Financial Applications #1 How to Choose a Bank Account Savings Checking Features Cost Convenience.
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Transcript of Financial Applications #1 How to Choose a Bank Account Savings Checking Features Cost Convenience.
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Financial Applications #1How to Choose a Bank Account
SavingsChecking
FeaturesCostConvenience
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Financial Applications #1Checking Account Types
BasicDiscountPremiumOnline
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Financial Applications #1Checking Account Types
StudentInterest BearingCredit UnionsSmall/Large BanksInternet Only Banks
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Financial Applications #1Convenience and More
Location, Location, LocationFlexible HoursFDIC or NCUATons of ATM’sIt’s Not a Marriage
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Financial Applications #1How To Open An Account
Bring the minimum fundsBring IDOverdraft?Choose ChecksSign up for Online BankingChoose a Debit or ATM CardConsider opening another account
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Financial Applications #1 Four Ways to Avoid
Bouncing Checks1. Wait for deposits to clear2. Balance your checkbook3. Reconcile your checkbook4. Remember your ATM’s
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Financial Applications #1 ATM Safety Tips
1. Avoid alone in the dark2. Choose ATM’s inside large
places3. Never leave receipts behind4. Shield the Keypad5. If concerned, go somewhere
else6. Put the card and money
away
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Financial Applications #1Banking and paying Bills Online
QuickerCheaperCan download into softwareCan set to Auto-DebitCan track historyStill get statement in the mail
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Financial Applications #1Financial Software Programs
QuickenMS Money
Can expand as your life gets complicatedQuick overall pictureCan download into tax programsNo boxes only a CD
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Financial Applications #1What To Keep and What To Shred?
Tax ReturnsMortgage StatementsHome purchase recordsHousehold receiptsUtility billsMedical records
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Financial Applications #1What To Keep and What To Shred?
Insurance PoliciesInvestment InformationStudent Loan StatementsATM ReceiptsCredit card receipts/ StatementsBank Statements
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Financial Applications #1Credit Cards
Two Ways to Go WrongThe cashmere sweater and the iPodNo credit card
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Financial Applications #1 How To Get Your First Card
1. Get a full time job2. Go to college3. Try for the easy ones4. Try a Secured Credit Card5. Ask your parents to co-
sign
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Financial Applications #1What To Look For in a Credit Card
No annual feeGenerous grace periodLow regular APRLow fees for late paymentsNo penalty APR’sFree electronic bill payingNo arbitration clause
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Financial Applications #1Credit Card Dictionary
Minimum Monthly PaymentCash AdvancesVariable Interest RateFixed Interest Rate
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Financial Applications #1Credit Card Dictionary
Credit Line/LimitBalance TransfersBilling CycleRevolving AccountCharge Account
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Financial Applications #1Debit Cards Vs. Credit Cards
What are Debit Cards?Debit Card PositivesDebit Card Negatives
What are Credit Cards?Credit Card PositivesCredit Card Negatives
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Financial Applications #1Easy Tips For Credit Card Success
Limit the numberPay close attention to contract changesSteer clear of “Cash Advances”Steer clear of “Credit Card Checks”Ask and receive
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Financial Applications #1Easy Tips For Credit Card Success
Read, read, read, the fine printKnow when and how to cancelJust say “No” to credit insuranceReport lost or stolen card ASAPGo OnlineKeep track of purchases
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Financial Applications #1 Reasons To Check Your Credit
Card Statement1. 60 day error or fraud limit2. Stolen3. Dispute a charge4. Due time5. Due date (full or minimum
balance)
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Financial Applications #1
Reward CardsFrequent flyers and hotelsDiscounted gasCash backGold Cards
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Financial Applications #1Managing Your Credit Score
FICO or scoresBelow 650 Sub-Prime675 – 720 Good720-850 BestVantage Scores900 = “A”800 = “B”
