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Map","How do you assess your current financial situation? Chart a path to your goals while planning for inevitable obstacles in your way.",2,[40,133,183],{"id":41,"data":42,"type":38,"version":38,"maxContentLevel":28,"pages":44},"6fe9bbfb-93a9-4a28-9d07-befaf33bb5f6",{"type":38,"title":43},"Understanding Personal Finance",[45,60,78,100,117],{"id":46,"data":47,"type":25,"maxContentLevel":28,"version":38,"reviews":51},"51c3a5ee-aee2-4e25-8cc0-7cf3694cc1ad",{"type":25,"title":48,"contentRole":38,"markdownContent":49,"audioMediaId":50},"What is personal finance?","Your financial journey is like scaling a mountain. You might be starting from the valley floor or from several hundred feet above ground depending on your current assets, debts, income, and lifestyle preferences. However, wherever you start from, understanding personal finance will help you determine how to chart your journey going forward.\n\n![Graph](image://c09f613c-c138-461b-851e-be7d252a08f8 \"Your financial journey is like scaling a mountain\")\n\nPersonal finance is the practical knowledge of how to manage your own personal financial situation to meet your goals. To improve your financial decision making, you need to understand your current situation by conducting an audit of your finances: you should lay all your financial cards on the table to identify how much money you currently earn, spend, save, and invest.\n\nThroughout this pathway, we will be following the journey of one early career professional, Casey, as she examines her finances and determines how she can change her financial habits to meet her goals.","d66a7797-d9e2-46e6-8684-b72fc6ba0bc3",[52],{"id":53,"data":54,"type":55,"version":25,"maxContentLevel":28},"223fecd2-a892-4c83-b5ae-71667f7621bf",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":56,"clozeWords":58},11,[57],"The first step in your financial journey is to conduct an audit of your finances.",[59],"audit",{"id":61,"data":62,"type":25,"maxContentLevel":28,"version":38,"reviews":66},"d4023d6d-28dc-4538-bd9b-84f07c7ba7d6",{"type":25,"title":63,"contentRole":38,"markdownContent":64,"audioMediaId":65},"Income","Income is the amount of money you earn or receive on a regular basis from wages or other sources. Gross income is the amount of income you receive before any taxes are taken out of your paycheck. Your net income is the amount of income you receive after taxes are taken out.\n\n![Graph](image://68982fdc-f47e-4aef-8db2-74666398ba27 \"Most people's income comes primarily through paychecks\")\n\nTo gain a better picture of your monthly income, take the average of your income over 6-12 months, not counting any one-time bonuses since they might skew the average.\n\nTake the example of Casey who just landed her first job after college. Casey’s salary – her income over the entire year – is $60,000 and 15% of her paycheck goes to taxes. Each month, her gross income would be $5000, and her net income would be that amount with 15% subtracted from it: $4250.","d9c99606-7874-4a3a-8b0c-ddbef263d3f0",[67],{"id":68,"data":69,"type":55,"version":25,"maxContentLevel":28},"60fcefca-a916-42ff-b2d3-a51c1d1567cd",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":70,"multiChoiceCorrect":72,"multiChoiceIncorrect":74},[71],"If your gross monthly income was $5000, and you were taxed at 15%, what would your net monthly income be?",[73],"$4250",[75,76,77],"$4000","$4500","$4750",{"id":79,"data":80,"type":25,"maxContentLevel":28,"version":38,"reviews":84},"6bd24c45-4b8d-471e-a317-7636c890df88",{"type":25,"title":81,"contentRole":38,"markdownContent":82,"audioMediaId":83},"Expenses","Your expenses are what you spend each month. They usually vary, so you should calculate the average amount of expenses you have over time.\n\nTo calculate your expenses, look at your bank statements and credit card statements for each month. Make sure you count credit card purchases during the month you made them even if you do not pay off your credit card balance in full during that month. You also should keep track of what you use cash for.\n\n![Graph](image://e2e27147-18dc-4dd5-afe5-6eb117faf277 \"Monthly subscriptions such as Netflix are a predictable expense\")\n\nTo understand how you are spending your money better, you can divide your expenses into wants and necessities. Necessities are the things you pay for that you need to survive, such as housing, utilities, food, childcare, and healthcare. Wants are things that enhance your quality of life, such as subscribing to Netflix or eating out at restaurants.\n\nIt is important to have the right balance between necessities and wants.","9138b665-3ee1-46ae-908b-de17ffdbb9ba",[85,93],{"id":86,"data":87,"type":55,"version":25,"maxContentLevel":28},"0b9b4c5a-32b5-4c07-9372-907ac73ac72f",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":88,"activeRecallAnswers":90},[89],"What are the two categories of expenses?",[91,92],"Necessities"," Wants",{"id":94,"data":95,"type":55,"version":25,"maxContentLevel":28},"18e7cb2a-a114-41a0-a261-ba073454cbce",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":96,"clozeWords":98},[97],"Your expenses are what you spend each month. They usually vary, so you should calculate the average amount that you spend over time.",[99],"expenses",{"id":101,"data":102,"type":25,"maxContentLevel":28,"version":38,"reviews":106},"950320f9-4e2d-4549-95e6-aa4f4fb3cfa7",{"type":25,"title":103,"contentRole":38,"markdownContent":104,"audioMediaId":105},"What is cash flow?","Cash flow is the amount of money left over after you pay your monthly expenses. Cash flow is important because it shows you how much wiggle room you have in your current financial situation.\n\nIf you are consistently spending more than you earn, you will soon find yourself draining your savings or going into debt. If your cash flow is positive, you already have money you can save.\n\n![Graph](image://b3425a59-1b7b-4473-a384-3aa8b8fecd0d \"It's important to spend less than you earn\")\n\nCasey calculates her cash flow by subtracting her average monthly expenses from her average monthly income and finds that she only has $200 leftover each month. Since she wants to save more, she decides she needs to reduce her expenses to free up more cash flow. She decides to move in with roommates to reduce her housing expenses and saves the extra money that she would have spent on rent.","fc8aeb37-c148-4025-aede-34eb33630849",[107],{"id":108,"data":109,"type":55,"version":25,"maxContentLevel":28},"c46ea7e1-9082-48b0-89b1-0fc86097d339",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":110,"multiChoiceCorrect":112,"multiChoiceIncorrect":114},[111],"What is the amount of money left over after paying monthly expenses called?",[113],"Cash flow",[115,116,81],"Savings","Debt",{"id":118,"data":119,"type":25,"maxContentLevel":28,"version":38,"reviews":123},"adcdc528-2c77-4f25-ad44-99a1969364d7",{"type":25,"title":120,"contentRole":38,"markdownContent":121,"audioMediaId":122},"Assets","Assets are any property, cash, or investments that you own, such as the money in your bank account, a stock, or jewelry. Some assets are liquid, meaning that you can easily exchange them for cash, while others, like real estate, are considered illiquid because they take longer to sell.\n\nLiquidity impacts your ability to access assets. For example, if you own a house but hardly have any cash, you may not be able to pay for home repairs even if your house is valuable.\n\n![Graph](image://1f3dc617-00fc-441d-b316-333c97a7db2c \"Luxury goods often hold their value as assets\")\n\nAssets can either appreciate or depreciate, meaning they can either increase or decrease in value over time depending on current demand.\n\nFor example, if you buy a house in an area where many people want to live, people will be willing to pay more for it. Some assets like cars tend to depreciate because they cost more to repair and maintain as they age.","861c92ea-6e8b-4d78-a037-36c3a69dcd1f",[124],{"id":125,"data":126,"type":55,"version":25,"maxContentLevel":28},"698da4d9-1fa5-4a0c-b80f-35e0c587350f",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":127,"binaryCorrect":129,"binaryIncorrect":131},[128],"An asset such as a car is ...",[130],"Illiquid",[132],"Liquid",{"id":134,"data":135,"type":38,"version":25,"maxContentLevel":28,"pages":137},"86667cc6-140d-4020-a5ae-972e2eaa531a",{"type":38,"title":136},"Managing Financial Risks",[138,152,167],{"id":139,"data":140,"type":25,"maxContentLevel":28,"version":25,"reviews":144},"1a4c22d2-3065-49b9-babd-d0b780b0b059",{"type":25,"title":141,"contentRole":38,"markdownContent":142,"audioMediaId":143},"Financial risk","Different types of assets also carry varying levels of financial risk. If an asset is risky, it could lose its value entirely under certain circumstances. \n\n ![Graph](image://12ea8931-ef34-4efb-82f2-3edc8c5ea88c \"A stock from the early 20th century. Image: Downingsf, CC BY-SA 3.0, via Wikimedia Commons\")\n\nFor example, in many countries, such as the United States, Australia, Canada, and Germany, putting cash into a savings account is relatively low risk because the government will insure the initial amount you deposited, protecting its value. On the other hand, if you invest in the stock market, you risk losing some of its value if a business fails or goes bankrupt.\n\nKnowing you could lose more if you invest in the stock market may make you want to avoid it entirely. However, if you are too risk-averse and do not ever purchase risky assets, such as stocks, you could lose out on opportunities to increase the value of your assets. \n\n","540b25b1-b2c3-4aba-8080-5333299a7446",[145],{"id":146,"data":147,"type":55,"version":25,"maxContentLevel":28},"8f851724-36cf-4ad6-be8f-f8c284e5f281",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":148,"clozeWords":150},[149],"A stock is an example of an asset that comes with a level of risk.",[151],"risk",{"id":153,"data":154,"type":25,"maxContentLevel":28,"version":25,"reviews":157},"9a297ecb-3160-420c-a0f2-345c36313e62",{"type":25,"title":116,"contentRole":38,"markdownContent":155,"audioMediaId":156},"Debt is money that you owe in loans, such as student loans, mortgages, credit card debt, or personal loans. Most debts consist of a principal — the original amount of money you borrowed — and interest — the amount of money that you agree to pay on top of the principal to the lender.\n\n ![Graph](image://75c21673-3840-40e5-b325-072e5688d0d2 \"Credit cards can leave people in debt\")\n\nSome debt is secured by an asset, meaning that if you cannot pay back the debt, the lender can take that asset from you. This asset is called collateral. For example, if you take out a mortgage to buy a house, your house is collateral. If you cannot make the loan payments, the lender can take your house. \n\nDebt that is secured by an asset, such as a mortgage, is considered less risky than unsecured debt. If you borrow money on your credit card, you might not have a way of paying it back if you lose your job.\n\n","0252ed9d-f2de-4f42-961b-997ffc9af2a8",[158],{"id":159,"data":160,"type":55,"version":25,"maxContentLevel":28},"5b236d36-8aad-4aa3-b53f-8d5d6349b06e",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":161,"binaryCorrect":163,"binaryIncorrect":165},[162],"What is the term used to describe an asset that is used to secure a loan?",[164],"Collateral",[166],"Principal",{"id":168,"data":169,"type":25,"maxContentLevel":28,"version":25,"reviews":173},"18806701-1571-449d-ac95-312c5762d4d9",{"type":25,"title":170,"contentRole":38,"markdownContent":171,"audioMediaId":172},"What is net worth?","Your net worth consists of your total assets minus your total debts. For example, Casey has $3000 in savings, a retirement account with $1000, and $18000 in student loans, and $2000 in credit card debt, so her net worth is negative $16,000. \n\n ![Graph](image://0016bfde-40b2-424d-ad0c-84a4f97f661e \"An illustration of net worth\")\n\nHowever, just knowing her net worth is not enough to understand her financial situation. We also need to know what her net worth is relative to her income, expenses, and cash flow. Since Casey currently only has a cash flow of $200 per month, it will take her longer to pay off her debt than if she had more cash flow. \n\nThe overall economy also determines the value of your net worth. The price of things you need or want to buy is always fluctuating. It is better to view net worth as a snapshot of your financial health than as a number that is set in stone.\n\n","610ec8a4-b817-4fad-8226-f58e08e60b22",[174],{"id":175,"data":176,"type":55,"version":25,"maxContentLevel":28},"7ea2197f-59df-4811-ab54-f6abc056961f",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":177,"clozeWords":179},[178],"Your net worth is your total assets minus your total debts, and it is also affected by your cash flow and the overall economy .",[180,181,182],"assets","debts","cash flow",{"id":184,"data":185,"type":38,"version":25,"maxContentLevel":28,"pages":187},"7d5d2b0c-3884-4f1b-a5e3-02e4df6b259d",{"type":38,"title":186},"Setting Financial Goals",[188,206,222,240],{"id":189,"data":190,"type":25,"maxContentLevel":28,"version":25,"reviews":194},"b79c6841-1638-44d6-a0c4-fc915e207680",{"type":25,"title":191,"contentRole":38,"markdownContent":192,"audioMediaId":193},"Short-term goals","Before you create a plan to increase your assets and build wealth, you need to determine what you want from your finances. Setting short term financial goals can help you stay motivated by giving you satisfaction as you reach your goals. \n\nStart with goals that will create the most impact on your financial health. First, pay down high-interest debt so you do not accumulate as much interest. High-interest debts include credit cards and personal loans with interest rates above 10%. \n\n ![Graph](image://cc44c223-e2e2-4724-9164-bf8efb06b222 \"Saving for your upcoming wedding could be a short term goal\")\n\nNext, save an emergency fund so that you have a financial cushion for unexpected expenses. Try to save at least 2-3 months’ worth of expenses. Other short-term goals might include saving for other expensive life events that you anticipate having in the next 6 months to 4 years, such as a wedding, the birth of a child, or purchasing a home.\n\n","13112730-7be3-4de5-9c3c-23d52ae2d415",[195],{"id":196,"data":197,"type":55,"version":25,"maxContentLevel":28},"bfd518db-cd3f-42f4-9ccd-0d3b5afeaee0",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":198,"multiChoiceCorrect":200,"multiChoiceIncorrect":202},[199],"What should be your first short-term financial goal?",[201],"Pay down high-interest debt",[203,204,205],"Save an emergency fund","Save for expensive life events","Invest in stocks",{"id":207,"data":208,"type":25,"maxContentLevel":28,"version":25,"reviews":212},"e20d16ed-1ba4-4520-8aa8-61e0f40cefbb",{"type":25,"title":209,"contentRole":38,"markdownContent":210,"audioMediaId":211},"Long-term goals","Long-term goals are goals that require a longer period to accomplish, at least 5 years or more. Even if you are not sure about your long-term goals, you need to start planning for them, so you don’t miss opportunities to grow your wealth. \n\n ![Graph](image://d9eac4e0-b1ae-48b3-a64a-f77cc93e43cc \"Saving for your first home is a long-term goal for many people\")\n\nOne goal that everyone needs to plan for is retirement. Each country has its own system for determining how much the state, employers, and employees contribute to retirement costs. \n\nIn the United States, there is a retirement benefit called Social Security, but it does not cover the full costs of retirement, so employees are responsible for saving for the remaining costs. \n\nSimilarly, in the UK, there is a state pension, an amount that you are guaranteed in retirement if you pay into the National Insurance System, but you still may need a workplace pension or private pension to increase your retirement income.\n\n","fd3748c4-42ae-49df-96f6-4ecdbfc82ec2",[213],{"id":214,"data":215,"type":55,"version":25,"maxContentLevel":28},"f5ed40b0-c3a2-4ace-bd5e-646786f871ca",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":216,"binaryCorrect":218,"binaryIncorrect":220},[217],"What is an example of a long-term goal?",[219],"Retirement",[221],"Buying a car",{"id":223,"data":224,"type":25,"maxContentLevel":28,"version":25,"reviews":228},"06dc15eb-02c9-4e7f-b250-caa5c9018140",{"type":25,"title":225,"contentRole":38,"markdownContent":226,"audioMediaId":227},"How to save for short-term goals","\nFor short-term goals, save in accounts that allow you to have easy access to cash and accumulate interest. You earn interest in bank accounts because you are allowing banks to borrow the money in your account. Savings accounts still give you full access to your money if you want to withdraw it. These accounts earn a small percentage of interest.\n\nHigh-yield savings accounts earn higher rates of interest and usually have some limitations on the amount of money you need to keep in your account and the number of withdrawals per month.\n\nCertificates of Deposit (CDs) provide much higher interest rates than savings accounts, such as 2% instead of 0.15%, but traditional CDs prevent you from accessing the money in them for an agreed upon term, such as 1-5 years. When the CD matures, you can access the cash in them and receive the interest for that term.\n","8f05b421-2bd0-4dc9-bc6a-c74d598b8f09",[229],{"id":230,"data":231,"type":55,"version":25,"maxContentLevel":28},"2c0b3c0b-2bb2-425b-a199-ea749a24cf9f",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":232,"multiChoiceCorrect":234,"multiChoiceIncorrect":236},[233],"What type of account earns a higher rate of interest than savings accounts, but prevents you from accessing the money for an agreed upon term?",[235],"Certificate of Deposit (CDs)",[237,238,239],"High-yield savings accounts","Checking accounts","Money Market accounts",{"id":241,"data":242,"type":25,"maxContentLevel":28,"version":25,"reviews":246},"ec5e709d-e40e-42d0-b9c7-c0f9f9f7d9ad",{"type":25,"title":243,"contentRole":38,"markdownContent":244,"audioMediaId":245},"How to save for long-term goals","\nFor long-term goals, invest in stocks and bonds to increase the value of your initial investment. Investing, especially in the short-term, is risky because you can lose some or all your investment depending on which stocks you invest in and how much the value of the stocks fluctuates. \n\n ![Graph](image://eea99308-7da6-42e0-b513-fbe6ed160aa1 \"Investing in safe stocks over long periods can be very fruitful\")\n\nHowever, over a period of 10 years or more, the average value of the stock market, meaning the average value of all stocks being traded, tends to increase. \n\nFor example, the S&P 500 Index, a group of stocks that includes 500 of the largest corporations in the U.S. has averaged returns of 8.5% over a decade, meaning that on average the value of the stocks in that group has increased by 8.5%, every year, over 10 years. \n\nDue to compound interest, that means that if you'd invested a lump sum of $10,000 dollars in the S&P 500 Index 10 years ago, you'd have $22,610 now. Not bad!\n\nIf you buy a diverse range of stocks in different industries, over decades they will generally gain value over time, allowing you to increase your net worth in the long-term. \n\n","e5632984-4720-4429-81f5-58ab6bfb887f",[247],{"id":248,"data":249,"type":55,"version":25,"maxContentLevel":28},"406c53b7-5337-4099-a25b-dde6412558ed",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":250,"binaryCorrect":252,"binaryIncorrect":254},[251],"Which index covers 500 of the biggest companies in the USA?",[253],"S&P 500",[255],"Dow Jones",{"id":257,"data":258,"type":30,"maxContentLevel":28,"version":38,"orbs":261},"b4a66ae9-56bd-43e0-879e-2faf7d6732b9",{"type":30,"title":259,"tagline":260},"Budgeting ","How do you monitor your spending while building your savings? A guide to making a realistic budget you can follow.",[262,321,370,424],{"id":263,"data":264,"type":38,"version":25,"maxContentLevel":28,"pages":266},"ea18276b-5ccb-4d9d-afdf-4520a6fccc4e",{"type":38,"title":265},"Creating a Budget",[267,285,303],{"id":268,"data":269,"type":25,"maxContentLevel":28,"version":25,"reviews":273},"b468ebbe-e875-4e6b-9488-ced9f6f684fd",{"type":25,"title":270,"contentRole":38,"markdownContent":271,"audioMediaId":272},"How to budget","A budget is a plan for how you will use your income each month. Setting a budget can be as simple as creating a spreadsheet with your total income each month and then dividing it into different categories of spending, starting out with your necessities and then your wants. \n\n ![Graph](image://6367886b-5794-46a5-91f7-817b81c1b128 \"The 50-30-20 rule for budgeting\")\n\nThe goal of a budget is to create monthly goals for each category of spending and to track those goals. Learning how to follow a budget can take some time, and you need to adjust your budget every few months. \n\nTo make sure you are setting yourself up for success, use your current spending as a guideline for how much you should allocate for each part of your budget. A useful guideline is the 50-30-20 rule: you should spend 50% of your net income on necessities, 30% on wants, and save the remaining 20%, but these percentages will vary based on your financial situation and goals.\n\n","22f5da31-5d43-4818-9cb6-fcd7355f8996",[274],{"id":275,"data":276,"type":55,"version":25,"maxContentLevel":28},"30e26b0c-33ae-4df9-9ca5-a80423bbb6f1",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":277,"multiChoiceCorrect":279,"multiChoiceIncorrect":281},[278],"Which of these is a useful guideline for budgeting necessities, wants and savings?",[280],"The 50-30-20 rule",[282,283,284],"The 40-30-30 rule","The 60-20-20 rule","The 70-20-10 rule",{"id":286,"data":287,"type":25,"maxContentLevel":28,"version":25,"reviews":291},"1a31a00e-182e-4f85-bb9e-e7c4477ec0fe",{"type":25,"title":288,"contentRole":38,"markdownContent":289,"audioMediaId":290},"Budgeting for necessities","Necessities are the things you need to survive, such as housing, food, transportation, childcare. This category also includes your minimum debt payments, the minimum amount you are required to pay towards loans. Try to spend no more than 50% of your net income on necessities. \n\nFood and transportation can also eat up your budget, but there are ways to limit your spending in these areas. For example, preparing your own food is often less expensive than eating out. \n\n ![Graph](image://5b239ce2-ec8b-4f70-89e4-ecab6e6655f3 \"A typical household budget\")\n\nUsing public transportation usually costs less than leasing or buying a car. Depending on where you live, what your occupation is and how much you earn, your family may have access to subsidized child care.