Budgeting
What is the 50/30/20 rule in budgeting?
What is 50% for needs, 30% for wants, 20% for savings/debt
What does a credit score represent?
What is your trustworthiness in repaying debt
What is a side hustle?
What is A part-time job or gig done in addition to your main job
What is ROI in relation to college and careers?
What is Return on Investment; comparing cost of college to future earnings
What is lifestyle inflation?
What is Increasing spending as income increases
If you earn $4,000/month, how much should you save based on the 50/30/20 rule?
What is $800
What’s one action that can quickly lower your credit score?
What is making a late payment
Give two examples of common side hustles for students.
What are Tutoring, flipping items online
What’s the difference between a grant and a student loan?
What is Grants don’t need to be repaid; loans do
What lesson did many athletes in “30 for 30: Broke” learn the hard way?
What is Poor financial planning leads to bankruptcy, even with high income
Give one example of a fixed expense and one variable expense.
What is Fixed: Rent; Variable: Groceries
What is the benefit of having a high credit score when buying a house or car?
What is You get lower interest rates on loans
Why might someone choose a side hustle instead of a second job?
What is More flexible hours, control over workload
What’s a safe rule for how much student loan debt to take on?
What is No more than your expected first year’s salary
What does it mean to “live below your means”?
What is Spend less than you earn
What is the first category experts suggest cutting in your budget during a financial emergency?
What is wants
List three factors that affect your credit score.
What is payment history, credit utilization, length of credit history
Which side hustle is most scalable: Uber driving or freelance web design? Why?
What is Freelance web design; it can grow into a business
How can your choice of college affect your long-term financial future?
What is Lower debt or higher earnings depending on cost vs. outcome
What is depreciation?
What is The loss of value in an asset over time
Why is an emergency fund important, and how much should be in it?
What is it covers unexpected expenses; ideally 3–6 months of expenses
What is APR and why does it matter when comparing credit offers?
What is Annual Percentage Rate; it shows the total cost of borrowing
How can side hustles help with financial goals like paying off debt or saving for college?
What is They provide extra income dedicated to specific financial goals
Give two ways to reduce college costs besides scholarships.
What is Community college, working part-time, living at home
What are two advantages of having a financial plan at a young age?
What is Builds savings early and avoids unnecessary debt