SAVINGS
What is an effect of waiting to save for retirement?
You will just keep working and working and working!! You will regret this and retire when you are old.
They describe something that you did. EX: Built, organized, guided.
What are 3 factors you should look for when shopping for a car?
Budget, mpg, safety, durability, size, vehicle history, practicality
Desean got into a car accident but it wasn't his fault. He previously had a clean driving record. Is his insurance going to go up or down?
Up/increase
What does Pay Yourself First mean?
Put money aside and save first before you spend money on everything else.
List 4 advantages of starting to save at an early age.
Fewer expenses, develop good habits, save on taxes, reduces stress later on in life, avoid debt, etc.
How might AI impact jobs in the future?
There are going to be less jobs available, will be more automated, less personable, etc.
What type of car would fit your group's needs the best? Explain.
Answers may vary
How much is the registration in New York?
$83
How much do experts recommend having in your emergency savings?
3-6 months of your income
What is a savings goal AND why do you set them?
A savings goal can be general or specific and it is something you want to be able to purchase or pay for in the future. The reason you set them is because it motivates good choices and discourages overspending.
What is the difference between getting paid hourly vs. salary?
Salary is a fixed, predictable amount that you get paid no matter how many hours you work. Hourly get paid for every hour they work. This includes overtime.
What is depreciation?
Depreciation is the reduction in the value of an asset over time. This is due to mileage, age of car, and wear and tear.
What are 4 costs associated with owning a car?
Insurance, gas, repairs, maintenance, financing, state fees like a license, registration, interest
Rank these from the least risky to the most risky.
1. Savings Accounts
2. Stocks
3. Government Bonds
Savings accounts, government bonds, stocks
What are the 5 categories of savings goals?
Major Purchases, Big Events, Education, Emergencies, Retirement
What are 4 things you might consider when deciding on what job you will have?
Money, location, benefits, remote, hybrid, advancement opportunities, vacation, PTO, working for yourself, etc.
What is the difference between leasing and buying a car?
Leasing a car is a long-term rental, typically offering lower monthly payments and newer vehicles every 2–3 years, but with mileage limits and no ownership. Buying requires higher payments but builds equity, allows unlimited mileage, and results in ownership, making it cheaper in the long run.
What are 3 different types of maintenance that can be done on a car?
new tires, inspection, oil change, air filter, windshield wipers, brakes
What is the benefit of having a savings account/multiple savings accounts?
Pay you interest, easy to open, FDIC insurance, can access your money easily
List 3 reasons as to why people save AND 3 reasons why people do not save
Emergencies, future goals, avoiding debt, specific purchases.
They do not know how, unexpected expenses, low income.
What are 2 different types of taxes taken out of your paycheck and how are they used?
Payroll taxes - unemployment, disability, medicare, social security
Consumption Taxes - highways, infrastructure, public services
Property Taxes - schools, safety, streets, sanitation, libraries
What are 5 factors that influence car insurance rates?
state requirements, age, car make and model, high-risk violations, yearly mileage, credit history, driving record, zip code, marital status, and gender
What have you learned in the past few weeks in this class? It can be related to savings, getting paid, buying a car.
Answers may vary
What are some ways that you can track your spending? Is there a method that you could use. Explain
Answers may vary but mentioning an app, spreadsheet, envelope budgeting, etc. is great