Budgeting
What is Net Pay?
Pay after taxes and deductions
What is the first milestone for building your emergency savings?
$400
Who insures your Accounts in a Bank or Credit Union?
FDIC or NCUA
What is the name of the plan that allows you to save for your kids education?
DC529
What are the 3 main ways to build wealth?
Investments, Real Estate, Business
What is a plan that makes you more accountable for your spending?
A budget/ spending plan
What savings product gives you higher returns and is more liquid than a traditional savings account?
High-Yield Savings Account
Which card is connected to your checking account?
Debit Card
What is one insurance products ALL parents with young children should have?
Term Life insurance
What is one of the least expensive ways to invest for the future?
Retirement Accounts
A budget helps you balance your expenses and also keeps you from _____________
overspending
What savings product gives you a higher return than traditional savings but only after a set period of time?
CD or Certificate of Deposit
Setting up _____ helps you avoid check cashing fees.
Direct Deposit
You need this to prepare your family for your death. It usually includes a will and a few other things.
Estate Plan
Which type of Retirement Account makes your money tax free in retirement?
Roth IRA
This type of budget gives EVERY dollar of income a job.
Zero based budgeting
You always want this double edge sword to work to work in your favor, especially when choosing savings products. What is it?
Interest
What are the 3 main Credit Bureaus?
Equifax, TransUnion, Experian
What do you name/designate on ALL financial accounts to ensure your money goes to who you want it to on death?
Beneficiary
What insurance product has the POTENTIAL to help you build wealth and borrow from yourself?
Whole life insurance
List the 3 steps to budgeting
Track Your Spending
List income/expenses
Set financial priorities [prioritize expenses]
Forecast future income/expenses
Find ways to decrease your spending
Find ways to increase your income
Paying off debt helps you save. What are 2 types of debt repayment methods?
Snowball and Avalanche Method
What are the 2 largest factors in your credit score?
Payment History and Amount Owed
If you own property in DC, you should have a ____ to avoid probate.
Transfer on Death Deed
Name 4 investment specific products.
Index Funds, ETF, Mutual Funds, T-bonds, CDs, stocks, REITS, Commodities