Basics
there is not enough resources to meet everyone's needs and wants
what is a scarcity
a spending plan
what is a budget
the habit of putting aside money for the future
what is saving/s?
Mr Campbell's recommendation
what is to NOT get a credit card
the guarantee of payment at a set amount for a financial loss
what is insurance
food, water, shelter, warmth, medicine
what are examples of needs
key to building good habits
what is to start early
the money pulled from your paychecks in the form of a tax
what is a FICA tax/Social Security Tax
your financial report card
what is a credit report
the money you pay monthly to an insurance company
what is a premium
What to make, How Much to make, Who to sell it to
what are the 3 basic questions
a hybrid form of savings plan and retirement plan that comes in the form of a job benefit
what is a 401k
deferred payment
what is credit
hard statistics that predict whether someone is likely to be a bad risk
what are risk factors
the sum of those economic goods that are tangible, scarce, useful and transferable
what is wealth
money that is paid to you such as wages or benefits
what is income
a savings account that is locked for a specific period of time that offers higher interest
what is a certificate of deposit
increase debt and low self-esteem, poor physical/mental health
what are the consequences of living on a limited income due to debt
the key reason to have insurance
what is "better to have it, and not need it, than need it and not have it"/manage risk
the fundamental economics problem
a deal, usually involving money, to buy or sell goods/services
what is a financial transaction
the interest you earn, not only on the money you put into an account, but also on all the interest previously built up
what is compound interest
money that a bank charges you; money you earn through savings, can be calculated by a percentage rate
what is interest
the amount you pay before your coverage kicks in for a major claim
what is a deductible