Professional consultants who provide advice for a fee

A common Internet scam where an email is sent to try to get your information

When someone uses your personal information to commit fraud or other crimes

A spending and savings plan based on estimated income and expenses

Expenses that do not change each month

Expenses that can go up and down each month

List cash inflows and outflows for a period of time

The difference between planned amounts and actual amounts

Many are items of value that you own

Debts that you owe

The difference between your assets and liabilities

Shows a persons net worth based on assets and liabilities

A period of time when you are not working but are able to meet expenses

goes up in value

goes down in value

A type of retirement plan in which the employer, employee or both make contributions on a regular basis

tax deferred retirement plan for profit-seeking businesses

tax deferred retirement plan for government and nonprofit organizations

A plan in which the employees monthly retirement payments are calculated according to length of serie and the salary earned at the time of retirement

The process of moving a retirement account to balance to another qualified account without incurring a tax penalty

Funded by pretax income and income taxes are only paid when the money is withdrawn during retirement

you can take the account with you when you leave a job

Funded with post tax income but earning are never taxed

refers to the portion of your account balance that cannot be forfeited if you leave your job

The process of preparing a plan for transferring property during ones lifetime and at ones death

The chance of injury, damage or economic loss

The likelihood of a risk happening

Involves identifying risks and deciding how serious they are

the price you pay for insurance

The amount of money you must pay first, before the insurance company begins to pay

A plan for sharing the risk of medical costs

a document that passes title of property after a person dies

(Living Will) is a written statement detailing a person desire regarding their medical treatment in circumstances in which they are no longer able to express informed consent

pays money to beneficiary upon the death of the insured person

protects the policyholder from risk of a loss to a home and its contents

protects the policyholder against loss of personal property when renting a property

a policy that protects a car owner from losses as a result of accidents and other events

AUTO INSURANCE: Protection from claims arising from injuries or damage to other people or property.

AUTO INSURANCE: protects you from losses due to fire, vandalism, theft, and so on.

AUTO INSURANCE: Pays to repair your vehicle if in an accident.

Health INSURANCE: government sponsored insurance for elderly, usually 65 and over

Health INSURANCE:-goventment sponsored insurance for low income individuals and families

(also called term life policy) provides a death benefit only for a specified term.

 (also called whole life policy) provides a death benefit and builds a cash value.

List the four risk strategies to protect yourself against loss. 

What 3 factors determine how much insurance companies charge for auto insurance?

What 3 factors determine how much insurance companies charge for auto insurance?

what is disability insurance

what is workers compensation

what is a purpose of a budget?

What is a balanced budget?

How are a budget and cashflow similar

How are a budget and cash flow different?

Which assets appreciate? (3)

Which assets depreciate? (1)

What is an example of an asset (2)

What is an example of a liability (2)

These are the 5 financial planning steps:

Gather Financial Information 

Analyze Information

Set Goals

Develop a time line

Implement and Evaluate the plan

Examples of fixed expenses

Examples of variable expenses (4)