Personal Finances
the amount you make before taxes or other deductions are taken out
gross pay
an unexpected profit or gain of money
windfall
expenses involved for the paperwork and process to officially take ownership
closing cost
style of leadership where the leader presents the problem and asks for ideas from the group members
consulting
four skills necessary for communication
reading, writing, listening, and speaking
maintaining control of yourself
self-discipline
property owned by a person (or company) regarded as having value
asset
the electronic transfer of a payment directly into your account
direct deposit
a person who pledges to pay back the loan if you do not
cosigner
the leader keeps all authority and gives the group little freedom
telling
four steps for effective writing
clarify purpose for writing
-limit the subject to material that suits your purpose
-list ideas that you want to get across
-organize ideas into groups
maintaining an orderly way of doing things
discipline
non-necessary spending rather than spending on necessary expenses
discretionary spending
the chance of am investment declining in value
risk
a short-term, high-cost loan that is typically repaid on the borrower's next payday, plus fees
payday loan
the leader tests, the group reacts, and then the leader decides what to do
testing style
to give authority to individuals and groups in order to get the job done
delegate
two styles of leadership
autocratic and democratic
to compare two sets of financial records to verify that figures are correct and in agreement
reconcile
the money made or lost on an investment over some period of time
return
yearly rate charged for a loan
Annual Percentage Rate (APR)
style where group decides and the leader follows
joining style
the power or right to give commands, enforce obedience, take action or make final decisions
authority
effective leadership is based on what?
results
the ease at which an asset can be converted into cash
liquidity
5 ways to build up your savings
-bank all windfalls
-use round-up app
-cut your expenses
-sell things you no longer use
-make more money
a legal arrangement in which a third party temporarily holds sums of money in a separate account until needed
escrow
the leader sells and the group accepts. The leader makes the decision and persuades the group that the decision is the best one for them
selling
5 steps to prepare for an effective speech
-determine the purpose of the speech
-narrow the scope of your topic
-choose a subject of interest
-make an outline
-practice your speech
a good way to learn self-discipline that is good for the unit that requires regular practice that results in good routines
unit drill and ceremonies