Personal Wealth Test Ch 1

studied byStudied by 0 people
0.0(0)
learn
LearnA personalized and smart learning plan
exam
Practice TestTake a test on your terms and definitions
spaced repetition
Spaced RepetitionScientifically backed study method
heart puzzle
Matching GameHow quick can you match all your cards?
flashcards
FlashcardsStudy terms and definitions

1 / 44

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

45 Terms

1

unwise habit

behavior that is considered poor or detrimental to your well-being, often leading to negative consequences

New cards
2

sensible habit

practice that is considered thoughtful, beneficial, and promotes positive outcomes in your life

New cards
3

needs

things that are essential to your health and security

New cards
4

wants

things that make life more interesting and fun, but you can get by without

New cards
5

values that affect our thoughts, decisions, and actions

experiences, beliefs, family and friends

New cards
6

what does ‘s’ stand for in smart (goals)

specific

New cards
7

what does ‘m’ stand for in smart (goals)

measurable

New cards
8

what does ‘a’ stand for in smart (goals)

applicable

New cards
9

what does ‘r’ stand for in smart (goals)

relevent

New cards
10

what does ‘t’ stand for in smart (goals)

time-bound

New cards
11

short-term goal

0-3 months to achieve

New cards
12

medium-term goal

3 months to a year to achieve

New cards
13

long-term goal

more than a year to achieve

New cards
14

what does “shoot for the moon, even if you miss, you’ll land among the stars” mean

when saving money and setting a clear goal, even if you don’t achieve the original amount you were aiming for, you still benefitted yourself by saving money

New cards
15

what does the ‘d’ stand for in decide?

define

New cards
16

what does the ‘e’ stand for in decide?

establish

New cards
17

what does the ‘c’ stand for in decide?

choose

New cards
18

what does the ‘i’ stand for in decide?

identify

New cards
19

what does the second ‘d’ stand for in decide?

decide

New cards
20

what does the ‘e’ stand for in decide?

evaluate

New cards
21

delayed gratification

waiting to buy something until you know you can afford it

New cards
22

values

the idea and beliefs that are most important or most meaningful to you

New cards
23

instant gratification

deciding you want something and buying it right away

New cards
24

opportunity cost

the loss of potential gain from alternatives when one alternative is chosen

New cards
25

cash flow

the money flowing into your pockets as income and flowing out as expenses and debt

New cards
26

spending plan/budget

helps you manage your cash flow so you have the money to pay for the things you need (and want)

New cards
27

fixed expenses

expenses that cost the same every time- often a set monthly payment

New cards
28

variable expenses

common expenses where the amount is different each time, such as paying for groceries or gas

New cards
29

periodic expenses

expenses that aris occasionally during the year, usually less than once a month

New cards
30

emergency fund

gives you a money cushion when you’re sideswiped by a big, unplanned expense that might throw your budget off course

saving for 6-8 months

New cards
31

positive cash flow

when your income is more than expenses, resulting in a surplus of money at the end of a budgeting period (income > expenses)

New cards
32

negative cash flow

when your expenses are more than your income, resulting in a deficit of money at the end of a budgeting period (income < expenses)

New cards
33

zero-balance budget

a budgeting method where your income minus your expenses equals zero at the end of a budgeting period (income=expenses)

New cards
34

what does ‘pyf’ stand for?

pay yourself first

New cards
35

comparison shopping

the practice of comparing the price of products or services from different vendors before buying

New cards
36

income

the money you recieve

New cards
37

expenses

what you spend money on

New cards
38

spending log

a record of everything you spend money on and how much you spend each day

New cards
39

how much do teens typically spend weekly?

$18.50

New cards
40

‘pay yourself first’ fund

the first thing you should do when you receive money is to set aside a specific amount for your goals

New cards
41

first step in financial planning process

analyzing values, money management habits, and your financial situation

New cards
42

second step in financial planning process

set ‘smart’ financial goals

New cards
43

third step to financial planning process

plan when needs to be done with checkpoints and plan strategies to cope with unexpected events

New cards
44

fourth step to financial planning process

carry out your plan and track your progress using systems that work for you

New cards
45

fifth step to financial planning process

monitor and reflect on your progress; adjust your plan as your situation changes

New cards

Explore top notes

note Note
studied byStudied by 55 people
873 days ago
5.0(1)
note Note
studied byStudied by 8 people
898 days ago
5.0(1)
note Note
studied byStudied by 25 people
805 days ago
5.0(1)
note Note
studied byStudied by 7 people
952 days ago
5.0(1)
note Note
studied byStudied by 26 people
839 days ago
5.0(1)
note Note
studied byStudied by 20 people
705 days ago
5.0(1)
note Note
studied byStudied by 72 people
828 days ago
5.0(1)
note Note
studied byStudied by 259 people
971 days ago
5.0(1)

Explore top flashcards

flashcards Flashcard (41)
studied byStudied by 8 people
138 days ago
5.0(1)
flashcards Flashcard (45)
studied byStudied by 6 people
722 days ago
5.0(2)
flashcards Flashcard (60)
studied byStudied by 15 people
785 days ago
5.0(1)
flashcards Flashcard (148)
studied byStudied by 3 people
819 days ago
5.0(1)
flashcards Flashcard (53)
studied byStudied by 17 people
556 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 2 people
95 days ago
5.0(1)
flashcards Flashcard (20)
studied byStudied by 7 people
740 days ago
4.0(1)
flashcards Flashcard (67)
studied byStudied by 16 people
46 days ago
5.0(1)
robot