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17 Terms

1

What is the average savings rate for the US

3-5%

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2

How many Americans didn’t save anything in 2018?

50%

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3

What percent of Americans are living paycheck to paycheck and are at risk of catastrophe?

60%

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4

What percent of Americans have no emergency savings for unexpected expenses?

26%

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5

How many Americans cannot handle a median medical expense of 1000$ at this moment?

50%

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6

How many American Millennials cannot handle a median medical expense of 1000$ at this moment?

60%

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7

How many social security recipients say its their only source of income?

70%

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8

Examples of assets

car resale

checking account

savings account

life insurance cash value

401K

jewelry

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9

Examples of liabilities

credit cards

mortgages

auto loans

business loans

student loans

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10

How does the rule of 72 do?

You are looking to see how much to invest for how long to double your given amount of money.

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11

How do you calculate the % investment for the amount of time in which you’d like to double your investment? (e.g. I want it done in 25 years)?

72/# of years

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12

How do you calculate the # of years it takes to double the amount of your investment?

72/% you would like to contribute

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13

one budgeting mistake is failing to:

save for expenses before they happen

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14

examples of expenses that need to be saved for before they happen

car maintenance (of several kinds), clothing, gifts, travel, hospital bill

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15

one budgeting mistake includes not saving:

automatically or when your check first comes in

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16

one budgeting mistake can be not having this sort of account:

emergency savings

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17

What sorts of things is emergency savings supposed to cover?

medical expenses, loss of job, major car repairs, major home repairs, unexpected events

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