\n\nIf necessities are taking up most of your income, consider developing new skills to obtain a higher paying job, moving to a less expensive area, or seeking help from others in your family or community. \n","944d5e6f-79c2-4c96-9a91-32d3f3d45200",[292],{"id":293,"data":294,"type":55,"version":25,"maxContentLevel":28},"06e5a1b0-5fdf-40fd-81fa-d3ef8b9add03",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":295,"multiChoiceCorrect":297,"multiChoiceIncorrect":299},[296],"What percentage of your net income should you spend on necessities?",[298],"No more than 50%",[300,301,302],"No more than 25%","No more than 75%","No more than 100%",{"id":304,"data":305,"type":25,"maxContentLevel":28,"version":25,"reviews":309},"1dce7c25-309f-439c-be54-4656afe77479",{"type":25,"title":306,"contentRole":38,"markdownContent":307,"audioMediaId":308},"Budgeting for wants","Wants are things that you purchase each month that you could probably live without but improve your quality of life, such as television subscription services or expensive new clothes. \n\nWhen you are reviewing your expenses and creating your budget, set aside a certain amount of money for wants. Don’t eliminate your wants entirely because drastically reducing your quality of life might make you less motivated to stick to your budget.\n\n ![Graph](image://547b3430-f08c-4d65-a267-852ef47e1f1f \"Luxuries can have a place in a well-planned budget\")\n\nFor example, Casey spends $300 per month on groceries and $300 per month at restaurants. While food is a necessity, dining out is a want. \n\nShe decides to reduce her spending on dining out by $100 a month and add $50 to her grocery budget to make up for the meals that she would have paid for in a restaurant. That way, she reduces her overall expenses by $50, but she still can dine out occasionally.\n\n","3e491091-af04-428f-bbb5-9228068f09a8",[310],{"id":311,"data":312,"type":55,"version":25,"maxContentLevel":28},"8eadd6a9-56fe-4125-b51f-da5ffefb1ae1",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":313,"multiChoiceCorrect":315,"multiChoiceIncorrect":317},[314],"What is an example of a want that can improve your quality of life?",[316],"Dining out",[318,319,320],"Groceries","Rent","Utilities",{"id":322,"data":323,"type":38,"version":38,"maxContentLevel":28,"pages":325},"20e5c8ce-0002-4493-a7f7-275dd6afdbea",{"type":38,"title":324},"Strategies for Reducing Spending",[326,342,356],{"id":327,"data":328,"type":25,"maxContentLevel":28,"version":38,"reviews":332},"cd365ab8-a160-495b-9fff-b6097351fa4d",{"type":25,"title":329,"contentRole":38,"markdownContent":330,"audioMediaId":331},"Reducing spending","One of the main goals of budgeting is to reduce your spending, especially on your wants, so that you can save more money towards your goals.\n\nThere are several ways to identify areas where you could spend less. First, review any subscriptions you pay for on a monthly or annual basis such as streaming services, gym memberships, or even delivery services.\n\n![Graph](image://0e02c9c0-cc81-4184-b37f-81af735d15c3 \"Try the local library instead of buying books\")\n\nConsider how often you use these services. If you notice that you don’t actually use what you’re paying for very often, you could save money by canceling that subscription.\n\nSecond, you can identify patterns of overspending and look for ways to reduce your spending in those areas. For example, if you realize you are spending too much on books, you could use your local library instead of purchasing new books.","181cb9ed-026b-4f6e-a9c0-cd52cde4e3f2",[333],{"id":334,"data":335,"type":55,"version":25,"maxContentLevel":28},"5af622df-9f8a-49a7-b4ad-6b0acf73b350",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":336,"binaryCorrect":338,"binaryIncorrect":340},[337],"What is one way to reduce your spending?",[339],"Review your monthly subscriptions",[341],"Invest in the S&P 500",{"id":343,"data":344,"type":25,"maxContentLevel":28,"version":38,"reviews":348},"a7e7c5ed-945f-41b7-aeb7-ea537e972b45",{"type":25,"title":345,"contentRole":38,"markdownContent":346,"audioMediaId":347},"No-spend periods","A no-spend period is a certain period in which you decide to not spend any money on a particular category of spending. It works similar to a diet where you give up a certain kind of unhealthy food for a short period, such as ice cream, but you don’t stop eating it forever.\n\nAfter the no-spend period is over, you can buy products from that category in moderation.  By reducing how often you buy certain products, you can spend less.\n\n![Graph](image://c0ab4d8b-4743-4336-a60c-bbb76e8958e4 \"Try taking a bit of time off from unnecessary spending\")\n\nFor example, Casey realizes that she spends too much on clothing each month. She designates one month as a no-spend month for clothing and sees how it feels to wear the clothes she already owns.\n\nAfter one month of not buying any new clothes, Casey feels good about her spending, so she extends her no-spend period for a few months. She still allows herself to buy clothes for every new season, but she doesn’t buy as many items overall or spend as much on clothing.","268037f3-0340-40e4-a59d-72b22d3ee85f",[349],{"id":350,"data":351,"type":55,"version":25,"maxContentLevel":28},"5f3bd08d-d952-4c09-82b6-cd8497014e71",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":352,"clozeWords":354},[353],"The financial equivalent to a diet is known as a no-spend period.",[355],"no-spend period",{"id":357,"data":358,"type":25,"maxContentLevel":28,"version":38,"reviews":362},"bfc95109-0a74-43d4-82c0-c8a8ca8279f3",{"type":25,"title":359,"contentRole":38,"markdownContent":360,"audioMediaId":361},"Mindful spending","To follow your budget successfully, keep it in mind whenever you are spending money. You should review your budget and current spending for the month at least once a week to see if you are staying on track.\n\n![Graph](image://ab02c483-a0da-40e0-ac7c-d2ec1a512196 \"Be mindful of what you are buying\")\n\nPractice spending mindfully so that you are not tempted to go over your budget. Spending mindfully means deciding in advance how much you want to spend before you attend an event that involves spending money. If you have a general target in mind, you will be able to keep yourself within your budget.\n\nWhen you are shopping online, keep your items in a cart for 24 hours before deciding to purchase them. If that is not possible because there is a special discount, pause before you buy it at least for a few minutes to consider whether you would be buying it if there were not a special deal.","312a01da-3f63-41aa-894a-883384388c62",[363],{"id":364,"data":365,"type":55,"version":25,"maxContentLevel":28},"c6f9d364-2add-4b75-ad97-c3d95679ae15",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":366,"activeRecallAnswers":368},[367],"How often should you review your budget and current spending for the month?",[369],"At least once a week",{"id":371,"data":372,"type":38,"version":25,"maxContentLevel":28,"pages":374},"a26280af-2751-4108-8937-7ce46738fcd5",{"type":38,"title":373},"Analyzing and Adjusting Your Budget",[375,393,406],{"id":376,"data":377,"type":25,"maxContentLevel":28,"version":25,"reviews":381},"75cebc5c-7ee9-4a4a-ba6f-6d92aa268429",{"type":25,"title":378,"contentRole":38,"markdownContent":379,"audioMediaId":380},"Budget analysis","At the end of every month, review your budget to determine how well you followed it. \n\nIf you were not able to follow your budget for every category, don’t give up hope. You might have gone under-budget in some categories and over-budget in others, leading you to generally spend the amount of money in your budget. \n\n ![Graph](image://1438cd4c-a46a-41f1-afc7-f0e869bbf6d3 \"Events such as birthdays can throw off your budgeting plans\")\n\nIf you find yourself regularly going over budget, consider a no-spend month for certain categories where you try not to spend at all on that category for one month. Also consider adjusting your budget if there are factors out of your control, such as increasing food or energy prices.\n\nWhen you analyze your budget, one thing you should look for are unexpected expenses. These expenses, such as birthday gifts or auto repair, should become categories you can plan for in your budget in the future, even if they don’t occur every month.\n\n","c2347132-7248-48ea-a897-1900caa289c0",[382],{"id":383,"data":384,"type":55,"version":25,"maxContentLevel":28},"80136405-6fe3-4eae-b457-ddb46efe1724",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":385,"multiChoiceCorrect":387,"multiChoiceIncorrect":389},[386],"What should you do if you find yourself regularly going over budget?",[388],"Consider a no-spend month for certain categories",[390,391,392],"Increase your budget","Stop budgeting","Stop spending",{"id":394,"data":395,"type":25,"maxContentLevel":28,"version":25,"reviews":398},"d18257a2-5670-4018-a975-3be373fce283",{"type":25,"title":115,"contentRole":38,"markdownContent":396,"audioMediaId":397},"One area that you should include in your budget is your savings. Ideally, savings should be at least 20% of your net income each month but saving any percentage of your income is useful. Use a savings account to separate the money you are using for your daily living from your savings. Each time you receive income, deposit a certain amount into your savings account. \n\n ![Graph](image://e3470b77-39e7-46e3-b13f-2bdd5611c546 \"Online banking can be very helpful for managing your savings\")\n\nIt will earn a small amount of interest and create a psychological barrier between you and your money. If you do tap into that account, you will know you are exceeding your budget. If you are paid on a regular basis, you can automate this deposit to “pay yourself” at the beginning of each pay period. If you contribute to a retirement account, you should also count this money as savings in your budget. \n","da626bae-b1a6-4d74-b4c7-9cb3b8287490",[399],{"id":400,"data":401,"type":55,"version":25,"maxContentLevel":28},"01841537-a06b-403a-8555-631656025b76",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":402,"activeRecallAnswers":404},[403],"How much of your net income should you aim to save each month?",[405],"At least 20%",{"id":407,"data":408,"type":25,"maxContentLevel":28,"version":25,"reviews":412},"1b70f96a-7806-44e6-b411-c9ee31c46e4d",{"type":25,"title":409,"contentRole":38,"markdownContent":410,"audioMediaId":411},"Bank accounts","\nRight now, you may only have one bank account, a checking account, in which you receive direct deposits of your income. Opening a savings account, or even multiple savings accounts, can help you to reach your budget goals. \n\nTo help you reach your financial goals, designate different savings accounts for different goals, and once you have transferred savings into them, try to avoid withdrawing money from them if possible.\n\n ![Graph](image://4d775eaf-a60f-4d18-acd5-e79f2c0a8940 \"Set up different savings accounts for different goals\")\n\nFor example, Casey creates different bank accounts for her different goals. In her checking account, she keeps enough for her monthly expenses. Then every month, when she gets paid, she automatically transfers money into her two savings accounts. \n\nIn one account, a high-yield savings account that earns a higher interest rate, she keeps her emergency savings. In her other savings account, she saves for her goal of going on vacation for the summer. \n\n","c0f46099-95f7-4a97-8de7-0f2375334bf7",[413],{"id":414,"data":415,"type":55,"version":25,"maxContentLevel":28},"f9bf964f-f38f-48c2-a1f3-9ea6b1c5ae4a",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":416,"multiChoiceCorrect":418,"multiChoiceIncorrect":420},[417],"What is one way to help reach budget goals?",[419],"Opening multiple savings accounts",[421,422,423],"Withdrawing money from savings accounts","Keeping all money in a checking account","Not saving any money",{"id":425,"data":426,"type":38,"version":25,"maxContentLevel":28,"pages":428},"6fbc5761-d183-46a6-8a03-502c78903c5a",{"type":38,"title":427},"Advanced Savings Techniques",[429,443],{"id":430,"data":431,"type":25,"maxContentLevel":28,"version":25,"reviews":435},"7398df24-7131-41c8-af0b-23bc7272f825",{"type":25,"title":432,"contentRole":38,"markdownContent":433,"audioMediaId":434},"Certificates of deposit ","Certificates of Deposit (CDs) are a form of savings that provide higher interest rates. If you deposit money in a CD, you will earn a certain percentage of interest over a period. Most CDs do not allow you to access the funds you deposit until the CDs mature at the end of the period. \n\nIf you need to withdraw your deposit early, you will lose some or all of the interest. Liquid CDs, on the other hand, allow you to access the money in your CD the entire time it is deposited but usually have lower interest rates.\n\nThe main disadvantage of traditional CDs is that they restrict access to your deposit until the CD matures. However, it can be beneficial to put cash that you don’t need immediately in CDs since they usually offer higher interest rates than regular savings accounts. \n\nFor example, if you know you are planning to buy a house a year from now, you could put the money for a down payment in a 12-month CD so that it will gain interest and will be accessible when you are ready to use it.\n\nOne strategy to take advantage of the higher interest rates on CDs while not losing access to all of your cash is called CD laddering. CD laddering means opening multiple CD accounts that mature at different times. \n\n","88f2a91b-f68f-4c30-9fa7-e498eafd60dd",[436],{"id":437,"data":438,"type":55,"version":25,"maxContentLevel":28},"2b3eeda3-02d8-4818-ba6a-e8a72d93fb72",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":439,"clozeWords":441},[440],"Certificates of Deposit (CDs) are forms of savings that provide higher interest rates over a fixed time.",[442],"Certificates of Deposit",{"id":444,"data":445,"type":25,"maxContentLevel":28,"version":25,"reviews":449},"b40b8791-9a05-4f02-bcd6-410c70deeef3",{"type":25,"title":446,"contentRole":38,"markdownContent":447,"audioMediaId":448},"What to do with extra cash flow","If you are spending less than you budgeted, or if you have more income than you expected, instead of spending more, use your extra cash flow towards your goals in the order of most to least important.\n\nFor example, Casey earns a bonus at the end of the year. She is tempted to spend it all on gifts for her family, but she decides that she needs to direct most of it towards her financial goals. Her first goal is to increase her emergency savings, so she saves half of her bonus in a high-yield savings account. Her other main goal is to reduce her credit card debt. \n\nShe uses the remaining half of her bonus to pay off most of her remaining credit card balance. While she still wants to buy gifts for her family, she recognizes that she already budgeted for spending on gifts from her regular paycheck.\n","6cd3d832-7912-42dc-8ed1-5dd559fdc483",[450],{"id":451,"data":452,"type":55,"version":25,"maxContentLevel":28},"8f00f1c5-a4d0-4a36-9814-5ce41bcb316f",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":453,"activeRecallAnswers":455},[454],"If your cash flow increases unexpectedly, you should:",[456],"Use it towards your saving goals.",{"id":458,"data":459,"type":30,"maxContentLevel":28,"version":25,"orbs":462},"a062c9ad-906a-4520-8796-e218fd79b001",{"type":30,"title":460,"tagline":461},"Debt and Borrowing","When is it a good idea to borrow money, and when should you avoid debt? Learn how loans and interest rates work so you know when it is worthwhile to borrow and how to pay down debts.",[463,530,599],{"id":464,"data":465,"type":38,"version":25,"maxContentLevel":28,"pages":467},"6db01b2c-72d6-48c8-9ed6-98ab5ab0379d",{"type":38,"title":466},"Understanding Debt",[468,484,499,516],{"id":469,"data":470,"type":25,"maxContentLevel":28,"version":25,"reviews":474},"eb141759-fb90-463a-b030-3e3d6fe00b75",{"type":25,"title":471,"contentRole":38,"markdownContent":472,"audioMediaId":473},"Is debt always bad?","Debt, money that is borrowed, might seem like something that you would want to avoid. However, debt isn’t always bad. It can be useful for helping you reach your financial goals. \n\n ![Graph](image://877b9480-5830-4c9a-a919-13979de8cbf2 \"Debt can actually be harnessed to improve your financial situation\")\n\nFor example, taking out student loans to earn a degree often leads you to a higher-paying job after you graduate and borrowing money to buy property could benefit you in the long-term if the property you buy appreciates. \n\nStill, debt comes with hefty costs because each time you borrow, you must pay interest to your lender, money on top of the original amount you borrowed, and that interest can increase significantly over time. \n\nFurthermore, if you fall behind on payments or take out too much debt, it can negatively impact your credit worthiness, which will prevent you from being able to borrow as much money in the future, and can lead you to pay higher interest rates on new loans. \n\n","bb11f6a5-4b5e-4026-bac2-da6da9edc770",[475],{"id":476,"data":477,"type":55,"version":25,"maxContentLevel":28},"05964932-2524-48ee-baf1-d8ad7034f15b",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":478,"binaryCorrect":480,"binaryIncorrect":482},[479],"What are some of the costs associated with debt?",[481],"Paying interest to the lender",[483],"Paying taxes for borrowing",{"id":485,"data":486,"type":25,"maxContentLevel":28,"version":25,"reviews":490},"2d7263da-263e-41f6-b5f2-abc309681971",{"type":25,"title":487,"contentRole":38,"markdownContent":488,"audioMediaId":489},"Interest rates","Usually when you borrow money, you agree to pay the lender interest, extra money on top of the amount you are borrowing, at a certain rate. The interest you pay to the lender compensates them for the risk of lending you money. The riskier it is to lend you money, the higher your interest rate will be.\n\n ![Graph](image://463fe0e4-c126-4d29-9ca6-55adc0a50b15 \"Interest rates are the percentage paid by the lender on their loan\")\n\nYour interest rate is a certain percentage of your principal, the original amount you borrowed. For example, Casey borrows $2000 at an annual percentage rate (APR) of 5%. At the end of the year, if she has not made any payments, she would owe the borrower the principal, $2000 plus $100 of interest.\n\nCredit cards and personal loans usually have the highest interest rates because they are money you borrow without collateral, an asset that can be taken if you can’t make your loan payments. Other types of debt such as mortgages and car loans, often have lower interest rates, but the interest rate that you are charged depends on your own financial situation and the overall economic situation.\n\n","518d1e1d-a736-4c71-b7cf-e314e976fb0d",[491],{"id":492,"data":493,"type":55,"version":25,"maxContentLevel":28},"076a0560-3938-44f3-87fc-ecfeedbbc83d",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":494,"binaryCorrect":496,"binaryIncorrect":498},[495],"What is the extra money that you pay to the lender on top of the amount you are borrowing called?",[497],"Interest",[166],{"id":500,"data":501,"type":25,"maxContentLevel":28,"version":25,"reviews":505},"519145c2-04c7-418b-a705-81d412c168f0",{"type":25,"title":502,"contentRole":38,"markdownContent":503,"audioMediaId":504},"Compound interest","Most interest on loans is compound interest, meaning that the interest at the end of a given period is added to the principal when calculating how much more interest you need to pay. \n\n ![Graph](image://8c058cdc-5b0e-4956-a0c4-5d264898cbb3 \"Compound interest can significantly grow your investments\")\n\nFor example, if you borrow $2000 at an annual percentage rate of 5%, you will owe $100 dollars in interest plus the $2000 principal at the end of one year if you have not made any payments. \n\nThen after 2 years, if you still have not made any payments and your interest compounds annually, you will owe 5% of $2100 plus the principal, so $2205. After 10 years, if you still have not made payments, you will owe a total of $3,257.79.\n\nCompound interest causes debt to grow exponentially, leading to you accumulating more debt. This means that debt can spiral out of control if you do not take steps to address it.\n\n","100d093b-df07-4626-a015-1de3538456a7",[506],{"id":507,"data":508,"type":55,"version":25,"maxContentLevel":28},"3827d440-cdac-408e-8c4b-be21920b6cce",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":509,"multiChoiceCorrect":511,"multiChoiceIncorrect":512},[510],"What type of interest causes debt to grow exponentially?",[502],[513,514,515],"Simple interest","Variable interest","Flat interest",{"id":517,"data":518,"type":25,"maxContentLevel":28,"version":25,"reviews":522},"95c6517c-e3c1-4aa8-8bfb-820d088847e0",{"type":25,"title":519,"contentRole":38,"markdownContent":520,"audioMediaId":521},"Types of interest rates","A fixed interest rate means that you will accumulate interest at the same percentage rate each period. A variable interest rate changes over time. Variable interest rates may be useful if you can pay off your debt before the interest rate changes or if the interest rate decreases. However, if the interest rate increases, you could have a harder time paying off your debt. \n\n ![Graph](image://170253f2-56c3-4c74-8dde-e2e2fcb965f0 \"Interest rates are an important consideration for taking out a mortgage\")\n\nFor example, Casey is deciding between a fixed rate loan and a variable rate when she is buying a house. If she takes out a fixed rate loan, she will have the same monthly payment for the whole loan. \n\nIf she takes an adjustable-rate mortgage (ARM) that has an interest rate that changes after 5 years, she will start out with a smaller payment, but it might increase after 5 years, causing her to not be able to afford her mortgage payments. She decides to take out the fixed rate loan even though it is more expensive in the short-term because she wants to make sure she will be able to afford her future payments.