Vocabulary
A person or organization that uses a product or service.
What is a consumer?
Winning with money is ____ % head knowledge and
_____% behavior.
What is 20% head knowledge and 80% behavior?
Experiencing stress and expressing negative emotions about money.
What is frustration?
Legislation passed by President F.D.R. between 1933-1936 to help establish a profitable credit industry by making credit available to all consumers.
What are the New Deal policies?
Missed opportunity to save and invest, stress and a cycle of debt are a consequence of this.
What is spending more than you make?
A debt evidenced by a "note", which specifies the principal amount, interest rate and date of payment?
What is a loan?
If you know this you will be able to effectively communicate with bankers, financial planners and insurance agents and be able to tell your money what to do.
What is the language of money?
Watching how your parents treat money and either agreeing or disagreeing with their handling of it.
What are role models?
Mortgages (home loans) and consumer lending practices began to help Americans regain their financial footing.
What is 1929 - 1939 or after the Great Depression?
Writing out a detailed plan, replacing money myths for truths and regularly monitoring and reassessing your financial plan.
What are the key components of financial planning?
An obligation of repayment owed by one party to a second party.
What is debt?
If you are going to win with money you must become this.
What is money smart?
Money is needed to survive, but it's not a requirement in making people happy.
What is "money isn't everything"?
In this time period credit is uncommon because it was not profitable. Loans sharks existed.
What is before 1917?
This number of Americans currently living paycheck-to paycheck.
What is 7 out of 10 or 70%?
The knowledge and skill set necessary to be an informed consumer and manage finances effectively.
What is financial literacy?
Name the three levels of financial well-being.
What are survival, comfort and security?
Approaching money with a sensible and realistic attitude.
What is pragmatic?
During this time period consumers began to borrow out of prosperity not out of need.
What is post WWII?
When you don't place a high value on saving and you borrow in order to spend more than you make.
What is the consequence of financial insecurity?
All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc.
What is personal finance?
Step one to developing your financial plan.
What is assessing your current financial situation?
Basically your money personality comes down to these two choices.
What is a spender or a saver?
Consumer debt skyrockets. Banks are making huge profits off of consumer debt. The credit industry has now become smarter than the borrowers.
What is 1970 - present day?
Ultimately the one who is responsible for ALL the financial decisions made either good or bad.
Who is the person in my mirror?