Savings
The age to open an account
What is any age?
Types of Investment
What is IRA, Stocks, Bonds, Real Estate, and/or High Yield Savings accounts?
Types of Insurance
What is Auto, Health, Home, Umbrella, or Life Insurance?
Payroll Deductions
What is taxes, retirement, and insurance?
What is wants or needs?
Maximum Amount in account
What is $250,000?
What is your earn returns on both your initial principal and the accumulated interest from previous periods, allowing investments to grow exponentially faster than simple interest?
Grant vs Loan vs scholarship
What is Grants are non-repayable financial awards based on need or merit, often from government or organizations, while loans are borrowed funds requiring repayment with interest. Scholarships a financial aid award designed to help students pay for educational expenses, including tuition, fees, books, and living costs?
Types of tax deduction from paycheck
What is State, Federal, Social Security, and Medicare?
Credit vs Debit card
What is Credit must be paid back VS Debit immediate payment from checking account?
Best time to start saving
What is the sooner the better?
Are all investments great?
What is NO!
What is a tax-advantaged investment account designed to save for future education costs. Contributions grow tax-deferred, and withdrawals are tax-free when used for qualified expenses like tuition, room, board, and books. Anyone can open one, and funds can be used at most accredited colleges, vocational schools, and for limited K-12 tuition?
What is partnerships, discounts for varies things, sale for everyday bills?
Emergency fund +example
What is accessible money for a necessary hardship?
+deductible for auto and home insurance
+loss job, money to cover bills during this time
Checking vs Saving Account
What is Checking accounts are designed for daily spending, offering unlimited transactions via debit cards and checks, but little to no interest. Savings accounts are meant for storing money for future needs, offering higher interest rates but often limiting monthly withdrawals. Using both together allows for easy spending while earning interest on savings?
Goals +Example
What is short term or long term goal?
What is Distinguishing between essential expenses (e.g., food, shelter) and discretionary spending?
What is 40hrs full time vs less than 30hrs part time?
inflation
What is a general increase in prices and fall in the purchasing value of money?
Are there monthly maintenance fees?
What is YES?
S&P500
What is a stock market index tracking the performance of 500 of the largest publicly traded companies in the U.S.. It acts as a primary benchmark for overall U.S. stock market health, representing roughly 80% of its total value, and covers various industries?
MINIMUM Wage for Maryland
What is as of January 1, 2026, the Maryland state minimum wage is $15.50 per hour for most employees, following the Fair Wage Act of 2023, with further increases to $16.00 per hour for some local jurisdictions or large employers by July 1, 2026. Local jurisdictions like Montgomery County and Howard County have specific, often higher, schedules based on employer size?
Pros and cons of Automatic payments
What is Automatic payments (autopay) offer significant convenience by ensuring bills are paid on time, avoiding late fees, and potentially improving credit scores. They can also trigger discounts from service providers. However, they require diligent monitoring to avoid overdraft fees, as automatic deductions may exceed available funds?