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Published byJoanna Kennedy Modified over 9 years ago
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How to Manage your Money BUDGETS
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What is Money Management Planning how to get the most from your money Why?? What???
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Opportunity Cost Trade –off What is given up when making one choice instead of another
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Budgets Disposable income Financial Plan Budget Net Worth Assets- Liabilities = Net Worth
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Contracts and Agreements Contract Legally enforceable agreement between 2 or more parties Express contracts Stated terms in word Can be oral or written Implied contract Unwritten driving
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Elements of a contract A contract must be binding for it to work Some must be written Sale of real property Cannot be fully performed in less than 1 year < $500 When someone pays debts of another Must have: Agreement Consideration Contractual capacity Legality
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Valid offer is made and accepted Counteroffer Voluntary intent to be bound ‘click on acceptance’ Genuine agreement Fraud Duress Undue influence Agreement
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Each person gets something in exchange Can be: Object Money Promise Service Cannot be one-sided Consideration
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Competency of parties Legally capable Mental deficiency Illness Minors Limited capacity Set aside contractual obligations Married <18 Contractual Capacity
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Lawful Illegal contracts not enforceable Form specific Lease Real estate Loans Legality
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Consumer Responsibility Complete Write all terms clearly Dates amounts etc Seller supplied all information Understand No changes copy
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Negotiable Instruments An unconditional written promise to pay a specified sum of money upon demand of the holder Promissory Note Co-signer
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Warranty Guarantee Product Implied written
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Filing System Why???
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Personal Records Net Worth Statement W-2s, paystubs Personal Property Tax Records
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