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BO--PF Savings

Savings

QuestionAnswer
When you pay cash you can almost always negotiate a better deal, True or False? True
How much money should you have in your emergency fund if you are finished with baby step 1? $500 to $1,000 depending on your current income
Pre-authorized checking helps to build discipline in savings True or False? True
What is baby step 1? $500 to $1,000 in an emergency fund
The first thing you should save for is your retirement fund True or False? False
Is using a sinking fund approach and save $400 a month for 10 months a sensible way to buy a $4,000 car True or False? True
Dave’s 80/20 rule says that personal finance is 80% knowledge and 20% behavior true or False? False
Your first “Baby step” is to pay off all your debt True or False? False
If we used a race analogy to describe building wealth it would be most like a sprint True or False? False
How many months expenses doe s a fully funded emergency fund include? 3-6 Month Expenses
Murphy’s Law is more likely to strike if you are prepared for the unexpected events that occur throughout like true or False? False
Neither good nor bad? Amoral
Emergency funds should go to this type account? Money Market
Interest paid on interest previously earned? Compound Interest
Anything that can happen will happen? Murphy’s Law
System of automatic payments processing by which bills, deposits, are handled electronically at regular intervals or on a predetermined schedule? Pre-Authorized Checking
Percentage paid to a lender for the use of borrowed money? Interest Rate
3-6 month of expenses in readily available cash to be used only in the event of an emergency? Emergency fund
Saving money for a specific purpose to allow interest to work for you rather then against you? Sinking fund
The typical American has a ______Savings rate? Negative
Savings must become a _______? Priority
Created by: MandyWatts
 

 



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