Credit
Can employers and landlords check your credit score?
Yes
T/F - You should max out your 401K?
True, a 401K is a tax-advantaged account funded directly from your compensation - often matched by your employer
Checking and Savings
What is a budget?
A spending plan showing sources and uses of income.
Name one factor that can decrease your credit score?
Missed payment, canceled card, hard credit check, opening a new line, card utilization, etc.
60% stock, 40% bonds
What is an rainy day fund?
Personal finance experts suggest saving between $500 and $2,500 in a rainy day fund
When are taxes due?
April 17th
How do you avoid paying interest on a credit card?
What is a Roth IRA?
Tax advantaged individual retirement account
As a general rule, how much of your income should you save/invest?
20% (+/- 10%)
What metric should you consider when looking to buy a house or take out a mortgage?
What is the max credit score someone can have?
850
What is an index fund?
An investment fund (ETF, mutual fund, etc.) that tracks a index like the S&P 500 or the NASDAJ 100
What does a CD stand for?
Certificate of Deposit, savings instrument typically earning more interest than a savings account with a set contract
What is 1 of the 3 consumer credit rating agencies?
Experian, Equifax and Transunion
What is the average APR on credit cards as of Jan 2024?
24.5% (within +/- 2%)
What's an example of an alternative asset?
Private equity, private debt, real estate, commodities, hedge funds, collectibles
What is the average interest rate on a high-yield savings account?
4.5% (+/- .5%) APY
Who was the first billionaire?
Henry Ford