\n\n","4da5be53-126e-4e7a-b8b6-cd4e10ea14fa",[523],{"id":524,"data":525,"type":55,"version":25,"maxContentLevel":28},"2e5513a6-8736-4f58-bffd-c0a1482152ab",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":526,"clozeWords":528},[527],"A fixed interest rate means that you will accumulate interest at the same percentage rate each period.",[529],"fixed interest rate",{"id":531,"data":532,"type":38,"version":25,"maxContentLevel":28,"pages":534},"554effb3-d4a1-4e12-8225-eff6465a0c35",{"type":38,"title":533},"Managing Loans",[535,549,565,583],{"id":536,"data":537,"type":25,"maxContentLevel":28,"version":25,"reviews":541},"769728b1-091f-4241-90eb-518ba6412606",{"type":25,"title":538,"contentRole":38,"markdownContent":539,"audioMediaId":540},"What is amortization?","Amortization is a way of paying back a loan with interest on a fixed schedule so that the percentage of the principal that you pay increases over time, while the percentage of interest decreases. This type of payment schedule is used with fixed rate mortgages and other types of loans. \n\n ![Graph](image://b15f1cdb-8737-441a-b95f-764784a486fc \"Amortization is one way to pay off a loan\")\n\nWhen you take out a loan with an amortization schedule, you agree to pay back a loan over a set period, such as 10 years or 30 years. Your lender calculates the total amount of principal and interest you will pay over the life of the loan based on your interest rate, and then divides that amount into equal monthly payments.\n\nHowever, when you first start to make the payments, you pay more interest than you do later. If you make regular payments, at the end of the period, your loan will be paid off.\n\n","015adf03-bfff-4669-bb5f-119117005fda",[542],{"id":543,"data":544,"type":55,"version":25,"maxContentLevel":28},"204d1bf9-b8c0-4c84-854d-60372ce6c42b",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":545,"clozeWords":547},[546],"Amortization is a way of paying back a loan with interest on a fixed schedule.",[548],"Amortization",{"id":550,"data":551,"type":25,"maxContentLevel":28,"version":25,"reviews":555},"929c1492-3790-4398-8669-3fe022e247e9",{"type":25,"title":552,"contentRole":38,"markdownContent":553,"audioMediaId":554},"Paying down debt","If you are already in debt, one of your goals may be to pay down your debt, meaning that you will contribute more than your required monthly payments to eliminate the debt more quickly. \n\nIt is important to consider the loan principal (that's the original amount you agreed to pay back), the interest rate, and the type of loan when deciding which loans to prioritize.\n\n ![Graph](image://8c95746d-1305-404f-bc94-13e42134cacd \"Paying off debt can be a real challenge\")\n\nThe loans that have the highest interest rates should be your priority, such as credit cards, and personal loans, or any loans with a 10% interest rate or higher. If you have a loan with a lower interest rate but a higher principal, it still could be important to pay them down so your debt does not continue to increase. \n\nIf you are not sure which loan to prioritize, you can use loan calculators to determine which loans will cost you the most in the long run if you leave them untouched.\n\n","2dae09f1-934c-4adb-affb-6139df99a3fa",[556],{"id":557,"data":558,"type":55,"version":25,"maxContentLevel":28},"b3015200-cb18-4ead-affc-c698b947aedb",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":559,"activeRecallAnswers":561},[560],"When deciding which loans to prioritize, what should you consider?",[562,563,564],"The loan principal","The interest rate","The type of loan",{"id":566,"data":567,"type":25,"maxContentLevel":28,"version":25,"reviews":571},"c9e62c04-422a-48eb-bd1e-e7371876a766",{"type":25,"title":568,"contentRole":38,"markdownContent":569,"audioMediaId":570},"Avoiding bad debt","The best way to avoid debt that will harm your financial situation is to do your best to not spend more than you earn and to build emergency savings so that in the case of a financial emergency, you can dip into your savings instead of taking out loans. \n\n ![Graph](image://0b99d91a-88f5-4d05-a499-f8cd630397a5 \"Emergency savings can be useful for avoiding debt\")\n\nPaying off credit card balances at the end of each month prevents you from having to pay interest. If it’s not possible to avoid taking out loans, finding a loan with a lower interest rate can keep your monthly payments affordable. \n\nFor example, if you are in school and need money to pay for your living costs, it is better to take out a student loan at a lower interest rate if possible than to charge your living costs on a credit card with a higher interest rate.\n\n","89e29b8f-c099-4384-8953-d9602e96af45",[572],{"id":573,"data":574,"type":55,"version":25,"maxContentLevel":28},"988332f6-6998-4005-b3db-9613ab70c8bc",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":575,"multiChoiceCorrect":577,"multiChoiceIncorrect":579},[576],"What is the best way to avoid debt that will harm your financial situation?",[578],"Spend less than you earn and build emergency savings",[580,581,582],"Take out loans with a higher interest rate","Spend more than you earn and build emergency savings","Take out loans with a lower interest rate",{"id":584,"data":585,"type":25,"maxContentLevel":28,"version":25,"reviews":589},"1df7b625-18c2-4c7c-aa66-ff911baa3312",{"type":25,"title":586,"contentRole":38,"markdownContent":587,"audioMediaId":588},"Creditworthiness","\nCreditworthiness refers to how likely someone is to pay back a loan. Each country has its own system for determining credit worthiness. Some countries, like the U.S., UK, and Canada, require lenders to report payments to credit bureaus who collect all the information and turn it into a credit score. Other countries, like France and Japan, do not have a centralized system. \n\n ![Graph](image://13f167c4-51a6-4fb6-a6a0-26434679b0af \"Your credit score is a vital aspect of borrowing money\")\n\nFactors that influence creditworthiness include the percentage of your total credit that you use on a regular basis, how long you have had a credit account open, and whether you make regular on-time payments. If you have a higher credit score, you are more likely to be approved for a loan in the future and you also may be given a lower interest rate.\n\n\n","00d6eea9-d93c-4101-900b-e9c8a7427532",[590],{"id":591,"data":592,"type":55,"version":25,"maxContentLevel":28},"2717ab89-ec87-4f92-b5cd-0742ff34d567",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":593,"binaryCorrect":595,"binaryIncorrect":597},[594],"What is creditworthiness?",[596],"How likely someone is to pay back a loan",[598],"How likely someone is to take out a loan",{"id":600,"data":601,"type":38,"version":25,"maxContentLevel":28,"pages":603},"b4226795-7fbe-4e70-9bbe-2327639311bd",{"type":38,"title":602},"Costs of Debt Repayment",[604,620,636],{"id":605,"data":606,"type":25,"maxContentLevel":28,"version":25,"reviews":610},"bee05929-70c4-41c8-88c4-f83cf6eba605",{"type":25,"title":607,"contentRole":38,"markdownContent":608,"audioMediaId":609},"Short-term costs of paying down debt","\nIn the short-term, paying off a loan or closing a credit account could negatively impact your credit worthiness. This is because credit scores take into account how long your line of credit is. The longer you have been reliably paying off your debts, the better. \n\nIn that case, it might make sense to wait on fully paying off your oldest loan until after you secure a new loan.\n\n ![Graph](image://deee080a-b74e-4c66-85f9-89ad756006e4 \"Closing lines of credit can actually decrease your credit score\")\n\nWhen Casey finishes paying off her credit card balance, she considers throwing away her credit card entirely so she is not tempted to charge more on it than she can afford. \n\nHowever, she realizes that her credit card is her oldest line of credit, so closing it would decrease her credit score. She decides to keep it open but to pay off her balance in full each month.\n\n","d4246b0b-c846-4521-b4dc-08041084c52b",[611],{"id":612,"data":613,"type":55,"version":25,"maxContentLevel":28},"b163352d-d8e9-4cd7-ab89-a0d2d718ccef",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":614,"binaryCorrect":616,"binaryIncorrect":618},[615],"After paying off the balance on your credit card, what is healthier for your credit score?",[617],"To keep the credit card open, but pay off your balance in full each month",[619],"To throw away your credit card, to avoid the temptation of using it",{"id":621,"data":622,"type":25,"maxContentLevel":28,"version":25,"reviews":626},"e7b2bd05-e434-477e-b278-37cb27ef6cdb",{"type":25,"title":623,"contentRole":38,"markdownContent":624,"audioMediaId":625},"Long-term costs of paying down debt","\nPaying off your debt more quickly than the required monthly payments usually means you pay less interest. However, if you have a low interest rate, the opportunity cost of paying down your debt might be high.\n\nOpportunity cost is the amount your money could grow if you invested it. For example, if you took out a loan with a 2% interest rate with affordable monthly payments, and you could earn 7% on your money in the stock market, you would gain more money in the long term from investing your extra income instead of using it to pay off debt more quickly. \n\nSince Casey’s student loans have an interest rate of 4% and she can afford the monthly payments, it would be smart for her to invest any extra money she saves into her savings account, where it will earn a higher percentage return, instead of paying back her loans more quickly.\n","15117c4c-630f-40bb-b743-ac03638d4e9e",[627],{"id":628,"data":629,"type":55,"version":25,"maxContentLevel":28},"ee37cc2d-0ce3-4e41-972e-462b27051646",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":630,"binaryCorrect":632,"binaryIncorrect":634},[631],"What is the opportunity cost of paying down debt?",[633],"The amount your money could grow if you invested it",[635],"The amount of money you save by paying off debt quickly",{"id":637,"data":638,"type":25,"maxContentLevel":28,"version":25,"reviews":642},"cfabe975-bfec-4c6a-a1aa-269c0a428b6f",{"type":25,"title":639,"contentRole":38,"markdownContent":640,"audioMediaId":641},"Bankruptcy","If you cannot pay the debts you owe, you may be able to consolidate your debt for a lower interest rate or negotiate with your creditors to lower your monthly payments. In the worst-case scenario, you may have to declare bankruptcy, which means that you cannot repay your debts. \n\n ![Graph](image://b59d877b-fa68-415c-bbec-66a3cec6bb00 \"Bankruptcy often means being legally required to sell all of your assets\")\n\nEach country has its own laws for determining how bankruptcy works, but usually bankruptcy requires you to sell all of your remaining assets to pay off debts. Some of your debts may be forgiven, and others you may have to pay following a strict plan determined by a court. Bankruptcy makes it very challenging to borrow money in the future. \n\n","de8e0663-834e-49f1-9cc9-0989ae902911",[643],{"id":644,"data":645,"type":55,"version":25,"maxContentLevel":28},"881afca8-d982-4ca0-8f71-1300455f29a9",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":646,"multiChoiceCorrect":648,"multiChoiceIncorrect":650},[647],"What is the worst-case scenario for not being able to pay your debts?",[649],"Declaring bankruptcy",[651,652,653],"Consolidating debt","Negotiating with creditors","Selling assets",{"id":655,"data":656,"type":30,"maxContentLevel":28,"version":25,"orbs":659},"f245ca31-ffab-4f1d-90e8-1ed80a5c8023",{"type":30,"title":657,"tagline":658},"Borrowing for Education","Subheading: Will going back to school for another degree pay off? How to weigh the pros and cons of taking out student loans to finance your education.",[660,715],{"id":661,"data":662,"type":38,"version":25,"maxContentLevel":28,"pages":664},"88cef5d5-3b70-4735-86d9-fc8ea50c4d8d",{"type":38,"title":663},"The Economics of Higher Education",[665,679,685,699],{"id":666,"data":667,"type":25,"maxContentLevel":28,"version":25,"reviews":671},"117334cd-635b-4916-a4ae-cda7382bddb6",{"type":25,"title":668,"contentRole":38,"markdownContent":669,"audioMediaId":670},"Higher education as an investment","\nOne common reason people pursue higher education is to increase their lifetime earnings, the total amount people earn over their life. Many careers with high salaries require advanced degrees, and people often assume that higher education will lead them to earn more. \n\nIn the U.S., this is usually true: the median earnings of someone with a bachelor’s degree are almost double the earnings of someone with only a high school diploma.\n\n ![Graph](image://6ca73ed8-006d-4836-93ce-9f8de74ebbe2 \"A degree is one of the biggest investments many people make early in life\")\n\nHowever, on an individual basis, deciding whether higher education is a good investment depends on many factors including your field of study, the university, and your access to career opportunities.  \n\nYou can estimate the Return On Investment (ROI) of a degree by researching how much graduates from different institutions and different fields earn after graduation.\n\n","6a418983-a347-44ad-b14a-3b49dc58dc5d",[672],{"id":673,"data":674,"type":55,"version":25,"maxContentLevel":28},"b2f1400b-6f9a-4634-bf20-335954b2e53c",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":675,"activeRecallAnswers":677},[676],"What is one way to estimate the Return On Investment (ROI) of a degree?",[678],"Research how much graduates from different institutions and different fields earn after graduation",{"id":680,"data":681,"type":25,"maxContentLevel":28,"version":25},"f5f30ea4-6bcb-41ab-b5d3-b63cad374a39",{"type":25,"title":682,"contentRole":38,"markdownContent":683,"audioMediaId":684},"Costs of higher education","\nThe costs of higher education include tuition and fees at a particular institution, living costs, and the opportunity cost of forfeiting income now so that you can earn a higher salary after you graduate. \n\nIf you need to take out student loans to pay for your education, consider how much the payments will be after you graduate, and how much interest you will pay on your loans over the loan period. \n\nFor example, Casey graduated with $18,000 of student loans at a 4% interest rate. She currently earns $60,000 per year. Her student loans will cost her $2184 per year, for a period of 10 years. \n\nIf she had not obtained a bachelor’s degree, she would earn about $40,000 per year. Even if she subtracts her loan payments, she still earns $17,816 more annually than she would have without a degree. For Casey, going to college was a worthwhile investment. \n","c16186ad-531f-415c-8b94-dce2f983ba7c",{"id":686,"data":687,"type":25,"maxContentLevel":28,"version":25,"reviews":691},"527f9792-c086-4842-959a-44537e2f8b00",{"type":25,"title":688,"contentRole":38,"markdownContent":689,"audioMediaId":690},"Financing higher education","For people who do not have the cash to pay for higher education costs, there are several ways to fund higher education costs including grants, scholarships, tuition remission, and student loans. \n\n ![Graph](image://842f2c82-a96e-4254-8c85-69e82c64cfce \"Scholarships are one way to offset the huge costs of higher education\")\n\nGrants are money for tuition or living expenses that governments or universities give to students based on their financial need. They do not need to be paid back.\n\nScholarships are money given by universities, organizations, or even individuals to fund education. \n\nSometimes scholarships are based on financial need, but they can also be merit-based, which means students must have certain achievements to qualify for them. They often come with requirements but they do not need to be repaid. \n\nTuition remission is when someone who works at a university is exempted from having to pay tuition. This is sometimes offered to graduate students who work at the university as researchers or teaching assistants while they earn an advanced degree. \n\n","4fdb337d-1f1b-4133-bd83-acbb2b21d568",[692],{"id":693,"data":694,"type":55,"version":25,"maxContentLevel":28},"6e110c95-1ee6-4670-b2a0-3693e84f3c7b",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":695,"activeRecallAnswers":697},[696],"What term is used for offsetting the cost of your degree by working for the university?",[698],"Tuition remission",{"id":700,"data":701,"type":25,"maxContentLevel":28,"version":25,"reviews":705},"7f0f17a7-073d-4ef5-b568-55dd0db7da15",{"type":25,"title":702,"contentRole":38,"markdownContent":703,"audioMediaId":704},"Choosing higher education programs","When you are applying for higher education, whether it’s an undergraduate degree, a graduate degree, or a certificate program, there will be many financial factors to consider. Once you have been accepted by different universities, you can compare the financial aid packages and tuition costs of the schools or programs. \n\n ![Graph](image://fbf5c819-63ba-4eae-a844-3c5c05af4727 \"Picking the right college is a major financial decision\")\n\nFor undergraduate programs, public universities often have lower tuition costs than private colleges. Many people opt to attend 2-year community colleges and transfer to 4-year colleges to save money.\n\nHowever, for students with higher financial need, some private colleges offer better grants and scholarships, and a few elite colleges with large endowments meet all the financial needs of their students without loans. \n\n","20775bcb-679e-47a4-8f39-c69d8230eef2",[706],{"id":707,"data":708,"type":55,"version":25,"maxContentLevel":28},"7997d444-0800-4df1-b06c-81f4bfe7220b",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":709,"binaryCorrect":711,"binaryIncorrect":713},[710],"What is one way of getting a cheaper college education?",[712],"Attending state college",[714],"Attending private college",{"id":716,"data":717,"type":38,"version":25,"maxContentLevel":28,"pages":719},"21572c14-ca86-4626-8b3d-5c0db9904aa7",{"type":38,"title":718},"Understanding Student Loans",[720,734,750,768,786],{"id":721,"data":722,"type":25,"maxContentLevel":28,"version":25,"reviews":726},"7cdee104-620b-49c7-85c4-3a42f7abd2e4",{"type":25,"title":723,"contentRole":38,"markdownContent":724,"audioMediaId":725},"How student loans work","Each country makes its own rules regarding student loans. \n\nSome countries, such as France and Germany, have low tuition rates at state universities, lowering the need for students to fund their education through loans. \n\n\n ![Graph](image://2edf54d7-0eab-4a8d-9973-61ba20156b8d \"Student loans are the earliest major debt many of us take on. Image: Student loan by Nick Youngson CC BY-SA 3.0 Pix4free\")\n\nHowever, students still may need to take out loans to cover living expenses. \n\nIn Australia and the UK, payments on student loans are based on the borrower’s income after graduation and don’t start until borrowers make a certain salary.\n \nIn the U.S., students who qualify for financial aid can receive subsidized loans. The federal government pays the interest on these loans while you are still a student, so you are only responsible for interest after you leave school. Students can only borrow up to a certain amount each year.\n\n","c4245478-29bc-4dec-a534-23e18f9aa32c",[727],{"id":728,"data":729,"type":55,"version":25,"maxContentLevel":28},"76d93c19-2696-4c12-b8be-25f2ee027913",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":730,"clozeWords":732},[731],"Each country makes its own rules regarding student loans.",[733],"country",{"id":735,"data":736,"type":25,"maxContentLevel":28,"version":25,"reviews":740},"bada47d2-0e72-454f-9bd6-daf9d9d02cd2",{"type":25,"title":737,"contentRole":38,"markdownContent":738,"audioMediaId":739},"Risks of student loans","\nThe main risk of student loans is that you may borrow more money than you are able to pay back while affording the lifestyle you want. This risk is especially high for students who do not finish their degrees because they will still need to repay their student debt even if they do not earn a higher income.\n\nHaving large monthly student loan payments can make it more difficult to save for other goals such as buying a home. If you default, or are unable to pay back your loans, you might have your wages garnished, meaning that your loan payments will be taken directly out of your paychecks.\n\nAnother risk of student loans is that if you do not make adequate monthly payments, your loans will accumulate interest, leading them to balloon into even more debt. This can negatively impact your creditworthiness, preventing you from borrowing money in the future.","fd7c9eaf-bf73-4bf6-b7ec-8400134faa0d",[741],{"id":742,"data":743,"type":55,"version":25,"maxContentLevel":28},"017a0aa7-be32-4855-b20d-f90a3f14be88",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":744,"binaryCorrect":746,"binaryIncorrect":748},[745],"What is the main risk of student loans?",[747],"Borrowing more money than you are able to pay back ",[749],"Spending too long in school",{"id":751,"data":752,"type":25,"maxContentLevel":28,"version":25,"reviews":756},"cdbfdb53-1e62-4fb4-9b09-dfe3773aefed",{"type":25,"title":753,"contentRole":38,"markdownContent":754,"audioMediaId":755},"Income-based repayment plans","\nIn the U.S., Australia, and the UK, there are income-based repayment programs that allow borrowers to adjust their monthly loan payments based on their income. In Australia and the UK, these programs are the default, but in the U.S., borrowers must enroll in these programs.\n\n ![Graph](image://9ed69bfc-e91c-49fe-85ca-1eaadbef3ad5 \"Income-based repayment plans are the norm in the UK and Australia for student loan debt\")\n\nIn the U.S., you can only enroll in an income-based repayment plan if you meet certain requirements. Income-based repayment programs are only available for people who would pay less under these plans than they would under a standard repayment plan. \n\nIf you enroll in an income-based repayment plan and do not earn a high salary after graduating, you can limit your monthly loan payments.  