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personal finance final project (spending (tangible assets-physical assets …
personal finance final project
earning
career vs job-a job is short term money making and a career is life long
checking account-an account where you can write check for money to be taken out of the account
payroll taxes- taxes from the government for working
net worth-this is how much you are worth
net income-how much you earn before taxes
gross income-how much you earn after taxes
human capital-investing in yourself (skills)
depository institution-bank that can save/hold your money
planning
wealth-having an excess of money
wants- something that you don't need to live
short term goals-goals that can be achieved in a short time
long term goals-goals that will take a long time to complete
needs- the bare essentials
value- if you think you want to pay what is being asked
financial well being- having financial freedom
financial goals-a target in your future you have that has to do with money
spending
tangible assets-physical assets
interest-extra money you have to pay for using money you don't have
monetary assets-cash a bank account passed down or a check
liabilities-something you're responsible for or have to pay for
debit card-a card that pulls money straight out of your account
sales taxes-taxes on things you pay for
credit card-a card that allows you to use money you don't have
credit-the number telling companies how likely you are to pay you're bills
opportunity cost-loss of potentially gaining money
credit report-a report of your credit history
trade off-how much you loose or gain
identity theft-pretending to be someone else
saving/investing
value- how much money the seller of the product could be sold for and make a profit
dividend- money you get from a company if you own their stock
insurance-pay money to protect you and your stuff
risk- having the chance to not end up good
rule of 72-a method to find how long it will take to double your compound interest account
liquidity- how easy it is to get your money
investment tools- all of the services a bank provides to earn money
compound interest- interest on the initial money put in the account
giving/other
community- a group of people that share an interest or have something in common
social capital- giving money/ investing in society
government aid- government handouts for not having a job or having a disability
lifestyle- how you choose to life each and every day weather it be good or bad
non profits- a company that the main target is not to make money
estate planning-planning ahead for when someone dies
