Final Final

What percentage of Amercians have saved $0 for retirement?

1 in 3 33.33%

What is the threshold of being wealthy?

1 million or more

How fast should you reach the first baby step of saving $1,000 emergency fund?

1 month

Total credit card debt is over how much?

1 trillion

How long could the average American household survive without a monthly check from an employer?

1-2 months

Rule for houses: 1.Your mortgage payment should not be more than % of you monthly gross income 2. All your bills should NOT be more than % of your monthly gross income

1. 28% 2. 36%

Credit Score consists of what 5 factors?

1. 35% debt payment history 2. 30% debt levels 3. 15% length of debt 4. 10% new debt 5. 10% type of debt

the norming stage of team building includes what 3 feelings?

1. A new ability to express criticism constructively 2. ACCEPTANCE of membership to the team 3. RELIEF that it seems everything is going to work out

The storming stage of team building includes what 5 behaviors?

1. ARGUING among members even when they agree on the real issue 2. DEFENSIVENESS & COMPETITION; factions and choosing sides 3. QUESTIONING the wisdom of those who selected this project and appointed the other members of the team 4. Establishing unrealistic goals; concern about excessive work 5. A perceived "PECKING ORDER", disunity, increased tension and jealousy

The norming stage of team building includes that 4 behaviors?

1. An attempt to achieve harmony by AVOIDING conflict 2. More FRIENDLINESS, confiding in each other and sharing of personal problems, discussing the team's dynamic 3. A sense of team COHESION, a common spirit and goals 4. Establishing and maintaining team ground RULES and boundaries

What are the 5 questions you need to ask yourself is you want to be successful in construction?

1. Are you a student of the construction industry? 2. Is being successful as a construction professional highly important to you? 3. Do you work hard AND smart? 4. Have you demonstrated the ability to change behavior? 5. Do you have strong leadership characteristics?

The balance sheet is composed into what 3 categories?

1. Assets -everything the company owns 2. Liabilities -all the money a company owes except: 3. Owner's Equity -all the money a company owes to its owners

What 6 behaviors are included in the forming stage of team building?

1. Attempts to define the task and decide how it will be accomplished 2. Attempts to determine the acceptable group behavior and how to deal with group problems 3. Decisions on what information needs to be gathered 4. Lofty, abstract discussions of concepts and issues; or, for some members, impatience with these discussions 5. Discussion of symptoms or problems not relevant to the task; difficulty in identifying relevant problems. 6. Complaints about the organization and barriers to the task

What are the 3 types of construction accounting methods?

1. Cash Basis Accounting 2. Accrual Basis of Accounting 3. Percentage of Completion Method (PCM)

The performing stage of team building includes what 3 behaviors?

1. Constructive self change 2. Ability to prevent work through group problems 3. Close attachment to the team

What are the 3 types of assets?

1. Current Assets -accounts receivable 2. Long Term Assets -office building 3. Other Assets -land, buying subcontractors

What are the 2 types of liabilities?

1. Current Liabilities 2. Long-Term Liabilities -land/office/equipment notes, accrued vacation

What are the 2 types of liquidity indicators?

1. Current Ratio 2. Quick Ratio

If you want to become and stay affluent? What are the 4 questions you must be able to answer "Yes" to?

1. Does your household operate on an annual budget? 2. Do you know how much your family spends each year for food, clothing, and shelter? 3. Do you have a clearly defined set of daily, weekly, monthly, annual, and lifetime goals? 4. Do you spend a lot of time planning your financial future?

What 4 feelings are included in the forming stage of team building?

1. EXCITEMENT, anticipation, optimism 2. PRIDE in being chosen for the project 3. Initial, tentative ATTACHMENT to the team 4. SUSPICION, fear, and anxiety about the job ahead

3 parts of A-hole theory: 1. If any individual takes a lenient view of ______ ______, than he can be better than anyone else. 2. An a-hole is not just annoying, but a deeply _____ person. 3. A person counts as an a-hole when he allows himself to enjoy special privileged relationships that shield him from his _____.

1. If any individual takes a lenient view of MORAL STANDARDS, than he can be better than anyone else. 2. An a-hole is not just annoying, but a deeply BOTHERSOME person. 3. A person counts as an a-hole when he allows himself to enjoy special privileged relationships that shield him from his ACTIONS.

