Earn
I have to have it before I can spend it. What is it?
What is Money
Saving is what you ____ and ____ for future use.
What is "keep" and "store up"
Spending is the amount of money paid for a particular _____.
What is "purpose"
True or False: Everyone's budget will look different.
True
How many steps are there to the Financial Confidence Plan?
10
Earning is what you _____ as a result of your actions.
What is "gain"
$1,000
Why is a zero balance budget important?
So every dollar is accounted for.
True or False: You should put off saving for retirement until later in life.
False; Saving for retirement should be what you start working on after your emergency fund. Unless you have a job that offers 401K matching.
What is the equation for a zero balance budget?
Income - Expenses = Zero
Name two sources of income from the presentation.
•Base pay/Salary
•Incentives
•401k Bonus/Company Match
•Side Hustle*
•Entrepreneurship*
•Real Estate*
•Re-Sale Items*
•Etc.
Outside of Emergencies, name two additional reasons to save.
Retirement
Vacation
Large Purchases
Holidays
Special Occasions
On average, how long does it typically take to adjust to a budget?
3-6 months
True or False: A budget's aim is to keep your expenses higher than your income.
False; The goal is to follow a zero balance budget. Every dollar has a purpose.
What is one step that you do not have to follow in order?
Contributing to your retirement; If your employer offers 401K contribution match, you should take part in it.
Name three soft skills for success.
•Strong Work Ethic
•Positive Attitude
•Good Communication Skills
•Time Management
•Acting as a Team Player
•Flexibility/Adaptability
•Self-confidence
What percentage of Americans have less than $1,000 in their savings?
42%
Who said "A budget is just telling your money where to go, instead of wondering where it went."
John Maxwell
True or False: After all unsecured debt is paid off, you should purchase a home.
False; You need to first work on building your 6 month emergency fund.
Which of these comes first: Purchasing a Home or Paying off Secured Debt?
Purchasing a Home
What are three words used in the crossword puzzle in the presentation?
Skills, Abilities, Knowledge
Who said "Do not save what is left after spending, but spend what is left after saving."
Warren Buffet
What are the five steps to creating a budget?
1. Get Organized
2. List Income
3. List Expenses
4. List Savings
5. List Debt
True or False: Gross income is the money you receive after taxes have been taken out.
False; Gross income is your total income prior to any deductions or taxes.
What is the most important step of the Financial Confidence Plan?
Stick to the Plan