Debt
_____ is money that a person, company, or government owes to someone else.
Debt is money that a person, company, or government owes to someone else.
_____ is the ability to borrow money or access goods or services with the understanding that you'll pay later.
Credit is the ability to borrow money or access goods or services with the understanding that you'll pay later.
Income and expenses
Can you bundle car and renters insurance?
Yes! It is usually better to bundle your insurances because they may be cheaper to do so.
A _________ is a social group whose members have something in common. It could be shared geographical location, hobbies or interests, culture and heritage, or shared government.
A.Community
B.Bank
C.Credit Union
D.Cult
The answer is A.
A community is a social group whose members have something in common. It could be shared geographical location, hobbies or interests, culture and heritage, or shared government.
True or False?
Two types of debt are Secured and Unsecured Debt.
True!
Two types of debt are Secured and Unsecured Debt.
How do creditors and lenders evaluate if you are trustworthy?
They look at your credit score/FICO score/credit report.
What is the 50-20-30 budgeting method?
50% goes to needs 20% to savings and 30% to wants
True or False?
Car insurance is legally required for drivers
True!
Car insurance is legally required for drivers to protect them financially in case of an accident.
True or False?
Parents, guardians, teachers, coaches, mentors, neighbors, churches, and clubs are all people or groups that can act as part of your support network.
True!
Parents, guardians, teachers, coaches, mentors, neighbors, churches, and clubs are all people or groups that can act as part of your support network.
True or False?
Paying off debt can help you to build credit.
True!
Paying off debt can help you to build credit. You do this by paying of the balance before the payment is due to ensure no interest is charged.
True or False?
Credit Score is rated with points from 0 – 1,000
False!
Credit Score is rated with points from 300 – 850
Explain what a lending circle is
A Lending Circle involves a group of people, typically family or friends, who regularly pool a set amount of money and give it to one member of the group.
What are two things a landlord might require?
A. Credit Score, Roommates
B. Security Deposit, References
C. Budget, credit score
D. Insurance, apartment walkthrough
What are two things a landlord might require?
Landlords might require:
1)Security Deposit: usually one month’s rent, so when you are about to move in, you should prepare to have your Security Deposit + last month’s rent + the upcoming first month’s rent.
2)References: Letters from people who can speak to your integrity, reliability, and lifestyle habits.
Landlords might look at your Credit Score, but will not require that you have roommates.
Why is it important to have a community?
Our community help us achieve everything in our life, and they can help us achieve the life they want to live.
Remember its ok to ask for help when you need it
Medical Bills, Credit Cards, Student Loans, and Personal Loans are examples of what kind of Debt?
A.Secured
B.Unsecured
Medical Bills, Credit Cards, Student Loans, and Personal Loans are examples of Unsecured Debt.
Which of these is NOT considered in your credit score?
A. Payment History
B. Credit Mix
C. Length of credit history
D. New Applications
E. Amount of credit cards
F. Amount owed
The amount of credit cards is NOT considered in your credit score, but remember to have too many. The following are though:
A. Payment History
B. Credit Mix
C. Length of credit history
D. New Applications
F. Amount owed
Are buy now, pay later good for your credit?
No!
They have no benefit for your credit card and remember it can be a slippery road in a lot of small payments and high interest if you miss even one payment
Is there such thing as full coverage insurance?
No! They are actually a bunch of different policies put together. It would depend on what type of car you have the type of insurance you want, but new cars do require you to have full coverage insurance
What is one key way to use our network?
Ask for HELP!!!!
Remember it is ok to ask for help from our community, that is how we are going to get ahead much faster
Secured Debt is a loan backed by a valuable item called __________.
A.Credit
B.Bills
C.Collateral
D.Assets
Secured Debt is a loan backed by a valuable item called collateral.
Which of the following does not impact your credit score?
A. Payment History
B. Amounts Owed
C. Checking credit score
D. Length of Credit History
E. Credit Mix
Checking your credit score on apps like Credit Karma will not impact your credit score, however if places like the dealership check your credit score then it will impact your score because it is considered a hard inquiry.
A. Payment History
B. Amounts Owed
C. Checking credit score
D. Length of Credit History
E. Credit Mix
How much interest do payday loans charge?
400%
What are some unfortunate things that are considered in car insurance?
Age, driving history, location.
Unfortunately younger people are charged more due to them being so new to driving.
Driving history, drive carefully to keep your record spotless.
Location, it also depends on where you live, certain areas are more prone to accidents so the rate may be higher.
But remember insurance is the law and helps keeps our assets safe.
What are three ways to network?
Introduce yourself
Seek mentors
Follow up and stay in touch
Pursue professional development
Be an excellent employee, add value to who you work for
Be friendly, ask questions, and listen well