What are the types of Prime owner contract types?

1. Lump Sum/Fixed Price 2. Time and Material 3. Cost Type of Cost Plus 4. Unit Price 5. GMAX 6. CMAR 7. IPD 8. EPC/EPCM 9. DB

What are 3 things that causes us to change?

1. Material Gain 2. Conditions of employment 3. Significant emotional experiences

The performing stage of team building includes what 2 feelings?

1. Members have insights into personal and grpoup processes and a better understanding of each other's strengths and weaknesses 2. Satisfaction at the team's progress

What are the 5 determinants of an organization?

1. Personnel 2. Relationships 3. Structure 4. Vision 5. Leadership

The storming stage of team building includes what 2 feelings?

1. RESISTANCE to the task and to quality improvement approaches different from what each individual member is comfortable using 2. Sharp fluctuations in ATTITUDE about the team and the project's chance of success

What are the 4 types of profitability indicators?

1. ROE - Return on Equity 2. ROR - Return on Revenue 3. ROA - Return on Assets 4. EPS - Earnings per Share

Most money myths are rooted in what two problems?

1. Risk Denial 2. Shortcuts to wealth

What should you obtain before hiring a financial advisor?

1. Several references 2. Official college transcript 3. Credit check 4. Series of personal interviews 5. Completion of detailed employment application 6. Documents attesting to the ability of the applicant to perform the duties and tasks required

What 4 things are included in submittals?

1. Shop Drawings 2. Material Data 3. Samples 4. Product Data

What are the 7 common denominators among those who successfully build wealth?

1. They live well below their means 2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth 3. They believe that financial independence is more important than displaying high social status 4. Their parents did not provide economic outpatient care 5. Their adult children are economically self sufficient 6. They are proficient in targeting market opportunities 7. They chose the right occupation

What are the 2 big reasons that keep people from paying off mortgages?

1. To keep the tax deduction 2. Borrow against the home to invest

What are the 2 ways for spotting if a person is acting like an a-hole?

1. after talking to a-hole, does the target feel worse about himself 2. does a-hole target anger towards those less powerful

What are the 4 stages of team building?

1. forming 2. storming 3. norming 4. performing

To produce efficient and effective work, what 6 elements of work must we provide the crews?

1. tools 2. information 3. materials 4. manpower 5. equipment 6. environment

The overall cash requirement for a company is what?

1. total cash needed for all projects 2. cash used by home and regional offices for on[-going operations

What is the recommended quick ratio range?

1.0 -2.0

What is the desired current ratio range?

1.5 - 3.0

Without SS benefits, almost # Americans over 65 would live in poverty.

1/2

How long does a chapter 7 bankruptcy stay on your credit report?

10 years

Q: If a crew works 10 hours per day and 6 days per week, how many men would you need to complete 108,000 man-hour project in 24 weeks?

10hr/day/man x 6day/wk = 60hr/wk/man 60hr/wk/man x 24wk = 1440hr/man 108,000 total hrs / 1440hr/man = 75 men

What percent of INC. magazine's top 500 business entrepreneurs are first-generation American?

12%

__% of success can be attributed to training and education __% of success is attributed to attitude, perseverance, diligence, and vision.

15% 85%

When should you reach baby step 3?

18-20 months

How much do Americans average in a lifetime?

2 million

Self-employed people make up less than % of workers in the US, but account for % of the number of millionaires.

20% 2/3 = 66.66%

What are the 4 ways Dave invests his funds?

25% Growth and Income Funds (Blue Chip) 25% Growth Funds (MidCap/Equity Funds/Index Funds) 25% International Funds (foreign/overseas funds) 25% Aggressive Growth funds ( SmallCap/Emerging Markets)

How much time do PAWs spend planning htier financial investments compared to UAWs?

2x

If you're not yet wealthy but want to be someday, never purchase a home that requires a mortgage that is more than # your households total annual realized income.

2x

PAWs allocate nearly #x the number of hours per month to planning their financial investments as UAWs do.

2x

To be well positioned in the PAW catagory, what must your net worth be.

2x the level of wealth expected

You should never purchase a house that is 2x your _____?

2x your households' total annual realized income

Saving for a down payment or purchase of a home is what step?

