personal financial literacy what everfi missed!!!
TRANSCRIPT
Personal Financial Literacy
What Everfi Missed!!!
Creating a Personal Budget
Gross Pay – An individuals total personal income before taking taxes or deductions into account
Net Pay- A person’s income after taxes or deductions have been taken out.
Variable Expenses – Expenses that change from year to year based on certain factors◦ Ex. Medical Bills, Gas Consumption Expenses
Fixed Expenses - Expenses that do not change from year to year◦ Ex. Salaries, Rent
What affects an individual’s financial plan and goals?
Education (Community College, University, or Military?)Job/CareerWages/IncomeBudget◦ Gross vs. Net Pay
Discretionary Income - Total amount of money available to spend or save after taxes and personal needs have been taken into account. In other words, the leftover money.◦ Ex. Cell Phone, entertainment, Internet, etc.
Consumer Protection Laws and Government Regulations
Resolving Consumer Conflict◦ BBB (Better Business Bureau)
Established in 1912 Non-profit Organization Provides free reviews on businesses in the United States
◦ State Attorney General State’s Chief Law Enforcement Officer Chief Legal Advisor to the state government In some states, serves as the head of a state department of justice
◦ State Secretary of State Wide Range of Responsibilities:
State’s main election official Registers non-profit organizations and businesses in that state Oversees the state’s archives Automobile Registration Department of State Operations