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Budgets

Budgets. How to Manage your Money. What is Money Management . Planning how to get the most from your money Why?? What???. Opportunity Cost. Trade –off What is given up when making one choice instead of another. Budgets. Disposable income Financial Plan Budget Net Worth

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Budgets

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  1. Budgets How to Manage your Money

  2. What is Money Management • Planning how to get the most from your money • Why?? • What???

  3. Opportunity Cost • Trade –off • What is given up when making one choice instead of another

  4. Budgets • Disposable income • Financial Plan • Budget • Net Worth Assets - Liabilities = Net Worth

  5. 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

  6. 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

  7. Agreement • Valid offer is made and accepted • Counteroffer • Voluntary intent to be bound • ‘click on acceptance’ • Genuine agreement • Fraud • Duress • Undue influence

  8. Consideration • Each person gets something in exchange • Can be: • Object • Money • Promise • Service • Cannot be one-sided

  9. Contractual Capacity • Competency of parties • Legally capable • Mental deficiency • Illness • Minors • Limited capacity • Set aside contractual obligations • Married <18

  10. Legality • Lawful • Illegal contracts not enforceable • Form specific • Lease • Real estate • Loans

  11. Consumer Responsibility • Complete • Write all terms clearly • Dates amounts etc • Seller supplied all information • Understand • No changes • copy

  12. Negotiable Instruments • An unconditional written promise to pay a specified sum of money upon demand of the holder • Promissory Note • Co-signer

  13. Warranty • Guarantee • Product • Implied • written

  14. Filing System • Why???

  15. Personal Records • Net Worth Statement • W-2s, paystubs • Personal Property • Tax Records

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