3(b)

What does a fully funded emergency fund cover?

3-6 months of expenses

Employee benefits represent how much of total compensation?

30%

What is the general range of labor burden?

30% - 70%

employee benefits represent what percentage of your total employment package?

30%+

Only about % of Americans have a 401k plan.

33%

How is FICO score determined?

35% Debt payment history 30% Debt levels 15% Debt length 10% New debt 10% type of debt

What is the inflation rate for goods and services per year? What is the inflation rate for tuition per year?

4% 8%

What % of Americans could cover less than one months expense if they lost their income?

49%

Facts about the average millionaire: ____ years old (single/married) with # kids Earn ___ % of the household income ____ millionaires are self-employed Self employed people make up less than ___ % of the workers in America, but account for ___ of the millionaires. What is the median income of a millionaire? What is the average income of a millionare? What is the median networth of a millionaire? What is the average networth of a millionaire? They live on less than ___ of their wealth. How much do they save of their earned income? They invest ____% if their household realized income each year.

50ish years old married with 3 kids Earn 70-80% of the household income 2/3 millionaires are self-employed Self employed people make up less than 20% of the workers in America, but account for 2/3 of the millionaires. What is the median income of a millionaire? $131k What is the average income of a millionare? $247k What is the median networth of a millionaire? $1.6mil What is the average networth of a millionaire? $3.7mil They live on less than 7% of their wealth. How much do they save of their earned income? 15% They invest 20% if their household realized income each year.

How much does the average american family make?

50k

What percentage of SS do you and your employer pay?

6.2% each 12.4% total

A new car loses how much of its value in the first 4 years?

60%

How much value does a new car lose in the first 4 years?

60%

What % of Americans don't pay off their credit cards each month?

60%

What % of people do not pay off their credit cards every month?

60%

What percentage of people do not pay off their credit card debt every month?

60%

What % of americans would have difficulty coming up with the money to cover a $1,000 emergency?

67%

Bad credit drops off your credit report after how many years?

7

How long does it usually take to reach the last baby step?

7 years

What % of Americans die without wills?

70%

What % of students borrow money for school expenses?

70%

What percentage of Americans die without a will?

70%

___% of Americans live paycheck to paycheck

70%

___% of us will have a major negative event in a given 10 year period of time.

78%

What is the average inflation rate of tutition?

8%

What percent of America's millionaires are FIRST-generation rich?

80%

What percentage of america's millionaires are first generation rich?

80%

Winning at money is ___% behavior and ___% head knowledge.

80% behavior 20% head knowledge

Personal finance is __% behavior and __% head knowledge

80% behavior 20% head

What % of graduating seniors have credit card debt even before they have a job?

88%

___% of solving a problem is realizing there is one.

90%

__% of 5 year periods and __% of 15 year periods in the stock market's history have made money.

97% 100%

How long could the average US household survive economically with out a monthly paycheck?

A month or two

What are the categories in general overhead budgets?

Advertising Bad Debts bank fees car/truck expense charity computers/office furnishings depreciation dues and memberships employee wages, benefits, retirement, recuiting employee training, taxes insurance interest expense janitor legal meals/entertainment office supply office purchases office rent, utilities postage and delivery promotion publications and subscriptions repairs/maintenance taxes and licenses telephone travel unallocated labor unallocated materials misc.

This function of leadership includes: -to array on the side of or against a party or cause -to be in or come into precise adjustment or correct relative position -to clearly identify the mission and its specific purpose***

Aligning

Those resources held by the company that are of value and will probably lead to some future cash flow.

Asset

this accounting report shows the value of the the value items that a company owns and the money that the company owes at a given point in time.

Balance Sheet

What are the 2 types of accounting reports discussed?

Balance Sheet Income Statement

What is the cornerstone of wealth building?

Being frugal

Cash management is important for what?

Bonding

ROR affects what aspect of our pay?

Bonus

What is included in Labor Burden

Bonus programs Allowances Social Security Medicare FUTA SUTA Workers Comp General Liability 401k Health insurance Union Payments

If the money a company wants to borrow has an interest rate BELOW the compan'ys ROA, what should the company do?

Borrow, because they can profit from taking the loan

_____ _____ life insurance is one of the worst financial products available.

Cash Value

This is a policy is an insurance product that packages insurance and savings together.

