How Money Works

What does Pay Yourself First mean?

• Your savings are linked to expenses

• Keeping a money journal

• Save a portion of income immediately

• Slash expenses

What is a savings trick to keep track of where your money is going?

• Money Journal

• Write down all your income and subtract expenses

• Create a Budget

• Memorize all your income and expenses

Which concept tells you the approximate number of years it takes your money to double?

• Rule of 62

• Investing

• Rule of 72

• Rate of Return

A smart shopper understands the following:

• Wants vs. Needs

• Brand vs. Generic

• Regular size vs. Economy size

• The Cost of Cool

Obtaining credit is a right that all Americans have.

• True

• False

Organize these options into the right categories

Groups:

(a) Common Credit Mistakes to Avoid

,

(b) Ways to Raise Your Credit Score

• Keep a low balance on your credit card

• Late Payments

• Not monitoring your credit

• Know your score

• Not knowing your interest rate and fees

• Max out your cards

• Don't miss a payment

• Don't apply for credit often

Which is more powerful (Hint: Albert Einstein called it the most powerful force in the universe)?

• Simple Interest

• Compound Interest

• Interest Rate

• Fixed Interest

Which source(s) should you rely on to fund your retirement?

• Social Security

• Personal Savings

• Company Pensions

• Your Parents

Is it better to Save or Invest?

• Save

• Invest

• Both

• Neither

Individual investors who pool their money which is invested by professional money managers invest in....

• Stocks

• Bonds

• Mutual Funds

• Crypto Currency