Financial Literacy

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What is financial literacy?

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Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

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What is an income tax bracket?

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An income tax bracket is a range of income that is taxed at a specific rate. As income increases, it may fall into higher tax brackets.

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What are the three rules for staying out of poverty?

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1. Graduating from high school. 2. Waiting to get married until after 21 and do not have children till after being married. 3. Having a full-time job.

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What does it mean to buy a stock?

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Buying a stock means purchasing a small piece of ownership in a company.

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Why is it beneficial to invest money for a longer period?

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The longer money is invested, the more it can grow due to compound interest.

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Are most millionaires college graduates?

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True, most millionaires are college graduates.

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What is compound interest?

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Compound interest is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.

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What is a budget?

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A budget is a financial plan that outlines expected income and expenses over a specific period.

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What is the purpose of saving money?

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The purpose of saving money is to set aside funds for future needs or emergencies.

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What is a credit score?

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A credit score is a numerical representation of a person's creditworthiness, based on their credit history.