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True or False? - PowerPoint PPT Presentation


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Disclaimer : The views expressed are those of the presenters and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System. True or False?. Most millionaires inherited their wealth. Most millionaires earn more than $500,000 per year.

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Disclaimer: The views expressed are those of the presenters and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System.

true or false
True or False?
  • Most millionaires inherited their wealth.
  • Most millionaires earn more than $500,000 per year.
  • College graduates earn about twice what high school graduates earn over a 40-year work life.
  • People who are self-employed rarely become millionaires.
  • All millionaires wear expensive clothes.
  • Millionaires usually drive new cars.
  • Many millionaires drop out of college to start work.
  • It is impossible to save enough to be a millionaire.
slide5
Assets

Anything an individual or business owns that has commercial or exchange value

  • Liabilities

Money an individual or organization owes; same as debt

  • Net Worth

The difference between the total assets and total liabilities of an individual

using credit wisely
Using Credit Wisely
  • Think about your balance sheet…

Debt increases your liabilities –

does it increase your assets?

  • Think about your budget…

How will the payments affect your budget? What other spending will you sacrifice to pay off the debt?

goals
Goals
  • You might have a goal to simply increase your net worth, but most people have a more specific goal in mind.
  • Once you set a goal, you have to evaluate the saving and the income required to achieve the goal.
goals1
Goals
  • Buy a new car
  • Go to college
  • Buy a used car
  • Go to the senior prom
  • Rent an apartment
  • Take a trip
  • Buy a house
  • Buy a new HDTV
save and invest
Save and Invest
  • Build a strong financial foundation first.
  • How much risk are you willing to take?
  • Think about your time horizon and other factors.
  • The sooner you start, the better (and easier)!
applying for credit
Applying for Credit
  • Read the fine print! Look for:
    • Finance charges

the dollar amount you pay to use credit

    • Annual percentage rate (APR)

the percentage cost of credit on a yearly basis

    • Fees

can include loan fees, annual fees, late-payment fees, etc.

credit reports
Credit Reports
  • Credit reporting company
  • Credit report
  • Credit score
reviewing your credit report
Reviewing Your Credit Report
  • Three major credit reporting companies
    • Equifax
    • Experian
    • Trans Union
  • One website for free credit reports www.annualcreditreport.com
identity theft
Identity Theft
  • It\'s not too early to pull your credit report!
  • Carefully review the report and correct any inaccuracies.
  • Don\'t carry your Social Security card in your wallet!
  • Shred any papers that contain personal information before throwing them away.
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