Retirement Planning
Should Mrs. Canary retire?
No
What is a down payment?
How much you pay right away when buying a car to lower the monthly payments
What is the principal of a loan?
The amount that is actually borrowed
What is an insurance deductible?
The amount YOU pay
What is the difference between fixed and variable expenses?
Fixed expenses stay the same month to month, variable expenses change each month
Are 401(k)'s a long term or short term stategy?
Long term
What are 2 important factors to consider for buying a car?
- Fuel Efficiency
- Safety
- Price
- Quality
- Comfort
- Good Warranty/Customer Service
- Design
- Others
What is a credit score?
A 3 Digit number that tells lenders how financially responsible you are
You are driving on the highway and get winded my Mrs. Canary who was singing too hard to notice you slowed down. What type of auto insurance would you use when filing your claim?
Collision
What is the difference between income and expense?
Income is money coming in, expense is money going out
Pre-Tax
What is the website that you can check a vehicle's history?
Carfax
What is interest?
The cost of borrowing money via the percentage that the financial institution charges you for lending you the money
When it comes to Health Insurance, what does PCP stand for?
Personal
Care
Provider
Give an example of a pop-up expense
What makes a 403(b) different from a 401(k)?
Eligible employers are a:
Public school, college, or university
Church
Charitable entity tax-exempt under Section 501(c)(3) of the Internal Revenue Code
What is the company that is used universally used to determine the value of vehicles
Kelley Blue Book
What is the difference between a debit card and a credit card?
Debit cards take money directly from your checking account, while credit cards are technically you borrowing money from a credit card company and agreeing to pay it back.
What is a benefit of getting group insurance through your employer?
-It’s guaranteed coverage
-Less research involved
-You have coverage so long as you’re with the company
-Your contribution comes off pre-tax
-Typically, group insurance is a cheaper alternative to individual coverage
What determines an items true value?
Hint: Beyond just the cost
How important it is to you
What number did Mrs. Canary write on her white board?
Reveal
What does MSRP stand for
Market
Suggested
Retail
Price
List 3 factors that may affect your interest rate
Your Credit Scores
How much money you borrow
How long the term is
Is there collateral
Your Job
Where you get the loan
The market
The relationship with the lender
What are 2 things that affect the price of life insurance?
- Your age
- Your health
- The type of policy
- How much coverage you buy
(or anything related to the above)
How does where you live affect your budget?
Cost of living is different in different places