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Personal Financial Literacy

Personal Financial Literacy. What Everfi Missed!!!. Creating a Personal Budget. Gross Pay – An individuals total personal income before taking taxes or deductions into account Net Pay- A person’s income after taxes or deductions have been taken out.

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Personal Financial Literacy

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  1. Personal Financial Literacy What Everfi Missed!!!

  2. Creating a Personal Budget • Gross Pay –An individuals total personal income before taking taxes or deductions into account • Net Pay-A person’s income after taxes or deductions have been taken out. • Variable Expenses –Expenses that change from year to year based on certain factors • Ex. Medical Bills, Gas Consumption Expenses • Fixed Expenses -Expenses that do not change from year to year • Ex. Salaries, Rent

  3. What affects an individual’s financial plan and goals? • Education (Community College, University, or Military?) • Job/Career • Wages/Income • Budget • Gross vs. Net Pay • Discretionary Income - Total amount of money available to spend or save after taxes and personal needs have been taken into account. In other words, the leftover money. • Ex. Cell Phone, entertainment, Internet, etc.

  4. Consumer Protection Laws and Government Regulations • Resolving Consumer Conflict • BBB (Better Business Bureau) • Established in 1912 • Non-profit Organization • Provides free reviews on businesses in the United States • State Attorney General • State’s Chief Law Enforcement Officer • Chief Legal Advisor to the state government • In some states, serves as the head of a state department of justice • State Secretary of State • Wide Range of Responsibilities: • State’s main election official • Registers non-profit organizations and businesses in that state • Oversees the state’s archives • Automobile Registration • Department of State Operations

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