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personal finance C:1

This is a review over foundations in personal finance

QuestionAnswer
negative net worth The amount of your liabilities is larger than the value of your assets.
financial literacy having the knowledge and skills to manage your personal finances
consumer Makes the choices about what they buy
interest a fee charged for using borrowed money for a purchase
credit the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
personal finance relates to all of the different money decisions you make each day.
asset Anything you own that has value
when talking about personal finances, always remember that you will either manage your money or The lack of it will always manage you
IN order to get clarity on your money goals and have a powerful reminder to keep you on track, you need to write down our goal and plan.
the percentage of Americans who are living paycheck to paycheck is almost 80%
Personal finance is 20% head knowledge and 80% behavior
living on less than you make means you should spend less money than you make each month
the total student loan debt owed in the U.S. is currently about $1.5 trillion
almost half of Americans report having less then $1,000 in in savings
The Five Foundations provide a simple action plan to help you win with ____________ money
The problem with everyone's money is the person in the __________ mirrior
When it comes to money, its hard to discipline and have ________ self control
Self control is _______ emotional maturity
Take debt _________ off of the table
have a _______ savings accound
start investing _______ early
have a _________ plan
live on _________ less than you make
stay away from _________ debt
There are two measures of wealth: income and Net worth
your net worth is what you own minus what you owe.
you want a high income, but it is more important to have a high networth
First foundation: save $500 for an emergency fund
Second foundation: get out of debt and stay out of debt
Third foundation: Pay cash for your car
Fourth foundation: Pay cash for college
Fifth foundation: build wealth and be outrageously generious
Generosity is not just about giving money it's a character quality
being generous means you are willing to give more than what is expected.
When it comes to money, people fall under two categories: A spender or a saver
Created by: hihello2007
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