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The real vocabulary lesson you should have learned
15 terms to know:
15 terms to know:
1. Assets - things you own
2. Liabilities - things you owe
3. Budget - tracks income/expenses
4. Net worth - difference between what you own & owe
5. Credit - money borrowed to pay back
2. Liabilities - things you owe
3. Budget - tracks income/expenses
4. Net worth - difference between what you own & owe
5. Credit - money borrowed to pay back
6. Credit score - number that represents ur ability to repay debt (can lower interest rates)
7. Credit card - borrowed money dependent on your credit limit to be repaid monthly
8. Debit card - purchases made from your checking account
7. Credit card - borrowed money dependent on your credit limit to be repaid monthly
8. Debit card - purchases made from your checking account
9. Debt - any kind of borrowing for a large purchase that is repaid with interest (loans, mortgage)
10. Interest - percentage of a loan principal that lenders charge borrowers
11. Insurance - compensation for a loss, damage, illness, etc. in return for a payment of a premium
10. Interest - percentage of a loan principal that lenders charge borrowers
11. Insurance - compensation for a loss, damage, illness, etc. in return for a payment of a premium
12. Compound interest - interest earned on the amount deposited and accumulated over time
13. Needs -things you need to have to survive (food, shelter)
14. Wants - things you want to have (designer clothes, fancy cars)
13. Needs -things you need to have to survive (food, shelter)
14. Wants - things you want to have (designer clothes, fancy cars)
15. Opportunity cost - benefit of your money or time to do one thing rather than the other
You'll see all of these in your everyday life.
Learn them.
If this helped feel free to Retweet the first post for others. My DMs are open for any questions
You'll see all of these in your everyday life.
Learn them.
If this helped feel free to Retweet the first post for others. My DMs are open for any questions
