1: People have limited resources and must prioritize their needs and wants. Saving and/or investing a percentage of income contributes to an individual's financial well-being. Professionals can help individuals determine financial goals.

2: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.

3: People may receive money as gifts, allowance or income. Incomes can vary based on knowledge, skills and experiences.

4: Recognize that people pay taxes on the money they earn. Money collected from taxes is used to provide local, state and national government services.

1: Financial responsibility entails being accountable for managing money to satisfy one's current and future economic choices.

2: Financial responsibility involves life-long decision-making strategies which include consideration of alternatives and consequences.

3: Competencies (knowledge and skills), commitment (motivation and enthusiasm), competition (globalization and automation), training, work ethic, abilities and attitude are all factors impacting one's earning potential and employability.

4: Income sources include job earnings and benefits, entrepreneurship, saving and investment earnings, government payments, grants, inheritances, etc. Workers can experience dramatic income dips and spikes from month to month.

5: Taxes, retirement, insurance, employment benefits, and both voluntary and involuntary deductions impact take-home pay.

5: Financial responsibility includes the development of a spending and savings plan (personal budget).

6: Financial responsibility includes the development of a spending and savings plan (personal budget).

7: Financial institutions offer a variety of products and services to address financial responsibility.

8: Financial experts provide guidance and advice on a wide variety of financial issues.

9: Planning for and paying local, state and federal taxes is a financial responsibility.

6: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.

10: An informed consumer makes decisions on purchases that may include a decision-making strategy to determine if purchases are within their budget.

11: Consumer advocates, organizations and regulations provide important information and help protect against potential consumer fraud.

12: Compare bank terms before opening an account.

13: Consumer protections laws help safeguard individuals from fraud and potential loss.

14: Planned purchasing decisions factor in direct (price) and indirect costs (e.g. sales/use tax, excise tax, shipping, handling, and delivery charges, etc.).

15: Using key investing principles one can achieve the goal of increasing net worth.

16: Investment strategies must take several factors into consideration such as compounding interest, costs, fees, tax implications and the time value of money.

17: Government agencies are charged with regulating providers of financial services to help protect investors.

7: Examine the different ways that people pay for goods and services.

8: People may have to borrow money for large purchases. There are financial responsibilities with borrowing.

9: Saving today can help meet future goals, including education.

18: Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay to lender at some later date.

19: Debt is an obligation owed by one party to a second party.

20: Effectively balancing credit and debt helps one achieve some short and long-term goals.

21: Financial documents and contractual obligations inform the consumer and define the terms and conditions of establishing credit and incurring debt.

22: Many options exist for paying for post-secondary education opportunities.

10: Individuals must protect their identity, money and property.

23: Safeguards exist that help protect one's identity, money and property.