Financial Wellness Unit | Boston University - Edubirdie

University:
Boston University
Course:
QST FE 200 | Principles of Finance
Academic year:

2022
Views:

19

Pages:

2
Author:

rehinhea0c

What is the 50/30/20 rule? 50% needs 30% wants 20% savings/debts What impacts your credit score the most? Payment history True or False College students are frequently targeted by identity thieves. True When you contribute to a ROTH IRA you pay taxes on the entire amount contributed during that year, but you will owe no future taxes on your contributions or their earnings True When shopping for insurance, if you select a higher deductible, your premium (monthly payment) will likely be: lower How can you protect yourself from identity theft - Monitor your credit reports and credit scores - Monitor your financial statements - Practice password safety - Be cautious online - Secure your documents - Be aware of your surroundings What are the steps to start living a FIRE lifestyle (Financial Independence and Retire Early)? - Identify what goals and values you want to achieve in 5-20 years. - Calculate how much you need to reach financial independence. - Aggressively try to pay off debt. - Track and cut back on spending. - Try to generate multiple streams of income. - Stay focused with your goal in mind. Retirement savings can be invested in which of the following assets? - Mutual Funds - Company Stock - Bonds - Variable Annuities - Index Funds What are ways you can potentially reduce the amount of student loans you may need? - Working a part-time or full-time job. - Apply for scholarships and grants. - Examine your budget and reduce unnecessary expenses. - Submit the Free Application for Federal Student Aid (FAFSA) each year.

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