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A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
The tendency to conform to the behaviors and beliefs of the people around you
What is a herd mentality
A 30-second personal summary with a request
What is an elevator pitch?
The playing of games for money or other stakes
What is Gambling?
Money that is received from work, investments, business, etc.
What is income?
Automatic Teller Machine. Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.
What is an ATM?
The subfield of economics that applies psychological insights into human behavior and to explain economic decision making
What is behavioral economics?
A retirement savings plan, sponsored through your employer who will often match your contributions, that allows an individual to save for retirement
What is a 401K plan?
A disorder characterized by the inability to stop gambling despite the negative consequences
what is gambling addiction?
Items or services you pay for such as rent, groceries, entertainment, bills, etc.
What are expenses?
A paid career-training program where students learn on the job in addition to some classroom instruction
What is an apprenticeship?
The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website
What is FOMO?
The extras an employer provides employees in addition to pay, such as health insurance or paid time off
What are benefits?
The probability or chance of an event occurring
what are the odds?
A plan of your expected income and how you will use it to meet your expected expenses over a period of time
What is a budget?
A year between high school and college when some students engages in various educational and developmental activities, such as travel or some type of regular work
What is a gap year?
The tendency to return to a baseline level of happiness regardless of whether you go through a positive or negative experience or event
What is hedonic adaptation?
An automatic electronic deposit of net pay to an employee's designated bank account
What is Direct deposit?
A bet made during a game of an event not directly affecting the game's final outcome
What is a prop bet?
Any items subtracted from your paycheck, including state and federal income taxes, Social Security, health insurance or 401(k) contributions
What is a deduction?
A three-digit number (ranging from 300-850) based on an individual's credit history detailed in a credit report
What is a credit score?
The tendency to make decisions about a current situation based on what resources you have already invested in the situation
What is the sunken cost fallacy?
A self-employed person who earns money on a per-job or per-task basis, often from different companies. They are considered an “independent contractor”.
What is a Freelance worker?
A game in which tickets with numbers are sold to people who then have a chance of winning a prize if their number is chosen
What is a lottery?
A portion of the total cost of an item, such as a car or house, that must be paid at the time of purchase. The buyer will often take out a loan to finance the remaining balance.
What is a down payment?