3. Set goals
5. Implement and evaluate the plan
2. Analyze information
4. Develop a timeline
1. Gather information
Helps you achieve your future financial needs like enough money for your child to go to college or for you to retire.
Are collected from many sources
Are required payments to a government
Are paid on Earned and Unearned Income
Taxes reduce disposable income
Economic Impact of Taxes: Higher Taxes is less money for people to spend Lower Taxes provide people with more money spend
Form 1040A A two-page form designed for use in filing income taxes Allows more options for income and deductions to be entered
Form W-2 Used to report the taxable income a worker received during the calendar year
Form 1099-INT Shows the interest income earned during the year at one bank
Form 1040EZ Designed for use in filing income taxes by single and joint filers with no dependents
Something with the money that you bought.
Something that you must have like food and a place to live.
Money will add more points.
The money will be so bad and stolen.
The money you get to keep forever.
The money you will deserve.
Something that you would like to have like a new basketball.
Money will be destroyed.
The loss of potential gain from other alternatives when one alternative is chosen.
5. Choose among alternatives
3. Identify the alternatives
1. Identify the decision
6. Take action
4. Weigh the evidence
2. Gather relevant information
A means to monitor business performance
A tool for decision making
A forecast of income and expenditure
4. Record spending and track progress
5. Be realistic
3. Set savings and debt payoff goals
1. Calculate expenses
2. Determine your income
Fixed expenses- rent and a car payment
discretionary expenses- going out to dinner
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