This is a review over foundations in personal finance
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| negative net worth | The amount of your liabilities is larger than the value of your assets.
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| financial literacy | having the knowledge and skills to manage your personal finances
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| consumer | Makes the choices about what they buy
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| interest | a fee charged for using borrowed money for a purchase
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| 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.
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| personal finance | relates to all of the different money decisions you make each day.
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| asset | Anything you own that has value
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| when talking about personal finances, always remember that you will either manage your money or | The lack of it will always manage you
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| 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.
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| the percentage of Americans who are living paycheck to paycheck is almost | 80%
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| Personal finance is 20% head knowledge and 80% | behavior
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| living on less than you make means | you should spend less money than you make each month
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| the total student loan debt owed in the U.S. is currently about | $1.5 trillion
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| almost half of Americans report having less then | $1,000 in in savings
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| The Five Foundations provide a simple action plan to help you win with ____________ | money
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| The problem with everyone's money is the person in the __________ | mirrior
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| When it comes to money, its hard to discipline and have ________ | self control
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| Self control is _______ | emotional maturity
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| Take debt _________ | off of the table
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| have a _______ | savings accound
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| start investing _______ | early
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| have a _________ | plan
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| live on _________ | less than you make
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| stay away from _________ | debt
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| There are two measures of wealth: | income and Net worth
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| your net worth is | what you own minus what you owe.
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| you want a high income, but it is more important to have a | high networth
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| First foundation: | save $500 for an emergency fund
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| Second foundation: | get out of debt and stay out of debt
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| Third foundation: | Pay cash for your car
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| Fourth foundation: | Pay cash for college
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| Fifth foundation: | build wealth and be outrageously generious
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| Generosity is not just about giving money | it's a character quality
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| being generous means you are willing to give | more than what is expected.
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| When it comes to money, people fall under two categories: | A spender or a saver
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