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Savings

Personal Finance

QuestionAnswer
The persistent rise in the cost of goods and services. inflation
Why don't people save money? Lack of discipline and focus, no budget
A fully funded emergency fund should be how much? $500
What is interest paid on interest previously earned? Compound interest
Do Americans typically maintain a high rate of savings? NO
What are the three reasons to save money? Emergency fund, purchase, and build wealth
Is the emergency fund intended to build wealth? No
Using the sinking fund approach, how much do you have to save each month to buy a $4800 car a year from now? $400
Money today has different buying power than the same amount of money in the future. Time Value of Money
This compares after-tax income to the money people spend on a variety of items Savings Rate
Should your savings be determined by your spending? No, opposite. Let your spending be determined by your savings.
Does the amount of money you make effect your savings HABITS? NO
What is an interest bearing account? An account that earns interest
Created by: lbeddow