Title: : Intro to Personal Financial Management + Who Are the Millionares? + Financial Planning in a World of Credit and Debt Reading: Chapters 1, 2, and 3 Videos
Chapter 1: Introduction #
- What is our definition of a millionaire? Those financially indpendent to take care of themselves
- If the biggest financial problem is no longer retirement, what is it? Lonegivity is the biggesst problem, living beyond what you planned for
- Do most people pay more in Social Security and Medicare than federal income taxes? Most people pay more in SS and Medicare taxes than federal income taxes
- What is the difference between being rich and being wealthy? Wealth is lifestyle
- What did the Nightingale/Conant study conclude about financial independence? Out of 100 people who started work at 25 and worked till 65, only 5 will be financially independent
Chapter 2: Who Are The Millionaires? #
- What is the “cornerstone” of wealth? Maintaining frugality and being value-oriented (not necccesarily cheap)
- Do the vast majority of millionaires have college degrees? 80% do
- Is becoming a millionaire a choice, you can make? Yes
- What is a “homepreneur”? An increasing number of people who have a second business which may account for over 50% of the income, despsite being based from their home and also possibly working at a large corporation
- People who succeed have goals. Over the next two years, what is your goal? Work hard. Live life. Achieve goals. Dominate.
Chapter 3: Credit, Debt, and Money #
- How do you establish good credit? Borrow money and pay it back on time according to terms
- When is the best time to establish credit? When you do not need it
- What is the difference between a credit card and a debit card? Debit is immediate and cash, credit is a line that you pay #expand upon later
- How can you avoid credit card fees and penalties? Bewing aware of what consists of a penalty or consitutes a fee
- What is the first thing you should do if your credit card is lost or stolen? Call the credit car issuer (bank) immediately