Making it and keeping It
The ability to use knowledge and skills to manage one's financial resources.
Financial literacy
The amount of money you have to spend in a given amount of time.
Budget
The interest added to an amount of money within one year.
APR
Interest that accrues on the principle amount (the original investment) plus the earned interest.
Compound interest
Money paid out monthly by the federal government to those who are retired.
Social Security
A person who starts their own business.
Entrepreneur
This type of expense refers to things purchased with money you have left over after paying your fixed and variable expenses.
Discretionary expenses
Credit scores typically fall between these two numbers.
300-850
This type of savings account allows workers to deposit money before it is taxed. Employers usually contribute.
401K
These things are used to save or spend money before it is subjected to taxes.
tax shields
The principles and methods you use to acquire and manage income and assets. (What you do to make and mange money)
Personal finance
This type of financial institution is formed as a service to customers without the goal of making a profit.
Credit union
This is the "fine print" of a credit card agreement that has important info regarding fees and expectations.
Disclosure information
The amount of money your employer pays into employee savings, retirement, healthcare plans, etc.
Employer contribution
Name 2 kinds of retirement accounts.
401K
403B
IRA
Mutual Funds
Financial freedom from doubt, anxiety, and fear caused by lack of resources.
Financial Security
List 3 examples of fixed expenses.
mortgage
rent
car note
car insurance
netflix
spotify or apple music
cell phone?
monthly bus pass?
List 3 factors that contribute to your credit score.
Payment history
Amounts owed
Credit history length
New credit accounts
Types of credit/credit mix
This type of savings pools the money of a large group of shareholders to invest in diverse accounts.
Mutual fund
You should start saving for retirement at what point in your life?
The amount of this is $7.25.
medical conditions
job
location
family status
social network
age
religion
List two consequences of not being able to keep up with credit payments.
lower credit score
bill sent to collections
more difficult to make new purchases
increased fees
List 3 things or events someone would want to save money for.
going to school
starting a family
buying a house
start a business
donate
go on vacation
Who would earn more in a 40-year length of time in an account with 10% compound interest; someone who invests $2K/year only for years 1-8 or or someone who invests $2k/year from years 9-40?
The person who invests only in the first 8 years.