Transcript Credit cards?

SEMESTER PROJECT
NAME
Personal
Finance
DEVELOPING A SOUND
FINANCIAL LIFE
ECONOMIC BIOGRAPHY - FUTURE CAREER
 Future Career-
 Duties and Responsibilities
 Necessary Training/Schooling
 Expected Salary (starting)
COLLEGE FINANCING
 Cost of Degree – be specific on how it was calculated (school,
tuition, room/board, # years, etc.)
MONTHLY COSTS - BUDGET
FOOD
Projected Cost
PROJECTED
PROJECTED MONTHLY
MONTHLY INCOME
INCOME 8000 8150
$
0
0
Groceries
$0
Dining out
$0
Other
$0
HOUSING
HOUSING
Subtotals
$0
Mortgage or rent
Mortgage or rent
Phone
Phone
Electricity
Electricity
Gas
Gas
Water and sewer
Water and sewer
Cable
Cable
Waste removal
Waste removal
Maintenance or repairs
Maintenance or repairs
Supplies
Supplies
Other
OtherInsurances
Total
Subtotals
Subtotals
PERSONAL
Projected Cost
Projected Cost
$2,000
$2,000
$0
$10
$10
$0
$20
$100
$0
$20
$80
$0
$50
$50
$0
$0
$0
$30
$40
$0
$50
$50
$0
$30
$30
$0
$0
$0
$2,210
$2,360
$0
Projected Cost
TRANSPORTATION
Projected Cost
ENTERTAINMENT
Projected Cost
Video/DVD
$0
CDs
$0
Movies
$0
Concerts
$0
Sporting events
$0
Live theater
$0
Other
$0
Other
$0
Other
$0
Subtotals
$0
Vehicle payment
$0
Bus/taxi fare
$0
Insurance
$0
Licensing
$0
Fuel
$0
Maintenance
$0
Other
$0
Other
$0
LOANS
Subtotals
$0
Personal
$0
Student
$0
SAVINGS OR INVESTMENTS Projected Cost
Projected Cost
Retirement account
$0
Credit card
$0
$0
Credit card
$0
Credit card
$0
Other
$0
Subtotals
$0
Food
$0
Investment account
Medical
$0
Other
Grooming
$0
Subtotals
Clothing
$0
GIFTS AND DONATIONS Projected Cost
Health club
$0
Charity 1
$0
Laundry and Dry Cleaning
$0
TOTAL PROJECTED EXPENSES $8,000
$0
Charity 2
$0
TOTAL PROJECTED INCOME
Other
Subtotals
$0
$0
8000 80
Charity 3
$0
Subtotals
$0
TOTAL DIFFERENCE
$0
$0
$0
FUTURE BUDGET
EXPLANATIONS/SAVINGS PLAN




Housing -apt on your ow n? w ith roommates?? Buy a house?
Transportat ion -buy a car? Use the bus? Ride a bike?
Food-eating out or preparing your ow n?
Gifts and Donations -do you plan to budget giving to others? What if
money gets tight?
 Savings and Investments -how much and how do you plan to make it
happen
 Loans-student loan? Auto loan? Credit cards?
 Entertainment -w hat kinds w ill you budget for? What can you do for
cheap?
W-4 FORM - FILLED IN
W-4 FORM 2 ND HALF – FILLED IN
Don’t include your SSN
W-2 FORM – FILLED IN AS THOUGH FROM
EMPLOYER (AFTER ONE FULL YEAR)
Don’t include your SSN
FINANCE TERM 1-DONATING
 Define donating
 Is it something you will budget for? Why or why not.
FINANCE TERM 2-NET INCOME
 Define net income
 What does this mean to you? Was it a new term?
FINANCE TERM 3-BUDGET
 Define budget
 What did you learn regarding this word and its usefulness or
lack thereof?
 How will you go about creating one?
UNDERSTANDING
CREDIT
CREDIT CARDS
 Find 2 credit cards that you feel are the best options out there
for you (rewards, flyer miles, cash back, interest rates, etc.)
 Insert a table comparing at LEAST 5 categories (interest rate,
annual fees, late fees, rewards, etc.)
 Which of these would you choose and why OR do you even
plan on getting one at all because of what you have learned?
PAYDAY LOANS
 What did you learn about payday loans? When is this an
option for obtaining money? Explain.
MY CREDIT SCORE
 Research how credit scores are calculated and give an
estimate of yours currently. What things did you consider
when figuring out your score?
FINANCING A CAR
 Year, make, model of first car. Price, down payment (if
making one), sales tax, total purchase price.
 Of fer 1-monthly payment with interest rate and which
institution
 Of fer 2
 Of fer 3
 Which of fer you would choose and why
FINANCING A HOUSE





