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personal finance C:1
This is a review over foundations in personal finance
| Question | Answer |
|---|---|
| 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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