1. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. Rule

2. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. 50 percent of our net income should be spent on "needs." Image retrieved from: http://markpowers-and-company.com/images/Water%20Faucet.jpghttp://markpowers-and-company.com/images/Water%20Faucet.jpg

3. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. I earn $30,000/year. Using the 50-30-20 rule, how much of my income should be spent on "needs?"

4. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. 30 percent of our net income should be used on “wants." Image retrieved from: http://www.behavioradvisor.com/Donations.htmlhttp://www.behavioradvisor.com/Donations.html

5. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. I earn $30,000/year. Using the 50-30-20 rule, how much of my income should be spent on "wants?"

6. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. 20 percent of our net income should be spent on savings and debt reduction. Image retrieved from: http://www.mygulfbank.com/PersonalBanking/Savings.aspxhttp://www.mygulfbank.com/PersonalBanking/Savings.aspx

7. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. I earn $30,000/year. Using the 50-30-20 rule, how much of my income should be spent on savings and debt reduction?

8. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. Image retrieved from: http://www.crocktock.com/ten-best-advice-on-how-much-rent-can-i-afford/http://www.crocktock.com/ten-best-advice-on-how-much-rent-can-i-afford/

9. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. Image retrieved from: http://www.crocktock.com/ten-best-advice-on-how-much-rent-can-i-afford/http://www.crocktock.com/ten-best-advice-on-how-much-rent-can-i-afford/ Gross income: total revenue received before any deductions or allowances, taxes, etc.

10. MENTAL TOUGHNESS 2 Developed by Mockingbird Education www.mockingbirdeducation.net © MBE Holdings Inc. All rights reserved. Image retrieved from: http://www.crocktock.com/ten-best-advice-on-how-much-rent-can-i-afford/http://www.crocktock.com/ten-best-advice-on-how-much-rent-can-i-afford/ Net income: For an individual, net income is gross income minus taxes, allowances, and deductions. An individual's gross income is used to determine how much income tax is owed.