Estimated price of first house
Of fer 1-interest rate/term and institution
Of fer 2
Of fer 3
Which of fer you would choose and why
BANK OR CU NAME
 What bank or credit union would you choose?
 Explain why (mortgage, auto rates, savings rates, etc.)
CREDITOR
 Define creditor and explain the dif ferent types (personal,
real).
GOOD DEBT
 Define good debt and explain what types of good debt you will
have in your life and why it is considered "good".
IDENTIT Y THEFT
 Define Identity Theft
 How can it be prevented and what steps will you take to
protect your identity?
 What do you need to do if your identity is stolen?
SPENDING MONEY
MONTHLY EXPENSES, FIXED
 Define fixed expenses
 List all future fixed expenses and their estimated amounts
MONTHLY EXPENSES, FLEXIBLE
 Define flexible expenses
 List all future flexible expenses and their estimated amounts
3 SHORT TERM DEBT ITEMS
 Define short term debt
 List three short term debts and explain why they are STDs
 Explain how you plan to handle short term debts
3 LONG TERM DEBT ITEMS
 Define long term debt
 List three long term debts and explain why they are LTDs
 Explain how you plan to handle long term debts
SAVINGS PLAN
 State your monthly savings from your budget.
 How did you come up with that figure?
 What are your thoughts about the image below? Is it doable?
SAVINGS PLAN
 Explain your long-term savings plan considering all aspects
(Roth, 401k, IRA , savings account, stocks, etc.) and ultimate
goal.
BUDGET EXPANDED
 Explain what your monthly income will be spent on or why
some bills may be very low (i.e. cable =$10 because you will
only have netflix)
 This may take more than 1 slide
SPENDING TERM-FINANCIAL EMERGENCY
 Define financial emergency
 What did you learn regarding this word and how will you
account for it?
SPENDING TERM-SAVINGS
 Define savings
 What did you learn regarding this word and its usefulness or
lack thereof?
 How did it change the way you think of money?
SPENDING TERM-FIXED VARIABLE
EXPENSES
 Define FVE
 Give some examples and how you can lower these expenses
BANKING AND
INSURANCE
ACCOUNT(S) I WILL HAVE-KIND HERE
 Specify what kind of account you will have and why. Advantages,
disadvantages, how much you will keep in there and why that
amount. (Should fill most of the page)
 One account per page —you should have at least 2 but do not go
over 5
3 INSURANCES-HEALTH, LIFE, HOUSE
 Health Insurance- estimate what your risk level is and with that,
research premiums, coverages, deductibles for health insurance.
State all of the above and what company you would go with and
why.
 Home Insurance-research what this covers, find a company you
feel comfortable with and explain why
 Life Insurance-should be fairly similar to health insurance
BANKING AND INSURANCE TERM-CREDIT
UNION
 Define credit union and explain its similarities and dif ferences
to a bank.
 Is this the type of institute you plan on using, why or why not?
BANKING AND INSURANCE TERMINTERNET BANKING
 Define internet banking and explain its pros and cons
 Is this something you plan on using, why or why not?
BANKING AND INSURANCE TERMWARRANT Y
 Define warranty and explain its pros and cons given dif ferent
situations if necessary
 Do you see this as something useful in your future, why or why
not?
INVESTING MONEY
INVESTING TERMS-MUTUAL FUND
Define Mutual Fund. Describe the pros and cons of having one.
INVESTING TERMS-BONDS
 Define Bond. Describe the pros and cons.
INVESTING TERMS-STOCKS
 Define stocks. What are the pros and cons?
EARNINGS
 What kind of earnings (interest) do you hope to make on your
savings?
 Explain the Rule of 72
RETIREMENT PLANNING
 Explain each of the following: Social security, 401k, Roth IRA ,
and Traditional IRA . Include some general information and
the pros and cons of each, and which one(s) you plan to use in
the future. Do not put more than 2 on one slide.
MONEY SET ASIDE
 Given your occupation, what do you plan to save every month
and what is your ultimate goal by doing so?
 What kind of investments (mutual funds, bonds, stocks, etc.)
do you plan on making and why ?
 What is your retirement plan (how much to have saved, by
what age and what you will do to get there)?
SUMMARY
 What is your savings plan (amount saved per month and
ultimate goal by doing so)? What is your retirement plan (how
much to have saved, by what age and what you will do to get
there)?
 Where do you plan to be financially (net worth) at 20 years
old? 35? 55?
FEEDBACK
 What did you like most about the Personal Finance course?
 What could improve this course for future classes?