacy
a person or organization that uses a product or service
what is a consumer
the percentage of principal charged by the lender for use of its money
interest rate
A _____ is just a written game plan for your money
what is a budget
anything that is owned by an individual, including money in the bank or investments
assets
you need ___ for an emergency fund
$500
money owed to another person or company
debt
person or entity that charges borrowers interest rates above an established legal rate
loan shark
Living on less than you make will
keep you out of debt
what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
net income
You should have an ________ because unexpected things are going to happen.
Emergency fund
an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings
paycheck to paycheck
the additional cost a lender charges for borrowing their money
interest
Over half of teens and young adults associate money with ______ ______
stress and worry.
the cost of goods or services; money paid out
expense
Following them will save you from learning some big money lessons
the 5 foundations
___of parents are interested in their kids taking a course on personal finance to learn how to better handle money.
85%
Americans are drowning in debt because they’ve made debt a ______ way of life.
"normal"
build a future filled with financial peace and confidence.
winning with money
financial debts or obligations
liability's
Your financial future will be determined by your _____
choices