Pay Yourself First (PYF) – page 31

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Presentation transcript:

Pay Yourself First (PYF) – page 31 This is where you create a savings account where money is AUTOMATICALLY deducted from your paycheck. Your money is guaranteed to be saved. Why do this? Homes need repairs, cars get totaled, unexpected medical bills, et cetera….

Opportunity Cost Whenever we make a decision we ultimately turn down another. EX: By saving money you now have less spending money and vice versa. Opportunity cost is important when working out your budget and deciding how much money to spend in relation to how much money you want to save.

Co-Pay vs Deductible Co-Pay  We pay a portion of the medical bill along with the insurance company Ex: paying $30 at the doctor’s office Deductible  We have to pay a set amount before the insurance company starts paying Ex: Paying $3,000 before the insurance covers the rest

3 Major Forms of Taxes Income  Money taken out of your paycheck This would be a deduction as your income goes from Gross to Net Sales  Money you pay in addition to the good or service you’re paying for You buy a $20 shirt with 7% sales tax which means you pay $21.40 instead of $20. Property  Taxes on houses or cars among others

Deductions from a Paycheck Deductions are the money taken out of your gross income and there are many forms of them Federal and State Income Tax Health Insurance Social Security Medicare Retirement (optional) Savings (optional)