If you make regular payments in an income-based repayment program for 20-25 years, you will have the remaining balance of your loans forgiven. \n\nThe drawback of these programs is that if you fail to verify your income each year, your interest on your loans will grow, causing your total loan balance to increase, and your payments will revert to the standard payment, which is higher. \n\n","f4fe35ee-dea5-4a98-b7ae-096e3effe63b",[757],{"id":758,"data":759,"type":55,"version":25,"maxContentLevel":28},"05926ea9-7908-4682-a180-5486da3f36ae",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":760,"multiChoiceCorrect":762,"multiChoiceIncorrect":764},[761],"What is the benefit of enrolling in an income-based repayment plan?",[763],"You can limit your monthly loan payments",[765,766,767],"You can have the remaining balance of your loans forgiven","You can verify your income each year","You can make regular payments for 20-25 years",{"id":769,"data":770,"type":25,"maxContentLevel":28,"version":25,"reviews":774},"55339516-16e8-4342-acba-a012f761f435",{"type":25,"title":771,"contentRole":38,"markdownContent":772,"audioMediaId":773},"Student loan forgiveness","\nEach country sets its own rules for student loan forgiveness. In the United States, there are several student loan forgiveness programs available for federal student loans, but these programs are often difficult to qualify for. \n\nThe Public Service Loan Forgiveness program allows people who work in the public sector such as teachers, social workers, and doctors at public hospitals to have their remaining loan balance forgiven after 10 years of payments. \n\nIf you are using an income-based repayment plan in the U.S, you also may qualify for student loan forgiveness after 20 or 25 years of payments depending on your plan. \n\nWhile this program may seem like a tempting option if your student loans are unmanageable, having a growing debt balance for 20-25 years could negatively impact your life by limiting the amount of money you can borrow and limiting your available discretionary income while you make loan repayments.","f8805d2f-5e11-47cf-a656-4468a4605f6b",[775],{"id":776,"data":777,"type":55,"version":25,"maxContentLevel":28},"b5f692fc-91ac-4174-afcb-b1c2a7227b84",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":778,"multiChoiceCorrect":780,"multiChoiceIncorrect":782},[779],"What is the minimum time that  people in the United States have to make payments for in order to qualify for student loan forgiveness?",[781],"10 years",[783,784,785],"5 years","15 years","20-25 years",{"id":787,"data":788,"type":25,"maxContentLevel":28,"version":25},"47a22e9d-5f56-40f4-b883-b53a9e625da0",{"type":25,"title":789,"contentRole":38,"markdownContent":790,"audioMediaId":791},"Even higher education?","Casey owes $18,000 of student loans at a 4% interest rate and makes $60,000 per year. She is considering graduate school which would require her to take out $20,000 in student loans at an interest rate of 7%. \n\nShe expects her income after she finishes graduate school to be $90,000 per year based on what people in her industry with graduate degrees typically make. Her monthly payment on her graduate student loans will be about $348 for 10 years.\n\nIf she tries to save money for her tuition at the same monthly rate, it will take her almost 5 years to save up that much money, and she also won’t earn a higher salary as soon. She should take out the loan because her salary after graduating will increase enough to allow her to pay back her loan and still make more than she does now. \n","fbd49bc9-1d1a-4617-a121-25c55f898278",{"id":793,"data":794,"type":30,"maxContentLevel":28,"version":25,"orbs":797},"0d3cb4a0-6d1e-4e2a-88a2-02e022262f56",{"type":30,"title":795,"tagline":796},"Investing","How do you choose between investing and saving? How can you invest in a way that will grow your assets but won’t be too risky? Learn how different investments work so you can choose the best ones for you.",[798,883,968],{"id":799,"data":800,"type":38,"version":25,"maxContentLevel":28,"pages":802},"112e9712-c078-464e-b03c-2aed06ab0405",{"type":38,"title":801},"Introduction to Investing",[803,819,835,851,865],{"id":804,"data":805,"type":25,"maxContentLevel":28,"version":25,"reviews":809},"01a45dce-9ba0-4755-970a-07e013d9c524",{"type":25,"title":806,"contentRole":38,"markdownContent":807,"audioMediaId":808},"What is investing?","Investing involves purchasing securities, which is the umbrella term for any financial investment, including stocks, bonds, investment funds, and other commodities. Buying stocks, shares of a company, or bonds, the debt of a government or company, allows you to benefit from the company or government’s growth over time. \n\nWhen you invest in the stock market, you are betting on the future of a company or group of companies. You purchase stock hoping you will be able to sell it for a higher price later. Some stocks also pay dividends, income that the company pays its shareholders, the people who own the company’s stocks.\n\nBonds are money you lend to a company or government, which they promise to pay you back with interest. Stocks are considered riskier than bonds because stock prices vary based on several factors, including the company’s profits, its prospects, and the current economic conditions. \n\nBonds, while not completely devoid of risk, are usually safer because your initial investment will be returned to you with interest. \n","a605eb7c-600a-4197-8c8a-7c2952a1e4fb",[810],{"id":811,"data":812,"type":55,"version":25,"maxContentLevel":28},"1a067b63-9868-44e3-8145-8b7fdc6500c3",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":813,"binaryCorrect":815,"binaryIncorrect":817},[814],"What is the umbrella term for any financial investment?",[816],"Securities",[818],"Liabilities",{"id":820,"data":821,"type":25,"maxContentLevel":28,"version":25,"reviews":825},"461a62d7-6e68-436e-b08a-4b8cf95af9f0",{"type":25,"title":822,"contentRole":38,"markdownContent":823,"audioMediaId":824},"What is inflation?","\nInflation is the process through which money loses its purchasing power over time, meaning that the prices of items go up over time. \n\n ![Graph](image://006c96e9-92e9-41d1-a055-1c0b41b3b6bf \"Inflation means that doing nothing with your money over time can actually devalue it\")\n\nThere are periods when inflation is low, meaning that prices rise only 1-2% each year, and times when inflation is high, when prices rise more than 5% per year. If there is high inflation, prices rise quickly, meaning that you will be able to buy less with the money you have. \n\nThe main reason to invest is that while purchasing stock can be risky, stocks on average increase in value over time. Meanwhile, the value of cash tends to decrease over time due to inflation. As a result, if you don’t invest any of your cash in stocks, you might actually lose money over time because your cash will not be able to buy as much as it would before.\n\n","496036f2-12c1-439f-8e86-dc5de9e87704",[826],{"id":827,"data":828,"type":55,"version":25,"maxContentLevel":28},"53495c87-8218-47af-a708-8a01c6b58c25",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":829,"binaryCorrect":831,"binaryIncorrect":833},[830],"What is the main reason to invest in stocks?",[832],"To counteract the decrease in value of cash due to inflation",[834],"To make a quick profit",{"id":836,"data":837,"type":25,"maxContentLevel":28,"version":25,"reviews":841},"1ccf1a8b-a52a-4b72-8058-fef2b29802d1",{"type":25,"title":838,"contentRole":38,"markdownContent":839,"audioMediaId":840},"Investing vs. saving","\nIf you keep all your money in savings accounts, over time you will not be able to buy as much with your savings due to a process called inflation. On the other hand, if you invest some of your savings in the stock market, over the long-term, meaning a decade or more, you will most likely see your investments grow at a higher rate than inflation. \n\nInvesting a small amount of money now could lead it to grow significantly over time. \n\nFor example, Casey invests $1000 in an index fund that gives her a small percentage of all the stocks in the U.S. stock market. If her investment receives an average return of 7% over 20 years, it will grow to $3869. \n\nOver the same period if there is 2% annual inflation, that amount will only be worth $2604 in today’s currency. But that is still more than double her initial investment. So, investing is worth it for Casey if she invests for the long-term and is careful about how she invests her money.\n","376cc8aa-40a5-4bc9-813c-cf68c8a2c2a4",[842],{"id":843,"data":844,"type":55,"version":25,"maxContentLevel":28},"ae17dedf-c895-408b-9d0f-27c378b4aee4",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":845,"binaryCorrect":847,"binaryIncorrect":849},[846],"How much money will Casey's $1000 investment be worth after 20 years if it receives an average return of 7%?",[848],"$3869",[850],"$1070",{"id":852,"data":853,"type":25,"maxContentLevel":28,"version":25,"reviews":857},"78d47eec-138a-4abf-b513-2ecaff218d29",{"type":25,"title":854,"contentRole":38,"markdownContent":855,"audioMediaId":856},"What is risk tolerance?","\nRisk tolerance is how much risk you are willing to accept when you invest. Your own risk tolerance depends on your personality, but also should be based on your age and investment goals. Your risk tolerance determines what types of investments you should make. \n\n ![Graph](image://b2730fdc-b63c-4201-bd5e-79a9abccae30 \"Some measured risk-taking is essential to investing\")\n\nUsually, when you make investments, the riskier the investment, the greater the potential return. If you are investing in a high-risk stock, you could lose your entire investment, you could see incredible growth, or anything in-between. On the other hand, if you buy bonds, your risk is much lower, but you will only earn a small percentage of interest.\n\nIf you are investing with a longer-term goal in mind, such as retirement, the later your goal is, the more you should invest in stocks. The closer you are to your goal, the less risks you want to take because you don’t want to lose your savings if you need to use them soon.\n\n","e9504964-6c06-491d-9dab-fe2573bc42d8",[858],{"id":859,"data":860,"type":55,"version":25,"maxContentLevel":28},"2923e2f7-66c6-42b5-861c-46451975d082",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":861,"clozeWords":863},[862],"The later your goal, the more you should invest in stocks.",[864],"stocks",{"id":866,"data":867,"type":25,"maxContentLevel":28,"version":25,"reviews":871},"5005174d-4ec6-4a59-a082-3093d6607392",{"type":25,"title":868,"contentRole":38,"markdownContent":869,"audioMediaId":870},"Types of stocks","\nThere are two main types of stocks that a company can issue: common stocks and preferred stocks. Common stocks allow people to own a share of the company and to vote in the company’s decisions.\n\nPreferred stocks allow the holders to access dividends, payments the company gives to shareholders, before owners of common stock. Preferred stockholders also have the first right to be paid if a company must liquidate, or sell all its assets. \n\n ![Graph](image://14b77287-ac1d-4715-8751-4fbb8c51d959 \"It's important to understand that not all stocks are equal\")\n\nThere are also stock categories based on the type of company. Growth stocks are from risky companies that are growing quickly. \n\nBlue-chip stocks are companies with a long track record of stability and growth. Value stocks are currently priced lower but have potential for growth. Income stocks provide dividends, a regular stream of income, to people who own shares. \n\nWhen you are investing, you want to make sure to diversify your investments so that you are spreading out your risk. That way if one type of stock loses its value, on average you will not lose as much.\n\n","4372ab2b-712c-4721-8cc1-2a541c3d59e0",[872],{"id":873,"data":874,"type":55,"version":25,"maxContentLevel":28},"c36fd191-3811-4457-9d9d-cc59760a9ac7",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":875,"multiChoiceCorrect":877,"multiChoiceIncorrect":879},[876],"What are two main types of stocks that a company can issue?",[878],"Common stocks and preferred stocks",[880,881,882],"Growth stocks and blue-chip stocks","Value stocks and income stocks","Blue-chip stocks and value stocks",{"id":884,"data":885,"type":38,"version":25,"maxContentLevel":28,"pages":887},"25ed8ddc-4b24-4a9b-84ff-62448caf32e2",{"type":38,"title":886},"Investment Instruments",[888,906,924,938,952],{"id":889,"data":890,"type":25,"maxContentLevel":28,"version":25,"reviews":894},"a2474815-5551-4eae-97e6-24815f5c021a",{"type":25,"title":891,"contentRole":38,"markdownContent":892,"audioMediaId":893},"Types of bonds","Some types of bonds include corporate bonds, municipal bonds, and government bonds. Corporate bonds allow you to purchase the debt of companies. Municipal bonds are bonds that buy the debt of local or state governments, and government bonds, such as treasury bonds or securities, buy debt of national governments. \n\nHigh-yield bonds, also known as “junk bonds,” are bonds from companies that have a higher risk of defaulting but do provide a higher return if the company succeeds. \n\nWhen you purchase a bond from a company or government, you are promised a certain percentage of interest on your investment over a period. However, you can also purchase or sell bonds on the bond market, since the value of a bond can increase or decrease over time like a stock.\n\n Bonds usually do not provide as high returns as stocks, but they can offer a predictable amount of income from interest and they are usually less risky than stocks. They are important to include in a diversified investment portfolio to lower the overall risk of your investments.\n","20f0d052-9858-4865-8689-ad62822c886d",[895],{"id":896,"data":897,"type":55,"version":25,"maxContentLevel":28},"c21f6a2d-1179-42c5-b52e-d8c30b27a527",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":898,"multiChoiceCorrect":900,"multiChoiceIncorrect":902},[899],"What are bonds that provide a higher return but have a higher risk of defaulting called?",[901],"High-yield bonds",[903,904,905],"Corporate bonds","Municipal bonds","Government bonds",{"id":907,"data":908,"type":25,"maxContentLevel":28,"version":25,"reviews":912},"43d00849-f69c-4357-809b-76f2b328a789",{"type":25,"title":909,"contentRole":38,"markdownContent":910,"audioMediaId":911},"What are investment funds?","\nInvestment funds are like a grab bag of stocks. \n\nImagine that stocks are like slices of pie that make up a company. If you purchase individual stocks, you are purchasing different slices of pie that make up your stock portfolio. \n\n ![Graph](image://07343f28-37e5-43c9-b707-43c7c9af9958 \"Investment funds are a selection of stocks and other investments selected by experts\")\n\nIf you purchase a share of an investment fund, you get fractions of pie slices from many different companies. The companies in the fund depend on the type of fund and are curated by an investment broker, a company that buys and sells stocks on behalf of an investor. \n\nThe main benefit of investment funds is that they allow you to diversify your stock holdings. If you hold stocks from many different companies, the overall risk of losing your investment is lower. Investment funds do charge a percentage of fees, but the fees tend to be lower than paying a broker to individually trade stocks on your behalf.\n\n","63250ff9-ca30-4e77-b087-ec8367d3ac70",[913],{"id":914,"data":915,"type":55,"version":25,"maxContentLevel":28},"b863de4a-aeef-486f-b317-723fe7dc7f3e",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":916,"multiChoiceCorrect":918,"multiChoiceIncorrect":920},[917],"What is the main benefit of investment funds?",[919],"They allow you to diversify your stock holdings",[921,922,923],"They allow you to purchase individual stocks","They allow you to purchase shares of a company","They allow you to pay lower fees than a broker",{"id":925,"data":926,"type":25,"maxContentLevel":28,"version":25,"reviews":930},"fa3d8746-0850-4731-b73d-cecd594311a9",{"type":25,"title":927,"contentRole":38,"markdownContent":928,"audioMediaId":929},"Mutual funds and exchange traded funds","\nMutual Funds and Exchange Traded Funds (ETFs) are 2 types of investment funds that are actively managed. This means that an investment broker selects which stocks, bonds, or other securities are included or excluded from the funds, and investors pay fees or commission to the broker to manage the fund. \n\n ![Graph](image://83f091ad-8fa6-4bff-a1e2-baec16709526 \"A range of different funds exist for investors to choose from \")\n\nThe main difference between mutual funds and ETFs is that when you buy mutual funds, you won’t know the actual price you will pay for the shares until it is calculated at the end, while exchange-traded funds allow you to see what you are purchasing shares for in real-time.\n\nMutual funds and ETFs also can allow you to invest in a particular industry. For example, there are several different Environment, Social, and Governance Funds (ESG) funds which invest in companies that meet certain criteria for environmental and social responsibility. There are also target date funds that are popular for retirement savings.\n\n","33ed639d-9bc8-40f5-9738-05d0eb4ba3e2",[931],{"id":932,"data":933,"type":55,"version":25,"maxContentLevel":28},"ce4a9314-03af-425a-9590-dad68e270474",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":934,"activeRecallAnswers":936},[935],"What is the main difference between mutual funds and ETFs?",[937],"When you buy mutual funds, you won’t know the actual price you will pay for the shares until it is calculated at the end ",{"id":939,"data":940,"type":25,"maxContentLevel":28,"version":25,"reviews":944},"1c491162-31a4-448d-a399-faea67ce7654",{"type":25,"title":941,"contentRole":38,"markdownContent":942,"audioMediaId":943},"Index funds","\nAn index fund holds tiny shares of all the stocks in a particular stock index, such as the Standard & Poor’s 500 (S&P 500). Index funds gain or lose value based on the overall trends of the stock market. Since, over time, values of all the stocks in an index increase on average, investing in an index fund allows you to benefit from the growth of the stock market while lowering your overall investment risk. \n\nIndex funds also have lower costs than other types of investment funds because they do not require a company to decide which stocks are included or excluded from them.\n","76818082-ed99-440b-bb02-bd94243e6972",[945],{"id":946,"data":947,"type":55,"version":25,"maxContentLevel":28},"8dfeea0f-7164-4d3a-a59d-f194e0815e2c",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":948,"activeRecallAnswers":950},[949],"What is the term for a fund that contains tiny parts of a particular group of stocks?",[951],"Index fund",{"id":953,"data":954,"type":25,"maxContentLevel":28,"version":25,"reviews":958},"4f969f74-8991-4c3d-b035-bc5bf3f8391f",{"type":25,"title":955,"contentRole":38,"markdownContent":956,"audioMediaId":957},"Benchmarks","\nBenchmarks are the average performance of stocks in a market over a given period that are usually calculated based on the performance of index funds, since they include all the stocks in a market. You can compare other stock holdings’ performances to index funds to see if they are outperforming or underperforming in relation to the overall market. \n\nFor example, average annual return on the S&P 500 is 9.71% since its inception in the 1920’s, meaning that on average the stock prices grew 9.71% each year, after adjusting for inflation. If another stock has had higher than 9.71% annual return over that same period, they would be outperforming the S&P 500.","9d347e53-2391-49d8-954a-b2bd9ce13175",[959],{"id":960,"data":961,"type":55,"version":25,"maxContentLevel":28},"95c9c562-74f9-48a2-aec0-aabccb2799c8",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":962,"binaryCorrect":964,"binaryIncorrect":966},[963],"What is the average annual return on the S&P 500 since its inception in the 1920’s?",[965],"9.71%",[967],"5.50%",{"id":969,"data":970,"type":38,"version":25,"maxContentLevel":28,"pages":972},"d8b99de7-b6b8-4f1b-a029-65e44461c4c7",{"type":38,"title":971},"Advanced Investment Options",[973,989,1013,1031],{"id":974,"data":975,"type":25,"maxContentLevel":28,"version":25,"reviews":979},"d0722eba-ecce-4aa0-ab12-5042da925cc3",{"type":25,"title":976,"contentRole":38,"markdownContent":977,"audioMediaId":978},"Other types of investment","\nIn addition to stocks and bonds, there are many other types of investments. Stock options give you the option to buy or sell a stock at a particular price at a particular date and time and can be risky. Some companies give their employees stock options as compensation. \n\n ![Graph](image://9a9f6b59-c7cf-4c78-9557-4aab10e22ee3 \"Cryptocurrency is an increasingly popular - and highly volatile - investment\")\n\nYou can also invest in commodities such as gold, copper, or real estate. The prices of these commodities fluctuate depending on how much demand there is for these assets.\n\nCryptocurrency is a type of speculative investment. The more speculative an investment is, the riskier it is considered. Speculation is investing in something that is highly risky hoping for a much higher than usual return. Investing in cryptocurrency involves buying a currency that is not backed by a government with the hope that its value will rise, which may or may not happen.