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12 Cards in this Set

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  • Back
If a family has a credit card, what is their average credit card balance (estimated to the nearest thousand).
It is estimated that if a family has a credit card, their average credit card balances totals $16,007.
What does the author think is a more accurate description of young adulthood?
So, parents not only continue to provide economic support, but they are also a social and emotional support to their college-aged children. Many have noted that among college students today, “adulthood” may not be the best word to describe them. They continue to be dependent upon their parents at some level into their late 20s. Perhaps “young adulthood” or in some cases “extended adolescence” is more accurately descriptive.
In 2008 what percentage of the US population had some college experience?
In 2008 over half the U.S. population had some college experience, with 38 percent having earned some level of degree.
What is a financial trend that has emerged among today’s elderly?
Today's elderly have a reputation for being conservative in their spending and in saving. Yet more and more elderly are mismanaging their money.
According to the author, you can increase your family’s net worth by following what four basic principles?
First, invest low and sell high. Second, consider real estate investments as a renter-landlord or owner-finance agent. Third, become a full-on, unabashed cheapskate. Don't ever pay full price for anything. Don't ever sell below the market value. Fourth, don't ever try to do the expert stuff by yourself.
What are the “Rules of Three”?
First Rule: save three months' worth of income and keep it in the bank.
Second Rule: have only one credit card with no bonus or rewards program.
Third Rule: whenever there is a consumer item you really want (TV, cellphone, handheld, etc.), wait three full days before you buy it.
Define: Poverty Line
Poverty Line is the official measure of those whose incomes are less than three times a lower-cost food budget.
Define: Absolute Poverty
Absolute Poverty is the level of poverty where individuals and families cannot sustain food, shelter, warmth, and safety needs.
Define: Hedonism
Hedonism is the pursuit of pleasure as the main goal of one's life, with pleasure being the core value of daily life.
Define: Variable Expenses
Variable Expenses, which are expenses that can change from month to month based on needs and wants and which are not fixed expenses.
Define: Fixed Expenses
Fixed Expenses, which are monthly expenses that are set and do not depend upon your consumer choices.
Which group has the highest percentage of poverty?
Children?