Chapter 2 Savings
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Save a $500 emergency fund ($1,000 if you are an adult)
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| show | Pay off debt
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| What is the third step of the First Foundations? | show 🗑
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| What does it mean to have a negative savings rate? | show 🗑
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| This principle says that an amount of money today has different buying power than the same amount of money in the future. This is due to interest and inflation changing the "value" of the money. | show 🗑
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| Using a sinking fund approach, how much money do you have to save each month to buy a $4,800 car one year from now? | show 🗑
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| At your age, a fully funded emergency fund should be | show 🗑
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| show | Lack of focus, lack of discipline, not making saving a habit/priority
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| show | To have an emergency fund, for large purchases, to build wealth
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| show | The purpose of an emergency fund is to have money set aside for unexpected financial emergencies and to provide a sense of financial security.
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| Why should interest earned not be a factor with your emergency fund? | show 🗑
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| show | Inflation and interest rate (or rate of return)
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| What are the essentials of wealth building? | show 🗑
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| Why do you need an emergency fund at your age? | show 🗑
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| show | Having an emergency fund allows you to have money available for any surprise expenses and can help you avoid debt.
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| show | Save $500 for emergency fund. As you get older, your responsibilities become greater and more expensive.
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| Money set aside and left alone for a "rainy day." | show 🗑
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| Saving money over time for a large purchase | show 🗑
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| Percentage paid to a lender for the use of borrowed money, or the percentage earned on invested principal | show 🗑
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| show | time value of money
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| show | compound interest
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| Compares after-tax income to the money people spend on a variety of items | show 🗑
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| show | wealth building
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| show | inflation
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| What is a negative savings rate? | show 🗑
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| show | The government insures the bank and you are guaranteed up to $250,000 of your money even if the bank fails
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| show | crisis living
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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