Personal Finance

Personal Finance

Jameisha Yancy

The plan for our lives & Lifetime Planning

● Having a clear goal on what you want to do in life. How will
you get to that goal. What steps will you take to get there? What
will you do when you get there.

Earned Income & Skill Demand & Supply

● Money received for working. A good or service that consumers
are willing and able to buy at different prices. a good or service
that producers are willing and able to sell at different prices.

The Consumer Life Cycle & Income Over the Life Cycle

● There are 6 stages in the consumer life cycle Alpha, Bravo,
Charlie, Delta, Echo, and Foxtrot. There is an income pattern
throughout the Consumer life cycle for instance you’ll have
money, then have less money, then back to more money etc.

Property & Unearned Income from Financial Assets & Transfer
Payments

● Income earned from assets we own. Income not earned during normal employment. A
non-physical asset such as security, certificates, or bank balance. Income in the form
of gifts from relatives or friends or payments from government for things other than
wages.

Federal Income Taxes & Other Deductions from Pay

● Are applied on all forms of earnings that make up a taxpayer's taxable
income, such as employment earnings or capital gains. FICA, social security,
medicare, internal revenue service, net pay, state income tax, and payroll
deductions.

Paying for What We Buy Budgeting

● Pacing yourself on how your money is spent, What do you have to spend
such as bills, food, gas etc. What do you want to spend your money on
clothes, shoes etc. How much are you trying to save out of that money.

Renting vs. Buying

● Renting offers a set monthly expense, has minimal maintenance
responsibility, provides the ability to relocate easily when lease expires.
When one buys a house they have the option to remodel and do anything
they want to the house.

Vacation & Leisure

● Vacation taking a break from home and your responsibility to do what you
leisure. Like leaving out of town to go water skiing or to do something you
enjoy.