Cash Value life insurance

This is the total amount the contractor expects to spend to complete the contracted work

Costs

These accounts keep track of all the money that the company spends over a period of time.

Costs accounts

This liquidity indicator can be visualized as the safety factor for creditor's money loaned to the company, computed as the ratio between the total amount of CURRENT ASSETS and CURRENT LIABILITIES.

Current Ratio

What is the CURRENT RATIO formula?

Current Ratio = Current Assets / Current Liabilities

Q: What is the Current Ratio based on: Assets = $40,000,000 Liabilities = $22,000,000

Current Ratio = Current Assets / Current Liabilities $40,000,000 / $22,000,000 = 1.82

What is one of the biggest obstacles to reset your money spending patterns?

DENIAL

What is the disadvantage to cash basis accounting?

Does not tell the true story of where we are at, especially with over/under billings.

In this project delivery method, the contractor has the responsibility to engineer, procure, construct, and manage a project.

EPC OR EPCM

What is the EPS formula?

EPS = Profit / Number of Company Shares

Q: What is the EPS based on: Profit = 1,200,000 Shares = 600,000

EPS = Profit / Number of Shares = 1,200,000 / 600,000 = $2/share

This profitability indicator tells us how much money we are earning per share of issued stock.

EPS - Earnings per share

Equity/Net Worth =?

Equity/Net Worth = Total Assets - Total Liabilities

T/F Debt is a tool

FALSE Debt is NOT a tool

What are the 3 words that profile the affluent?

FRUGAL FRUGAL FRUGAL

T/F Debt is a tool and should be used to create prosperity.

False

T/F PAWs worry more than UAWs

False

What is baby step 3?

Finishing the emergency fund

Being _____ is the corner stone of wealth building.

Frugal

This is behavior characterized by or reflecting economy in the use of resources.

Frugal

This is defined as behavior characterized by or reflecting economy in the use of resources.

Frugal

What are 3 other terms for overhead?

General overhead General Admin costs Indirect costs

What does GAAP stand for?

Generally Accepted Accounting Principles

What does Dave recommend investing in long term?

Growth-stock mutual funds

HMO=? PPO=?

HMO = Health maintenance organization PPO = Preferred provider organization

This project delivery method includes a tri-party agreement by owner, arch, and contractor.

IPD Integrated Project Delivery

Activities are divided into what two groups?

Important/Urgent Important/Not urgent

This accounting report shows how much money the company earned and spent over a period of time.

Income Statement

What is the single largest annual expenditure for most households?

Income tax

What is the single largest expenditure for most households?

Income tax

Who is most interested in ROR?

Internal managers

What is baby step 4?

Invest 15% of your income in retirement

ROE is of significant interest to who?

Investors and Creditors

ROR for the construction industry is relatively high/low? What does this mean?

LOW construction is risky business

_____ raises people to higher levels of moral development.

Leadership

______ is the art of accomplishing more than the science of management says is possible. -Colin Powell

Leadership

These are obligations for a company to transfer assets or render services at some future time.

Liabilities

Where do projects usually go bad?

Management/Jobsite office personnel

To build wealth, minimize ______ and maximize _____.

Minimize taxable income Maximize unrealized income as wealth/capital appreciation without a cashflow

This function of leadership includes: -to give reason for doing something -to create a purpose for our actions***

Motivating

______ comes from showing people that you believe in them.

Motivation

Myth or Truth: Cash advance, payday loans, rent-to-own, title pawning, and tote=the-note car lots are needed to help lower-income people get ahead.

Myth

Myth or Truth: Debt is a tool and should be used to create prosperity.

Myth

Myth or Truth: If I loan money to friends or relatives, I am helping them.

Myth

Myth or Truth: Make sure your teenager gets a credit card so he or she will learn to be responsible with money.

Myth

The correlation between education and wealth accumulation is _____.

NEGATIVE

Assets-Liabilities=?

Net worth

What is the threshold level of being wealthy?

Networth of $1million or more

What is one of the 4 major factors that keep people from getting a total money makeover is what?

Not realizing you need one

If the money a company wants to borrow has an interest rate ABOVE the company's ROA, what should the company do?

Not take the loan, because the company will pay more in interest than the profit it can realize.

How often must public corporations report their EPS?

