Money Management
When we make goals what criteria should they meet?
Specific, Measureable, time-sensitive, yours, and written
What are the 2 money personality types? Which has more positives?
Spender or saver. Saver.
Yes, scholarships, grants, gi bill.
What does living paycheck to paycheck mean?
Not having any money left over for savings. Overspending.
SLMA
True or False: Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
False
Personal finance involves financial decisions made by?
An individual or family
To gain an understanding of your finances what do we need to know?
What you currently have, how much your income is, what your goals are, and how you will reach those goals.
The FED or Federal Reserve System
What does your money personality impact?
How you handle money
What should you always make sure you have when it comes to money?
Budget
What is financial literacy?
The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively.
If your assets total more than your liabilities, you will have a(n) _ net worth.
Positive.
How much student loan debt does the U.S. have?
1.5 Trillion
What is the 50/30/20 rule?
A budgeting tool.
A high percentage of Americans report having less than how much in their savings account?
$1,000
Savers tend to do what with their money?
Strict with their money and not spend any of it.
The five foundations act as an ____________
Action Plan
How do we find our net worth?
Assets minus liabilities
Personal finance is what percentage behavior and what percentage head knowledge?
20% head knowledge; 80% behavior.
What is The First Foundation?
Save a $500 emergency fund.
We are charged ______ for borrowing money.
Interest
What did Franklin D. Roosevelt's New Deal aim to promote?
To promote economic recovery and social reform.
What should we do every month if you use a credit card.
Pay your bill in full
What caused our money to grow over time?
Compound Interest