Term
| Using finite financial resources in a manner that brings the maximum amount of long-term utility and/or happiness based upon financial goals, principles, values, and mission. |
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Definition
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Term
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Definition
| Never shop when you’re hungry, angry, lonely or tired |
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Term
| When should couples start communicating about money? |
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Definition
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Term
| Four Money Harmony for Couples principles discussed in class |
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Definition
| Value your spouse above money, be willing to grow, share your vision, decide to live well not high |
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Term
| Four categories of advice Johnson (2010) shares with couples about finances from Real Families, Real Answers |
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Definition
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Term
| The tendency of some individuals to use money to save, spend, risk, or use it for status or security is termed? |
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Definition
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Term
| This financial factor is highly correlated with marital satisfaction (p. 112) |
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Definition
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Term
| Name the financial practices happy couples in the Great Marriage Study practiced (p. 112) |
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Definition
| Communicated about finances (especially major purchases), had plans about how their finances would be handled (including who would handle the day-to-day money management), and tended to be debt-free or were working on becoming debt-free, they were frugal and lived within their means |
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Term
| What does becoming frugal mean? |
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Definition
| Saving more, spending less |
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Term
| According to the reading, Managing Family Finances While Protecting Your Marriage, what are some of the roots of non-financial behavior problems? |
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Definition
Impulse buying
Excessive materialism
Preoccupation with social image
Using money to control others
Addictive behavior |
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Term
| According to the reading, Managing Family Finances While Protecting Your Marriage, what relationship issues can cause financial distress? |
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Definition
Poor communication
Control and manipulation of others
Ill-defined roles
Selfishness
Disrespect
Mistrust |
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Term
| According to the reading, Managing Family Finances While Protecting Your Marriage, name the four ideas suggested for managing finances more effectively. |
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Definition
| Seek understanding, change your financial behavior, cut expenses, prepare for the future |
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Term
| What is the general principle we should follow regarding interest? |
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Definition
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Term
| “Automatic thoughts and feelings,” according to Syble Solomon |
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Definition
| habitudes (attitudes/habits) |
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Term
| Four areas that should be covered in teaching children about money |
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Definition
| Budgeting, Saving, Borrowing, and Security |
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Term
| How do the authors of Children and Money feel about allowance versus earning? |
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Definition
| They don't believe children should receive allowance for the daily chores of the family |
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Term
| When do these authors suggest at what age allowance should be started? |
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Definition
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Term
| Tips to raising money-savvy teens |
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Definition
| Balance a checkbook, budget money, finance college, establish credit, identify needs vs. wants, deal with debt, pay taxes, consider all costs, save for the future, stretch a dollar |
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Term
| Define the “Step-Down Principle.” |
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Definition
| Every step down improves the situation |
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Term
| This principle is like meeting our 8 Needs, or giving ourselves a love supply, or filling our own love bucket |
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Definition
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Term
| Five tips discussed in class to simplify life |
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Definition
| Pay off debt, reduce activities, Say No, Delegate, Reduce Possessions |
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Term
| Center for Disease Control’s recommendations for moderate to intense aerobic activity |
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Definition
Choose one of the following:
1. 150 minutes per week of moderate to intense aerobic activity AND 2 days of muscle-strengthening activities
2. 75 minutes per week of vigorous to intense aerobic activity AND 2 days of muscle-strengthening activities
3. an equivalent mix of the above times of moderate to vigorous aerobic activity AND 2 days of muscle-strengthening activities |
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Term
| Successful planning goals identified in Real Families, Real Answers |
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Definition
| Identify financial goals, create budgets, identify behaviors, avoid common pitfalls |
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Term
| Advantages of Proportional Share couples |
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Definition
Proportional share couples each contribute a percentage of their salaries to cover household expenses and joint savings. The remainder is theirs to do with as each pleases.
On the plus side, both spouses are contributing to household expenses, while retaining some independence of funds. Again, a possible problem with this method is that a difference in the amount of income each person earns could cause resentment |
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Term
| Suggestions to help single parents become successful financially |
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Definition
| Set goals, evaluate your finances, calculate your income, balance expenses, take action |
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Term
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Definition
| What would life be like if our finances were in order? |
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Term
| Stumbling blocks to successful money budgeting |
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Definition
| Irregular expenses, large unexpected expenses, small unexpected expenses |
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Term
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Definition
| Emergency Savings, future purchases, retirement, revolving savings |
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Term
| objects or symbols that can be exchanged for in a token economy system |
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Definition
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Term
| What to do if expenses outweigh income |
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Definition
| increase income, decrease expenses, borrow |
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Term
| Family meals and risky teen behavior? |
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Definition
| Family meals DECREASE risky teen behavior |
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Term
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Definition
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Term
| benefits of using a credit card |
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Definition
| protection against fraud, use of the float period, added insurance, rewards, emergencies, reservations and rentals, convenience, building credit without paying interest |
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Term
| negative aspects of using credit cards |
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Definition
| interest, fees, overspending, minimum payment option |
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Term
| What are some important questions to ask before buying a home? |
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Definition
| Is the rate a variable or fixed interest rate? Does the mortgage have a balloon payment or a prepayment penalty? Mortgage insurance (protects the lender in case borrowers default on the loan, extra costs are added monthly) ? |
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Term
| Ways to reduce debt, according to the text |
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Definition
| Stop adding to debt, pay extra toward debt payments, make power payments |
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Term
| Who looks at credit scores? |
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Definition
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Term
| A "good score" for credit; average score |
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Definition
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Term
| Suggestions for dealing with lay-offs |
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Definition
| Pay off high priority debt, try a work-out plan with lenders, choose a new path |
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Term
| Characteristics of a good job |
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Definition
| Family friendly, flexible work schedule, job autonomy, job status, good benefits |
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Term
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Definition
| Not about how much sleep you get, it’s how much good sleep. Cycle 5 times, lowest state of sleep is delta; REM sleep = flutter eyes |
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Term
| How would you help a couple who is fighting about money? |
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Definition
| 8 Needs, 9 Skills, help figure out common ground, see a financial counselor if necessary |
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Term
| Dealing with reduction in income |
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Definition
| Reduce spending right away, pay off debt, save |
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