Chapter 1
What does this definition define?
"A system by which goods and services are produced"
Economy
The plan made by David Ramsey the Third for students and young adults, outlining "steps for financial peace"
The Five Foundations
What is the first foundation?
Save up an emergency fund of $500
What is the most important aspect in building wealth?
Discipline
What is the name of the arcade game you can make several "spins" on for 20 dollars?
Big Bass Wheel
What does this definition define?
"A plan for your money"
Budget
What does this definition define?
"A savings account that is set aside to be used only for emergency expenses"
Emergency Fund
What is the second foundation?
Get out of Debt
True or False: Are 401k's or Roth IRA's considered to be Interest-Bearing Accounts?
False
What is Dave Ramsey's middle name?
Lawrence
What does this definition define?
"A debt evidenced by a "note" which specifies the principal (initial) amount, interest rate, and date of repayment.
Loan
What does this definition define?
"An account that generates interest income on the available balance in the account"
Interest-Bearing Account
What is the third foundation?
Pay cash for a car
What is one reason that inflation happens?
1. Economy doing well
2. Energy Prices increase
3. Government policy changes
"not"
What does this definition define?
"The ability to obtain goods or services before paying, based on the trust that payment will be made in the future."
Credit
What does this definition define?
"Saving money over time for a large purchase; usually monthly savings
Sinking Fund
What is the fourth foundation?
Pay cash for college
In a loan situation, who is the person who lends money to the person borrowing money?
The Creditor
Finish the (bad advice) quote: "90 percent of gamblers quit before they..."
"Win Big"
Which type of bankruptcy is defined by "A type of bankruptcy where The court decides which of your qualifying belongings can be sold to pay off debt."
Chapter 7 "Liquidation" Bankruptcy
Explain how compound interest works
Yeah, you're probably right
What is the other plan from Dave Ramsey that is geared more towards adults?
The Seven Baby Steps
What does this definition define?
"Things that you own (money, property, a car, etc.)"
Assets
Dave did a magic trick in today's video, featuring cups of water. What was the label on the red cup?
Spending