Online Personal Finance MP3
Terms in this set (37)
An outline of steps or actions you can take to reach a career goal, including required courses and training, job-related experiences, and extracurricular activities or projects
Activities, subjects, ideas, sports, or hobbies a person enjoys
Natural physical and mental talents
Physical and mental skills developed through learning, training, and practice
That which is important to someone
What is it you hopes/wishes to accomplish
Sixteen general groupings of occupational and career developed by a partnership among the states, educators, and employers
An outline of jobs in a given career field that are available at different levels of education and training experience
sources of career and job information
Career guides, the Internet, school guidance counselors, libraries, career events
college/university education considerations
Personal goals, personal preferences, your record and performance
Education or training delivered to the student online, by mail, or on television, offering many choices in both individual courses and total program options.
Internet education and training programs.
Program that prepares students for a specific type of work, available through schools and online.
A short-term position with a sponsoring organization to gain experience in a certain field of study.
A type of education that combines on-the-job training, work experience, and classroom type instruction.
Reserve Officers Training Corps - program offered by the military that offers education and training for low cost. Participants enter the service as officers upon graduation.
Learning pursued after a person completes formal education and training.
paying for training and education
Think about how much you can afford; it is an investment in yourself. What you can't pay for with savings could be paid for with financial aid, loans, and scholarships.
Form the includes information about past jobs, internships (paid/unpaid), volunteer experiences. This is your opportunity to sell yourself and mention your skills and abilities.
pay stub deductions
FICA (Social Security & Medicare)
Federal Income Tax
State Income Tax
Total amount earned before deductions. Either salary amount or hours worked multiplied by the hourly rate
Total amount received after all deductions are subtracted. This is the amount deposited in your account automatically by the employer if you are registered for direct deposit.
Employee Withholding Allowance Certificate. This is completed to determine how much in taxes an employer should withhold in Federal and State income taxes.
bank account fees
Monthly Maintenance fees, Overdraft fees, ATM Fees, Fees for returned items, stop payments, and wire transfers
Questions to ask when opening a bank account
Can I use an ATM for free?
What happens if I try to withdraw more money than I have in my account?
Is there a fee?
Do I need to keep a certain amount of money in my account?
Is there a branch nearby?
Can I access my account information online?
Is mobile banking available?
Will it cost me to transfer money?
Do I have to pay for checks or replacement fees?
Does the account pay me interest?
Overdraft protection is a guarantee that a check, ATM, wire transfer or debit card transaction will clear if the account balance falls below zero.
A debit card lets you spend money from your checking account without writing a check. When you pay with a debit card, the money comes out of your checking account immediately.
An account used for everyday transactions such as purchases, bills, and ATM withdrawals. They typically earn less interest — or none.
An account used for storing money and earning interest, and because of that, you have a monthly limit on what you can withdraw.
short term goals
Saving for purchases less than 1 year; purchases of consumer goods such as laptops, TVs, etc.; use a savings account.
medium term goals
Saving for purchases between 2-5 years; emergency fun, ar, housing down payment; lavish vacation; savings account, money market account
long term goals
Saving for purchases more than 5 years in the future; college, retirement, 2nd home/vacation home; 401K, IRA, 529, etc.
The electronic transfer of a payment directly from the account of the payer to the recipient's account. For example, you work for Microsoft and every 15th and 30th of the month your net wages are deposited in your account.
An emergency fund is an account for funds set aside in case of the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major repair to your home. An emergency fund should hold 3-6 months of household expenses.
An education savings plan sponsored by a state or state agency. Savings can be used for tuition, books, and other education-related expenses at most accredited two- and four-year colleges and universities, U.S. vocational-technical schools, and eligible foreign institutions.
% of income you should set aside for savings
A qualified retirement plan that allows eligible employees of a company to save and invest for their own retirement on a tax-deferred basis. Only an employer is allowed to sponsor a 401k for their employees. These contributions are deducted from your salary on a pre-tax basis.
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