Financial Literacy By: Jackson Cushing

In this class I learned the difference between credit and debit. Credit is a loan that you pay at the end of every month with interest added on. Debit is money that you already earned coming directly from the bank and your earnings.

I learned the 2 ways that we can profit on stocks. The first is capital gain, where you buy low and sell high. The second is dividend which is your share in the income from the company.

I also learned the three things that credit card companies look at before they give you a credit card. These 3 c's are character which finds out if you pay your bills. They decide this by if you have a job and how long have you worked there and if you live somewhere. Capacity is the ability to pay your bills. They decide this by your income and debt. Capital is the things you own. They need to know for collateral.

I also learned the needs vs. wants. Needs are things that are a must have for surviving. For instance water, shelter, food, clothes. Wants are things that will make your life better but is not necessary to survive. For example a phone, a tv, good shoe, etc.

Finally I learned different types of savings accounts. The standard savings account is when you put your money in an account and earn a small percentage of interest every year. CD is certificate of deposit which is when you keep your money in the account for a minimum period of time and earn a higher interest. Money Market is when you put a minimum amount of money for a minimum amount of time in an account for an even higher interest. Then there is real estate, stocks, mutual funds and more.


Created with images by stevepb - "calculator calculation insurance" • - "Credit Cards In Wallet 1" • skeeze - "stock exchange trading floor new york" • PixelMakerEric - "credit card college student" • trokilinochchi - "makeshift shelter" • brendahallowes - "Technology" • stevepb - "piggy bank savings coins"

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