Claire Keane
sheepfilms
almost home
Lint Roller? I Barely Know Her
d e v o n
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Jules of Nature
Sade Olutola
@theartofmadeline
izzy's playlists!
Aqua Utopiaļ½ęµ·ć®åŗć§čØę¶ćē“”ć
Stranger Things
Fai_Ryy
Sweet Seals For You, Always
Xuebing Du
EXPECTATIONS
Peter Solarz
Three Goblin Art
romaā
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@learnmymoney
Medical Insurance
Medical Insurance selection consider premiums, copays, deductibles and expected usage.
Premium ā The cost of the insurance policy (monthly). Ā Ā Higher monthly cost = Less to pay when used. Ā Lower monthly cost = More paid when used.
Copay ā the amount to pay out of pocket at time of service.
Deductible ā The amount pay out of packet before insurance will pay for services.
Medical Insurance can beā¦
Fill out Check
Date ā Enter the current date. Ā Sometimes one may post date a check for a later time, however, banks donāt always look at the date and may still honor it.
Pay to the Order Of ā Enter the person(s)/company/organization you are giving the check to.
Amountsā There are 2 places to write the amount. Ā The first is $ before a line/box, here enter numerical dollar and change amount. Ā The following longā¦
Living Below Means = Living Smartly
Living Below Means = LivingĀ Smartly
Saving towards an itemš°, provides the time to truly understand if the item is needed / wanted.
Savings š°Ā towards a goal minimizes building debt.
Ā Living Beyond oneās means = Digging up out of a hole. Ā Ā Stay Out of and Away from!
Automobile Ā Ā Ā Ā Having a vehicle to own and/or use, has costs beyond the purchase of it: insurance, fuel, repairs, washes, registration, and inspection to name the usual expenses. Ā Include these items into your budget.Ā
Habits while Dating
Money habits while dating can demonstrate what to expect if thinking of a future together.
šµ Do they budget? Do they stick to it? šø Do they spend foolishly? Do they save? š° Know yours to understand what you can find acceptable.
Just a few š”to jog the mind.
TAXES
Taxes are taken on items, services and earnings to provide government money. Ā Some of the Variety of Taxes:
Sales Tax: on most purchased products and services. A % of purchase price, Paid by Consumer to Merchant to Federal/State/City, usually not on
Income Tax: taxes on money earned, can be federal level (IRS), state or even city
Business Tax: businesses pay part of profits
Payroll Taxes
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Dental Insurance vs Plan
Dental Insurance vsĀ Plan
Dental Insurance has a deductible, maximum per year coverage, may have waiting period and up to 100% preventative care 2x/year.
Dental Plan is a ādiscountā plan, no maximum, only gives discounts on most care.
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Savings
Ideally, it is wise to put away a % of income into a savings, which can grow for that future large expense of a carš, homeš”, an investmentš, or on reserve for the unexpectedā”.
Even when income increasesš, best to continue with % of income into savings on the new income level, versus a set $ amount.
For better management of money, it is alway best to lead a lifestyle that is āunderā your regular earnings.
Money Management when to Start
Money Management when toĀ Start
NOW!
Ideally during High School although steps best to take place at earlier ages.Ā
Becomes routine, allows for continued growth towards investing and savings.
High School starts transition towards balancing of school, work, family and friends.
Never to late to start or Restart!
Money Needed ā GainĀ Knowledge It takes moneyš° to have things {šš Ā š±š},Ā whether a Need or Want, no matter if given or earned. Financial understanding leads to financial independence. Ā Ā
Interest is...
Interest isā¦
Interest: money owed or collected for money borrowed or retained for others use.
Savings AccountāĀ earnĀ interest while bank has your money to use.
Credit Cardā interestĀ paidĀ on owed money past due date of payment.
Mortgage/Loanā interestĀ paidĀ on balance of outstanding borrowed money.
2 Main Types
Simple Interest: DailyInterestRate X Balance X NumberDatesBetweenPayments
Compound Interest: interestā¦
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Credit card allows to purchase on credit (borrowing) Payback at a later set monthly date Payback can possibly include interest (APR) Does have a limit set Typically, can apply at age 18 possibly eaā¦
Keep an eye of your money to ensure: coming in as expected (wages, deposits and so forth) going out as it can to your budget no fraud Note: Can use your bank website and setup alerts. Recommendatioā¦
Budget: estimation of money coming in and going out, usually monthly. Everyone can benefit from ābudgetingā. Moā Info: Budgets ā Do It
Teens āYes to Bank Account with a Debit Card (parent needs to be on account as well). 13 nice age to start but never too late. An early start on āmanagingā an account and debit cā¦
Income? Expense?
https://learnmymoney.com/2018/06/30/income-expense/
2 typical forms required i9 and w4 from a federal level: i9 Employment Eligibility Form ā verification of identity and ability to work in USA. w4 Employeeās Withholding Allowance Certifā¦