| Goals and Decision Making | Credit | Investing | Budget | Money Management |
|---|---|---|---|---|
|
Always before big purchases or financial related decisions.
When is it smart to asses your financial situation?
|
true
(true or false) You should look for benefits when choosing a credit card.
|
As soon as you are capable, as there is more time to recover from your mistakes.
What age should you start investing?
|
It can make you more financially responsible and provides a personalized limits that you can abide by.
Why is a budget important?
|
The process of making educated decisions with how to spend your money.
Define money management.
|
|
true
(true or false) You should really think things through before making decisions that you are unsure about.
|
false
(true or false) It is the worst idea imaginable to have multiple credit cards?
|
Bonds, Stocks and Shares, Mutual Funds, CDs, ETFs, 401K.
What are some examples of ways to invest?
|
With age, increase or decrease of income, etc.
When should your budget change?
|
Absolutely, even if younger people do not have many if not zero expenses, there are still ways for them to spend and save their money wisely.
Is it possible to manage your money at a young age?
|
|
They give you something to strive for, and they help you assess where you should be.
Why is it important to make goals?
|
You can pay for your purchases on time.
How can you improve your credit score?
|
A high reward amount.
What type of reward comes with an investment with high risk?
|
The 50 30 20 plan is a plan that strives to used 50% of your income on needs 30% on wants and 20% on savings.
Describe what the 50, 30, 20 plan.
|
15%-20%
Approximately what percent of your income should you save?
|
|
true
(true or false) You should aim to have a large sum of money saved for your retirement.
|
A late payment can stay on your credit history for quite some time and can cause your credit score to drop.
Predict what would happen if you make a late payment to a credit card company.
|
No, if you use good decision making skills you will know that this is not the best idea as it is totally possible to loose a lot of money.
Is it a good idea to invest all of your savings?
|
Spending limit, income calculations, and necessary payments.
What should a good budget consist of.?
|
Eliminating unnecessary costs will increase your income.
What strategies can you use to help you save more money?
|
|
Short term, long term, and intermediate term.
What are the three time periods in making a goal?
|
A credit score is a three digit number that is used as an estimate for how likely a person is to return money they had loaned. Credit score ranges from 300 to 850.
What is a credit score and what is the range?
|
No, it is smart to have your money spread out.
Should you put money all in the same type of investment?
|
Credit card payments, taxes, insurance, and other monthly bills.
What are some necessary payments that should be factored into a budget plan?
|
A good way to manage your money is basing purchases off of a budget.
How does money management tie into budgeting?
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