personal finance final, all chapters except 3 (different knowt)

the problem with anyone’s money is the person in the _______

mirror

its hard to be disciplined and have ____ _______

self control

self control is _________ maturity

emotional

you can make the ____ you want to have in america today

life

personal finance

all the financial decisions an individual of family must make in order to earn, budget, save, spend, and give money over time

consumer

a person or organization that uses a product or service

debt

money owed to another person or company

paycheck to paycheck

an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings

you will either manage your money or the lack of it will ______ ___

manage you

what is the average amount of credit card debt per US household

14,947 (15,000)

almost __ % life paycheck to paycheck

80

personal finance is only __% head knowledge and __ % behavior

20, 80

take ____ off the table

debt

have a _______ account

savings

start _________ early

investing

credit

the granting of a loan and the creation of a debt; any form of deferred payment

interest rate

the percentage of a principal charged by the lender for use of its money

loan shark

person or entity that charges borrowers interest rates above an established legal rate

interest

the additional cost a lender charges for borrowing their money

debt is the _____ of your financial future

thief

banks started offering credit around the year ____

1920

put these important events in chronological order. World war 2, the stock market crash and great depression, world war 1, the roaring twenties, FDR’s new deal.

world war 1, roaring twenties, stock market crash and great depression, FDR’s new deal, WW2

the student loan marketing association (SLMA) is often called ______ ___

Sallie Mae

total US student loan debt is over 1.5 ________ dollars

trillion

have a ____

plan

live on ____ than you make

less

stay away from ____

debt

your decisions from today forward will affect not only your life, but your ______

legacy

a ______ is a written game plan for your money

budget

44% of Americans have less than __dollars in savings

1,000

________ is doing the same thing over and over and expecting a different result

insanity

if you live like no one else now (making smart financial decisions), then you can live like no one else ____ by enjoying financial peace and freedom

later

Over half of teens and young adults associate money with ______ and worry

stress

Ultimately, this course isn’t about anyone telling you what to do with your money. Its about you learning how to tell your money what it can do for ___

you

two measures of wealth: income and ______

net worth

your net worth is what you ___ minus what you owe

own

a negative networth is when you ___ more than you own

owe

you want a high income, but it is more _________ to have a high networth

important

financial plan

plan of action that allows a person to meet not only their immediate needs but also their long-term goals

net worth

the amount by which the value of a person’s assets exceeds or falls behind the value of their liabilities

asset

anything that is owned by an individual, including the money in the bank or investments

liability

financial debts or obligations

positive networth

the dollar value of a person’s assets is greater than the dollar value of their liabilities

negative net worth

the dollar value of a person’s liabilities is larger than the value of their assets

net income

what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay

expenses

the cost of goods or services; the money paid out

the five characteristics of setting solid financial goals

1.specific

2.Measurable—> (daily, weekly, monthly, etc.)

3.time sensitive (deadline)

4.YOURS

5.written (the goals and the action steps for them)

3 types of financial goals

1.short term (less than 2 years)

2.Medium term (2-5 years)

3.Long term (more than 5 years)

a financial ____ is your map to get from where you are to where you want to be with your money

plan

save ____ dollars for an emergency fund

500

get out of debt and ____ out of debt

stay

pay ____ for your car

cash

pay cash for _______

college

build wealth and be outrageously ________

generous

generosity is not just about giving money, its a _________ quality

character

being generous means you are ready to give ____ of something than is expected

more

what does the last half of proverbs 21:20 say

a foolish man spends all he has

having some money saved up can turn a ____ into an inconvenience

crisis

your financial future will be determined by your _______.

choices

the problem isn’t that we don’t know what to do, its that we ______ not to do it

choose

we all have _____ personalities

money

when it comes to money, you are either a saver or a _______

spender

neither money personality is right or _____

wrong

it is important that you ____ your money personality

know

money and _____________ go hand in hand, which means the way you handle your money affects everyone around you

relationships

if security and structure are important to you, you’re more likely to be a _______

saver

if you tend to be spontaneous, you’re more likely to be a _______

spender

their are positives and negatives for both _____ personalities

money

everyone has to work on their money _____

skills

knowing your money personality, saver or spender, can help you create a financial plan that plays up your strengths and helps balance your ___________

weaknesses

even when you’re ____, managing your money must remain a priority.

busy

beware of _______ buying

impulse

is it easier to manage money as a single adult or married couple?

single adult

who needs to decide how a married couple manages their money

both spouses

______ is the most agressively marketed product ever

debt

credit card companies spend over _______ dollars in marketing alone

4 billion

there were no credit cards prior to 1953

there is no such thing as good ______

debt

proverbs 22:7

the rich rule over the poor and the borrower is slave to the lender

credit card companies make their biggest _____ when credit card customers carry a balance from one month to the next

profit

credit card company marketing tactics

low or zero interest introductory rate, requiring only minimum monthly payment (in debt longer), and offering cash back and other rewards

secured credit

have to put down a security deposit or something to use as collateral

unsecured credit

when the lender doesn’t require a deposit or collateral

______ credit is how most credit cards work

revolving

myth: you need a student ____ to go to college

loan

truth: you can go to college ____ _____

debt free