The 5 Foundations
The first foundation in Dave Ramsey's Foundations in Personal Finance.
Save a $500 Emergency fund
Everyone needs to build this to manage money
A budget
Savings accounts earn ______ on the money in the accountq
interest
True or false: When you retire, you still have to pay taxes
True!
When you buy clothes or check out at the grocery store, you will pay ________tax
Sales
The 5th Foundation in Dave Ramsey's Foundations in Personal Finance
Build Wealth and Give
How often should you make a budget?
Once a month
The first priority in your budget should be
Giving
Investing your money earns you more money because of_________ growth
compound
One type of deduction from your paycheck is called ______ tax.
Income
What is the 2nd foundation in the 5 foundations in personal finance?
Get out of debt
A money principle to keep in mind is to live on _______ you make
Less than
A merit-based form of financial aid that does not need to be repaid; usually offered on the basis of academic, athletic or other achievements
Scholarships
A security that represents part ownership of a company is called a _____________.
stock
Almost ____% of Americans are living paycheck to paycheck.
70%
What is the 4th foundation in personal finance?
Pay cash for college
The two personality types when it comes to handling money
Spender or Saver
The total estimated student loan debt outstanding in the US
$1 trillion
Compound interest is earned at a fixed rate, while ________ is an average based on an investment's past performance
Compound growth
_____ income is the amount you make after taxes are taken out
Net
The 3rd foundation for personal finance.
Pay Cash for Your Car
What are the four walls of budgeting (have these in place before everything else)
Food, shelter, transportation, utilities
A car ________ is the most expensive way to pay for a vehicle.
Mutual funds are less risky and can outperform the stock market because they are invested in _______________
multiple companies
The deadline to file taxes in the US is ________