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EVERFI Grow Financial Planning for Life Answers

Grow: Financial Planning for Life is a revolutionary digital program that equips students with the necessary skills to make sound financial decisions and achieve long-term financial stability. Our immersive virtual environments, combined with engaging characters, allow us to impart age-appropriate knowledge in an enjoyable way. Through problem-solving, self-reflection activities, and interactive games based on real-life scenarios, users can quickly master the basics of personal finance management!

By assisting Lei in setting financial goals, students will develop greater self-confidence when creating and reaching their own financial objectives for the present and future. What’s more, they’ll be well-versed in money management concepts like budgeting and emergency savings building, as well as forming good monetary habits!

Help your students develop a healthy financial foundation for their future by teaching them how to make the most of their money. Empower them to understand the importance of balancing expenses with savings so they can achieve what matters most to them.

Here are the answers on Everfi Grow: Financial Planning for Life.

employer sonsored account that employees can save money from each paycheck to be used in retirement
retirement plan for the benefit of employees of public schools, hospitals, and tax exempt organizations
property owned by a person that has value; could be used to pay off debt
an increase in monetary value
bad debt
debt that does NOT increase your net worth or help you earn more money
a plan for income and expenses during a set period of time
cash advance
small amounts of money borrowed from credit card lenders at a very high interest rate
compound interest
percentage of both principal and previously accurred intersts that is added to total amount owed on loan
compounding returns
when value of your investment grows based on origional amount of money and profits investment created
credit score
numerical value based on analysis of a credit record 300-850
extent to swhich a person or company is considered suitable to recieve a loan, based on reliability in paying money back in the past
money that is owed in return for a loan or purchase
money that is paid quarterly to shareholders of a company from the profit the company earns
dollar cost averaging
investment strategy that divides money being invested in purcahsed small quantities of assets over time
down payment
initial payment at the point fo purchase of a large item like a car or a house; reduces amount you must pay monthly
fixed-rate mortgage
a loan for a house where the interest rate stays the same throughout the entire term of the loan
good debt
money expended that can increase your net worth and help you earn money
all of the money that an individual receives or earns in s a set period of time
money paid at a regular rate in exchange for money lent
money that is expended with the expectation of earning profit in return
IRA (Individual Retirement Account)
retirement account with tax advantages where money can be saved and invested in fo the long term
long-term financial goals
the things you would like to be able to do with your money in more than five years in the future
mid-term financial goals
the things you would like to be able to do with your money in around one to five years
net worth
the total amount of money held by an individual or company, including assets and debts
ordinary income tax
tax paid to IRA based on income from employment or business activity
the pay for work completed in a set period of time
payday loan
a small loan with a very high interest rate lent with the expectation that the borrower will repa the full amount of the loan with their next paycheck
tax-advantaged retirement plan with an employer contribution
original amount of money lent in a loan that does NOT include interest
roth ira
individual retire account where you can make after tax contributions; withdraws made after age of 59 1/2 are tax and penalty free
short-term financial goals
things you wuld like to be able to do with your money in less than a year
withdrawal penalty
monetary fees are given to an individual if they perform an early withdrawal from a locked or time specific account (401k, 403b, or IRA account)


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