Podcast
Questions and Answers
What are the two ways to increase your net worth according to the lecture?
What are the two ways to increase your net worth according to the lecture?
- Increasing your income and cutting down your expenses (correct)
- Getting a high-paying job and winning the lottery
- Saving money and reducing debt
- Investing in stocks and starting a business
What was the traditional advice given by parents for making money and career success?
What was the traditional advice given by parents for making money and career success?
- Studying hard, getting good grades, and going to school (correct)
- Relying on inheritance and family connections for job opportunities
- Taking risks and being adventurous in career choices
- Investing in real estate and pursuing entrepreneurship
What is one of the realities mentioned in the lecture regarding the current job market?
What is one of the realities mentioned in the lecture regarding the current job market?
- Companies are offering more loyalty to employees
- Retirement security is now more secure than before
- Salaries have significantly increased
- Job security has decreased (correct)
What do some workers feel according to the lecture?
What do some workers feel according to the lecture?
What comparison does the lecture make regarding the importance of money?
What comparison does the lecture make regarding the importance of money?
What is the main concern about retirement security mentioned in the lecture?
What is the main concern about retirement security mentioned in the lecture?
Which type of income comes from things you own, such as real estate, patents, and businesses?
Which type of income comes from things you own, such as real estate, patents, and businesses?
What is the 'crossover Point' referred to in the text?
What is the 'crossover Point' referred to in the text?
Which type of income is the highest-taxed?
Which type of income is the highest-taxed?
What are the four legal ways mentioned in the text to earn income?
What are the four legal ways mentioned in the text to earn income?
What is the main risk associated with self-employment according to the text?
What is the main risk associated with self-employment according to the text?
What is one way mentioned in the text to boost your income?
What is one way mentioned in the text to boost your income?
What should you do to position yourself for a pay raise?
What should you do to position yourself for a pay raise?
What is recommended in the text regarding updating your boss on your progress?
What is recommended in the text regarding updating your boss on your progress?
What should you do before asking for a raise according to the text?
What should you do before asking for a raise according to the text?
How frequently should you meet with your boss?
How frequently should you meet with your boss?
Study Notes
- There are two ways to increase net worth: increasing income or decreasing expenses.
- Mothers often advise children to get good education and secure job for financial stability.
- Reality check: job security is no longer guaranteed, retirement security is uncertain.
- Robert Kiyosaki's "Rich Dad's Way": three types of income: earned, portfolio, and passive.
- Ways to earn income: be an employee, self-employed, own a business, or be an investor.
- Passive and portfolio income are important for financial independence.
- Self-employment is risky but rewarding, challenges include boosting income through employer benefits and pay raises.
- To boost income as a self-employed person: make the most of employer-paid benefits, get a pay raise by positioning yourself and demonstrating value to the company.
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Description
Test your knowledge about making money, protecting income, and financial institutions with this quiz based on EBU 1063 lecture 3. Explore the right and wrong ways to make money, understand income protection from taxes, and learn about selecting banks and financial institutions.
