Scam/Scheme
What is the main difference between a scam & a scheme
A scam is always illegal, while a scheme is not.
Public 4 year universities usually have lower tuition for which group of students?
In-state students
What's a pension?
A retirement plan provided by SOME (usually bigger company) employers that offers steady income based on salary and service
What is a lag goal?
An ultimate outcome that takes time and effort to achieve
"I want to save $500 by the end of the summer" is an example of a.....
_______-b_______ goal
time-bound
What are some elements of a phishing scam in an email that are a red flag?
The email address, website links, or phone numbers are suscpicious
Grants differ from loans because...
They are awarded based on financial need and don't need to be repaid.
If you take your Social Security at age 62 instead of age 67, you will receive _________ payments
smaller
Putting money in a savings account for a college fund you'll use next year is an example of a ______-_______ financial goal.
short term
If you have a stable job with reliable income, how might that affect your investing?
You might feel more comfortable taking investment risks
What is the four letter ACRONYM for the main agency that helps protect consumers from scams and misleading information?
CFPB
Consumer Financial Protection Bureau
Federal loans typically have lower interest rates and more flexible repayment options
401k
when can students start looking for scholarships?
at ANY time, including BEFORE SENIOR YEAR.
Who is an IRA best suited for?
Someone who doesn’t have access to a 401(k) through work
C__________ P__________ L_________ are rules that protect buyers from unfair, unsafe, or dishonest business practices.
Consumer Protection Laws
Whats the main advantage of certification programs and trade schools?
They offer quick, job-focused training at a lower cost than a full 4 year degree.
Why do so many people invest during their working years for retirement
AND
What is one benefit of a ROTH 401k over a traditional 401K?
1. Compound interest allows investments you start during working years to become a major source of retirement income (THEY GROW WITH MORE TIME!)
2. You pay tax on it up front instead of when you're retiring, so its tax-free to draw from it at retirement age
How are military academies typically paid for?
They are free in exchange for military service
Which phrase best represents the relationship between lead and lag goals:
A. Lag goals distract from real success B. Lead goals make you forget your bigger plans C. Lag goals are more useful than lead goals D. Lead goals are stepping stones toward lag goals
D
TRUE or FALSE: Phishing scams aim to trick people into revealing personal information by posing as a trusted source
Also....
DEFINE SCAM:
DEFINE SCHEME:
DEFINE CONSUMER PROTECTION LAWS:
TRUE
SCAM A fraudulent or deceptive action designed to cheat people out of their money or personal information.
SCHEME A planned strategy or arrangement, which can be either legal or illegal, aimed at achieving a specific goal.
CONSUMER PROTECTION LAWS Rules that protect buyers from unfair, unsafe, or dishonest business practices.
What is the five letter ACRONYM that is paperwork you fill out & what is its purpose?
FAFSA
What percentage of your pre-retirement income do financial planners recommend you aim to replace in retirement?
80%
A key benefit of starting at a community college is....
- Smaller class sizes
- Lower tuition for the first two years to earn your AA
- No housing costs usually if you're living at home
What are direct costs for college?
Name 3
What are indirect costs for college?
Name 3
Direct:
Textbooks, supplies, tuition, fees
Indirect:
Personal expenses like groceries to eat, transportation, time spent studying