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Savings

Personal Finance - Savings Unit
a data set by Kwoodard
created September 27, 2016
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FAMILY TREE
VocabularyDefinition
5 FoundationsThe five steps to financial success
Interest RateA rate which is either charged (on debt) or paid (on investments accounts) for the use of money
Sinking FundSaving money over time for a large purchase
Interest-Bearing AccountAn account that generates interest income on the available balance in the account
Emergency FundA savings account that is set aside to be used only for emergency expenses
Compound InterestInterest paid on interest previously earned
InflationThe persistent increase in the cost of goods and services or the persistent decline in the purchasing power of money
$500Amount of a teenagers emergency fund
First FoundationSave $500 for an emergency fund
Second FoundationGet and Stay out of Debt
Third FoundationPay Cash for your car
Fourth FoundationPay Cash for College
Fifth FoundationBuild wealth and Give
Wealth BuildingIntentionally investing money where it can earn more
Ready to learn about Savings?