Chapter 1
The process of planning every Aspect of your personal finances
Personal financial planning
Another term for our debts
Liabilities
A professional that helps someone get their finances in order
Financial Advisor/Planner
Closest guess- what is the average price of a home in the US.
227,000
Name all 6 main characters in the show Friends
Financial issues that affect an individual
Personal Finance
Things we own are known as
Assets
Retiring is an example of what type of goal
Long term
Who is the richest Person in America
Elon Musk
What College football team has the most wins all time
Michigan
Things that can be rapidly converted to cash
Liquid Assets
The process of forecasting future income and expenses
Budgeting
How much cash we have readily available
Liquidity
What are the three categories of the 50/30/20 model
Needs/Wants/Savings
What is the highest grossing film of all time
Avatar
The Cost of pursuing one option instead of another
Opportunity cost
Ownership In something
Equity
Paying off a large purchase overtime
Financing
What is the Average age of Retirement in the US.
61
What Planet has the highest average temperature
The legal process filed when someone is unable to pay bills
Bankruptcy
Money coming in through wages or other sources
Income
Information about interest rates and time period to pay back the loan
Payment terms
How old do you have to be to get your money out of an IRA
59 1/2
Who was the 18th President of the US
Ulysses S. Grant