Career Choices
4 years!
Why is it important to track the amount of money you spend?
Tracking spending helps identify where money goes and aids in making informed financial decisions.
What is an emergency fund?
An emergency fund is money set aside for unexpected expenses.
Name one factor to consider when choosing a college.
Factors include location, programs offered, campus culture, and cost.
How many pennies make up $100?
10,000 pennies!
Name one benefit of having a mentor in your chosen career field?
A mentor can provide guidance, networking opportunities, and insight into the industry.
What are fixed expenses? Give two examples.
Fixed expenses are costs that do not change, such as rent or insurance.
Why is it important to save for retirement, even at a young age?
Saving for retirement early allows you to take advantage of compound interest and secure your future.
What is a FAFSA and why is it important?
FAFSA stands for Free Application for Federal Student Aid; it helps determine eligibility for financial aid.
What does buy now, pay later mean? Is it worth it?
You can put a certain amount down and use an item, but will have to pay interest on it!
How can job shadowing help you make career decisions?
Job shadowing allows you to observe professionals in their work environment, helping you assess if it’s the right fit.
What is a supplementary job? Give an example!
A job that provides extra income. Example: Doordash
What is the difference between a savings account and a checking account?
A savings account earns interest and is used for long-term savings, while a checking account is used for daily transactions.
How can attending community college first save you money?
Community college is usually less expensive and allows students to transfer to a four-year institution later.
What percent of Americans spend more each month than they make?
39%...
How many total years of college do you have to attend to earn a master's degree? (including bachelor's degree years)
5-6 years, depending on the master's program!
What is the biggest money mistake that teenagers often make?
Not using compound interest, lack of emergency fund, not prioritizing future goals, spending all your money
How can compound interest benefit your savings?
Compound interest earns interest on interest, growing your savings faster over time.
What are some common scholarships available for high school students?
Scholarships like the National Merit Scholarship or local scholarships are common.
How much does the average American spend on coffee each year?
About $1,100
Why do people change careers?
Better pay, less work/time commitment
What is the 50/30/20 rule in budgeting?
The 50/30/20 rule suggests allocating 50% to needs, 30% to wants, and 20% to savings.
What are three strategies to save money effectively?
Strategies include setting savings goals, automating savings, and reducing unnecessary expenses.
How can part-time work while in college impact your academic success?
Part-time work can improve time management skills but may require balancing work and study commitments.
What is the largest denomination of U.S. currency ever issued?
$100,000 bill