Saving Money Takes Discipline
What causes you to have money is you __________ some of it.
Kept
Start saving while you are __________.
Young
An emergency is an ____________________ event.
Unexpected
Save up and pay for things with ___________.
Cash
48% of Americans have less than $10,000 saved for __________________.
Retirement
To build wealth and become a millionaire, you need two things: consistency and _____________.
Time
Murphy's Law: If it can go ____________, it will.
Wrong
The First Foundation states: __________________________________
Save a $500 emergency fund
Money comes from ______________.
Work
Avoid ______________ payments for life.
Car
Give one reason Americans don't save more for retirement.
Answers will vary but might include:
American's spend their money and aren't thinking about retirement.
They do not prioritize money goals.
They don't understand the power of compound interest.
If you invest nothing, you'll have __________________.
Nothing
Saving is ____________ a part of your budget.
Always
The second reason to save money is for ______________________.
Large Purchases
Give an example of how having an emergency fund can reduce stress and drama.
Answers will vary.
If you start saving and paying cash for large purchases early in life, what two ways will that help you later in life?
The Fourth Foundation states: ______________________
Pay cash for college/school.
What are some consequences of taking money out of your retirement early?
If you take money out of your retirement early, that money will not be there for you to live on when you retire.
Also, you miss out on compound interest and growth!
In America _____ out of 10 families live paycheck to paycheck.
8
The third reason to save money is for _________________________.
Wealth Building
_______ out of every 3 Americans experienced a job loss or income disruption during the COVID-19 pandemic.
1
Name two common large purchases you should avoid financing, other than a car.
Answers may include:
furniture
appliances
smartphones
boat, etc.
The Fifth Foundation states: ___________________________
Build wealth and give.
What is principal?
The initial amount of money invested or borrowed.
You will have a financial ________________ at some point in your life.
Emergency
Name two examples of a financial emergency
Answers will vary
What are the three questions you ask to determine whether something is a financial emergency or not?
1 - Is it unexpected?
2 - Is it necessary?
3 - Is it urgent?
What is interest?
The amount charged by the lender for the use of its money
Why is it important to start investing as early as possible?
The earlier you invest, the more you get to take advantage of compound interest, and the more money you will have come retirement.
What word describes the persistent rise in the cost of goods and services over time?
Inflation