Money Psychology
Desire for the latest phone or fashion can be defined as:
"Want"
A federal document that has to be filled out every academic year prior to attending classes
FAFSA
Budget
A deposit account that allows you to deposit and withdraw money
Checking Account
A three-digit number that expresses how you manage your credit and debt
Credit Score
Subconscious money beliefs that people develop as early as childhood
Money Scripts
True or False: FAFSA is only for federal aid
False: States, universities, and outside scholarship programs use the FAFSA to determine aid
Three types of expenses categories in your budget are:
Fixed, Flexible, Discretionary
High-Yield Savings Account
What is considered a "Poor" credit score?
300 - 580
Expenses that are essential for you to live and work
"Need"
Type of financial aid that does not need to be repaid. It is often based on academic performance or need
Scholarships and Grants
An automatic transferring of funds from a savings account to a checking account to cover a transaction
Overdraft Protection
Type of non-profit financial institution that is set-up to benefit members. Members are the shareholders and enjoy perks like lower loan interest rates, and higher savings rates
Credit Union (Canvas, Credit Union of Colorado, Ent Credit Union, Credit Union of Denver, Blue Federal Credit Union, etc.)
What is considered an "Excellent" credit score?
800+
An increase in standard of living due to an increase in income
Lifestyle creep
Type of financial aid that has to be paid back and can accrue interest
Subsidized and Unsubsidized Student Loans
3-6 months' worth of savings for unexpected expenses
Emergency Fund
Type of financial institution that is for-profit and has to pay external shareholders, private investors. This type of institution makes money off your money
Bank (i.e. Chase Bank, US Bank, Bank of America, KeyBank, 1st Bank, Vectra Bank, etc.)
What is considered a "Good" credit score?
670-739
Four different money mindsets
Avoider, Worshiper, Vigilant, Status
Minimum GPA requirement to be eligible for financial aid
2.0 GPA at CCD, MSU Denver & CU Denver
A two types of education tax credits that reduce the amount of taxes owed on your tax return
American Opportunity Tax Credit & Lifetime Learning Credit
A percentage fee that accrues on an amount of money that is borrowed from a lender
Interest Rate
A type of credit card that requires a security deposit and is best for individuals looking to establish or rebuild credit
Secured Credit Card