Podcast
Questions and Answers
Career choices greatly affect lifetime earnings and standard of living, so it's important to consider these factors when making career ______.
Career choices greatly affect lifetime earnings and standard of living, so it's important to consider these factors when making career ______.
choices
Personal Finance is the application of financial principles to the monetary decisions that you make either for your individual benefit or for that of your ______.
Personal Finance is the application of financial principles to the monetary decisions that you make either for your individual benefit or for that of your ______.
family
Money gained from earning is called ______.
Money gained from earning is called ______.
earnings
A person's ability to find employment and advance in their career greatly impact their expected ______ and standard of living.
A person's ability to find employment and advance in their career greatly impact their expected ______ and standard of living.
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Factors affecting earnings include type of career/job, education level, prior job performance, and ______ conditions.
Factors affecting earnings include type of career/job, education level, prior job performance, and ______ conditions.
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The way a person spends money determines the value received and influences the ______.
The way a person spends money determines the value received and influences the ______.
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Pay yourself first is crucial to establishing credit rating and a great way to track spending, which can be a considerable budgeting aid. Credit needs to be managed correctly, meaning you should pay off your entire balance every month or keep your credit ratio at a minimum amount.
Pay yourself first is crucial to establishing credit rating and a great way to track spending, which can be a considerable budgeting aid. Credit needs to be managed correctly, meaning you should pay off your entire balance every month or keep your credit ratio at a minimum amount.
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Monitor your credit score. Here are the best practices and tips for personal finance: Know your income. It’s all for nothing if you don’t know how much you bring home after taxes and ______. So before deciding, don’t spend more than you earn to keep debt from getting out of hand.
Monitor your credit score. Here are the best practices and tips for personal finance: Know your income. It’s all for nothing if you don’t know how much you bring home after taxes and ______. So before deciding, don’t spend more than you earn to keep debt from getting out of hand.
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Only Borrow what you can Repay. It is important to pay yourself first to ensure money is set aside for unexpected expenses, such as medical bills, a significant car repair, day to day expenses if you get laid off and more.
Only Borrow what you can Repay. It is important to pay yourself first to ensure money is set aside for unexpected expenses, such as medical bills, a significant car repair, day to day expenses if you get laid off and more.
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Limit and Reduce Debt. Common protection products include:
Limit and Reduce Debt. Common protection products include:
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The sooner you start ______ planning, the better, but it’s never too late to create ______ goals to give yourself and your family ______ security and freedom. A budget is essential to living within your means and saving enough to meet your long term goals.
The sooner you start ______ planning, the better, but it’s never too late to create ______ goals to give yourself and your family ______ security and freedom. A budget is essential to living within your means and saving enough to meet your long term goals.
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Credit cards are the primary vehicle through which your credit score is built and maintained, so watching credit spending goes ______ in ______ with monitoring your credit score.
Credit cards are the primary vehicle through which your credit score is built and maintained, so watching credit spending goes ______ in ______ with monitoring your credit score.
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Each purchase contributes to the demand for the product or services purchased. Savings: Putting aside money for later use. Money may be 'saved' in a bank account or in ______.
Each purchase contributes to the demand for the product or services purchased. Savings: Putting aside money for later use. Money may be 'saved' in a bank account or in ______.
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'Later Uses' for Savings: Emergencies, Recurring expenses, Future purchases, Financial goals, Retirement. Benefits of Savings: Provide money for future purchases, Can be used to earn income, Produce a healthy economy, Increase personal financial security, Provide growth opportunities for business ventures. Responsibilities Saving: Forming the habit of saving regularly and finding forms of saving that yield high ______.
'Later Uses' for Savings: Emergencies, Recurring expenses, Future purchases, Financial goals, Retirement. Benefits of Savings: Provide money for future purchases, Can be used to earn income, Produce a healthy economy, Increase personal financial security, Provide growth opportunities for business ventures. Responsibilities Saving: Forming the habit of saving regularly and finding forms of saving that yield high ______.
