Untitled presentation

Week 2-9

Marcieone Smith

The plan for our lives & Lifetime Planning

You want to have goals both long and short term. Goals are what will keep you on track. Get specific with your goals. Focus
on needs not wants. Most importantly be prepared for the worst yet you should be optimistic. A few stages in life are
Childhood Through College Your Career, Marriage and Parenthood,Homeownership, and Retirement.

Earned Income & Skill Demand & Supply

Earned income is money derived from paid work. Earned income could be working a job, owning a small business,
consulting, gambling. Skill demand means how high the skill you have is valued, so if the demand for your skill is high then
there will be plenty of job opportunities.

The Consumer Life Cycle & Income Over the Life
Cycle

The life cycles are Alpha, Bravo, Charlie, Delta, Echo, and Foxtrot, we also
learned about the 12 stages in the Human Life Cycle.

Property & Unearned Income from Financial Assets
& Transfer Payments

Property is what you own. Unearned income is money that is not obtained by
working, it is more investments. A transfer payment is income in which no goods
or services are being paid for.

Federal Income Taxes & Other Deductions from Pay

A federal income tax is a tax levied by the United States Internal Revenue Service
(IRS) on the annual earnings of individuals, corporations, trusts and other legal
entities. Federal income taxes are applied on all forms of earnings that make up a
taxpayer's taxable income, such as employment earnings or capital gains.

Paying for What We Buy Budgeting

Paying for what you buy has to do a lot with knowing the value of something in
your life. Don’t just buy something that looks cool, or trendy. You should purchase
things that serve a purpose in your life. Understand your own personal psychology
and avoid the triggers that will make you spend more or save less.

Renting vs. Buying

Renting and Buying each has pros and cons. when you rent the landlord must fix
things for you because you do not own the house. You have more mobility, you
can move as soon as your lease is up. Owning a home you can do as you wish,
however you have to sell the home if you want to leave. You can do more if you
are a homeowner.

Vacation & Leisure

Taking vacations is great with the right planning. you want to know your budget.
You have to know how to divide your money to get the best vacation possible. It
needs to be broken down by transportation, hotel price, food , spending money,
and last but not least you have to know what you’ll do on vacation or it’s pointless
to even go on one.