Personal Financial Literacy

What Everfi Missed!!!

Creating a Personal Budget

Gross Pay – An individuals total personal income before taking taxes or deductions into account

Net Pay- A person’s income after taxes or deductions have been taken out.

Variable Expenses – Expenses that change from year to year based on certain factors◦ Ex. Medical Bills, Gas Consumption Expenses

Fixed Expenses - Expenses that do not change from year to year◦ Ex. Salaries, Rent

What affects an individual’s financial plan and goals?

Education (Community College, University, or Military?)Job/CareerWages/IncomeBudget◦ Gross vs. Net Pay

Discretionary Income - Total amount of money available to spend or save after taxes and personal needs have been taken into account. In other words, the leftover money.◦ Ex. Cell Phone, entertainment, Internet, etc.

Consumer Protection Laws and Government Regulations

Resolving Consumer Conflict◦ BBB (Better Business Bureau)

Established in 1912 Non-profit Organization Provides free reviews on businesses in the United States

◦ State Attorney General State’s Chief Law Enforcement Officer Chief Legal Advisor to the state government In some states, serves as the head of a state department of justice

◦ State Secretary of State Wide Range of Responsibilities:

State’s main election official Registers non-profit organizations and businesses in that state Oversees the state’s archives Automobile Registration Department of State Operations