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Financial Applications #1Score Hurts and Helps
Auto/Homeowners InsuranceEmployer and Landlord checksChecking AccountsGetting a loanCredit Card Companies
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FICO SCORE
APR Monthly Payment
760-850 6.094% $1,817
700-759 6.316% $1,860
660-699 6.60% $1,916
620-659 7.410% $2,079
580-519 8.275% $2,259
500-579 9.131% $2,442
30 Year $300,000 Mortgage and FICO Score
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FICO SCORE
APR Monthly Payment
720-850 7.193% $774
690-719 7.928% $783
660-689 9.484 $801
620-659 11.075% $819
590-619 14.495% $860
500-589 15.124% $868
36 Month $25,000 Car Loan and FICO Score
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Financial Applications #1What Matters Most
Your bill paying recordAmount of debtCredit mixtureCredit timeToo much at once
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Financial Applications #1Bad Marks on Your Credit Report
Default on a loanForeclosureCharge offCar repossessedBankrupt
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Financial Applications #1What Matters Most
35% Payment History30% Amounts Owed15% Length of Credit History10% Types of Credit in Use10% New Credit
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Financial Applications #1 How To Maintain Great
Credit1. Use your credit card2. Pay your bills on time,
every time3. Don’t charge to your max
limit4. If turned down, ask why?5. Avoid too many credit
inquiries6. Keep your card
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Financial Applications #1How To Pay It Off As Quickly As Possible
Make a listTry and lower the ratesMake payments on time
The Beauty of Prepayment (and the Beast of the Minimum Payment)
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Prepayment of $5,000 @ 17% $71.28 Monthly
Extra Monthly Payment
Years to Pay off Loan
Interest Paid
$0 30 $20,702
$10 12.5 $6,854
$20 9 $4,708
$30 8 $3,653
$71.28 (Double)
5 $1,961
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Financial Applications #1How to Save Money
Put your raise awayBrown bag itTurn up the thermostatMake a grocery list before shoppingMake your own Gourmet Coffee
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Financial Applications #1What To Do Now and In Your 20’s
Start nowBuild creditPay off loansSave for a homeOpen a retirement accountKeep up credit rating
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Financial Applications #2Saving and Investing
The difference is time frame and goals
Save For:VacationNew carRainy Day Fund
Invest For:Down payment on homeChild’s educationRetirement
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Financial Applications #2The Rainy Day Fund
First thing to save forJob lossDisability3-6 Months living expenses:
RentUtilitiesCar paymentGroceries
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Financial Applications #2
Before saving, Insure
HomeownersHealth and DisabilityAutoLife
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Financial Applications #2How and Where To Save
Checking AccountSaving AccountMoney MarketCD’sU.S. Saving Bonds
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Financial Applications #2Growing Your Money
Compound Interest
Rule of 72’sAuto Pilot
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Financial Applications #2 Stock Market Investing
1. Gamble for thrill seekers or crazies
2. Get rich the fastest way
3. Solid strategy for a reasonable person
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Financial Applications #2Why Invest?
From 1925-2002Stock Gain 10.2%Bond Gain 5.5%T-Bill Gain3.8%
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Financial Applications #2Types of Investments
StocksBondsMutual FundsReal EstatePrecious MetalsCollectibles
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Financial Applications #2 Real Estate Basics
1. Own before investing2. Learn the legal and tax
implications3. Be realistic4. Location, Location,
Location
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Financial Applications #2 Investing Priorities
1. Retirement2. College for kids
Asset Allocation “Don’t put all your eggs
in one basket”
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Financial Applications #2Mutual Fund Terms
No LoadLoadIndexRisk versus Return
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Financial Applications #2Mutual Fund Types
ManagedIndexedStockBondAggressive GrowthGrowthIncome
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Financial Applications #2Mutual Fund Rating
www.morningstar.comBiography of the Fund ManagerThe top 5 or 10 holdingsDescription of the fund
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"Smart Planning: Acquiring the Tools for Financial Success".
