Financial Influences
What are money scripts?
Money scripts are the main ways that people usually handle their money. They are often harmful, especially if they are too extreme.
What are some things you should consider when deciding if a job is right for you?
You should consider how well the job would support you financially, whether you have the required skills for the job, and whether the job would conflict with your lifestyle. Your personal preference and the benefits of the job might also play a role.
Why is budgeting important?
Budgeting is important because it decreases impulse buying, allows you to set aside money for the things you need it for, assists in saving money, and generally helps you get better control of your finances.
What is a credit score?
What is a three-digit number, typically between 300 and 900, that acts as a financial report card indicating how responsibly you manage debt. It helps lenders predict the risk of lending to you, with higher scores signalling lower risk, making it easier to secure loans and better interest rates.
What is real estate investment?
Real estate is buying houses, fixing them up, making them look nice, and renting them out or selling them for more than you bought them for.
What are three financial influences that a person may face during their life?
What are peer pressure, social media, advertising, and economic conditions ( any three from these 4)
What is the risk of being self-employed?
The employee has unstable income, a lack of employee benefits, and the financial liability for business expenses and taxes.
What percentage of your monthly income is safe to spend to not go into debt and why?
10% of your income is safe to spend, leaving you with a safe amount of income to spare just in case of unexpected expenses and loss of money.
what is a loan where you get a small amount of money to hold you over for 2-4 weeks that has high interest rates.
Payday Loan
Why is investing in cryptocurrency risky?
Investing in cryptocurrency is risky because it is basically gambling, since the investments you make are based on what you think will happen, rather than things that are guaranteed to happen.
What are the four different money scripts?
The four different money scripts are Money Avoiders, Money Worshipers, Money Status, and Money Vigilant.
How much money does a high pay high stress job typically get yearly, and why would someone want a high pay high stress job?
High pay high stress jobs such as doctors and surgeons typically make $140,000+ per year. Someone would want a high pay high stress job if they’re looking for a more expensive, luxurious future. This often includes having a large family with a big house and expensive vacations.
What are the top 2 questions you should ask when making a budget?
What is my total net income?
What are my total monthly expenses?
What's the difference between a credit card and a debit card?
A credit card holds money that is borrowed from a bank, while a debit card holds your own personal earnings.
What is a Stock?
Stocks are a type of security that gives stockholders a share of ownership in a company, and they can profit or lose money from it.
Why do people who live in Greece not believe in saving money?
They believe in not saving money because of high living costs and long-term economic structural issues. They have more of a live-in-the-moment attitude about money.
What is the minimum wage in Saskatchewan? (be specific)
What is $15.35
What is the 20-10 rule
Monthly expenses should be 10% or less than your monthly income (not including housing)
Total annual debt should not exceed 20% of your annual income.
How could being a cosigner affect a person's credit score?
If you have a good credit score and are cosigning to help a person out, you need to be aware that if they don't pay, it will affect your credit score.
Why are GICs not a smart idea to invest in if you are looking to make large amounts of money
When investing in a GIC, you don't get a very big payout, and usually, after you get the money out of the account, the interest rate on it snatches all your money
Why do most older generations have a different view on money compared to younger generations?
Older generations were always taught to work hard for their money and save it up just in case. They did not take any risks and spent their money wisely. For younger generations, they take more risks with money and spend it more loosely. They also would rather have materialistic things than financial security.
Why do people with high levels of education sometimes have a hard time finding a job
The reason is that most employers look for experience and education rather than just education. Many people with higher education have done nothing but go to school, so they don't have any work experience on their resume
What are 2 budgeting tools we had to use to analyze budgets?
What is Mint, Wallet by budget bankers, You need a budget, pocket guard, and Google Sheets.
What are the factors that affect your credit score?
The factors that affect your credit score are your payment history, how much debt you already have, the length of your credit history, your new credit application, and the types of credit you have used in the past.
At what age can you start investing in a TFSA?
18 Years old