personal finance test 1

personal finance test 1 - Brian Wilson Personal Finance 225...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Brian Wilson Personal Finance 225 1. The formula for success is simply (savings+agrressive tax-deferred growth+time=wealth). This is basically saying that saving money and letting it grow is the way to gain large amounts of money without any effort. 2. The pay yourself first rule is simply by taking 15% of your earnings and depositing it into a tax deferred account. By doing this, you will be set in your retirement age. 3. Net worth is simply taking your assets and subtracting your liabilities. By doing this, it shows you what you are truly worth due to the fact that you would owe nothing. 4. My DGP at the current time is a high school degree with some college education. I am on track to be earning around 1 million lifetime. 5. If you fully fund your work retirement account, that is money that you couldn’t waste and it would give u a decent start to your overall retirement fund. Without any money in your hands, you can’t spend it on something foolish 6. You could work part time or potentially work at your spouse’s job if available. You could look at maybe a small business that would not be full time.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Ask a homework question - tutors are online