Budgeting
What are the 4 budgeting strategies we learned?
50/30/20. pay yourself first. envelope budgeting. zero based budgets
What is a Rainy Day Fund?
Money set aside for emergencies.
How does someone earn good credit?
By making payments on time, borrowing only a little, etc.
Why should you create strong passwords?
To make sure it cannot be guessed.
What are soft skills and give an example.
Communication skills.
Describe the difference between a need and want
A need is something you can't live without. A want is something that you CAN live without (simply a desire)
You are $50 short of your goals, how can you earn that money ethically?
Pick up more hours at work, borrow money, sell items, Steal JK.
How does a credit card work?
You borrow money from a lender and pay it back when you can.
What 3 piece of information should you never share online?
Address, phone number, social security number, passwords, banking info, middle name,etc.
What does it mean to "Clean up your social media"?
To make sure it represents you
Explain the 50/30/20 rule in GREAT detail.
50% towards needs (bills), 30% on wants (shoes, clothes, snacks, games), and 20% on savings/investing. Save first, invest next.
When saving for goals, they need to be what 3 things?
Realistic, specific, and timely
How does interest work?
Based on what you borrow, you pay a certain percent of it to the lender.
Explain, in detail, how snapchat works
You either send a picture or a message to a person or a group. You set a time for the image to erase, or the text goes away after 24 hours. HOWEVER, the internet is forever.
What are three things that colleges look for?
GPA, Transcript, Activities, letters of recommendation, interests, ACT/SAT
Why is it important to track your spending?
So you know exactly what to budget for.
A down payment
How can I avoid paying interest on my credit card?
Pay it all back in full.
What is phishing?
Tricking someone into clicking a link that looks safe.
Can a college or potential boss deny you a job or acceptance to school based on what they see on your social medias?
Yes. They want you to represent them well.
What is a budget?
A plan for how you spend your money
List AND describe the 3 types of expeses
Fixed, doesn't change. Variable, changes each month. Whammy, unexpected.
Calculate the simple interest. A loan for $20,000 for 2 years and 10% interest.
20,000 X .1 X 2 = $4,000
What are the 5 red flags of this message?
To: *insert Name*
From: Your Bank
Ur account has been suspended. Click the link OpeBank.com and verify specific information RIGHT NOW in order to not lose your money. Do not call your bank as the phone lines are down.
Urgency, typo, don't call bank, name is sketch,Link
What you do now and how you choose to act has a direct impact on your future (schools you go to and jobs you get), why?
You create habits. You create impressions. Your past will follow you. etc.