4150043
Description
Flashcards by Megan Chamberlain, updated more than 1 year ago
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Created by Megan Chamberlain
almost 11 years ago
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| Question | Answer |
| A _______ ______ ______ is a goal that will take less than two years to complete | Short-term Goal |
| A financial goal that will take 0-2 years to complete is a ? | Short-Term Financial Goal |
| These are examples of what? • Save up for a vacation • Get $500 in savings account • Paying off a credit card | Short-Term Goals |
| A _____ _____ _____ is a goal that will take more than two years to complete | Long-Term Goal |
| A financial goal that takes 2+ years to complete is a ? | Long-term financial goal |
| These are examples of what? • Buying a car • Buying a house | Long-term Financial Goals |
| Financial Goals should be? 1. ? 2. ? 3. ? | Specific Realistic/ Achievable Time-specific |
| What is one way to prioritize financial goals? | Start with emergency savings |
| What is another way to prioritize financial goals? | Pay off debt (smallest to largest) |
| What do you need to ALWAYS consider when making any goals for your life? | Wants vs. Needs |
| _______ __________ is being able to enjoy the comfort, security, and financial rewards of home ownership for as long as you choose to stay in the property | Home Ownership |
| ________ is value of the property minus what you owe on it | Equity |
| These are examples of what: -Property Taxes -Mortgage (pay this so don’t go through foreclosure) -Security -Maintenance | Benefits and Responsibilities of Owning a Home |
| Are these pros OR cons of renting? maintenance done for you, furnished (sometimes), amenities, clubhouses, leases | PROS of RENTING |
| Are these pros OR cons of renting? landlord, limited privacy, limited decorating | CONS of RENTING |
| Are these pros OR cons of buying a house? Freedom to decorate, property taxes, equity, security, build credit | PROS of BUYING |
| Are these pros OR cons of Buying a house? Mortgage payments, you do maintenance, long-term choice, risk of foreclosure | CONS of BUYING |
| Does mortgage have to do with renting or buying? | BUYING |
| True or False: A House your are buying has a rent payment. | FALSE. A house you are buying has a mortgage payment. |
| _________ is the ability to borrow money and pay it back later | Credit |
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