\n\n","71a612eb-7ff8-44cd-8c7b-70bc6ad57260",[980],{"id":981,"data":982,"type":55,"version":25,"maxContentLevel":28},"73c4dfb1-f969-4f21-9a88-e44f2cb0f077",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":983,"binaryCorrect":985,"binaryIncorrect":987},[984],"What type of investment involves buying a currency that is not backed by a government with the hope that its value will rise?",[986],"Cryptocurrency",[988],"Stocks",{"id":990,"data":991,"type":25,"maxContentLevel":28,"version":25,"reviews":995},"06fa0e87-f1e7-4a90-a45e-9a7979ef0e5a",{"type":25,"title":992,"contentRole":38,"markdownContent":993,"audioMediaId":994},"Ways to invest","There are many ways to invest in stocks and bonds. You can purchase stocks and bonds yourself, which allows you to avoid paying fees but could be riskier than relying on a professional. \n\nYou can hire a broker who decides which stocks and bonds to purchase and sell on your behalf, but they will charge higher commissions and fees. Mutual funds and ETFs usually charge a smaller percentage of fees but are still actively managed. Index funds usually have the lowest cost because they are not managed. \n\nWhen you are deciding how to invest your money and what types of stocks, bonds, or funds to buy, you should look at both what the past performance is and the percentage of fees and commissions that are charged. However, performance isn’t a guarantee that an investment will continue to perform as well in the future.\n","320d6f93-6ab8-43a5-94c5-798760d92bbb",[996,1006],{"id":997,"data":998,"type":55,"version":25,"maxContentLevel":28},"678c4d0c-c3a8-48c8-ad32-ccc539e10b7c",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":999,"multiChoiceCorrect":1001,"multiChoiceIncorrect":1002},[1000],"What is the lowest cost way to invest in stocks and bonds?",[941],[1003,1004,1005],"Mutual funds","ETFs","Hiring a broker",{"id":1007,"data":1008,"type":55,"version":25,"maxContentLevel":28},"f9fda2f7-fa1f-4116-969e-5bd62e680280",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1009,"clozeWords":1011},[1010],"One way to invest in stocks is to hire a broker.",[1012],"broker",{"id":1014,"data":1015,"type":25,"maxContentLevel":28,"version":25,"reviews":1019},"0d3a56f8-00bb-4380-9684-ec70d38927f2",{"type":25,"title":1016,"contentRole":38,"markdownContent":1017,"audioMediaId":1018},"Fees and commissions","\nSome brokerage companies charge you fees for each time you make a trade. Others charge fees to advise you on how to invest your money or for managing your portfolio, deciding for you which stocks to purchase. \n\n ![Graph](image://fea1f721-ed5a-4905-ba6f-88f84f2995ea \"Fees are an important consideration when investing\")\n\nOther investment products, such as investment funds, charge a percentage of the assets in the fund to manage them. These funds will inform you of their expense ratio, the ratio of total assets in the fund to the fees it charges. \n\nFor example, a fund that provides an 8% return on $1000 will give you a return of $80 at the end of the year. If the expense ratio for a fund is 1%, then you will pay about $10 in fees that year, reducing your net return to $70. If the expense ratio is only 0.25%, then you will pay $2.50 in fees that year, which means your net return will be $77.75. \n\n","ac66a0af-0702-4ae3-b171-bf5ed26bef6c",[1020],{"id":1021,"data":1022,"type":55,"version":25,"maxContentLevel":28},"040fbbd5-c2f1-4e82-a22c-5b052b7e5d6d",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1023,"multiChoiceCorrect":1025,"multiChoiceIncorrect":1027},[1024],"What is the ratio of total assets in the fund to the fees it charges called?",[1026],"Expense ratio",[1028,1029,1030],"Return ratio","Fee ratio","Investment ratio",{"id":1032,"data":1033,"type":25,"maxContentLevel":28,"version":25,"reviews":1037},"684c68f6-1ad8-4e28-a567-8b6d8a70f6de",{"type":25,"title":1034,"contentRole":38,"markdownContent":1035,"audioMediaId":1036},"The benefit of holding investments ","\nIf you are investing in stocks for the long-term, meaning a decade or more, it is beneficial to ignore temporary fluctuations in stock prices due to the economy and instead maintain your investments.\n\nFor example, Casey decides to invest for her retirement. She chooses to buy more stocks than bonds because she knows that she will benefit more from higher returns on stocks over time. When the economy takes a downturn and her stock prices fall, she is tempted to sell off her shares since they are losing value, but she decides to hold her investment. \n\nAs the economy recovers, her investments recover as well, and after a few years her investments are performing well despite the dip they took. She realizes that if she had sold her investments when they were worth the least, she would have lost more in the long run.\n","f3d7b0c0-6b32-479e-83fe-076208e26aa6",[1038],{"id":1039,"data":1040,"type":55,"version":25,"maxContentLevel":28},"a40058e3-35d3-4fc4-b371-80efaa967888",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1041,"multiChoiceCorrect":1043,"multiChoiceIncorrect":1045},[1042],"What is the best strategy for long-term investments?",[1044],"Ignore temporary fluctuations in stock prices",[1046,1047,1048],"Sell investments when they are worth the least","Invest only in stocks","Invest only in bonds",{"id":1050,"data":1051,"type":30,"maxContentLevel":28,"version":25,"orbs":1053},"c4a6a63d-9b8c-428c-bce8-91c1b59aa9fd",{"type":30,"title":219,"tagline":1052},"How do you plan for retirement? How do you know you are saving enough? An overview of the different types of retirement savings and how to use them to increase your income in retirement.\n",[1054,1106,1155,1204],{"id":1055,"data":1056,"type":38,"version":25,"maxContentLevel":28,"pages":1058},"ce56dae7-2474-4d7b-ad5e-f526f9a5e412",{"type":38,"title":1057},"Retirement Planning Basics",[1059,1073,1091],{"id":1060,"data":1061,"type":25,"maxContentLevel":28,"version":25,"reviews":1065},"4a712755-5c26-4d60-b9a8-67e3a3957434",{"type":25,"title":1062,"contentRole":38,"markdownContent":1063,"audioMediaId":1064},"Retirement planning","The goal of retirement planning is to have enough income to live on after you stop working, and the earlier you start saving for retirement, the easier it is for you to save what you need because you will benefit from returns on your investments.\n\n ![Graph](image://31e9b09d-ba28-4f7a-8d71-e58fe32265d0 \"Retirement can be a very happy time, if well-planned\")\n \nTo determine how much to save, you need to have a general goal in mind for how much you hope to spend annually in retirement, and you need to know what various sources of income you will have in retirement. \n\nYou also should consider how much you hope to leave behind to your heirs, either through leftover money in a retirement account or through a life insurance policy. It is better to be more cautious when saving for retirement since you may have more expenses than you anticipate.\n\nOnce you have figured out your goal for the total amount you want to save, you can calculate what percentage of your income you need to put in a retirement account each month based on how many years you have left before retirement.\n\n","17968a82-692b-496c-8c96-01bcb3e20f15",[1066],{"id":1067,"data":1068,"type":55,"version":25,"maxContentLevel":28},"ac417e86-6900-4479-9feb-3e61395c05f3",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1069,"activeRecallAnswers":1071},[1070],"How can you determine how much to save for retirement?",[1072],"By establishing how much you want to spend annually in retirement",{"id":1074,"data":1075,"type":25,"maxContentLevel":28,"version":25,"reviews":1079},"a66c9be5-cee8-4207-94c2-305df99f42a2",{"type":25,"title":1076,"contentRole":38,"markdownContent":1077,"audioMediaId":1078},"Setting a monthly retirement savings goal","You usually do not need to replace all your income in retirement because you might not have as many expenses as you do when you are working. Instead, you can determine the percentage of your income that you would be comfortable living on and plan to save that much.\n\n ![Graph](image://8685ea8b-4e5b-4815-900c-9e816ed6b54d \"When planning retirement savings, the earlier you start, the better\")\n\nFor example, Casey has 40 years until retirement. Her goal is to replace 70% of her current income of $90,000 in retirement, which means she wants to take out $63000 per year from her retirement savings each year for living expenses. \n\nShe wants to make sure she has this amount for 30 years. Casey needs about 3 million dollars, after considering inflation, since $63000 in the future will be worth less than it is now. She currently only has $1000. \n\nTo meet her goal, she needs to set aside at least 15% of her income into a retirement account that will grow at an average annual rate of 5% per year. \n\n","23009a76-673c-486b-8064-34975d0e3e1a",[1080],{"id":1081,"data":1082,"type":55,"version":25,"maxContentLevel":28},"e830ef7b-47e2-40e9-b978-c8d5d8fc2818",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1083,"multiChoiceCorrect":1085,"multiChoiceIncorrect":1087},[1084],"How much money does Casey need to have saved for retirement in order to take out $63000 per year for 30 years (with inflation)?",[1086],"About 3 million dollars",[1088,1089,1090],"About 1 million dollars","About 5 million dollars","About 2 million dollars",{"id":1092,"data":1093,"type":25,"maxContentLevel":28,"version":25,"reviews":1097},"ca145aac-c17a-487e-b327-cda22711a7aa",{"type":25,"title":1094,"contentRole":38,"markdownContent":1095,"audioMediaId":1096},"Government pensions and Social Security","\nMany countries offer a pension or social security program to retirees, and the percentage of the income these programs will replace depends on the country. In the United States, there is a 6.2% tax on most employees to fund Social Security. When you retire, you can claim a certain amount of Social Security benefits every month depending on your income and how long you contributed to Social Security. \n\nYou must contribute to Social Security for at least 10 years to receive your Social Security benefit when you retire, and Social Security is usually not enough to replace most of your income. \n\nEven in countries with state pensions, such as the UK or France, you still may need to save some income for retirement to supplement your pension benefits. \n","dd9eb474-84d5-4c46-88cd-fe9a562895a6",[1098],{"id":1099,"data":1100,"type":55,"version":25,"maxContentLevel":28},"e3704668-6330-4687-9728-0202695b7a87",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1101,"multiChoiceCorrect":1103,"multiChoiceIncorrect":1104},[1102],"In the USA, how long must you contribute to Social Security to receive your Social Security benefit when you retire?",[781],[783,784,1105],"20 years",{"id":1107,"data":1108,"type":38,"version":25,"maxContentLevel":28,"pages":1110},"72dd9e5d-6407-4a19-af42-a6314463b700",{"type":38,"title":1109},"Employer and Government Retirement Plans",[1111,1125,1139],{"id":1112,"data":1113,"type":25,"maxContentLevel":28,"version":25,"reviews":1117},"82a6e362-8d4b-450a-82d1-dfb1d2e71e40",{"type":25,"title":1114,"contentRole":38,"markdownContent":1115,"audioMediaId":1116},"Defined benefit pensions","A defined benefit pension means that you are entitled to a certain income every year after you retire based on how many years you contributed to the pension and your highest income.\n\n ![Graph](image://82f5ec18-5f78-4fa4-92c0-6203cea794e5 \"Social Security means most people are entitled to a state pension\")\n\nFor most pensions, you must contribute to the pension for a certain number of years before your contributions are vested. Once you are vested in the program, you are guaranteed a benefit, but if you do not contribute to the system long enough to be vested, you may lose all the contributions you put into that system. \n\nSome employers offer pensions that are separate from government pension programs. In the United States, receiving a pension may mean that you are contributing to the pension instead of Social Security, leading you to not be eligible for some or all of your Social Security benefits according to the Windfall Elimination Provision.\n\n","d316b9c1-4f7e-43df-8fbc-61235905bccb",[1118],{"id":1119,"data":1120,"type":55,"version":25,"maxContentLevel":28},"accad396-0107-4dba-8d31-6c001397a860",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1121,"clozeWords":1123},[1122],"A defined benefit pension means that you are entitled to a certain income every year after you retire.",[1124],"defined benefit pension",{"id":1126,"data":1127,"type":25,"maxContentLevel":28,"version":25,"reviews":1131},"bfa04cca-5101-487b-af3b-4f10f235660b",{"type":25,"title":1128,"contentRole":38,"markdownContent":1129,"audioMediaId":1130},"Employer-sponsored plans ","\nOne way to save for retirement as an individual is to invest in an employer-sponsored plan. In the U.S, these include 401k accounts for private companies and 403b or 457 accounts for public-sector employees.\n\nYou can sign up to have money automatically taken out of your paycheck and put into these retirement accounts. Your employer may also match a certain percentage of your income that you put into your account. \n\nThese accounts are tax-advantaged, meaning that you do not need to pay income taxes on your contributions, although you do have to pay taxes on the money when you withdraw it from your savings in retirement. Tax-advantaged accounts are most beneficial to workers currently earning more than they would earn in retirement.\n\nSome employers offer Roth accounts that allow you to contribute income that has already been taxed. When you withdraw money from a Roth account in retirement, you don’t pay taxes on it. Roth accounts are beneficial for workers currently earning less than they would be during retirement.\n","8e5a5c56-33de-4995-9ab5-59eb2a041aca",[1132],{"id":1133,"data":1134,"type":55,"version":25,"maxContentLevel":28},"1b0bdc5d-0bcf-4ff5-afdb-b45a517a303d",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1135,"clozeWords":1137},[1136],"Employer-sponsored retirement plans in the US include 401k, 403b, and 457 accounts.",[1138],"401k",{"id":1140,"data":1141,"type":25,"maxContentLevel":28,"version":25,"reviews":1145},"8225241a-d050-4575-a656-66b4865a3003",{"type":25,"title":1142,"contentRole":38,"markdownContent":1143,"audioMediaId":1144},"IRAs","\nAn Individual Retirement Account (IRA) allows you to save money for retirement on your own if you are self-employed, do not have an employer-based plan, or do not like the investment options offered to you by your employer-based plan. \n\nIf you contribute to a traditional IRA in the U.S., you can reduce the amount of taxable income you have by the amount of your contribution, lowering your overall income taxes on your current income. You can also contribute income that has already been taxed to a Roth IRA which allows you to save on taxes in retirement.\n\nThere are limits to how much you can contribute to an IRA, which are lower than the maximum amounts you can contribute to an employer-sponsored plan. The current limits are $6,500 for people under 50, and $7500 for people over 50. \n\nSo, while the advantages of having an IRA are that it is not linked to your employment or limited by your employer’s retirement plan’s options, you are not able to contribute as much to IRAs. However, it is possible to have both an IRA and an employer-sponsored account, such as a 401k.","a95cd594-2337-44d1-8a28-8c20e2cdfa00",[1146],{"id":1147,"data":1148,"type":55,"version":25,"maxContentLevel":28},"206eaf96-cef7-4843-8682-09b3bbcb8997",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1149,"binaryCorrect":1151,"binaryIncorrect":1153},[1150],"What is the maximum amount of money that people under 50 can contribute to an IRA in the US?",[1152],"$6,500",[1154],"$7,500",{"id":1156,"data":1157,"type":38,"version":25,"maxContentLevel":28,"pages":1159},"8c653468-05c8-4291-b8b4-a108f1c6f999",{"type":38,"title":1158},"Investment Strategies for Retirement",[1160,1174,1188],{"id":1161,"data":1162,"type":25,"maxContentLevel":28,"version":25,"reviews":1166},"f66217d5-dd91-4938-a53c-460e74acee1f",{"type":25,"title":1163,"contentRole":38,"markdownContent":1164,"audioMediaId":1165},"How to invest for retirement","\nHow you invest your retirement savings depends on your age and how many years you have until retirement. The general guideline is to keep more of your investments in stocks when you are younger and gradually increase the percentage of bonds you have in your portfolio. This allows you to reduce the risk of your investments as you get closer to retirement. \n\nTo determine what percentage of your retirement portfolio should be stocks, you can use the 100 minus your age rule. This rule, based on the work of economist Harry Markowtiz, suggests that the percentage you should own in stocks should be your current age subtracted from 100. If you want to invest more aggressively, you can modify this rule to instead be your age subtracted from 120.\n\nFor example, Casey, who is 25 years old, should aim to invest at least 75% in stocks and 25% in bonds. At the most, she should have 95% in stocks and 5% in bonds if she is willing to take more risks with her investments.\n","bf1155e4-344c-4af0-85f3-29a2b6193cca",[1167],{"id":1168,"data":1169,"type":55,"version":25,"maxContentLevel":28},"d3fe57ce-db21-4eea-a701-46167f0fbe57",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1170,"activeRecallAnswers":1172},[1171],"How can you determine what percentage of your retirement portfolio should be stocks?",[1173],"Use the 100 minus your age rule",{"id":1175,"data":1176,"type":25,"maxContentLevel":28,"version":25,"reviews":1180},"556e34d2-49cd-42c9-9855-612c5fb363e3",{"type":25,"title":1177,"contentRole":38,"markdownContent":1178,"audioMediaId":1179},"What are annuities?","\nAnnuities are a type of investment usually sold by insurance companies which allow you to receive a fixed or variable payment over several years. Some people also choose to purchase annuities for retirement. \n\nYou usually pay into an annuity over several years and are not allowed to access the payments until a specified date. Annuities  guarantee that you will have income in retirement, but they usually have higher fees than investment funds.\n\nFor example, Casey decides to purchase an annuity 10 years before she plans to retire to ensure she has a steady income stream. She pays $5000 each year into a 10-year annuity with a 6% interest rate. After 10 years, she will receive payouts of $490 per month for 10 years. This annuity won’t be enough to cover all of her retirement expenses, but it will supplement her other retirement income. \n\n","6bcc78c5-5c0c-4ffa-a202-75b913f5d0fc",[1181],{"id":1182,"data":1183,"type":55,"version":25,"maxContentLevel":28},"fb894051-34f1-48f8-a651-b1b4bccc3411",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1184,"clozeWords":1186},[1185],"Annuities are a type of investment usually sold by insurance companies.",[1187],"insurance companies",{"id":1189,"data":1190,"type":25,"maxContentLevel":28,"version":25,"reviews":1194},"7aece775-205c-40b1-8456-17eebace5181",{"type":25,"title":1191,"contentRole":38,"markdownContent":1192,"audioMediaId":1193},"Changing employers and using retirement savings early","\nIf you have an employer-sponsored retirement plan, you will be able to keep the money you contributed, even if you move jobs. Your retirement accounts will continue to accumulate investment returns that you will be able to access when you retire. \n\nHowever, there will still be fees on these accounts. You can choose to cash out the account or rollover the plan to a new employer or to an individual retirement account (IRA). \n\nSome people tap into their retirement savings before they are at the age when they can legally withdraw from them. This is usually not a good idea because you will have to pay a tax penalty on the withdrawal, unless you are using it for an allowable purpose, such as education or a down payment, and you are reducing your total retirement savings by lowering the amount you have invested now. You should leave your retirement accounts alone for as long as possible so they can keep growing until you retire.\n","a6e08ef9-b39e-474f-af4e-e6c3fa88e895",[1195],{"id":1196,"data":1197,"type":55,"version":25,"maxContentLevel":28},"cb3bcd20-c154-4d8c-ba98-f86ecd63d4ef",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1198,"binaryCorrect":1200,"binaryIncorrect":1202},[1199],"What should you do with your retirement accounts for as long as possible?",[1201],"Leave them alone",[1203],"Cash out the account",{"id":1205,"data":1206,"type":38,"version":25,"maxContentLevel":28,"pages":1208},"9140e2c8-2c2d-41f4-b84e-36abfa4580e6",{"type":38,"title":1207},"Managing Retirement Timing and Savings",[1209,1223],{"id":1210,"data":1211,"type":25,"maxContentLevel":28,"version":25,"reviews":1215},"f4f8933d-452e-46ec-b573-3232d330868a",{"type":25,"title":1212,"contentRole":38,"markdownContent":1213,"audioMediaId":1214},"Deciding when to retire","\nWhen you retire depends on how much savings you currently have, among other factors. If you have a pension or Social Security, you may want to delay the start of your benefit payments, since most programs will give you higher monthly payments the longer you wait to start withdrawing them. \n\nAt a certain point, usually around age 70, you will be required by law to withdraw a minimum amount each year from your retirement or to start your pension payments. \n\nSome people who wish to retire earlier follow strategies from the Financial Independence Retire Early (FIRE) movement. FIRE followers aim to retire in their 40’s or even their 30’s by maximizing their income, especially passive income such as income from investments, while reducing their expenses to the bare minimum. \n\nThey usually invest most of their income in brokerage accounts that they can access earlier than retirement age and in traditional retirement accounts. The main goal of FIRE is to accumulate enough assets to live entirely on investment income rather than working a traditional job.\n","6592893d-bdb7-4b4a-961b-3506a0eb388b",[1216],{"id":1217,"data":1218,"type":55,"version":25,"maxContentLevel":28},"353252d8-3514-4b41-bb80-bb0e5f621043",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1219,"activeRecallAnswers":1221},[1220],"At what age are you usually required by law to start withdrawing from your pension?",[1222],"70",{"id":1224,"data":1225,"type":25,"maxContentLevel":28,"version":25,"reviews":1229},"d72daa48-ca40-4975-9bfa-e7f8cb1b184b",{"type":25,"title":1226,"contentRole":38,"markdownContent":1227,"audioMediaId":1228},"How to budget in retirement","\nOnce you are retired, it may be tempting to withdraw all your savings at once and begin to spend them, but you are probably better off if you only spend what you really need and continue to invest most of your savings in less risky investments such as bonds. If you have a long retirement, this will allow you to keep growing some of your savings for the future.