Economics Chapter 1

Economics Chapter 1 Assess your _________ (your income, assets, and liabilities). - situation Set money __________! Make sure you have a mix of both short-term and long-term goals. - goals You must write out a detailed __________ for accomplishing your goals. This begins with your budget. - plan __________ your plan! This involves discipline and perseverance. - Execute Know your money __________. - personality Regularly __________ and reassess your financial plan. - check Replace money __________ with money truths. - myths You don't have to spend more __________ than you make just to look good in front of your friends. You can learn basic money principles and put them into practice. - money When you manage money well, you'll experience deeper __________. - satisfaction It's really simple! Personal finance is 80% __________ and 20% head knowledge. - behavior Money __________ is easy--it's controlling your behavior that's the real challenge. - math As you think about the "__________" American family, remember that normal is broke. You don't have to be normal! - normal We like __________--lots of stuff! - stuff We are told that debt is __________. It has become acceptable in our culture to use credit to buy things. - normal We are taught that we can _____ __________. This is simply not true! - buy happiness Our debt system keeps us from building __________ because we are constantly giving our money away to pay for things we bought years ago. - wealth We want to be __________ of the financial condition of our country--and we want you to __________ it! - aware, question Knowing the __________ of money allows you to tell your money what to do. - language That means deciding where your money is going to go __________ you get your paycheck. - before You'll be able to communicate effectively with __________, financial planners and insurance agents. - bankers Focus on understanding the __________ as you move through this course. - vocabulary You'll become the __________ on your money. Winning with money is not complicated, but it does involve some basic knowledge. - expert First, you need to be comfortable with _____ _____. - basic math Second, you must start learning the __________ of money. - language Third, and this is the hardest part, you need to learn how to manage your __________ with money. - behavior Winning with money isn't just about understanding how it works--it's about putting your __________ into it. That's the 80% behavior we've talked about. - heart Money is a __________. It's up to you to manage it. - tool The best way to manage money is to learn how to manage __________. - you You need to know your natural __________ when it comes to money. For instance, are you more likely to spend or save? - instincts Once you know your money __________, you develop a financial plan that works for you. - personality It's recognizing who you really are that allows you the __________ to grow and learn. - opportunity