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What is the key term that describes money owed to another person?
All financial decisions and activities of an individual or family
What does it mean to be a lifelong learner?
To consistently seek knowledge and skills throughout your life
The top 3 careers reported among millionaires were...
Accountants, Engineers, Teachers
Why is it important to monitor your credit report regularly?
To check for errors and signs of identity theft
What is predatory lending?
Lending practices that deceive or exploit borrowers
What is the purpose of an emergency fund?
To cover unexpected expenses without going into debt
What type of expenses stay the same from month to month?
Fixed Expenses
What is the main purpose of a credit scrore?
To indicate your creditworthiness to lenders
What is the primary purpose of marketing?
To communicate the value of a product or service
What is a manufacturer's warranty?
A promise from the manufacturer to repair or replace a faulty product
To know your net worth, you subtract your _____ from your ______
Liabilities from your Assets
Assets - Liabilities = Net Worth
What does it mean to have an irregular income?
Receiving income at different times or different amounts
What is revolving credit?
Credit that automatically renews whenever a payment is made to reduce the debt
What 2 habits are the most important for building wealth and becoming a millionaire?
Consistently investing money and giving it time to grow
What does "Opportunity Cost" mean?
The cost of missing out on the next best alternative when making a decision
List your 4 Walls
Shelter Utilities Transportation Food
What is compound interest?
Interest paid on both the principal and perviously earned interest
______ is an average based on an investment's past performance
Compound Growth
The first step in finding your dream job is ___
Discovering your talents, passions, and values
Call your bank
What is the term to describe the money on your paycheck before taxes and deductions are taken out?
Gross Income
How does inflation affect your savings?
It decreases the value of your money over time
What is the concept that money today is worth more than the same amount in the future due to its potential earning capacity?
Time Value of Money
What is the difference between Hard and Soft skills?
Hard skills are skills you learn. Soft skills are character traits and interpersonal skills.
What is the Proximity Principle?
The idea you should connect with people who are doing what you want to do and be in the right places to find opportunities