\n\nWithdrawing just 4% per year from your retirement savings will allow you to keep the rest of the savings that are invested growing by at least enough to keep pace with inflation. That way you will avoid running out of money even if you end up living longer than you expect.\n","2d62d5a9-984b-4c38-84b4-2f24e3db8747",[1230],{"id":1231,"data":1232,"type":55,"version":25,"maxContentLevel":28},"3fea8cd9-e7dc-47ab-8b4a-4c6db0c058fa",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1233,"binaryCorrect":1235,"binaryIncorrect":1237},[1234],"What is the recommended percentage of retirement savings to withdraw each year?",[1236],"4%",[1238],"5%",{"id":1240,"data":1241,"type":30,"maxContentLevel":28,"version":25,"orbs":1244},"e3d97296-c834-4585-8d13-715b7f592299",{"type":30,"title":1242,"tagline":1243},"Real Estate","Should you buy a home or invest in rental property? Learn the advantages and disadvantages of owning real estate and discover the process for purchasing a home.",[1245,1295,1352,1404],{"id":1246,"data":1247,"type":38,"version":25,"maxContentLevel":28,"pages":1249},"41a84cd7-87a3-43a8-9afa-ada281045946",{"type":38,"title":1248},"Homeownership Pros and Cons",[1250,1266,1280],{"id":1251,"data":1252,"type":25,"maxContentLevel":28,"version":25,"reviews":1256},"df1b7b45-4d15-43d3-ad17-ddef3369ceb2",{"type":25,"title":1253,"contentRole":38,"markdownContent":1254,"audioMediaId":1255},"Advantages of homeownership","\nHomeownership comes with several advantages. \n\nFirstly, buying a home, if you can afford to do so, offers stability. You no longer need to worry about rent increases or having control over whether you can stay in your apartment or house. \n\n ![Graph](image://e17eff3e-3296-452a-b500-6542d033b444 \"Buying a home is a major financial decision\")\n\nSecondly, once you have paid off your home, you will no longer have to pay for housing, aside from maintenance, property taxes, and homeowners association fees, if applicable. \n\nThirdly, property often appreciates over time. If you buy a home and home prices increase in your area, you will build equity. Equity is the wealth in your home which you can access if you take out a home equity loan or sell the house. However, it’s important to note that property prices do not always rise. \n\n","ebcbd105-3577-4876-8588-a1e2c341e025",[1257],{"id":1258,"data":1259,"type":55,"version":25,"maxContentLevel":28},"2af9538c-271b-42b3-b7a7-fb472d521430",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1260,"binaryCorrect":1262,"binaryIncorrect":1264},[1261],"What is an advantage of homeownership?",[1263],"Stability",[1265],"Never having to pay for your accommodation",{"id":1267,"data":1268,"type":25,"maxContentLevel":28,"version":25,"reviews":1272},"782ee8ca-9223-4742-9aa7-36f7aaf8c282",{"type":25,"title":1269,"contentRole":38,"markdownContent":1270,"audioMediaId":1271},"Disadvantages of homeownership","\nOwning property can come with disadvantages. \n\nFirstly, it can take a while to save enough for a down payment, since most mortgage loans require a 10%-20% down payment. \n\nSecondly, homes are usually only a good investment if you stay in them for at least 5 years. If you move and buy another home before then, you may lose money.\n\n ![Graph](image://4485ce8b-f8a9-481f-b11d-8352a5f10b51 \"Homeownership can have disadvantages\")\n\nThirdly, in cases where buying real estate is primarily an investment (as opposed to personal use) home prices may not appreciate as much as other investments like stocks, so you could lose out on gains you could have made if you invested your money into the stock market instead.\n\nFinally, depending on the home prices in the area, the interest rates on mortgages, and the rental prices, it could cost more to buy a home than to rent an equivalent apartment or house.  \n\nOwning property also comes with additional costs including property taxes, insurance, and maintenance, which can make owning a home less affordable. However, in some countries like the U.S., there are tax deductions for homeowners that can lower some of the costs of purchasing a home.\n","1b3ee32b-0238-4d8e-ad8d-fb57159337d3",[1273],{"id":1274,"data":1275,"type":55,"version":25,"maxContentLevel":28},"2addaa9d-9085-40f9-a662-0098a3f909a9",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1276,"activeRecallAnswers":1278},[1277],"How long should you stay in a home to make it a good investment?",[1279],"At least 5 years",{"id":1281,"data":1282,"type":25,"maxContentLevel":28,"version":25,"reviews":1286},"cc5f0511-5536-4073-a39b-990c6c1b2bae",{"type":25,"title":1283,"contentRole":38,"markdownContent":1284,"audioMediaId":1285},"Types of property","\nThe main types of property are single family homes and multifamily properties. \n\nSingle family homes usually cost the most compared to other types of homes in the same area because they often have more space, larger lot sizes, and usually do not require the owners to pay a Homeowners Association (HOA) fee. They also give you the most flexibility to do what you want on your property. \n\n ![Graph](image://73c08540-eadc-4446-be57-aa838454ca80 \"An example of single-family housing in New York\")\n\nMultifamily properties include small apartment buildings with 2-4 units, and larger complexes with dozens of units. Multifamily properties are sometimes sold as single units, such as condominiums, apartments, or townhouses. \n\nThese types of homes often have monthly HOA dues to pay for exterior maintenance and amenities such as swimming pools. The HOA also sets rules for landscaping the exterior of the unit and may require you to follow certain guidelines for interior renovations.\n\n","b7eae2ea-fd7b-41de-bcf8-402c7df55ba1",[1287],{"id":1288,"data":1289,"type":55,"version":25,"maxContentLevel":28},"b4176eea-3e2c-4986-9f41-81bdf1185fc8",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1290,"activeRecallAnswers":1292},[1291],"What are the two main types of residential property?",[1293,1294],"Single family homes"," Multifamily properties",{"id":1296,"data":1297,"type":38,"version":25,"maxContentLevel":28,"pages":1299},"a873cbca-6235-4c06-920f-47b554020a25",{"type":38,"title":1298},"Homebuying Essentials",[1300,1318,1336],{"id":1301,"data":1302,"type":25,"maxContentLevel":28,"version":25,"reviews":1306},"5c380bba-8035-43ce-aa0a-b8becd55ae1a",{"type":25,"title":1303,"contentRole":38,"markdownContent":1304,"audioMediaId":1305},"Homebuying process","\nTo start the homebuying process, you need to determine the parameters of what you are looking for. Make a list of your wants, what you are looking for in an ideal home, and your needs, things you cannot sacrifice. These wants and needs could include locations, type of home, number of bedrooms and bathrooms, square feet, and budget range. \n\n ![Graph](image://b0b39c61-839e-4ccb-a385-1b16f96b002f \"Understanding your wants and needs is the first step in buying a home\")\n\nThen, look at real estate listings in the areas where you hope to buy. You may need to adjust what you are looking for based on the prices in that area. Once you have found some listings that interest you, you can start applying for a preapproval for a mortgage and contact local realtors to find one who will be a good fit to help you buy a property. \n\n","ea1c2e4c-d459-4f37-a7f1-faa5c9c62404",[1307],{"id":1308,"data":1309,"type":55,"version":25,"maxContentLevel":28},"d0907606-a06a-4561-bdbf-2204d72e459c",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1310,"activeRecallAnswers":1312},[1311],"What should you consider when making a list of your wants and needs for a home?",[1313,1314,1315,1316,1317],"Location","Type of home","Number of bedrooms","Square feet","Budget range",{"id":1319,"data":1320,"type":25,"maxContentLevel":28,"version":25,"reviews":1324},"ed6b85a2-5068-4d77-8740-18761b265d44",{"type":25,"title":1321,"contentRole":38,"markdownContent":1322,"audioMediaId":1323},"Home buying budget","The main factor to consider in your budget if you are paying a mortgage are the monthly costs of the loan, which will include principal and interest. \n\nIf your interest rate is higher, your monthly payment will be higher. You also must consider how much you need to pay each month in property taxes and homeowner’s insurance. \n\nIf you are buying a condominium or townhouse, you will pay a monthly HOA fee as well. In addition, if you are borrowing from a regular lender and you are paying less than 20% as a down payment, you will also need to pay for monthly private mortgage insurance. \n\nIdeally all your housing costs should be no more than a third of your net income, but some lenders will approve you for more if you have few other debts. \n","e15bc2ee-1e03-4303-aa30-a5646862a69e",[1325],{"id":1326,"data":1327,"type":55,"version":25,"maxContentLevel":28},"7484cf6b-ae34-4c37-86d5-27054fc8ebbd",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1328,"multiChoiceCorrect":1330,"multiChoiceIncorrect":1332},[1329],"What is the ideal percentage of your net income that should be spent on housing costs?",[1331],"A third",[1333,1334,1335],"A quarter","Half","Two-thirds",{"id":1337,"data":1338,"type":25,"maxContentLevel":28,"version":25,"reviews":1342},"a6e5d27a-ddad-4f24-82a6-4ca347762f65",{"type":25,"title":1339,"contentRole":38,"markdownContent":1340,"audioMediaId":1341},"Types of home loans","\nThere are many types of home loans, and many countries also have special programs that benefit certain buyers such as ‘VA Loans’ for veterans or first-time homebuyer programs. \n\nSome loans allow you to purchase a home with a lower down payment, such as Federal Housing Administration loans in the U.S which allow first-time homebuyers to put 3.5% down. Most conventional loans require 10-20% as a down payment and offer repayment periods of 10, 15 or 30 years. \n\nMortgages can have fixed interest rates, meaning the monthly payments are fixed and the interest rate you pay is the same for the whole repayment period, or they can have variable interest rates, where you start with a particular interest rate, and then your interest rate and monthly payments change based on the economy after a certain number of years.\n","14bb1799-36ac-4cbc-b3fc-4b0dabe83d24",[1343],{"id":1344,"data":1345,"type":55,"version":25,"maxContentLevel":28},"409fb028-07f0-4dd9-9c4c-f9d583b2e8c5",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1346,"binaryCorrect":1348,"binaryIncorrect":1350},[1347],"What percentage of down payment is required for Federal Housing Administration loans in the U.S.?",[1349],"3.50%",[1351],"10-20%",{"id":1353,"data":1354,"type":38,"version":25,"maxContentLevel":28,"pages":1356},"a19f26a3-5d72-4754-b7a0-eb7dc7869306",{"type":38,"title":1355},"Loan Qualification and Offers",[1357,1373,1389],{"id":1358,"data":1359,"type":25,"maxContentLevel":28,"version":25,"reviews":1363},"2222a1c0-b701-45e3-b28c-48dc42870706",{"type":25,"title":1360,"contentRole":38,"markdownContent":1361,"audioMediaId":1362},"Qualifying for a loan","\nIn most countries, qualifying for a home loan is a rigorous process, requiring you to have a high credit score, proof of income, and proof of funds for a down payment. If your credit score is not as high, you could still qualify for a loan with a higher interest rate, meaning that monthly payments would be higher for the same home price. \n\n ![Graph](image://50e1045b-234b-4287-8cf9-c9fa291edbd9 \"An illustration of the distribution of credit scores\")\n\nYou also must have a low debt-to-income ratio, meaning that your minimum monthly debt payments including the mortgage should not exceed 43% of your income. \n\nBefore you make an offer on a house, you usually need to apply to a lender to receive pre-approval for a loan, which means that the lender has seen enough of your finances to be confident that you will receive full approval, but you are still not guaranteed approval.\n\n","d44ff09f-69f5-4c78-af71-9170777c4e63",[1364],{"id":1365,"data":1366,"type":55,"version":25,"maxContentLevel":28},"b0922491-a217-4d53-a7ad-f56b4643ef02",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1367,"activeRecallAnswers":1369},[1368],"What must you have to qualify for a home loan?",[1370,1371,1372],"A high credit score","Proof of income","Proof of funds for a down payment",{"id":1374,"data":1375,"type":25,"maxContentLevel":28,"version":25,"reviews":1379},"55f40fc5-a27c-4f87-a212-35a096578f3b",{"type":25,"title":1376,"contentRole":38,"markdownContent":1377,"audioMediaId":1378},"Making an offer","\nOnce you find a home you wish to buy, you make an official offer. To decide what price you will offer, look at what comparable homes have sold for recently and what the current real estate market trends are in your area. \n\nIf many other buyers are interested, you might consider other incentives to convince the seller to take your offer such as waiving contingencies. Contingencies are the circumstances that need to be met for you to buy the home, such as making sure the property passes a home inspection. \n\nIf you waive contingencies, you tell the seller that you aren't worried about those contingencies being met. This might make them look at your offer more favorably, but it will be harder to back out of your purchase if an issue arises. \n\nCasey wishes to purchase a house that is listed for $275,000. She knows she can afford up to $300,000, and homes with a similar square footage in the area are selling for $290,000. Since there is not a lot of competition for the house, she does not waive any contingencies, but she does offer $300,000 with hoping the higher price will clinch the sale.\n","501b4304-539f-46cc-b42d-62befc6d1b72",[1380],{"id":1381,"data":1382,"type":55,"version":25,"maxContentLevel":28},"85246e0e-6df5-4caa-a215-4ed5ab78ca59",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1383,"binaryCorrect":1385,"binaryIncorrect":1387},[1384],"Which of these makes it harder to go back on your house purchase if an issue arises?",[1386],"Waiving contingencies",[1388],"Taking out a longer mortgage",{"id":1390,"data":1391,"type":25,"maxContentLevel":28,"version":25,"reviews":1395},"da79a4a9-554f-4ebb-a2e7-7d5b71827e87",{"type":25,"title":1392,"contentRole":38,"markdownContent":1393,"audioMediaId":1394},"Home buying budget example","Casey wants to determine what price of home she can afford. Her monthly budget for housing is about a third of her net monthly income. \n\nImportantly, Casey must include not just her mortgage payment but all of her total housing costs in her housing budget, including her property taxes, and homeowner’s insurance. Otherwise she may find that even though she can afford her mortgage, she won’t have enough for the other costs of owning a home.\n\nShe calculates how much her total monthly housing payment will be for different home prices. If she puts a 20% down payment on a less expensive house, she can easily afford her total monthly housing costs. \n\nIf she uses the same amount of down payment on a more expensive home and only puts 10% down, her mortgage payment will take up almost all of her housing budget, leaving little room for other housing costs. Therefore, she should look for a house that she can put between 10-20% down to make sure she can afford her monthly housing costs.\n","9b5ce2a3-152d-44cd-884e-0663a7e0e65b",[1396],{"id":1397,"data":1398,"type":55,"version":25,"maxContentLevel":28},"86f85aed-1171-4730-ae69-85d289b112b6",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1399,"binaryCorrect":1401,"binaryIncorrect":1402},[1400],"What percentage of down payment is advisable?",[1351],[1403],"5-10%",{"id":1405,"data":1406,"type":38,"version":25,"maxContentLevel":28,"pages":1408},"7e6c1cf5-2bfb-4867-8425-6934781e9a4d",{"type":38,"title":1407},"Real Estate Investment Strategies",[1409,1423,1440],{"id":1410,"data":1411,"type":25,"maxContentLevel":28,"version":25,"reviews":1415},"817626e9-829c-4933-b5d2-14124dae8d9f",{"type":25,"title":1412,"contentRole":38,"markdownContent":1413,"audioMediaId":1414},"Rental property","\nRental property is real estate that you buy to rent to a tenant. There are many different types of rental properties, including a second home that you rent out as a vacation rental or a multifamily home with several units. \n\n ![Graph](image://5759d721-8c9a-4f5a-b77e-2b3828c904c4 \"Renting has both positives and negatives\")\n\nRental property is often subject to different laws and tax codes than a home you occupy. Also, renting to tenants does not necessarily guarantee you will profit. You must be able to rent your unit or units for enough to cover the mortgage, insurance, property taxes, and maintenance costs. \n\nYou also must manage the property or hire a property manager or management company. Contrary to popular expectation, being a homeowner is not a requirement for buying rental property since you could purchase a home in a cheaper area and rent it out at a profit while paying rent in a more expensive area.\n\n","c56b0f6d-2b6e-4aa9-94e4-d3e027c4f11b",[1416],{"id":1417,"data":1418,"type":55,"version":25,"maxContentLevel":28},"281632f5-3488-4f51-885d-8ddd225b21f2",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1419,"activeRecallAnswers":1421},[1420],"How can you make a profit from rental property?",[1422],"By renting it out for enough to cover the mortgage, insurance, property taxes, and maintenance costs",{"id":1424,"data":1425,"type":25,"maxContentLevel":28,"version":25,"reviews":1429},"a2250199-7ac4-49fa-8868-53df9367868d",{"type":25,"title":1426,"contentRole":38,"markdownContent":1427,"audioMediaId":1428},"Passive investing in real estate","To benefit from real estate as an investment without paying the upfront costs of a down payment or a mortgage, you can invest in Real Estate Investment Trusts (REITs), a type of investment that allows you to own a share of a commercial real estate company. \n\nREITs pay dividends to the people who own their shares, meaning that you will receive regular income from investing in them. REITs are typically companies that buy real estate on a large scale, so they can be less risky than buying one particular property. \n\nHowever, they are impacted by supply and demand, so if home prices or rents decrease in the economy overall, REITs value may decrease.\n\n","3e8be08f-2307-4c6e-a5b1-1654cbedd29c",[1430],{"id":1431,"data":1432,"type":55,"version":25,"maxContentLevel":28},"f99abbfd-af96-46e2-bc53-2a5b4cf6445d",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1433,"multiChoiceCorrect":1435,"multiChoiceIncorrect":1437},[1434],"Which type of investment allows you to own a share of a commercial real estate company without paying the upfront costs of a down payment or a mortgage?",[1436],"Real Estate Investment Trusts (REITs)",[1438,1439,988],"Mutual Funds","Bonds",{"id":1441,"data":1442,"type":25,"maxContentLevel":28,"version":25,"reviews":1446},"ba65aece-ee90-4f4d-b312-27f3a78898e2",{"type":25,"title":1443,"contentRole":38,"markdownContent":1444,"audioMediaId":1445},"Flipping homes","\nImagine there’s a house that’s in a great location, but the owner has neglected to take care of it: it has overgrown gardens and smashed windows. It is for sale at a discounted price because it is not a fit state for anyone to occupy. \n\nThis type of property could be a great investment if you are interested in flipping homes.\n\n ![Graph](image://29c3b59e-6220-49c6-8d7f-6320ced2610a \"Renovating houses can be a serious investment\")\n\nFlipping homes means buying properties that need repairs and renovations, improving the properties on your own or using contractors, and then selling them at a higher price than you bought them. \n\nTo make a profit from flipping a home, you need to sell it for a price higher than the price you paid for it plus the amount of money you invested into it to improve it. \nFlipping properties can be risky because you may not be able to sell the house for a profit depending on trends in the housing market. \n\n","12e7da2e-4995-425e-bda9-2ea7cfcd686a",[1447],{"id":1448,"data":1449,"type":55,"version":25,"maxContentLevel":28},"df832425-d96b-4d75-b55c-056d6016f88c",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1450,"clozeWords":1452},[1451],"To profit from flipping a property, you must sell it for a higher price than the cost of the house plus the cost of renovations.",[1453],"renovations",{"id":1455,"data":1456,"type":30,"maxContentLevel":28,"version":25,"orbs":1459},"22016fcf-df1a-4fd6-bbb0-8036840a5935",{"type":30,"title":1457,"tagline":1458},"Protecting Assets","How do you protect the assets you have in the case of unexpected events? Learn about different ways you can keep your assets safe and reduce your liability.",[1460,1531],{"id":1461,"data":1462,"type":38,"version":25,"maxContentLevel":28,"pages":1464},"dcac9dbe-2645-4390-b5ef-2ef563ab7e51",{"type":38,"title":1463},"Financial Protection Strategies",[1465,1479,1497,1513],{"id":1466,"data":1467,"type":25,"maxContentLevel":28,"version":25,"reviews":1471},"a3b50e22-fa37-4f3f-af90-67d292d73cd7",{"type":25,"title":1468,"contentRole":38,"markdownContent":1469,"audioMediaId":1470},"Keeping savings safe","To keep your savings safe, make sure you are depositing savings in a bank account that has deposit insurance, which is insurance from the government that protects your money in the case of a bank run, a situation where many people try to withdraw from their accounts at once. Even if everyone took their money out of a bank, you would not lose the value of money in your account.\n\n\n ![Graph](image://22f6c45a-29df-4f96-8709-7d8c7aa8b789 \"Cash is not a very safe way to store your savings\")\n\nIn the U.S., the Federal Deposit Insurance Commission (FDIC) protects up to $250,000 per account. If you invest money, you should always keep some savings separate from your investments to keep as an emergency fund since your savings will be protected even if your investments lose their value.