HUMS 202 Lecture Notes - Lecture 4: 529 Plan, Individual Development Account, Mutual Fund

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7 Feb 2017
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S-specific
M-measurable
A-achievable
R-relevant
T-time based
Income comes from:
Wages, self-employment income, child support, interest or investment income, social security
benefits, tops
Gross income → total income w/o deductions
Net income → gross income minus deductions like taxes
Fixed expenses→ don’t change from month to month and no control over how much u pay ex:
rent
Flexible expenses → change from month to month, some degree of control
Visit www.irs.gov to learn about federal tax credits to find way to increase income
Keep tax records for at least three years and pay bills online at least one week before due
Budget box system: box w/ dividers for each month, when receive bill check due date and place
it behind divider that matches up
Pay necessary household expenses like rent, mortgage, and food
Pay off loan w/ highest interest rate first to save on interest payments
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