Personal Finance Basics
The knowledge, tools & techniques used to manage my money
What is Personal Finance?
The type of income term for total money you recieve before taxes, insurance
What is Gross Income?
Something that you cannot do without, that is a necessity for you
What is a need?
A free web based spreadshee application
What is Google Sheets?
Money set aside that has two functions, for emergencies and for dreams (Tiffany Aliche at 37 min)
What are Savings?
Income (Money) set aside for the future (short term or long term future)
What are Savings?
The type of income term for money left over for you to take home
What is Net Income?
Something that you would like to have but you can do without
What is a want?
A location at the intersection of a particular row and column
What is a cell?
A picture of what your money is doing and if you don't like the picture you can change it (Ariana at 27 min)
What is a Budget?
Savings before spending, When you prioritize your long-term financial well-being
What is "Paying Yourself First"?
The type of income when you get paid for your time (by the hour)
What is Hourly Wage?
Expenses that generally cost the same amount over time (such as rent, monthly bus pass)
What are Fixed Expenses
A feature that allows you to customize the look & feel of your spreadsheet
What is Formatting?
A machine in the head that spits out excuses for why you really want to buy something (Pete Adeney at 33 min)
What is Purchase Justification Machine or PJM?
Making the money you have work for you
What is Investing?
The type of Income when you get a set pay regardless of the time worked
What is Salary?
Expenses that fluctuate and are therefore more difficult to estimate (such as eating out or gas)
What are variable expenses?
A selection of cells accross rows or columns (cells get highlighted when you select)
What is a Range?
A way to make money that matches your talent and sparks your passion (Paula Pant at 9 min)
What is a Sustainable way to make money?
When you can live off your savings or investments, you have no debt, and you work only if you want to
What is Financial Freedom?
The term for money that is taken out of your paycheck before you get it in your hand
What is Deductions?
A method of listing your spending or expenses regularly to better understand the trends
What is a spending tracker or expense tracker?
When you enter the equal to sign "=" to do math inside a cell
What is a Formula or Function?
A basket of stocks, i.e. pieces of a company (Ro$$ at 19 min)
What is an Index Fund