16 Questions
What are the two ways to increase your net worth according to the lecture?
Increasing your income and cutting down your expenses
What was the traditional advice given by parents for making money and career success?
Studying hard, getting good grades, and going to school
What is one of the realities mentioned in the lecture regarding the current job market?
Job security has decreased
What do some workers feel according to the lecture?
Underemployment
What comparison does the lecture make regarding the importance of money?
Importance of money is similar to the importance of food for the body
What is the main concern about retirement security mentioned in the lecture?
Retirement security is no longer secure
Which type of income comes from things you own, such as real estate, patents, and businesses?
Passive income
What is the 'crossover Point' referred to in the text?
The point where passive and portfolio income exceed monthly expenses
Which type of income is the highest-taxed?
Earned income
What are the four legal ways mentioned in the text to earn income?
Employment, self-employment, business ownership, investment
What is the main risk associated with self-employment according to the text?
Having to work harder to sustain success
What is one way mentioned in the text to boost your income?
Making the most of employer-paid benefits
What should you do to position yourself for a pay raise?
Become your own publicist and self-promote your achievements
What is recommended in the text regarding updating your boss on your progress?
Regularly update your boss on the progress you are making on assigned projects
What should you do before asking for a raise according to the text?
Prepare your boss for your appraisal and provide evidence of your achievements if needed
How frequently should you meet with your boss?
At least twice a year
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.
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.
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