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LET’S PRACTICE
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15. What does automate your savings mean, and how can automation increase your savings success? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 16. Marcus is motivated to save, but he feels like after all his monthly expenses, which include front row seats at pro ball games with friends and a penchant for expensive restaurants, he has no money left over to save. What’s your advice? _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 17. Explain briefly how the savings rates of Americans have changed over the last three decades and one possible reason for that decline. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 18. Rule Number One for becoming a successful saver is to start as early as you possibly can. This is because compounding is _______-sensitive. a. account c. time b. consumer d. saver 19. Explain compounding in your own words and provide an example. _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ _ ____________________________________________________________________ 20. T F The principle of compounding applies only to savings, not investments. PRODUCT PREVIEW
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THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 149
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