Mutual Fund Experts Morningstar:
1 year 50% 5 years 30% 20 years 15% 15% experts beat the market 85% do not
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Financial Applications #2How To Buy Mutual Funds
Direct PurchaseDiscount BrokerageWorkplace 401 (k)’sPrice timingExchange Traded Funds
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Financial Applications #2Stock Terms
Dollar Cost Averaging“Bull” Market“Bear” MarketThe Market
“Dow”S & P 500
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Financial Applications #2How To Open a Brokerage Account
Discount or Full ServiceDiscountFull Service
Minimum DepositVisit their office or web siteGetting in Cheap
No load ProgramsOne Share Programs
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Financial Applications #2Bonds are loans
CorporateConvertibleMunicipalU.S. Government SecuritiesU.S. Government AgencyForeign Government
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Financial Applications #2Bond Funds
Not BondsRisksBenefits
Bond Bottom LineSteady income for a short term
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Investment Basics Hot tip? 1. Is the seller a moron? 2. Is everyone a moron? 3. Everyone has the same information 4. Just pick a line and stay in it (Dollar
Cost Averaging or Indexed fund) 5. Experts beat the market only 15% 6. Save Invest Repeat
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"Smart Planning: Acquiring the Tools for Financial Success". Diversify Flip a Coin 1 flip Heads = $400,000 Tails = $0 .5($400,000) + .5(0) = $200,000
=100% return 50% Risk
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"Smart Planning: Acquiring the Tools for Financial Success". Flip 10 Coins 10 flip Heads = $40,000 Tails = $0 10(.5($40,000) + .5(0)) = $200,000 100%
return .001% Risk
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"Smart Planning: Acquiring the Tools for Financial Success".
“Hot stock tips” Index Fund Ibbotson Associates 1925-2006
Stocks 10.42% Bonds 5.9% Treasury Bills 3.72%
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Financial Applications #2Workplace Retirement Plans
401 (k) Tax Free In, Taxable Out403 (b)457SEP-IRAPension
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Financial Applications #2Individual Retirement Plans
IRA SEP IRARoth IRA Taxable In, Tax free out
Tax Sheltered Compounding
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Financial Applications #2How To Make a Million Bucks
Timing Comparison
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"Smart Planning: Acquiring the Tools for Financial Success".
Roth, taxable in tax free out Age 30 $3,000 8% Age 65
$44,356 $3,000 per year $561,306 Age 50 $90,972 Age 25 $1,255,278
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$1 Million with a cup of Coffee
Money Invested per year
Age Money for Retirement
$3,000 50 $117,380
$3,000 40 $357,000
$3,000 30 $978,90
$3,000 25 $2,600,000
$1,200 25 $1,000,000
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"Smart Planning: Acquiring the Tools for Financial Success".
The $1 million cup of coffee $5 X 5 days week Roth Index fund 10.42% Age 22 $1,086,271
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"Smart Planning: Acquiring the Tools for Financial Success".
Starting now is important! $200 per month from age 18-28
then not another dime 9% Roth Age 65 $950,580 $200 per month from age 28-65 $714,674
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Financial Applications #2
Saving For EducationConstant increasing costs529 Savings PlanCoverdell ESAGifts
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Financial Applications #3Living Expense Factors
Monthly Expense/RangeRent-$300/$2,000Gas-$20/$250Electric-$30/$150Water-$20/$60Garbage Collection-$45/$85
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Financial Applications #3Living Expense Factors
Monthly Expense/RangePhone Bill-$25/$100Cell Phone-$30/$65Internet-$10/$50Cable/Satellite-$35/$75Groceries-$200/$450
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Financial Applications #3Living Expense Factors
Monthly Expense/RangeEntertainment-$75/$250Health Insurance-$150/$600Renters Insurance-$150/$800Home Maintenance-$10/$125Clothing-$300/$1,200
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Financial Applications #3Living Expense Factors
Monthly Expense/RangeDental-$5/$70Car Payment-$100/$600Car Insurance-$50/$400Gasoline-$30/$80Car Repair-$10/$50
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Financial Applications #3Living Expense Factors
Monthly Expense/RangeBus Commute-$0/$100Gym Membership-$35/$75Credit Card Bills-$15/$150Vacation-$50/$200
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Financial Applications #3Salary Calculator $30,000 in Ft. Lauderdale, need:New York $52,900Chicago $37,300Atlanta $24,900Denver $26,300Dallas $23,800Charlotte $24,200San Francisco $46,300
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Financial Applications #3Apartments, What Can You Afford?
