Citizens and The Economy. How do we contribute to the economic common good?? Be productive!!! What does this mean???

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Presentation transcript:

Citizens and The Economy

How do we contribute to the economic common good?? Be productive!!! What does this mean???

Your Economic Responsibilities  Work & Pay Taxes  Spend your Money Wisely  Save a portion of your income

Needs Vs. Wants  Needs: Anything that is necessary for your survival. Examples? Shelter and Food  Wants: Anything that makes your life more comfortable; however, you can easily live without. Examples? IPOD, Cell Phone, and Jewelry

Parts of a Budget Spending & Savings  A combination of one’s fixed and flexible expenses and remaining disposable income Investment:  Anything that a person puts money into with the hopes that the item increases in value over time. Retirement  Providing for yourself when you are no longer working. Estate  Planning for the smooth transition of property to designated beneficiaries after one’s death.

Spending and Savings Fixed Expenses Payment will stay the same every month Ex:  Rent  Mortgage Payment  Car Payment  Insurance Payment Flexible Expenses Payments will vary in amount from month to month Ex:  Electric & Heating Bill  Gas for your Car  Groceries  Personal Entertainment

Why do people save money? 1.Major PurchasesEX: buying a car 2.Large annual or semiannual expenses…paying your real estate taxes 3.Unexpected Expenses…home repairs 4.Long Term Expenses…pay for your retirement 5.Amass wealth

Benefits of Saving Money Security:  Money in a bank can not be lost…FDIC insured! Interest:  A payment that financial institutions make to you in exchange for the use of your money while it is deposited.