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Finance ch 3
| Question | Answer |
|---|---|
| What causes you to have money is that you ___ some of it. | Kept |
| Murphy's Law: If it can go ___, it will. | Wrong |
| Saving is ___ a part of your budget. | Always |
| In America, nearly 8 out of 10 families live ___ to paycheck. | Paycheck |
| You will have a financial ___ at some point in your life. | Emergency |
| The first reason to save money is to build your ___ fund. | Emergency |
| The second reason to save money is for ___ purchases. | Large |
| The third reason to save money is for ___ building. | Wealth |
| Start saving while you're ___. | Young |
| What is an Emergency Fund? | Money you save to cover the cost for emergencies when they happen, like replacing a lost cell phone or paying a car insurance deductible. |
| The First Foundation: Save a ___ emergency fund. | $500 |
| An emergency is an ___ expense. | Unexpected |
| Money comes from ___. | Work |
| An emergency funs turns a crisis into an ___. | Inconvenience |
| Save up and pay for things with ___. | Cash |
| Avoid ___ payments for life. | Car |
| In you invested ___ per month in mutual funds from age 25 to 65, you could have $3.6 million in a mutual fund. | #554 |
| What is the Third Foundation? | Pay cash for your car. |
| Interest Rate | The percentage of principal charged by the lender for the use of its money. |
| Accured Interest | The amount of interest charged on a debt but not yet collected; interest accumulates from the date a loan is issued. |
| $100 ___ per month from age 25 to 65, at 11% interest, is $1,176,000. | invested |
| 48% of Americans have less than $10,000 saved for ___. | Retirement |
| Adults devise a plan and follow it. Children do what ___ good. | Feels |
| Self-discipline will lead to a high ___ of life. | Quality |
| The power of ___ interest says to get started acs soon as you can. | Compound |
| What is the Fourth Foundation? | Paying cash for college. |
| What is the Fifth Foundation? | Building wealth and giving. |
| Compound Growth | The average rate of growth for an investment over time, often expressed as an annual figure. |
| Everyday people can build ___. | Wealth |
| You need a ___ to become a millionaire. | Plan |
| To build wealth and become a millionaire, you need two things: ___ and time. | Consistency |
| When you reach the Fifth Foundation, make wealth building part of your ___ budget | Monthly |
| If you invest ___, you'll have nothing. | Nothing |
| Invest consistently over time so that compound interest ___ compound growth. | Creates |
| Compound Interest | Interest paid on interest previously earned. |
| Principal | The initial amount of money invested or borrowed. |
| Inflation | The persistent rise in the cost of goods and services over time. |
| The Value of Money | The concept than an amount of money is worth more today than in the future due to earning potential. |
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