Financial Independence; 401k, 403b, IRA

  1. Philosophically, what is Financial Independence? (it’s NOT managing your own money!)

     

     

  2. What are the two broad categories of ‘Basic Needs’? (2 words) _________, _________

  3. How is Financial Independence related to ‘basic needs’?

     

  4. Why do you work? (3-8 words) ____________________________________________

     

  5. How is FI related to retirement? (i.e. When can you quit working?) 5 words.

     

     

     

  6. When you work, what are you trading for the money you earn? 2 words. ______ _______

  7. Describe a technique used by financial planners to put a dollar value on financial independence? (i.e. how much MONEY do you need to be financially independent?) 1 word. __________

  8. How is a 401k different from a 403b? 2 words per each

    401k - ____________ __________

    403b - _____________ ________

  9. WRT the previous question - How do 401k/403b differ from a Trad IRA and Roth IRA?

  10. How are a 401k, 403b and Traditional IRA taxed vs a Roth IRA –today vs retirement?

    Today –

    Retirement –

  11. Which of these three (401k, 403b, IRA) are YOU likely to have? 3 words.

  12. What are the requirements that YOU must meet so that you can have a 401k/403b vs a Traditional IRA or ROTH IRA?

     

  13. How is 401k, 403b and IRA related to this course? (Why are you in this course?)

     

     

     

  14. How much education must you have in order to have a 401k/403b or IRA? (1 WORD!)