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Borrowing: Obtaining money, goods, or services at present in exchange for the promise of future payment 'Buy now, pay later'. Examples of Borrowing: Buying with a credit card, Buying on installment, Paydays loans, Cash advances, Layaway purchases, ______.
Borrowing: Obtaining money, goods, or services at present in exchange for the promise of future payment 'Buy now, pay later'. Examples of Borrowing: Buying with a credit card, Buying on installment, Paydays loans, Cash advances, Layaway purchases, ______.
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All spending falls into two categories: Cash (paid for with cash on hand) and credit (paid for by borrowing money). The majority of most people's income is allocated to ______.
All spending falls into two categories: Cash (paid for with cash on hand) and credit (paid for by borrowing money). The majority of most people's income is allocated to ______.
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Common sources of Spending: Rent, Mortgage payments, Taxes, Food, Entertainment, Travel, Credit Card Payment. Reasons for Borrowing: Major purchases, Emergencies, Convenience, Prepare for future goals, Take advantage of goods sales/offers. Responsible borrowing: It means borrowing only what can be paid back when ______.
Common sources of Spending: Rent, Mortgage payments, Taxes, Food, Entertainment, Travel, Credit Card Payment. Reasons for Borrowing: Major purchases, Emergencies, Convenience, Prepare for future goals, Take advantage of goods sales/offers. Responsible borrowing: It means borrowing only what can be paid back when ______.
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Areas of Personal Finance: Saving, Borrowing, ______.
Areas of Personal Finance: Saving, Borrowing, ______.
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Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point of our financial planning process. Common sources of income are: Salaries, Bonuses, Hourly Wages, Pensions. Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable. It refers to excess cash that is retained for future investing or spending. If there is a ______ between what a person earns as income and what they spend, the difference can be directed towards savings or investment.
Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point of our financial planning process. Common sources of income are: Salaries, Bonuses, Hourly Wages, Pensions. Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable. It refers to excess cash that is retained for future investing or spending. If there is a ______ between what a person earns as income and what they spend, the difference can be directed towards savings or investment.
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Managing savings is a critical area of personal finance. Common forms of Savings include: Physical Cash, Savings bank account, Checking bank account, Money market securities. Investing relates to the purchase of assets that are expected to generate a rate of return, with the hope that over time the individual will receive back more money than they originally invested. Common forms of investing include: Stocks, Bonds, Mutual funds, Real estate, Private ______.
Managing savings is a critical area of personal finance. Common forms of Savings include: Physical Cash, Savings bank account, Checking bank account, Money market securities. Investing relates to the purchase of assets that are expected to generate a rate of return, with the hope that over time the individual will receive back more money than they originally invested. Common forms of investing include: Stocks, Bonds, Mutual funds, Real estate, Private ______.
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Personal protection refers to a wide range of products that can be used to guard against an unforeseen and adverse event. Before doing anything, ensure you know exactly how much take-home pay you receive. Devise a ______.
Personal protection refers to a wide range of products that can be used to guard against an unforeseen and adverse event. Before doing anything, ensure you know exactly how much take-home pay you receive. Devise a ______.
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Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point of our financial planning process. Common sources of income are: Salaries, Bonuses, Hourly Wages, Pensions. Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable. It refers to excess cash that is retained for future investing or spending. If there is a surplus between what a person earns as income and what they spend, the difference can be directed towards ______ or investment.
Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point of our financial planning process. Common sources of income are: Salaries, Bonuses, Hourly Wages, Pensions. Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable. It refers to excess cash that is retained for future investing or spending. If there is a surplus between what a person earns as income and what they spend, the difference can be directed towards ______ or investment.
