Specific, Measurable, Attainable, Realistic, Time limited.
What is a SMART goal?!(:
200
Decide on a time frame for tracking expenses
List all money you have coming in
Make categories for all expenses
Subtract expenses from income
Study your budget to make sure it fits with your goals and plans
What are the steps in building a budget?(:
200
72/interest rate=years needed to double investment
72/years needed to double investment=interest rate required
What is the rule of 72
300
A goal varying anywhere from 3 months to a year.
What is an intermedate term goal?(:
300
Fixed, variable, and periodic
What are types of expenses?(:
300
rise in the cost of goods and services over time
What is inflation.
400
Identify your goal
Establish criteria
Weigh pros and cons
Make a decision
Evaluate results
What are the steps in the decision making Process?(:
400
Helps determine where you are spending your money currently
Helps decide where to spend your money in the future
You have an organized way to save for things that cost more
Puts you in control of your financial future starting now
What are reasons for a spending plan?(:
400
income investments. Low risk. Low return. Through a bank. Earns money the longer it sits. Very liquid.
What are savings accounts?(:
500
Saving money over time to make a major purchase
Waiting to buy a new product until the price goes down
Waiting to see the latest movie until the crowds get smaller and the lines shorter
What are reasons for delayed gratification?-_-
500
Less likely to know what they have
Have no plan, often coming up short before their next paycheck or allowance
Almost certain to have no plan to save for more expensive spending goals
What are people without a budget
500
Professionaly managed
Diversified
Allows you to invest in stocks that you wouldnt normally be able to afford