Five Foundations
Foundation One
What is Save a $500 emergency fund
This is how often you should create a budget
What is a home?
Insurance helps you transfer this from your bank account to the insurance company
What is risk?
A debit card, ATM access, payroll direct deposit, and checks are basic features of a
What is checking account?
Foundation Two
What is Get out and stay out of debt
If you really want to save money you must do this
What is live on less than your make?
This is the smartest way to buy a car
What is with cash?
Through the Affordable Care Act, you can stay on your parents' health insurance until you
What is you turn 26 years old?
With certificates of deposit (CDs), you have to pay a penalty for this
What is withdrawing your money early?
Foundation Three
What is Pay cash for your car
The only place you should keep your emergency fund money is.
What is a savings account or a money market account?
These require the borrower to put up collateral for a loan.
What are secured loans?
Your rent payment should total no more than this percent of your take home pay
What is 25%?
Verifying your bank's online account statements for accuracy is called this
What is reconciling your account?
Foundation Four
What is Pay Cash for College
Americans spend over $2,100 a year on
What is impulse purchases?
This is the total amount of the car loan, plus taxes and fees.
What is the principal?
This type of interest rate is locked in and won't change for the life of the loan.
What is a Fixed-rate?
The FDIC and NCUA keep your money in the bank insured up to this amount per account
What is $250,000?
Foundation Five
What is Build Wealth and Give
Research shows that 46% of Americans feel stress and anxiety about the amount of this that they have.
What is Personal Debt?
It takes the average person this long to pay off their student loan debt.
What is 20 years?
This is the process of figuring out how much money you'll need in retirement and creating a plan to get there
What is Retirement Planning?
Credit Unions differ from retail banks because they typically require this
What is membership based on specific criteria?