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Managing savings is a critical area of personal finance. Common forms of Savings include: Physical Cash, Savings bank account, Checking bank account, Money market securities. Investing relates to the purchase of assets that are expected to generate a rate of return, with the hope that over time the individual will receive back more money than they originally invested. Common forms of investing include: Stocks, Bonds, Mutual funds, Real estate, Private companies. Personal protection refers to a wide range of products that can be used to guard against an unforeseen and adverse event. Before doing anything, ensure you know exactly how much ______ pay you receive.
Managing savings is a critical area of personal finance. Common forms of Savings include: Physical Cash, Savings bank account, Checking bank account, Money market securities. Investing relates to the purchase of assets that are expected to generate a rate of return, with the hope that over time the individual will receive back more money than they originally invested. Common forms of investing include: Stocks, Bonds, Mutual funds, Real estate, Private companies. Personal protection refers to a wide range of products that can be used to guard against an unforeseen and adverse event. Before doing anything, ensure you know exactly how much ______ pay you receive.
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Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point of our financial planning process. Common sources of income are: Salaries, Bonuses, Hourly Wages, Pensions. Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable. It refers to excess cash that is retained for future investing or spending. If there is a surplus between what a person earns as income and what they spend, the difference can be directed towards savings or ______.
Income refers to a source of cash inflow that an individual receives and then uses to support themselves and their family. It is the starting point of our financial planning process. Common sources of income are: Salaries, Bonuses, Hourly Wages, Pensions. Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable. It refers to excess cash that is retained for future investing or spending. If there is a surplus between what a person earns as income and what they spend, the difference can be directed towards savings or ______.
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Study Notes
What is Finance?
- Finance involves the flow of money from one place to another.
- Personal finance deals with an individual's money and their plans for it.
Standard of Living and Responsibility
- Career choices greatly affect lifetime earnings and standard of living.
- Earnings involve gaining money through working, owning a business, or receiving investment returns.
- Factors affecting earnings include:
- Career choices
- Type of career/job
- Place of employment
- Ability to find employment
- Education level
- Employability skills
- Prior job performance
- Economic conditions
- Workplace trends and opportunities
Spending and Earnings
- Spending involves using money to purchase goods and services.
- A person's spending determines the value received and influences the economy.
- The 50/30/20 rule: 50% of income for necessary expenses, 30% for discretionary spending, and 20% for saving and debt repayment.
Personal Finance Strategies
- "Pay yourself first" to ensure money is set aside for unexpected expenses.
- Monitor your credit score and manage credit correctly.
- Know your income and don't spend more than you earn.
- Limit and reduce debt.
- Only borrow what you can repay.
- Create a budget to live within your means and save for long-term goals.
Savings
- Savings involve putting aside money for later use.
- Benefits of savings include:
- Providing money for future purchases
- Earning income
- Producing a healthy economy
- Increasing personal financial security
- Providing growth opportunities for business ventures
- Common forms of savings include:
- Physical cash
- Savings bank account
- Checking bank account
- Money market securities
Borrowing
- Borrowing involves obtaining money, goods, or services at present in exchange for the promise of future payment.
- Examples of borrowing include:
- Buying with a credit card
- Buying on installment
- Payday loans
- Cash advances
- Layaway purchases
- Reasons for borrowing include:
- Major purchases
- Emergencies
- Convenience
- Preparing for future goals
- Taking advantage of goods sales/offers
- Responsible borrowing means borrowing only what can be paid back when due.
Areas of Personal Finance
- Income refers to a source of cash inflow that an individual receives and uses to support themselves and their family.
- Common sources of income include:
- Salaries
- Bonuses
- Hourly wages
- Pensions
- Investing involves the purchase of assets that are expected to generate a rate of return.
- Common forms of investing include:
- Stocks
- Bonds
- Mutual funds
- Real estate
- Private companies
- Protection involves using products to guard against unforeseen and adverse events.
- Common protection products include:
- Life insurance
- Health insurance
- Estate planning
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Description
Test your knowledge of personal finance basics with this quiz covering topics such as career advancement, education levels, job performance, economic conditions, and more. Learn about the application of financial principles to manage your money effectively.
