The Business of Borrowing
This is the amount paid to borrow someone else's money.
What is Interest?
This is the best time to start investing.
When is NOW?
This is the Golden Rule for Pro Savers
What is to spend less than you earn?
The average credit card debt per U.S. Household in 2024 is: A) $4774, B) $5800, C) $7200, D) $8674
D) $8674.
As a rule of thumb, it is unwise to spend more than 10% of your net income each month on credit cards.
The Dumb and the Reckless view Credit Cards as this.
What is Easy Money?
True or False: Lenders are required to confirm that borrowers can afford the loan they are requesting.
False!
Lenders use varying guidelines to assess whether a borrower can repay a loan, but they are incented to make the loan and make money off the borrower.
True or False: It is better to invest a larger amount later in life than it is to invest a smaller amount earlier.
False! Time is the most important element in long term investing.
Pro Savers always try to follow this rule when using Credit Cards.
What is paying off the entire balance each month.
Because of this, your missed or late payments may end up costing you far more than a late fee.
What is your credit report?
This is the percentage of their paycheck that the Dumb and the Reckless consistently spend.
What is 100%?
In general, the longer the term of a loan is, the higher this is.
What is the Interest rate?
This is the Number One skill required to begin investing your money.
What is discipline?
Pro Savers always use one of these, which enables them to know exactly where and how much they are spending.
What is a budget?
Even a loosely formed budget will help shape smarter spending habits.
What is interest?
Beginning in 2008 and growing each year since, college graduates are relying on these people for financial assistance.
Who are their parents?
This trend has left an alarming number of pre-retirees underprepared for retirement.
This rating tells potential lenders how well you handle your debts.
What is a credit score?
This type of investment account allows employers to match a percentage of your retirement contributions.
What is a 401(K)?
If your company offers a 401(k), participate in it!
What are large purchases such as vehicles or homes.
Which of the following is NOT a good reason to have a credit card:
A) To use in emergencies
B) Ease of usage versus cash
C) Cash Back programs or Airline Miles
D) Better Protection features than Debit Cards
Trick Question! All of these are valid reasons to have a credit card, with the proviso that the debt should be paid off as soon as possible.
True or False: The most popular vehicle brands of the average millionaire are Mercedes, BMW, and Range Rover.
False!
The most popular brands of the average millionaire are Toyota, Honda, and Ford.
What percent of people age 30-39 have excellent credit?
A.) 13% B.) 29% C.) 22% D.) 31%
C. 22%
Investments that are ___________ will have dollars spread among different classes of financial assets.
What is "Diversified"?
This is who the best savers pay first.
Who is themselves?
The best savers use features like automatic account builder to consistently allocate a portion of their income to a savings or investment account.
This is how long it would take to pay off $1000 at 20% interest paying only the minimum of $20 monthly.
Both Teams answer this, and the closest answer wins.
What is 109 months, or 9 years + 1 month?
Total amount repaid: $2168
Your daily routine includes an energy drink and Skittles, which costs you $6, and you do this about 20 times each month.
How much are you spending annually on this habit?
What is $1440?
And, if this was on a 20% APR credit card with only the minimum of $29 paid each month, it would take 9 years and cost a total of $3100.