Once every quarter (4months)

What is the motto of the UAW?

One earns to spend. When you spend more, you need to earn more

Overbilled/Underbilled: Q: If you have invoiced 50% of the contract amount at the 25% complete project stage, how much overbilled/underbilled would you report?

Overbilled 25%

These are billings in excess of COST and PROFITS, that are a liability that must be recognized on a contractor's balance sheet before its financial statements can be truly meaningful and useful.

Overbillings

These people are builders of wealth. They are the best at building net worth compared to others in their income/age category. They typically have wealth 4x that of UAWs.

PAW - Prodigious Accumulator of Wealth

If your net worth is 2xMORE than it should be, you are a ___. If your net worth is 1/2 LESS than what is should be, you are a __ Ir your net worth is what is should be, you are a _____

PAW - Prodigious Accumulator of Wealth UAW - Under Accumulator of Wealth AAW - Average Accumulator of Wealth

______ determines the potential of an organization ______ determine the morals of the organization ______ determines the size of the organization ______ determines the direction of the organization ______ determines the success of the organization

PERSONNEL determines the potential of an organization RELATIONSHIP determine the morals of the organization STRUCTURE determines the size of the organization VISION determines the direction of the organization LEADERSHIP determines the success of the organization

What are the 4 factors that tell you the basic monthly cost of owning a home?

PITI P - Principle I - Interest T - Taxes I - Insurance

What are the 3 basic management functions?

POC 1. P - Planning 2. O - Organizing 3. C - Controlling

What is the formula for Cash Basis Accounting?

PROFIT= money received to date - money paid out to date

What is the first rule of college? What is the second rule of college?

Pay cash If you have the cash or the scholarship, go

What is baby step 6?

Paying off your mortgage

LARGE contractors are required to account for long-term contracts using what accounting method for their construction contracts?

Percentage of Completion Method (PCM)

This means, in economic terms, being frugal when it comes to spending for consumer goods and services.

Playing great defense

Dilemma: how do you get close without getting hurt?

Porcupine's Dilemma

PAW =?

Prodigious Accumulator of Wealth

These are the people, processes, and tools used to plan, manage, and mitigate cost and schedule issues and any risk events that may impact a project.

Project controls

What is the foundation stone of wealth accumulation?

Quality defense anchored by budgeting and planning

This liquidity indicator is similar to the current ratio. However, it is more stringent than the current ratio. It uses only cash, cash equivalents, and accounts receivable, aka liquid instruments, and current liabilities.

Quick Ratio

What is the QUICK RATIO formula?

Quick Ratio = Near Cash Current Assets / Current Liabilities

Q: What is the Quick Ratio based on: Assets = $35,000,000 Liabilities = $22,000,000

Quick Ratio = Near Cash Current Assets / Current Liabilities = $35,000,000 / $22,000,000 = 1.6

What is the formula for ROA?

ROA = Profit / Total Assets

Q: What is the ROA based on: Profit = 1,200,000 Assets = 40,000,000

ROA = Profit / Total Assets = 1,200,000 / 40,000,000 = x 100% = 3% for every dollar of asset, we are earning 3cents

This profitability indicator tells us how much we are earning through each dollar of asset.

ROA - Return on Assets

Q: What is the ROE based on: Profit = $1,200,000 Owner's equity = $4,800,000

ROE = Profit / OE = 1,200,000 / 4,800,000 = x 100% = 25% for every dollar invested, we earn 25cents

What is the ROE formula?

ROE = Profit / Owner's Equity

This profitability indicator is the ratio between a company's profit (net income after taxes but before dividends) divided by its owner's equity, expressed as a percentage.

ROE - Return on Equity

What is the ROR formula?

ROR = Profit / Revenue

Q: What is the ROR based on: Profit = 1,000,000 Revenue = 22,000,000

ROR = Profit / Revenue = 1,000,000 / 22,000,000 = x 100% =4.55% for every dollar of revenue, we are making 4.55cents

This profitability indicator indicated how much profit a contractor is making from each dollar of revenue.

ROR - Return on Revenue

The higher one's net worth, the better they are at minimizing one's _____ income.

Realized income

This liquidity indicator tells us how much money we are making for every dollar invested.

