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Take Charge

Take Charge. Saving & Investing. Why You Should Save. Saving Setting aside income for a period of time so that it can be used later Reasons people save Major purchases Emergencies Retirement Limited Withdrawals. Insuring Deposits. FDIC Federal Deposit Insurance Corporation

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Take Charge

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  1. Take Charge Saving & Investing

  2. Why You Should Save • Saving • Setting aside income for a period of time so that it can be used later • Reasons people save • Major purchases • Emergencies • Retirement • Limited Withdrawals

  3. Insuring Deposits • FDIC • Federal Deposit Insurance Corporation • Protects Checking, Savings, MMA, & CDs • Insures money up to $250,000 • 01/01/2011 ~Limit will adjust by the amount of inflation occurred over the previous 5 years • NCUA • National Credit Union Association

  4. LIQUIDITY • What does it mean for your assets to be LIQUID? • How easily they can be turned into $$$ • List the following in order of their Liquidity (most to least): • Real Estate, Savings Bonds, Cash, Checking Accounts, Stock Savings Accounts

  5. LIQUIDITY • Cash • Checking Accounts • Savings Accounts • Savings Bonds • Stock • Real Estate

  6. Earning Interest on Savings • Interest • Money earned by someone that places money in a Savings Vehicle • 2 Types of Interest • Simple • Interest earned only on the money you deposited into a savings account (principal) • Compound • Interest earned on both the principal & other interest you previously earned in that account • Compounded daily, monthly, quarterly or annually

  7. INVESTINGDoubling Your Money • Rule of 72 • 72 / % Rate = # of Years to Double Your $ • 72/# of Years to Double Your $ = % Rate • Example #1: • $1,000 investment @ 6% interest rate • 72/6=12 • You will have $2,000 in 12 years

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