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baby steps/Chap 1

TermDefinition
Step 1 $1,000.00 in an “Emergency Fund” ($500.00 if income under 20k per year)
Step 2 Pay-off all debt utilizing the “Debt Snowball” – except the house
Step 3 3-6 months expenses in savings
Step 4 Invest 15% of household income into Roth IRA’s and pre-tax retirement
Step 5 College Funding
Step 6 Pay-off home early
Step 7 Build Wealth! (Mutual Funs/ Real Estate)
amoral neither good nor bad
baby steps steps to a healthy financial plan
compound interest interest paid on interest earned. [interest credited daily, monthly, quarterly, semi-annually, or annually on both principal and previously credited interest]
discipline the key to wealth building you must be consistent over time
emergency fund three to six months of expenses in readily available cash
interest rate percentage paid to a lender for the use of borrowed money
money market mutual fund that seeks to maintain a stable share price and to earn current income by investing in interest-bearing instruments with short-term (usually 90 days or less) maturities. emergency fund goes here
Murphy’s Law if it can go wrong, it will; unexpected events
Pre-authorized checking (PACs) system of automatic payment processing by which bills, deposits, and payments are handled electronically at regular intervals or on predetermined schedule. Checking that is authorized by a payer in advance written either by the payee or by the payee’s ba
Priority level of high importance or great urgency
Savings account accounts at financial institutions that allow regular deposits and withdrawals. The minimum required deposit, fees charged, ad interest rate paid varies among providers
sinking fund saving money to allow interest to work for you rather than against you
Created by: OcelotKnight
Popular Economics sets

 

 



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