Return on Equity

This is money coming in

Revenue

This is the total amount that a contractor expects to collect from the owner for contract performance.

Revenue

These accounts keep track of the money that the company makes over a period of time

Revenue accounts

What are the 3 basic leadership functions?

SAM 1. S- Setting Direction 2. A - Aligning 3. M - Motivating

What is the first baby step?

Save $1,000 cash as a starter emergency fund

Leadership is inherently oriented through ______.

Servant hood

This function of leadership includes: -guidance or supervision of action or conduct -identification of a clear path forward***

Setting Direction

What are some of the project controls tools in our toolbox?

Software - Project management and accounting Engineering plan Management administration plan Schedules Budget/Estimate Labor cost report Submittal logs, RFI logs Change orders Subcontracts Purchase agreements Purchase orders Owner contract Contract documents Payment applications Monthly Financials**

What are the steps for a total money makeover?

Step 1: $1000 in an emergency fund Step 2: Pay off all Debt with the Debt Snowball (smallest first) Step 3: 3 to 6 months expenses in savings Step 4: Invest 15% of income into Roth IRAs and Pre-Tax Retirement Plans Step 5: College Funding Step 6: Pay off home early Step 7: Build wealth and give

Do not buy/start saving for a home until you finish what baby step?

Step 3 finish the emergency fund

Who is the number one target of credit card companies?

Teens

What is the second baby step?

The debt snowball. become debt-free except for home

What does the accrual basis of accounting take into account that cash basis accounting does not?

The much bigger picture, includes all assets and liabilities, future receivables and payables.

Why would someone who is a millionaire need to budget?

They became millionaires by budgeting and controlling expenses, and they maintain their affluent status the same way.

What does it mean if a company has a current ratio of LESS than 1.5?

They may struggle to find enough cash or easily convertible assets to pay its current liabilities

People who become wealthy allocate their _____, _____, and _____ in ways consistent with enhancing their net worth.

Time Energy Money

Profit=?

Total Revenue - Total Costs = Profit

T/F Financially independent people are happier than those in their same income/age cohort who are not financially secured.

True

T/F Most construction companies are NOT incorporated as public corporations.

True

T/F A construction company's quick ratio is usually pretty good because we need cash for bonding/operations.

True

T/F Submittals are NOT an opportunity for the designers to select different materials than those already specified.

True

T/F While is is fine to GIVE money to friends in need if you have it, loaning them money will mess up relationships.

True

Myth or Truth: A new car loses 60% of its value in the first 4 years; that isnt 0%

Truth

Myth or Truth: Debt adds considerable risk, most often doesn't bring prosperity, and isn't used by wealthy people nearly as much as we are led to believe.

Truth

Myth or Truth: If I loan money to a friend or relative, the relationship will be strained or destroyed. The only relationship that would be enhanced is the kind resulting from one party being the master and the other party a servant.

Truth

Myth or Truth: Lotto and Powerball are a tax on the poor and people who can't do math

Truth

Myth: I don't have time to work on a budget, retirement plan, or estate plan.

Truth: You don't have time not to.

These people have a higher propensity to spend than do the members of the PAW group. They tend to live above their means; they emphasize consumption. They tend to de-emphasize many of the key factors that underline wealth building.

UAW - Under Accumulators of Wealth

UAW =?

Under Accumulator of Wealth

Overbilled/Underbilled Q: If you have completed 50% of the project but you have only invoiced 25% of the contract amount, how much overbilled/underbilled would you report?

Underbilled 25%

This is cost and profits in excess of BILLINGS, that are an asset that must be recognized on a contractor's balance sheet before its financial statements can be truly meaningful and useful.

Underbillings

What are the top 4 credit cards held by millionaires?

Visa 59% Master 56% Sears 43% Penny's 30%

This is a lifestyle marked by lavish spending and hyperconsumption.

Wasteful

(Age x Realized Pretax Income) / 10 =?

What your net worth should be

_____ _____ is a horrible product. Why would you pay someone interest on your own savings? That's backward, and it does not make you smart.

Whole Life Insurance

Money problems, worries, and shortages largely begin and end with who?

YOU

What is your largest wealth-building asset?

