New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

FIN 101, week 2

by: Rachel Rusnak

FIN 101, week 2 FIN 101

Rachel Rusnak
GPA 3.2

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Personal Finance for Fiscal Wellness
Professor Boylan
Class Notes
25 ?




Popular in Personal Finance for Fiscal Wellness

Popular in Finance

This 3 page Class Notes was uploaded by Rachel Rusnak on Tuesday May 10, 2016. The Class Notes belongs to FIN 101 at Ball State University taught by Professor Boylan in Summer 2015. Since its upload, it has received 16 views. For similar materials see Personal Finance for Fiscal Wellness in Finance at Ball State University.


Reviews for FIN 101, week 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 05/10/16
Personal Finance 101 Professor Boylan 1 Chapter 2: Budgeting. ***on the test*** 1. Fashion Week. a. Most cannot afford to have the best of everything. b. Budgeting can help ensure we make the most of what we have. i. “Being rich isn’t about having a lot of money- but it is about having a lot of options.” 2. Why Do We Budget? a. Advantages. i. Goals. ii. Know where you hare. iii. Makes couples better (on the same page). iv. Make sure there are no problems. v. Spring break. vi. Apartment. b. Disadvantages. i. Takes time. ii. Don’t know. iii. Who cares? iv. More to life than money. c. We need to make sure the ADVANTAGES are bigger than the disadvantag.s 3. What’s the Point? a. Most people are obsolete when completed. b. Why do one? i. It is better to have tried and missed or ii. To have never tried at all. iii. 6/10 families don’t have a budget. 4. Signs You Are In the Middle Class. a. Home ownership. b. Automobile ownership. c. A college education for the kids. d. Retirement security. e. Health care coverage. f. Family vacation. 5. Income statement. +Revenue (money you have earned). +wages earned. +lemonade sales. +interest earned on savings account. -Expenses (money you have spent). –good. –gas. –housing. =Net income (hoe you have performed). 6. Income Statement- Surplus. a. “Surplus”. i. You are getting ahead. ii. You are falling behind. 7. The 3 Major Financial Statements. a. Income statement. i. Measures performance. b. Balance sheet. Personal Finance 101 Professor Boylan 2 i. Tracks net worth. c. Cash flow statement. i. Monitors the movement of cash. 1. Incoming and outflowing. 8. What Determines Your Income? +Education (how much & what type?) +Where you live (city vs. town/ coast?) +Your career (accounting vs. nurse vs. janitor). +Your career planning. +Certifications. -DUI. Income=Value x Time x Scalability 1. More education= more $$ 2. Do something people need= more money paid to you. 3. Bigger decisions= more money to be paid. 9. Income Statement- Deficit. a. “Deficit”. i. You are getting ahead. ii. You are falling behind. 10. “My Money” or “Our Money”. a. Good old days- married couples combined their money. b. Contemporary society (separate accounts) - each person is responsible for “their portion” of bills and is free to spend money as this wish. 11.Spending Plan. a. How do we get our totals? i. You know: 1. Auto payment. 2. Insurance. 3. Home/ rent. ii. You can guess (from previous experience): 1. Food. 2. Entertainment. This you can manipulate for opportunities. 12. Balance Sheet. +Assets (items you own that have value). i. House. ii. Car. iii. TV. -Liabilities (money you owe others). iv. House loan. v. Car loan. vi. Student loan. =Owner equity (for Net Worth). vii. All the things you’ve accumulated throughout your life. 13. Cash Flow. +Beginning balance. +Inflows of cash (when cash comes to you). -Out flows of cash (when cash leaves you). =Ending balance. 14. Style is Superfluous? Why should we be judged – professionally or personally- by what we wear, after all, when we’re so much more than our clothes? Personal Finance 101 Professor Boylan 3 You’re not defined by the dress that you wear, but your dress can provide some insight into who you are (or who you want to be). 15. Different Savings Plans. a. Envelope method (control spending). b. Allowance method (minimize fighting). c. Calendar method (know what is going on). d. “90% Rule” (force savings). i. Save 10% of what is earned. ii. Spend 90% of what is earned. 16. Personal Finance Software. a. Build a budget. i. Quicken- #1. ii. Microsoft. iii. Excel. Track those senses. b. Emergency expenses. i. How much should I have?


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.