Tricks of the Trade
What's the best way to get in the habit of saving?
Pay Yourself First or Save First!
What are the 4 parts of the FLOW OF MONEY? (Hint: The second part is Savings)
Income, Savings, Needs, and Wants
What tool can be used to track income, expenses, and saving?
A budget or spending plan.
What investment vehicle allows you to have ownership in a company?
Stocks
What is the term for the cost of borrowing money?
Interest Rate
Financial is the only form of wealth. True or False?
False
What is the word for borrowing money and paying it back later?
Credit or a Loan
When you get paid, what immediately reduces the amount of money you have available? (Hint: the government takes this)
Taxes
What investment vehicle is an I.O.U from a company or a government?
What is the term for turning an idea into a business?
Entrepreneurship
What did humans use before money?
Bartering
What does the term "GAP" mean?
Goals, Awareness, and Personal Enjoyment
What is the phrase if your monthly income is equal to your expenses?
Living Paycheck to Paycheck
This helps your money multiply at an accelerated rate. Also known as an investor's best friend (hint: think penny activity).
Compound Interest
What is the term for comparing your life and financial status to those that are around you?
Life Evaluation
What percentage of people are living paycheck to paycheck? 20%, 50%, 70%, or 100%.
70%
What are the 2 factors that impact your credit score the most?
Payment History and Amount Owed
What are the 4 bank accounts we should have?
Emergency Fund, Savings, Needs, and Wants
What is the term for spreading your money among different companies and industries?
Diversification
What is the term for the change in the value of money over time? (Hint: think cost of goods)
Inflation
You have to give something up to get something is called what?
Opportunity Cost
This tool is used to protect our homes, cars, lives, and other assets.
Insurance
How much of of our income should we aim to save when budgeting?
20%
What is Mini Money's Golden Rule of Investing?
The best investment you can make is in yourself!
What are the 3 MOST important parts of starting a side hustle?
Talents, passions, and problem solving.