One Bedroom Monthly RentsNashville $680Fort Lauderdale $850San Francisco $1,943Atlanta $819NYC $2,397Chicago $842Denver $750
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Financial Applications #3 Apartment Hunting Steps1. How much you can afford2. Check the choices and
decide where3. Read newspaper ads4. Hit the streets looking5. Ask questions6. Apply for the apartment
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Financial Applications #3
What To Look For In An Apartment
1. Safety2. Parking3. Noise4. Access5. Closets6. Floor Space
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Financial Applications #3
What To Look For In An Apartment
7. Wall Space8. Appliances and Plumbing9. Kitchen Storage10. Electrical Outlets11. Daylight12. Laundry Room
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Financial Applications #3 Deposits1. Apartment2. Utilities3. Phone4. Cable TV
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Financial Applications #3Leases
Term of LeaseSublet ClauseLease CancellationWho Signs?Late FeesAutomatic Renewal
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Financial Applications #3
LeasesSecurity DepositUtilities IncludedPainting PolicyRoommates and Overnight GuestsLandlord’s AccessPetsNo Lease
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Financial Applications #3 How To Get Your Deposit
Back1. Before you sign, inspect2. Ask for a move-in
inspection3. Photograph before move
in4. Photograph when you
leave5. Clean well when moving
out
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Financial Applications #3Trouble With Your Landlord
Put everything in writingGet everything in writingKnow your rightsBe politeEviction
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Financial Applications #3 Move-In Mistakes
1. No electricity2. Size matters3. Avoid comic relief4. Avoid the 30th
5. Label the essentials
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Financial Applications #3 How To Make a Budget
1. Calculate net salary2. Add average regular
expenses3. Save on essentials4. Trim fat5. If money left over, keep it
that way
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Financial Applications #3How To Cut Expenses and Still Have Fun
Good/Better/BestMoviesDinner with friendsWeekend entertainment
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Financial Applications #3How To Keep Your Apartment Clean
Preventive maintenanceBuy doublesClean from top to bottom
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Financial Applications #3How To Keep Your Apartment Clean
Daily or Every Other Day:
Wash dishesMake bedTidy papersEmpty garbage
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Financial Applications #3How To Keep Your Apartment Clean
Weekly:Wipe down sinksChange sheetsDo laundrySweep floorLight DustClean out trashcans
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Financial Applications #3How To Keep Your Apartment Clean
Once or Twice Per MonthThorough cleaning of kitchen, bathrooms including toiletVacuum carpetsDust furnitureClean mirrors and electronics
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Financial Applications #3How To Keep Your Apartment Clean
Once or Twice Per YearClean out refrigeratorMove heavy furniture and clean behindPolish furnitureClean lights, walls, picturesWash windowsSort and pitch
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TithingPhilippians 4:19
“And my God will meet all your needs according to his glorious riches in Christ Jesus.”
Problems created by worry
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TithingPhilippians 4:6
“Do not be anxious about anything, but in everything, by prayer and petition, with
thanksgiving, present your requests to God.” All life is a school
Central LessonFocus on FinancesWhat experts say
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PBS Study:6 hours shopping 40 min with
childrenAge 20 , 1 mil TV commercials
More Bankruptcy than graduate college
90% divorce because of money problems
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If you worry, you are worse off because of
the problems that worry creates
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When God gives a promise it comes with a condition:
Believe and be saved Acts 16:31
Not all saved Mat 7:14, John 6:44
You can know John 6:47No worry about dying
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Finance promise:Malachi 3:10
Bring the whole tithe into the storehouse, that there may be food in my house. Test me in this," says the LORD Almighty, "and see if I will not throw open the floodgates of heaven
and pour out so much blessing that you will not have room enough for it.
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God is a giver:
“Eternal Life” Eph 2:8“Gave only Son” John
3:16
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God made:Sun, Moon, Stars, Air,
Clouds, Earth, Sea, Trees, Flowers, Fowls, Beasts,
Plants
All giveGod made Man, he
holds on
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What God wants us to become
What does God want?
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What is a Tithe?What belongs to GodWhat He gives to us
What He demands of usNegotiable?
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Malachi 3Triple problems1. Return to Me
2. You Robbed Me3. You are cursed
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Survey of Born Again:40% increase in giving
nothing19% decrease in giving
1/8 Tithe
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The problem is not the tithe but disobedience by
withholding it1. Not believe God’s promise
2. No gratitude to God3. No love of God
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Malachi 3Triple Blessings
1. Prove God2. From open
windows3. Rebuke the
devourer
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Tithe not a matter of finance
Can’t afford to tithe? Peter Marshall
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Does God keep his word?BillyJohn
Henry
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Tithing Surprises:1. How much left
2. Developing faith3. Increased giving
4. Waited so long to start
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College SurveyBring in the Tithe
Trust GodGod will provide