Saving
interest paid on interest previously earned
What is compound interest?
An item that is bought without previous planning or consideration of the long term effects
What is impulse purchase
Markets to us with intensity
What is debt
What is the total estimated student loan debt
Buyer's beware
What is the meaning of Caveat emptor?
Saving money over time for a large purchase
What is sinking fund?
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero
What is zero based budget?
Payments, interest, and depreciation
what is losing when buying a car?
Planning ahead, getting good grades, and shopping around
What is the cash flow plan for college?
Something normally over 300
What is a significant purchase?
Inflation rate and rate of interest
what are two things to consider when evaluating the time value of money?
Has a straight jacket connotation, has been abused to them, never have had one that works.
What is four reasons people avoid budgets?
A myth that you need this to rent a car or make a purchase online or by phone
What is a credit card
Something you fill out every year
What is the FAFSA form?
Brand recognition, color, shelf positioning, and packaging.
What are types of product positioning?
Emergency fund, purchases, wealth building.
What is three basic reasons to save money?
Series of envelopes that are divided into categories and are used to store cash for planned monthly expenses
What is envelope system
Quit borrowing more money, you must save money, sell something, get a part time job or work overtime, use the debt snowball method
What are the steps out of debt?
Staying in school and staying out of debt
what are two goals while in school?
Personal selling, financing, repetition, and positioning
What are four common marketing tactics?
Save a 500 emergency fund, get out of debt, pay cash for your car, pay cash for college, build wealth and give.
What is the five foundations?
When you leave things out, overcomplicate your plan, don't do it, don't live on it.
What are reasons why a cash flow doesn't work?
Agency that researches and collects individual credit info and sells it for a fee
What is credit bureau
Work study, part time job, and scholarships
What is the way to cash flow your college education?
Wait overnight, consider your buying motives, never buy anything you don't understand, consider the opportunity cost and seek wise counsel
What is developing power over purchase steps?