Saving Flashcards
Vocabulary for saving money
1
Q
Compound interest
A
Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually
2
Q
Emergency fund
A
Five hundred dollars in readily available cash to be used only in the event of an emergency; the goal of the First Foundation
3
Q
Interest rate
A
Percentage paid to a lender for the use of borrowed money (in debt); percentage earned on invested principal (in investing)
4
Q
Five Foundations
A
Dave Ramsey’s five steps to financial success for high school students
5
Q
1st Foundation
A
$500 Emergency Fund
6
Q
2nd Foundation
A
Get Out of Debt
7
Q
3rd Foundation
A
Pay Cash for Your Car
8
Q
4th Foundation
A
Pay Cash for College
9
Q
5th Foundation
A
Build Wealth and Give
10
Q
Sinking fund
A
Saving money over time for a large purchase
