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deb shelton test

1-13-15 economics test

QuestionAnswer
saving money for a purchase and letting the interest work for you rather than against you sinking fund
money is neither good nor bad amoral
Emergency Fund goes here money market
Interest on interest compound interest
If it can go wrong, it will; unexpected events Murphy's Law
Baby Step 1 $500/$1,000 in an emergency fund
Baby Step 3 3-6 months of expenses
key to wealth building discipline
For most people, a fully-funded emergency fund will be about: $10,000-$15,000
Ben and Arthur illustrate which principle of saving? compound interest
Baby Step 1 and 3 have to do with: saving and the emergency fund
You should save for the following: emergency funds, purchases, and wealth building
How many Baby Steps are there? 7
Saving is about contentment and ? emotion
The following is true about PACs Stands for Pre-Authorized Checking, and helps build discipline when saving
True or False: The saving habits of Ben and Arthur help to illustrate the principle of compound interest. True
True or False: Dave's 80/20 rule says when it comes to money, 80% is head knowledge and 20% is behavior. False
True or False: Your income level greatly affects your savings habits. False
True of False: Interest is money paid to a saver by a financial institution. True
True or False: The correct order for using your money is save, pay bills, then give True
Why do you think the United States has a negative savings rate? how does this relate to your personal savings habits? easy credit. advertising and marketing
Explain the relationship between having an emergency fund and Murphy's Law? Murphy won't see you if you have an emergency fund
Going to have to calculate compound interest for each problem
What are the 3 primary savings goals? 1. save for purchases 2. emergency funds 3. wealth building
Why do you need an emergency fund at your age? at our age we have emergencies
Why do you need to have $1,000 in the bank before paying off debt? In case anything happens
How does compound interest differ from simple interest? compound interest is interest on interest
What was the most important piece of information or concept you learned from this lesson? How will you apply it to your life? to save, don't get into debt
Go over case studies
Know the Baby Steps 1. $1,000 in emergency fund 2. Pay off all debt 3. 3-6 months of expenses in savings 4. Invest 15% household income into both IRA's and pre-tax retirement 5. college funding 6. pay off home 7. build wealth
What must become a priority? Saving
Always pay who first? yourself
The US has a _______ savings rate. -0.6%
What do you always need to count on something happening? emergencies
your emergency fund is not an _______, it is insurance. investment
Do not ______ this fund for purchases. touch
What percent of all consumers live paycheck to paycheck? 70%
Created by: a.allsup
 

 



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