• Illinois State University

• BE 141

Your Life, Your Money (https://www.pbs.org/video/your-life-your-money-your-lifeyour-money/ )

1. According to the statistics in the video, the average debt for 22-29 year olds is

___16,120____________.

2. When you factor in inflation, how does the average person’s salary compare to what

their parents made 30 years ago? _________less than their parents

made___________________________________

3. According to Beth Kobliner, the author of Get a Financial Life, what is the good news

concerning getting your finances in order?_____Its not very

complicated________________________________

4. When Brian Michael Cox was 19 and received his first $40,000, what was the only smart

thing he did? _____Went to the bank and opened a bank

account_______________________________________________________

5. Asher Roth says the most important thing with money is discipline—you have to know

the difference between what? ______wants and

needs_________________________________________

6. Tracy McGraw says it is not about Louis Vuitton, Gucci, or Prada. Life is being able to

create what for yourself?

_________foundation__________________________________________

7. Donald Fiason says, “The trick is to make your money. . .” ________work for you

_________________

8. Michelle Singletary: Anytime you go shopping, to do anything, I mean, even to buy a

pack of gum, you should ask yourself, is this a _____need ________or is this a

____want________?

9. Host Donald Faison: So how can you figure out how much money is coming in and how

much is going out? First step: _____keep track of everything you spend money on then

subtract the total from monthly income

__________________________________________

10. Beth Kobliner: When you have the first job, suddenly you're buying coffee, you’re

buying water every day. You could easily spend _____1,000____________ a year on

water,

which you can get for free.

11. Beth Kobliner: You want to spend no more than ___20_____% of your monthly takehome pay on debt payments. Pay no more than a ____1/3______ of your take-home

pay on

housing costs. You want to save _____10_____% of your take-home pay. That's the

goal, and if you can do more, even do more.

12. Michelle Singletary: I think when you look for a bank, you ought to look at it just like

you're looking for a mate. You have to look at your banking habits and choose

an institution that meets the things that are important to ___you_______, just like

when you go out on a date.