\n\n","bc4fc883-ffc5-46b1-b539-e078c2187aad",[1472],{"id":1473,"data":1474,"type":55,"version":25,"maxContentLevel":28},"c4eea709-9bf4-4959-bedf-241be08b3ae4",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1475,"clozeWords":1477},[1476],"Federal Deposit Insurance protects up to $250,000 per account.",[1478],"$250,000",{"id":1480,"data":1481,"type":25,"maxContentLevel":28,"version":25,"reviews":1485},"31443092-5984-4920-a272-b785eb0d6ecf",{"type":25,"title":1482,"contentRole":38,"markdownContent":1483,"audioMediaId":1484},"Creating a will","\nIf you have not already, start to plan for who or what institutions you wish to receive your assets after you pass away. \n\n ![Graph](image://3cae0d21-937e-4159-86f7-53c57580aaa2 \"Creating a will early on is a sound financial decision\")\n\nTo plan for what will happen to your assets, you should create a will, a document that explains your wishes for your assets. The people who you wish to inherit your assets are called beneficiaries, and the assets you leave behind are called your estate.\n\nIf you do not create a will or name beneficiaries called on your financial accounts, a court will most likely decide who will receive them. Wills are also necessary if you have children who are minors because they state who will become the child’s legal guardian in the case of your death.\n\nUsually in a will, you name an executor of your estate, someone you trust who is willing to take on the responsibility of making sure your wishes are followed. You also usually need to have witnesses to the signing of a will for it to be valid.\n\n","731cc95e-cba7-42d7-80ff-9ddab1706021",[1486],{"id":1487,"data":1488,"type":55,"version":25,"maxContentLevel":28},"159d4c0e-5f79-44a4-bf68-aa2e3f786d51",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1489,"multiChoiceCorrect":1491,"multiChoiceIncorrect":1493},[1490],"Who do you name in a will to make sure your wishes are followed?",[1492],"An executor of your estate",[1494,1495,1496],"A beneficiary","A guardian","A witness",{"id":1498,"data":1499,"type":25,"maxContentLevel":28,"version":25,"reviews":1503},"51aa6032-9f6c-41c3-a3bb-fe7fb20fd722",{"type":25,"title":1500,"contentRole":38,"markdownContent":1501,"audioMediaId":1502},"Trusts","\nTrusts are legal agreements that allow a trustor, the person creating the trust, to set aside assets to benefit a trustee, the person receiving the assets in the trust. \n\nIf you create a living trust, you can set aside your assets and grant a trustee the right to manage them on your behalf while you are alive. You can also designate the beneficiaries of your trust who will inherit the assets in it when you pass away. \n\nHaving a trust can prevent your estate from going to a probate court. At probate court, a judge will decide how your assets will be distributed after you pass away, which can be a lengthy process and may conflict with your own wishes for your assets.\n","98f9fbdc-f987-4937-aeed-38a02a24da77",[1504],{"id":1505,"data":1506,"type":55,"version":25,"maxContentLevel":28},"cdc738ea-37b4-4dac-b206-82129a6d628a",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1507,"binaryCorrect":1509,"binaryIncorrect":1511},[1508],"What is the purpose of having a trust?",[1510],"To set aside assets to benefit a trustee",[1512],"To set aside assets for yourself",{"id":1514,"data":1515,"type":25,"maxContentLevel":28,"version":25,"reviews":1519},"5c48e7a2-500b-49ac-990f-f4e79262ae7e",{"type":25,"title":1516,"contentRole":38,"markdownContent":1517,"audioMediaId":1518},"Types of trusts","\nThe main types of trusts are revocable and irrevocable trusts. \n\nA revocable trust means you can take back control of it at any time and change its terms, while an irrevocable trust means that you cede control over your assets to someone else who manages them for you.\n\nIf you have an irrevocable trust, you still own the assets, but you don’t get to decide whether they are kept in a certain bank account or investments. \n\nAn irrevocable trust can protect your assets if you are sued, but you also don’t have the ability to take back control of your assets if you want to do so later. \n\nA reason you might create an irrevocable trust is to reduce the total amount of taxes that can be collected on your estate when you pass away.\n","b13090c0-2b46-49b3-b702-4dda9b51ab87",[1520],{"id":1521,"data":1522,"type":55,"version":25,"maxContentLevel":28},"88271118-8fcf-4463-8be0-169b857165e4",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1523,"multiChoiceCorrect":1525,"multiChoiceIncorrect":1527},[1524],"What type of trust allows you to take back control of it at any time and change its terms?",[1526],"Revocable trust",[1528,1529,1530],"Irrevocable trust","Taxable trust","Trust fund",{"id":1532,"data":1533,"type":38,"version":25,"maxContentLevel":28,"pages":1535},"c959d617-dcb2-4ff6-83c3-7909d87c41c3",{"type":38,"title":1534},"Estate Planning Essentials",[1536,1552,1570,1588],{"id":1537,"data":1538,"type":25,"maxContentLevel":28,"version":25,"reviews":1542},"d129205d-c8c7-4eb0-8587-5319b960ce52",{"type":25,"title":1539,"contentRole":38,"markdownContent":1540,"audioMediaId":1541},"Declaring a homestead","If you own a home and it is the main place that you live, you can protect it from being taken from you or from losing all the equity in the home, the money that you would gain from a sale of the home, by declaring it a homestead. \n\nTo declare a house your homestead, it must meet certain legal requirements to count as your primary residence, the place you live for most of the year, and you may have to prove you spend a certain number of days per year in it.\n\n ![Graph](image://ea8b9532-1345-41b8-b48e-7304a46bf77f \"Declaring  a homestead can be a wise financial decision\")\n\nEach country and states have their own laws regarding what declaring a homestead protects you from, but usually it means that if you are sued, or if you must declare bankruptcy, not all the equity that you hold in your home can be taken from you. Your home is protected from a forced sale up to a certain limit depending on the law. \n\nDeclaring a homestead can also reduce the total amount of property taxes you need to pay on the property.\n\n","04509739-369b-4ee4-b3ef-a2d6bfd17c9d",[1543],{"id":1544,"data":1545,"type":55,"version":25,"maxContentLevel":28},"11ae331b-3e5e-4e6a-b5b1-3ed16dde7080",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1546,"binaryCorrect":1548,"binaryIncorrect":1550},[1547],"What is the purpose of declaring a home a homestead?",[1549],"To protect it from being taken from you or from losing all the equity in the home",[1551],"To exempt it from all taxes",{"id":1553,"data":1554,"type":25,"maxContentLevel":28,"version":25,"reviews":1558},"d3b6d0a3-7914-49d1-9de7-866a821416f0",{"type":25,"title":1555,"contentRole":38,"markdownContent":1556,"audioMediaId":1557},"Homeowners’ or renter’s insurance","\nWhether you rent or own a home, you need insurance to help recover from accidental damages or thefts. Homeowner’s insurance is required for mortgages.  \n\nMost landlords require renter’s insurance, which covers not only the renter’s liability for damaging their rental unit but also the landlord’s liability for the renter’s belongings.\n\nHomeowner’s insurance and renter’s insurance do not usually cover natural disasters such as floods or earthquakes, which require separate insurance policies, but they do protect the value of the items in your home. If there is a burglary you can file an insurance claim for the stolen items.\n\n ![Graph](image://7b76ce6b-e75f-4dd8-8807-754ac9b58679 \"Insuring your home is a vital step in buying a property. Image: Homeowners insurance by Nick Youngson CC BY-SA 3.0 Pix4free\")\n\nHomeowner’s insurance also can cover personal liability, which protects you if someone sues you if they injure themselves on your property. \n\nHomeowner’s insurance can cover either the current value of your home and belongings, the replacement cost, which is how much it would cost to replace your home and belongings when you file the claim, or extended replacement cost, which goes above and beyond the current cost to rebuild your home or replace your valuables. \n\n","aef5334e-0527-48de-a5e3-ebf88ff1d519",[1559],{"id":1560,"data":1561,"type":55,"version":25,"maxContentLevel":28},"31cba2c1-8084-425a-b267-41ca505247c4",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1562,"multiChoiceCorrect":1564,"multiChoiceIncorrect":1566},[1563],"What type of insurance covers the value of the items in your home and can protect you if someone sues you if they injure themselves on your property?",[1565],"Homeowner's insurance",[1567,1568,1569],"Renter's insurance","Earthquake insurance","Flood insurance",{"id":1571,"data":1572,"type":25,"maxContentLevel":28,"version":25,"reviews":1576},"27e27f09-ac58-4766-870e-958967291206",{"type":25,"title":1573,"contentRole":38,"markdownContent":1574,"audioMediaId":1575},"Other types of insurance","\nUmbrella insurance gives you added extra protection against lawsuits or damages that go beyond what is covered under your home or auto insurance. \n\nIf you have assets you want to protect, it might make sense to add an umbrella insurance policy so that you are covered in case you are found liable for any reason and you must pay the plaintiffs, or the people suing you, a certain amount in damages. \n\n ![Graph](image://ed2d2a18-b844-4d5f-ada7-0a0c44841966 \"Many different types of insurance exist\")\n\nLife insurance is a benefit that is paid to beneficiaries of your choosing when you die. You usually pay a premium, a monthly cost, for this insurance and the amount that you are insured for depends on your age and health. \n\nIf you buy term life insurance, you pay a monthly premium for a certain number of years, and if you die during that period, your beneficiaries receive the insurance benefit. If you buy permanent life insurance, you pay into the insurance policy until you die. People often purchase life insurance to ensure financial protection for their minor children or surviving spouses if they die.\n\n","d5f5a328-81e0-428e-af4a-09c1add3524c",[1577],{"id":1578,"data":1579,"type":55,"version":25,"maxContentLevel":28},"f1ad0c35-48da-4070-8e1c-3b9608940561",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1580,"multiChoiceCorrect":1582,"multiChoiceIncorrect":1584},[1581],"What type of insurance pays a benefit to beneficiaries when you die?",[1583],"Life insurance",[1585,1586,1587],"Umbrella insurance","Home insurance","Auto insurance",{"id":1589,"data":1590,"type":25,"maxContentLevel":28,"version":25,"reviews":1594},"eafb507a-ec88-41c9-aa45-b810b531a97e",{"type":25,"title":1591,"contentRole":38,"markdownContent":1592,"audioMediaId":1593},"Marriage and prenuptial agreements","Depending on where you live, being married can change how your assets are treated. In places that follow common law for marital property, including the UK and most of the U.S., all your assets, whether you acquire them before or after your marriage, are considered your own unless you hold them jointly with your spouse. \n\nIn places that follow community property, such California and Arizona, any assets you earn or receive after you marry are owned equally by you and your spouse. You can still hold separate property, assets you had before you were married.\n\n ![Graph](image://4201c6e9-32e2-42d6-bc9b-49a4fe9295c7 \"Pre-nuptials are considered essential by many\")\n\nIf you wish to keep your assets separate during marriage or determine how to divide them in the case of a divorce, you can sign a prenuptial agreement. In these agreements, you can decide which assets you plan to hold jointly or separately and how you would split your assets if you divorce. Pre-nuptial agreements often have a negative stigma, but they can make a separation less contentious and give you peace of mind. \n\n","7387e626-f564-4ef8-82bf-502ecd57c439",[1595],{"id":1596,"data":1597,"type":55,"version":25,"maxContentLevel":28},"dea6389c-8cd5-4f09-821f-13b03e514606",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1598,"activeRecallAnswers":1600},[1599],"Which states follow community property laws?",[1601,1602],"California","Arizona",{"id":1604,"data":1605,"type":30,"maxContentLevel":28,"version":25,"orbs":1608},"555b0d2b-b8ef-4642-8b64-167138245676",{"type":30,"title":1606,"tagline":1607},"Health Expenditures","How does health insurance work? How do you plan for health expenses? Learn how to determine the right health insurance plan for you based on your health needs.",[1609,1661,1712],{"id":1610,"data":1611,"type":38,"version":25,"maxContentLevel":28,"pages":1613},"9f084acc-e903-417c-a91a-bfeba0d36a8d",{"type":38,"title":1612},"Understanding Health Insurance Basics",[1614,1628,1646],{"id":1615,"data":1616,"type":25,"maxContentLevel":28,"version":25,"reviews":1620},"a3e58849-eb64-443f-be08-454116b76eda",{"type":25,"title":1617,"contentRole":38,"markdownContent":1618,"audioMediaId":1619},"What is health insurance?","\nHealth insurance is a type of insurance that helps to pay for the cost of medical expenses, such as prescription drugs or hospital stays. Without health insurance, you are required to pay the sticker price of these expenses, which in some countries can be extremely expensive. \n\n ![Graph](image://e0270a28-f044-4378-85f1-e636e84f8254 \"Health insurance is essential in countries such as the US\")\n\nHealth insurance reduces the amount of money you must spend out of your own pocket for these items. If you have private health insurance, or even a government-subsidized plan in the U.S., you pay an insurance premium, monthly premium, or a monthly fee that the insurance plan charges, to ensure your health expenses are covered. \n\nIf you live in a country that provides government-sponsored health care to all its citizens, such as the UK, France, or Canada, then you might not need to pay for it directly. Instead, your health insurance may be financed through taxes or other means.\n\n","8e9fa7cd-179c-4106-a715-3255451c1e34",[1621],{"id":1622,"data":1623,"type":55,"version":25,"maxContentLevel":28},"aeb52abc-3381-4853-aea1-6d83475048c4",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1624,"clozeWords":1626},[1625],"People with health insurance are usually required to pay premiums.",[1627],"insurance",{"id":1629,"data":1630,"type":25,"maxContentLevel":28,"version":25,"reviews":1634},"3c5ce09b-d769-46ee-be32-8790a9d6ccf4",{"type":25,"title":1631,"contentRole":38,"markdownContent":1632,"audioMediaId":1633},"Copayments and deductibles","\nCopayments (copays) are your portion of the costs that you share with your health insurance. Your health insurance will charge you a certain amount for any health expenses that are not fully covered under your plan. \n\nUsually, this amount is still less than the price of the medicine or procedure because your insurance will pay the difference. Even in countries with universal healthcare, you still may need to pay a copay for some medical expenses, such as medication. \n\nYour healthcare plan’s deductible determines how much you will have to pay for your health expenses before your insurance coverage kicks in. Premiums and some copayments do not count towards your deductible. After you reach your deductible, you still must pay any copayments and coinsurance specified in your insurance policy.\n\nFor example, Casey pays $25 each month for medication, and her deductible is $100. After 4 months, she reaches her deductible, and her insurance plan starts to share the cost of her medication. For the rest of the year, she only has to pay $10 per month for her medication.\n","7bc3494e-8976-4209-98a3-2e542a08fe8a",[1635],{"id":1636,"data":1637,"type":55,"version":25,"maxContentLevel":28},"b255e822-0529-407c-8d65-e7e0ab651ef3",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1638,"multiChoiceCorrect":1640,"multiChoiceIncorrect":1642},[1639],"What is the term used to describe the portion of the costs that you share with your health insurance?",[1641],"Copayments (copays)",[1643,1644,1645],"Deductibles","Premiums","Coinsurance",{"id":1647,"data":1648,"type":25,"maxContentLevel":28,"version":25,"reviews":1652},"881736aa-98fe-41de-bd2b-85553096c8f3",{"type":25,"title":1649,"contentRole":38,"markdownContent":1650,"audioMediaId":1651},"Coinsurance and out-of-pocket maximum","Coinsurance is the percentage that you are responsible for paying after you exceed your deductible, the amount you must pay out of pocket before your insurance kicks in. \n\nFor example, an insurance policy could specify that you must pay 25% of your health expenses and they will pay 75%. If you have already paid all your deductible, and you have a doctor’s appointment that costs $100, you will pay $25 while your insurance pays $75.\n\nOut-of-pocket maximum is the total amount your insurance can require you to pay for your covered healthcare costs, including your deductible, your coinsurance, and your copayments. Each private health insurance plan has its own limits. After you reach this maximum amount, your insurance pays for the rest of your expenses.\n","3cbc89ad-764f-4773-90da-6bc6cdcfff1a",[1653],{"id":1654,"data":1655,"type":55,"version":25,"maxContentLevel":28},"2795ea19-cc04-4492-9bfd-876051717723",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1656,"binaryCorrect":1658,"binaryIncorrect":1659},[1657],"What is the percentage of your health expenses that you must pay after you exceed your deductible?",[1645],[1660],"Copayment",{"id":1662,"data":1663,"type":38,"version":25,"maxContentLevel":28,"pages":1665},"a0415329-fea3-4dd5-b3bc-be664ad5fdaf",{"type":38,"title":1664},"Types of Health Insurance Plans",[1666,1682,1696],{"id":1667,"data":1668,"type":25,"maxContentLevel":28,"version":25,"reviews":1672},"dbd96981-130a-48ce-8afa-c482d145a862",{"type":25,"title":1669,"contentRole":38,"markdownContent":1670,"audioMediaId":1671},"Private versus public plans","\nIn many countries with universal healthcare, you will automatically qualify for health care coverage from your country of residence, but you can also choose to pay for private health insurance if you want coverage that goes beyond what your government’s insurance policy covers.\n\nIn the United States, many people have private health insurance that they pay for themselves or that is provided by their employer, who shares the costs of their premium with them. \n\n ![Graph](image://3a5d16ea-3066-4860-b8d4-4d7e0b8252e1 \"Private healthcare can be extremely expensive\")\n\nSeniors who are 65 or above qualify for Medicare, a government health plan that has lower costs, and the U.S. also has some government and government subsidized health care plans that can lower the costs of health insurance if you qualify for them based on your income, such as Medicare and Affordable Care Act plans.\n\n","cccdfd5e-fc15-48da-b286-321157ec030f",[1673],{"id":1674,"data":1675,"type":55,"version":25,"maxContentLevel":28},"264c1bf1-bfff-4515-b42d-5b1045aa2c2a",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1676,"binaryCorrect":1678,"binaryIncorrect":1680},[1677],"What is the name of the government health plan in the United States for seniors who are 65 or above?",[1679],"Medicare",[1681],"Medicaid",{"id":1683,"data":1684,"type":25,"maxContentLevel":28,"version":25,"reviews":1688},"5812423a-4e20-4d66-b1f3-50b07d9fe358",{"type":25,"title":1685,"contentRole":38,"markdownContent":1686,"audioMediaId":1687},"Choosing a healthcare plan","\nIf you are choosing between health insurance plans, you want to consider how much you will pay in premiums each month, but also how often you think you will need to use your health insurance and whether you have health issues that may lead to expensive costs, such as diabetes or high blood pressure. \n\n ![Graph](image://765d2c18-249b-44c2-9d39-8e45fbc96ac8 \"Picking the right healthcare system plan isn't easy\")\n\nUsually the higher your premiums, the less you will have to pay in deductibles, coinsurance, and copayments. If you think you will not use your health insurance often, you might opt for a cheaper monthly premium, but you would rack up a higher out-of-pocket cost if you did need to use health services. \n\nHealth insurance is a way of reducing the financial risk of health issues, so if you are more prone to caution, you may want to choose a slightly more expensive plan just in case. \n\n","c25de141-212c-4b49-808b-f67440ecd975",[1689],{"id":1690,"data":1691,"type":55,"version":25,"maxContentLevel":28},"c22687c8-bf81-4084-bb87-2ab5dd22847d",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1692,"clozeWords":1694},[1693],"The higher the premium for your health insurance, the less you will have to pay in deductibles.",[1695],"deductibles",{"id":1697,"data":1698,"type":25,"maxContentLevel":28,"version":25,"reviews":1702},"9464373c-17cd-437b-aab9-fd0c1dcce333",{"type":25,"title":1699,"contentRole":38,"markdownContent":1700,"audioMediaId":1701},"Dental, vision, and mental health","\nDental healthcare and eye care are not always included in healthcare plans. For example, in Australia, seeing an optometrist is not covered under the government-sponsored Medicare. \n\nTo reduce the amount of money you spend when you go to the dentist or purchase new glasses, you may need dental or vision insurance. Sometimes employers cover these plans, but not always. \n\n ![Graph](image://3251fa47-c3ac-46f8-a622-47b30db8337e \"Dentistry can be an added cost in healthcare\")\n\nMental health services are included in regular health insurance plans, but it’s always important to check your policy to see what is covered. Some plans limit you to a certain number of free therapy sessions. \n\nIn the United States, many people have access to counseling services through their employer via an employee assistance plan (EAP). However, there are also many therapists in the U.S. who do not accept health insurance.