Money Management 101
What is Money Management?
What is the process of budgeting, saving, and investing your money to achieve your financial goals.
What is Budgeting?
What is planning how to spend your money wisely.
Why should you save?
What is to build financial security & handle unexpected expenses.
What is risk?
What is the potential of losing money on an investment
What is the goal of investments?
What is to make profits
What does it mean to save?
What is setting aside money for future use
Saving for a vacation, emergency fund, or a new gadget is what type of goal?
What is a short term goal
Automatically setting aside money from your paycheck into savings is what type of banking feature?
What is direct deposit
What is reward?
What is the potential return you earn on your investments
How can you protect yourself from the risk of losing everything when investing?
What is diversification/spreading investments across different assets
What is investing?
What is growing your money by putting it into different assets like stocks, bonds, and real estate.
What is the "Key Tip" when it comes to budgeting?
Pay yourself first - Allocate money for savings before spending on non-essentials
How much should you save for your emergency fund?
What is aiming to save at least 3-6 months' worth of expenses
If an unexpected expense is presented you should use ?
What is an emergency fund
What is a bond?
what is loaning money to companies or governments in exchange for interest
What does SMART goals stand for?
What is Specific, Measurable, Achievable, Relevant and Time-bound
What is the budgeting rule?
What is the 50/30/20 budgeting rule
50% Need
30% Want
20% Save
creating what type of goal is key for better success?
what is a SMART goal
Ignoring debt can lead to what?
What is financial stress
What is compound interest?
What is the interest on loan or deposit that is calculated based on both the initial principal and the accumulated interest from previous periods
Name at least one money management tip we went over today
- Track your spending
- Save first, spend later
- Set realistic financial goals
- Stay disciplined
What are the steps of budgeting?
What is
Track your income
List your expenses
Set goals
Allocate funds
What banks are available on campus?
PNC in TUC, Fifth Third ATM in TUC and Chase Bank on Calhoun Street
This three-digit number is used by lenders to determine how risky it is to lend you money
What is a credit score
What are ETFs and Mutual Funds?
What is pooled investments in various assets.