Set Yourself Up--LAP031

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

When you make a choice, you often have to give up other options...those things are called the...

• Opportunity Cost

• Missed Opportunities

• Misused Resources

• Scarce Options

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

______ is the process of setting aside money for a future date rather than spending it today.

• Saving

• Sharing

• Burying Treasure

• Investing

You want to be spending ____ than what you are making.

• more

• less

Having a savings account that you contribute to every month is a way to EARN money.

• true

• false

Needs

• Necessary items that are paid monthly./yearly such as food, housing, transportation, utilities, & Insurance

• Things you would like to have but are not necessary for life.

• Income from all sources that are spent for necessary items

• Anything that you might incur an expense for.

Putting away money for future use or an emergencies

• Investing

• Saving

• Budgeting

• Credit

What is 50/30/20 budget rule stands for?

• 50% on needs, 30% on wants and 20% on savings

• 50% on wants, 30% on savings and 20% on needs

• 50% on savings, 30% on needs and 20% on wants

• 50% on wants, 30% on needs and 20% on savings

What is a general rule of thumb on how much you should save?

• 5% of your income
• 10% of your income
• 20% of your income
• 30% of your income