\n\n","e64fa284-2f78-411e-9354-3f1b4bc2a4ca",[1703],{"id":1704,"data":1705,"type":55,"version":25,"maxContentLevel":28},"00ae095c-2ff4-4382-842c-d371683269eb",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1706,"binaryCorrect":1708,"binaryIncorrect":1710},[1707],"What type of healthcare is not normally included in medical insurance?",[1709],"Dental",[1711],"Sports injuries",{"id":1713,"data":1714,"type":38,"version":25,"maxContentLevel":28,"pages":1716},"2cc89e57-0e2b-44e9-bcec-29b9c70f016a",{"type":38,"title":1715},"Specialized Health Accounts and Plans",[1717,1740,1754],{"id":1718,"data":1719,"type":25,"maxContentLevel":28,"version":25,"reviews":1723},"14f02536-bbf7-462d-b1e4-673ce21747df",{"type":25,"title":1720,"contentRole":38,"markdownContent":1721,"audioMediaId":1722},"Health flexible spending accounts","\nOne way to fund healthcare costs in the United States are Health Flexible Spending Accounts (FSAs). If your employer offers FSA accounts as a benefit, you can elect to have a certain amount taken out of your paycheck every month and set aside to pay for any out-of-pocket healthcare costs, like copayments for a doctor’s visit or medication. You cannot use FSAs to pay for your insurance premium. \n\nThe main advantage of FSAs is that the amount taken from your paycheck is not taxed, which reduces the total amount of taxes you must pay. \n\n The main disadvantage of FSAs is that you must use the funds within a year, although some of the funds can be rolled over into the next year. If you know that you will have some out-of-pocket health expenses, you can put money in an FSA to pay for those expenses, but you don’t want to put more than you need, since you will lose the money if you don’t use it by the deadline set in your plan.\n","62b838b0-0027-4651-9cea-9aa8eff3506f",[1724,1731],{"id":1725,"data":1726,"type":55,"version":25,"maxContentLevel":28},"5515c8ea-f86e-42dc-80b5-ffaa2c22da82",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1727,"clozeWords":1729},[1728],"One way to fund healthcare costs in the United States are Health Flexible Spending Accounts (FSAs).",[1730],"Flexible Spending Accounts",{"id":1732,"data":1733,"type":55,"version":25,"maxContentLevel":28},"c15d523f-06eb-40be-a91f-abfbfe2c4ffa",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1734,"binaryCorrect":1736,"binaryIncorrect":1738},[1735],"What is the main advantage of Health Flexible Spending Accounts (FSAs)?",[1737],"The amount taken from your paycheck is not taxed.",[1739],"They give you better coverage.",{"id":1741,"data":1742,"type":25,"maxContentLevel":28,"version":25,"reviews":1746},"f20b52b2-2fc9-484c-8d77-fa8959ad67bf",{"type":25,"title":1743,"contentRole":38,"markdownContent":1744,"audioMediaId":1745},"High deductible health plan","High deductible health plans are private health insurance plans that have a low monthly premium but have a high deductible, meaning you will pay a lot of money out-of-pocket for health expenses before your insurance starts to cover them.\n \nHigh-deductible plans are usually a better option for healthy people who don’t anticipate needing to use their health insurance often. \n\nIn the United States, if you have a high-deductible plan, you can save for medical expenses in a Healthcare Savings Account (HSA) which is not taxed. \n\nHSA accounts allow you to accumulate money over the years, so if you are healthy and don’t need to use your medical benefits when you first make the account, you can use it to save for medical expenses in future years. ","d4989a92-0857-4513-9f6d-bddcb8e45cac",[1747],{"id":1748,"data":1749,"type":55,"version":25,"maxContentLevel":28},"9f000f55-fcb8-49bf-a890-56d403fd202b",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1750,"activeRecallAnswers":1752},[1751],"What is a Healthcare Savings Account (HSA)?",[1753],"A savings account that allows you to save for medical expenses in a tax-free account if you have a high-deductible health plan",{"id":1755,"data":1756,"type":25,"maxContentLevel":28,"version":25,"reviews":1760},"182ea92b-f177-4cd3-8afe-4889deda3e7a",{"type":25,"title":1757,"contentRole":38,"markdownContent":1758,"audioMediaId":1759},"Medical debt","\nWhen people lack the means to pay for health expenses, unpaid medical bills become debt. Unpaid medical debt in the United States affects your credit score after a year. The best way to prevent medical debt is to choose an insurance plan with good coverage and save for medical expenses.\n\n ![Graph](image://8c4af81d-b3bd-4d51-9e1c-ac8516e18553 \"Private healthcare can lead to debt\") \n\nIf you cannot pay your medical bills, you can work with the hospital or medical provider to negotiate payments of your bill, allowing you to pay it off over time or have some of it forgiven. \n\nYou can also request charity care, financial assistance for people with low incomes, from most medical providers, but receiving this support requires documentation proving financial need.\n\n","f8c6f46a-73be-41dc-a963-ab3495810cfe",[1761],{"id":1762,"data":1763,"type":55,"version":25,"maxContentLevel":28},"8e753e76-4054-4ff6-b677-d5cd0cf3274b",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1764,"activeRecallAnswers":1766},[1765],"How can people prevent medical debt?",[1767],"Choose an insurance plan with good coverage and save for medical expenses",{"id":1769,"data":1770,"type":30,"maxContentLevel":28,"version":25,"orbs":1773},"c6c6d9b3-5281-4ed4-b308-a8b3f28fdb9e",{"type":30,"title":1771,"tagline":1772},"Taxes"," Everyone dreads taxes, but if you know how they work, you will be able to reduce the taxes you owe. ",[1774,1823,1874],{"id":1775,"data":1776,"type":38,"version":25,"maxContentLevel":28,"pages":1778},"19b8a55e-b90a-411f-b85e-983fc875d3bc",{"type":38,"title":1777},"Understanding Income Tax",[1779,1793,1809],{"id":1780,"data":1781,"type":25,"maxContentLevel":28,"version":25,"reviews":1785},"73db9e84-932c-42df-82c1-9a996dcaea59",{"type":25,"title":1782,"contentRole":38,"markdownContent":1783,"audioMediaId":1784},"How income tax works","\nIncome tax is based on how much income you earn. In most countries, income tax is progressive, so you pay a higher percentage if you earn more income. You also might need to pay a separate income tax for your state or province.\n\n ![Graph](image://ddbff5bb-3c6f-4356-a3d8-1c489afaae37 \"Income tax is calculated as a percentage of different brackets of your earnings\")\n\nWhat percentage of tax you must pay is determined by your tax bracket, the range of incomes taxed at a specific rate. Brackets act like buckets where all the money in a certain range is taxed at the same rate.\n\nImagine your income is like sand filling a bucket and each subsequent bucket is taxed at a particular rate. So if the tax rate is 15% on the third tax bracket of $20,000-$40,000, and you make $35,000, that does not mean that the tax on all of your income is 15%. The first $10,000 you earn might be taxed at 10%, the next $10,000 might be taxed at 12%, and then the last $15,000 would fall into the third bracket and be taxed at 15%. \n\n","fd3a02e3-4fc2-4856-96c1-a40eb22a8fad",[1786],{"id":1787,"data":1788,"type":55,"version":25,"maxContentLevel":28},"33f601d1-a5b3-4081-8389-90a43acfccc5",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1789,"activeRecallAnswers":1791},[1790],"What is a tax bracket?",[1792],"The range of incomes taxed at a specific rate.",{"id":1794,"data":1795,"type":25,"maxContentLevel":28,"version":25,"reviews":1799},"d538a592-657b-4c49-ac0f-5783208917b8",{"type":25,"title":1796,"contentRole":38,"markdownContent":1797,"audioMediaId":1798},"Tax withholding","\nTax withholding, also known as Pay As You Earn (PAYE) in the UK or Pay as You Go in Australia, is the income tax or other taxes that your employer takes out of your paycheck. The advantage of having taxes withheld from your paycheck is that you don’t have to remember to set aside your own earnings to pay taxes.\n\nYour employer determines how much to withhold based on your income. In the U.S., you can also choose to withhold more than you are required if you know you will earn other income that is not on your regular paycheck. \n\nIn the U.S., at the end of each year, you submit a tax return to declare your total taxable income and the amount of taxes you have already paid. If you still owe more taxes, you must pay the difference, and if you have overpaid, you receive a refund. ","4a4df82f-c91c-4ed8-b673-559126266552",[1800],{"id":1801,"data":1802,"type":55,"version":25,"maxContentLevel":28},"e5d5cd25-d108-4f85-99f2-fc8fe006cf09",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1803,"binaryCorrect":1805,"binaryIncorrect":1807},[1804],"What is the advantage of having taxes withheld from your paycheck?",[1806],"You don’t have to save in order to pay your own taxes.",[1808],"You can choose to withhold more than you are required.",{"id":1810,"data":1811,"type":25,"maxContentLevel":28,"version":25,"reviews":1815},"d47b93a8-866a-4016-a169-5ff76e94b673",{"type":25,"title":1812,"contentRole":38,"markdownContent":1813,"audioMediaId":1814},"Self-employment","\nIf you have your own business or work as an independent contractor, meaning you are not an employee and you don’t receive benefits from the company you work for, you must calculate how much income tax and other taxes you owe and pay them manually to your government. \n\nIn the U.S. self-employed people must estimate how much they are earning and pay taxes on that amount 4 times a year, not including filing a tax return. They also must pay a higher percentage than regular employees for other taxes such as Social Security and Medicare since they don’t have an employer contributing to them. \n\nNevertheless, there are some tax benefits to being self-employed or having your own business, such as being able to deduct business expenses.\n","eb6ce3e7-7a8b-4022-84ff-79c97a29e020",[1816],{"id":1817,"data":1818,"type":55,"version":25,"maxContentLevel":28},"328958af-4458-46fa-81c8-5e425b3c6bce",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1819,"activeRecallAnswers":1821},[1820],"How often must self-employed people in the U.S. pay taxes?",[1822],"4 times a year",{"id":1824,"data":1825,"type":38,"version":25,"maxContentLevel":28,"pages":1827},"97752678-8d51-4d96-93cd-85670c4b5f36",{"type":38,"title":1826},"Tax Deductions and Credits",[1828,1842,1856],{"id":1829,"data":1830,"type":25,"maxContentLevel":28,"version":25,"reviews":1834},"f04dd7cb-1e42-4bc9-bb3b-70c2dd5b3cd4",{"type":25,"title":1831,"contentRole":38,"markdownContent":1832,"audioMediaId":1833},"Tax deductions and tax credits","\nTax deductions reduce the amount of your income that is taxed, indirectly lowering your tax bill. For example, one deduction in the U.S. is the Flexible Spending Account (FSA) deduction for health expenses. \n\nIf you make a salary of $70,000 and you put $1000 into a FSA, your taxable income would be $69,000 before accounting for other deductions or credits. In the UK, deductions are known as tax relief provisions. Some provisions include donating to charity or contributing to your pension fund.\n\nTax credits directly reduce the taxes you pay by the amount of the credit. Unlike deductions, credits directly eliminate a certain amount of taxes that you owe. If you receive a tax credit of $400, and the total amount of income tax is $6000, you will now only owe $5600.\n\nCredits apply to specific situations determined by the tax code. For example, in Canada, you can claim some amount of the tuition for higher education programs as a tax credit if you are between 26 and 66 years old.","60d84e18-f785-4c89-a970-068deeddccbf",[1835],{"id":1836,"data":1837,"type":55,"version":25,"maxContentLevel":28},"684094e5-9291-42f3-ab76-2791785c519b",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1838,"clozeWords":1840},[1839],"Tax deductions reduce the amount of your income that is taxed, indirectly lowering your tax bill.",[1841],"Tax deductions",{"id":1843,"data":1844,"type":25,"maxContentLevel":28,"version":25,"reviews":1848},"0dc74f7c-0ef9-4f43-8523-2833dcc6890c",{"type":25,"title":1845,"contentRole":38,"markdownContent":1846,"audioMediaId":1847},"Standard deduction vs. itemized deductions","\nIn the U.S., there is a standard deduction that reduces your amount of taxable income by a fixed amount. In the UK, there is a similar provision known as a Personal Allowance. These deductions exist to make it easier to file your taxes, since they lower your tax bill without requiring you to list out all of the available tax deductions you qualify for.\n\nYou must choose between the standard deduction and itemizing your deductions, which means listing out all your deductions. Many people choose the standard deduction if their itemized deductions would not add up to more than the standard deduction. \n\nThe main reason people itemize their deductions is if they would benefit from large deductions. For example, if you can deduct the interest you pay on a mortgage for your primary residence, that interest might add up to more than the standard deduction.\n\nThere are a few deductions that people can take on top of the standard deduction, such as using a Flexible Spending Account (FSA) for healthcare expenses or donating to charity.\n","d6367e47-6daa-4545-904a-40fa848716e6",[1849],{"id":1850,"data":1851,"type":55,"version":25,"maxContentLevel":28},"764dd503-b44b-4c1b-9225-8f4f1dabc47d",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1852,"activeRecallAnswers":1854},[1853],"How do people decide between the standard deduction and itemizing their deductions?",[1855],"By comparing the amounts of both",{"id":1857,"data":1858,"type":25,"maxContentLevel":28,"version":25,"reviews":1862},"09b98888-ae25-4e90-9ae5-685caec3a5d3",{"type":25,"title":1859,"contentRole":38,"markdownContent":1860,"audioMediaId":1861},"Tax filing status","\nIn the U.S., your income tax rate depends on your filing status, your official status in the eyes of the government. These filing statuses are taxed at different rates because the government uses the tax code to incentivize marriage and to provide more tax deductions for people who take care of children or relatives. \n\nThe different filing statuses are single, married filing separately, married filing jointly, head of household, and qualifying widow or widower. \n\nIf you are single without dependents, children or other relatives who rely on you for most of their expenses, you are classified as ‘single’. If you are married, you choose between ‘married filing separately’ or ‘married filing jointly’. \n\nIf you are single and have dependents, you file as ‘head of household’, and you file as a ‘qualifying widow or widower’ if you are a widow or widower who meets the requirements. For married couples there are usually more tax advantages to filing jointly.\n","adfa2545-6c95-4c35-887c-33db57ff6cc9",[1863],{"id":1864,"data":1865,"type":55,"version":25,"maxContentLevel":28},"a0566eb5-b829-4797-a912-642724bed78d",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1866,"activeRecallAnswers":1868},[1867],"Which filing statuses are available for U.S. income tax?",[1869,1870,1871,1872,1873],"Single","Married filing separately","Married filing jointly","Head of household","Qualifying widow or widower",{"id":1875,"data":1876,"type":38,"version":25,"maxContentLevel":28,"pages":1878},"e3060f06-213e-4dd0-afc5-7071ecb8e002",{"type":38,"title":1877},"Tax Filing and Dependents",[1879,1895,1909,1926],{"id":1880,"data":1881,"type":25,"maxContentLevel":28,"version":25,"reviews":1885},"d1df9ec5-5535-4b4e-8f38-ba78fdac6124",{"type":25,"title":1882,"contentRole":38,"markdownContent":1883,"audioMediaId":1884},"Dependents","\nDependents are children or relatives who rely on someone else for most of their living expenses. In the U.S., dependents must meet certain qualifications, such as not making more than an allowable amount of income. \n\n ![Graph](image://21a20acc-a971-4b25-9685-ef1e2d0031f0 \"Having children has several tax implications\")\n\nIf you claim a dependent on your tax return, you can usually receive more tax deductions and credits which can reduce the total amount of income tax you must pay. Some credits that people with dependents may qualify for in the U.S. include the Child Tax Credit or the Earned Income Tax Credit.\n\nFor example, Casey has a minor child that she can count as a dependent on her taxes. Having a dependent and having income below a certain threshold qualifies her for the Child Tax Credit, which reduces her tax bill directly by $2000. \n\nShe may end up having a tax refund when it comes time for her to file her taxes, depending on how much taxes her employer has withheld from her paycheck.  \n\n","a431ca15-1905-42ff-8f7d-cd649e1d6b9a",[1886],{"id":1887,"data":1888,"type":55,"version":25,"maxContentLevel":28},"de5f21fa-b6f1-4609-bde8-32c20894e0ca",{"type":55,"reviewType":38,"spacingBehaviour":25,"binaryQuestion":1889,"binaryCorrect":1891,"binaryIncorrect":1893},[1890],"What are some of the credits that people with dependents may qualify for in the U.S.?",[1892],"The Child Tax Credit or the Earned Income Tax Credit",[1894],"The Dependent Tax Credit or the Earned Income Tax Credit",{"id":1896,"data":1897,"type":25,"maxContentLevel":28,"version":25,"reviews":1901},"76ab7a0f-731d-46cb-bec2-c199bd68daa7",{"type":25,"title":1898,"contentRole":38,"markdownContent":1899,"audioMediaId":1900},"Tax returns and tax audits","\nA tax return is a form where you report the income you received from all sources. In the U.S., you are required to file a tax return if you make more than a certain amount. \n\nOther countries, such as the UK, only require you to file a tax return under certain circumstances such as being self-employed or receiving income from sources other than your job. If you file a tax return and find out that you have paid more taxes than necessary, then you receive a refund. If you find out that you owe more taxes, you must pay them by a certain deadline.\n\nSometimes the government conducts tax audits. Audits are an inspection of your financial records. They essentially check that you are not cheating on your taxes. \n\nThey require you to submit documentation of your income and your eligibility for any deductions or tax credits you have claimed. Although the risk of being audited is low, it’s still better to keep all financial documents related to your taxes in case you are audited.\n","f434edad-aff1-490f-a17c-b2a1bd50f6db",[1902],{"id":1903,"data":1904,"type":55,"version":25,"maxContentLevel":28},"969172cd-fc7c-4658-ba7c-eb19da3423d6",{"type":55,"reviewType":25,"spacingBehaviour":25,"activeRecallQuestion":1905,"activeRecallAnswers":1907},[1906],"How does the government check that you are not cheating on your taxes?",[1908],"Through tax audits",{"id":1910,"data":1911,"type":25,"maxContentLevel":28,"version":25,"reviews":1915},"085e2f1e-08af-40f1-ae1b-899f44062258",{"type":25,"title":1912,"contentRole":38,"markdownContent":1913,"audioMediaId":1914},"Capital gains taxes","If you have investment income, such as dividends from stocks, or if you sell an asset that has appreciated, such as a house, you will owe a different type of taxes on this income called capital gains taxes. \n\nCapital gains taxes are usually taxed at different rates than income tax, and they are only due after you sell the investment or security. \n\nThere are different tax rates for short-term gains, meaning the profits from an investment you bought and sold within one year, and long-term gains, meaning the profits from selling an investment you have held for more than one year.\n\nFor example, Casey buys $50,000 in stock in one company. After 10 years, Casey sells it for $95,000, almost double the original price. Since she gained $45,000 from when she first bought it, she is taxed on that amount at the capital gains tax rate. \n\nCapital gains are treated separately from income, so the $45,000 she made from selling her investment does not count as her regular income. ","de63889a-6b10-47d7-a5cc-d33cf7aef297",[1916],{"id":1917,"data":1918,"type":55,"version":25,"maxContentLevel":28},"3fffba86-b24d-4d33-a5ef-fc9c6152f919",{"type":55,"reviewType":28,"spacingBehaviour":25,"multiChoiceQuestion":1919,"multiChoiceCorrect":1921,"multiChoiceIncorrect":1922},[1920],"What type of taxes are due after you sell an investment or security?",[1912],[1923,1924,1925],"Income taxes","Property taxes","Sales taxes",{"id":1927,"data":1928,"type":25,"maxContentLevel":28,"version":25,"reviews":1932},"3fa22d36-1de4-4fed-8bf8-bc955291ee84",{"type":25,"title":1929,"contentRole":38,"markdownContent":1930,"audioMediaId":1931},"How to plan for taxes","For people who only have one main source of income and are not self-employed, it is easy to plan for income taxes since they are regularly taken out of your paycheck. \n\nHowever, you might realize you are withholding too much if you regularly receive a large refund - commonly known as a \"rebate\". In that case, you can adjust how much your employer withholds from your check for taxes. \n\n ![Graph](image://b6b8e21c-d3e0-49f0-8432-bc3f27eb3acb \"Planning your taxes correctly can significantly enhance your finances\")\n\nIf you are self-employed and have other sources of income that significantly increase the income taxes you owe, then you need to estimate how much your total income will be for the whole year, what deductions and credits you will be able to take, and then calculate how much extra you need to withhold from each of your paychecks. \n\nIf you do not do this, you will have a larger tax bill at the end of the year, which you could save for and pay in a lump sum.\n\n","16728b42-751d-43b3-9319-49a35ac41515",[1933],{"id":1934,"data":1935,"type":55,"version":25,"maxContentLevel":28},"9a593693-3d8b-4e6a-ad5f-c9314024148c",{"type":55,"reviewType":21,"spacingBehaviour":25,"clozeQuestion":1936,"clozeWords":1938},[1937],"People who are having too much of their income withheld for taxes will receive a rebate.",[1939],"rebate",{"left":4,"top":4,"width":1941,"height":1941,"rotate":4,"vFlip":6,"hFlip":6,"body":1942},24,"\u003Cpath fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\" d=\"m9 18l6-6l-6-6\"/>",{"left":4,"top":4,"width":1941,"height":1941,"rotate":4,"vFlip":6,"hFlip":6,"body":1944},"\u003Cg fill=\"none\" stroke=\"currentColor\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-width=\"2\">\u003Cpath d=\"M12.586 2.586A2 2 0 0 0 11.172 2H4a2 2 0 0 0-2 2v7.172a2 2 0 0 0 .586 1.414l8.704 8.704a2.426 2.426 0 0 0 3.42 0l6.58-6.58a2.426 2.426 0 0 0 0-3.42z\"/>\u003Ccircle cx=\"7.5\" cy=\"7.5\" r=\".5\" fill=\"currentColor\"/>\u003C/g>",1778228390056]