Your income

What are the of what 4 things result in wealth?

a lifestyle of: 1. hard work 2. perseverance 3. planning 4. self-discipline

Wealth is about what you ______, not what you _____.

accumulate spend

How long does long term disability cover you for?

after 6 months from injury to some date, often until retirement age replaces up to 65% of then current salary

Your ______, not your aptitude, will determine you altitude.

attitude

A ______ is telling money where to go rather than wondering where it went.

budget

This is telling where your money to go instead of wondering where it went

budget

You must set up a _____ every month

budget

What is baby step 7?

build wealth

How does one determine if someone is wealthy?

by net worth

People rise to leadership through a ______ or ______.

calling or cause

Be more concerned with your _____ than your reputation, because your _____ is what you really are, while you reputation is merely what others think you are.

character

Your life is a result of the _____ you make, if you don't like your life, it is time to start making better _____.

choices

You are free to choose, but you are not free from the _____ of your choices.

consequences

A major barrier to winning is our view of _____.

debt

Too much _____, too little _____, and no sense of _____ over my life

debt savings control

The foundation stone of wealth accumulation is _____, and this should be anchored by _____ and _____.

defense budgeting and planning

Building wealth takes what 3 things?

discipline sacrifice hard work

For the project controls function to produce consistent results, we must:

do the routine things routinely

Which projection type is easiest to do payapps/monthly projections? hardest?

easiest = hard bid and CMR hardest = Unit Price

Consistently produce ______ and _____ work.

effective and efficient work

One of the habits of highly effective people is that they begin with the _____ in mind.

end

What is the goal of team building?

extend the "function as a team" on the project timeline.

General overhead/administration ratio=?

general overhead/revenue

Your financial principles and process must work in _____ time and _____ times.

good times and bad times otherwise, they don't work

What you do speaks so loud, I cannot ______ what you say.

hear

Every one of us neegs a few people to tell us the truth about our _____ and _____.

heart and soul

It is human nature to want it and want it now; it is also a sign of _____.

immaturity

Only _____ can be cleaned from credit reports

inaccuracies

Myth: Debt consolidation saves _____, and you have one smaller payment Truth: Debt consolidation is dangerous because you only treat the _____.

interest symptom

You have to tell money what to do or it ______

leaves

More companies fail for lack of ______ than for any other reason.

liquidity

It is stupid to guarantee someone else's _____

loan

What is one trait you must have to lead, or people will not follow you?

loyalty/trust

Simple _____ will keep your money muscles maintained

maintenance

ROE can be significantly influenced by what?

market conditions and how the company is managed

Being willing to delay pleasure for a greater result is a sign of _____.

maturity

To build wealth, minimize your _____ income and maximize your _____ income.

minimize realized income maximize unrealized income

You can get a _____ if you have lived right.

mortgage

Leadership is based on ______ influence. Leaders both shape and are shaped.

mutual influence

You have to see the _____ to make dramatic changes.

need

Most millionaires measure their success by their _____ _____, not by their realized incomes

net worth

If your second mortgage is more than 50% of your income, should you put it in your debt snowball?

no

Older millennials will need how much saved to maintain their standard of living in retirement? Younger millennials will need how much saved to maintain their standard of living in retirement?

older = 1.8million (1k/mo @ 5% for 32 years) younger = 2.5million (1k/mo @ 5% for 48 years)

Debt brings enough _____ to offset any advantage that could be gained through leverage of debt.

risk

What is baby step 5?

saving for college

The ____ of PAWs tend to be even more frugal.

spouses

You can get anywhere if you simply go one _____ at a time

step

ROA is useful when, as it can be used as a useful control value ?

the company is considering borrowing money

Myth: I don't have time to work on a budget, retirement plan, or estate plan Truth: You don't have _____ not to.

time

The cost of work to: The owner is ______ To us is _____

to owner = cost to us = revenue

Life is a _____, not a camp.

trail

How long does short term disability cover you for?

up to 6 months of being disabled

What is the range for ROE?

varies widely from a single digit to 50%

What is the opposite of frugal?

wasteful

To know that our work matters, that our labor counts for something is to know that _____ count.

we

Most folks have a good idea of _____ to do with money but not _____ to do it.

what to do how to do it

Who is better wired to support an emergency fund, men or women?

women

What does it take to succeed on a big scale?

written goals

What is the wealth formula? This should be your level of net worth expected.

(Age x Income) / 10