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Building Wealth: A Beginner's Guide to Financial Security

Learn how to secure your financial future with expert advice on saving, investing, and controlling debt. Understand the principles of wealth building, setting financial goals, and tracking expenses. Get insights on budgeting, the benefits of compound interest, and protecting your wealth against unforeseen losses.

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Building Wealth: A Beginner's Guide to Financial Security

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  1. The Fed Casher ShowA Consumer Call-In Program Featuring your host, Fed Casher

  2. Fed Casher • Financial decisions can change your lives forever.

  3. Hello, folks Personal finance is our focus!

  4. Call from Amy in Debt Hollow, Arkansas • “Hello, Fed, love your show. I am 24 and have been working in my career job for three years. I’ve heard that saving is important and that the sooner I start to save, the better. However, I don’t know much about it. Can you please help me?”

  5. Building wealth • Saving • Wealth building

  6. What is wealth? • Wealth means different things to different people and is something you have to define for yourself.

  7. Defining wealth • Building Wealth: A beginners guide to securing your financial future, page 1. • Write down what wealth means to you.

  8. Principles for building wealth • Budget to save. • Save and invest. • Control debt. • Protect your wealth.

  9. What is a budget? • An itemized summary of probable income and expenses for a given period.

  10. Setting financial goals • Be realistic. • Establish time frames. • Devise a plan. • Be flexible—goals can change.

  11. How to track expenses • Case study: Building Wealth, page 5. • Track your own expenses for a week.

  12. A Penny Saved • Homework assignment • Read pages 1–8 • Prepare for quiz

  13. A Penny Saved: Quiz • What is meant by “saving”? • List three examples given of what people went without because they did not save. • Why would someone deposit their savings in a savings account in a bank? • What is the benefit of compound interest to a saver? • What is “the rule of 72”?

  14. Fed Casher info • Read Building Wealth, page 10. • Compound interest

  15. Call from Jeremy in Lendon, Nebraska • “Hi, Fed. I am 22, and I get lots of credit card offers in the mail. I have a good job and no debt, but I’ve never had a credit card before. Can you tell me how I can sort through the offers and try to make a good decision?”

  16. Applying for credit cards • Refer to your Applying for Credit and Charge Cards brochure. • Read the section “What must be disclosed.”

  17. Comparing credit cards • Refer to your Choosing a Credit Card publication. • Complete the activity on pages 2 and 3 using information provided by your teacher. • What similarities and differences are there between and among cards? • Which card would you recommend for Jeremy? Why?

  18. Call from Jamie in Crisis Living, Alabama • “What is a credit report, Fed, and how do I get mine?”

  19. Useful tool • Get 1 free copy per year from www.annualcreditreport.com • Other sources: • Equifax (800-685-1111) • Experian (888-397-3742 • TransUnion (800-888-4213)

  20. Call from Andy in Shortchange, Tennessee • “Hello, Fed. First-time caller, long-time listener. I want to know what I can do to protect my possessions and myself against unforeseen losses such as theft, fire, or accidents.”

  21. Putting it all together • Prepare a written report for the caller assigned to you. • Summarize the question or problem. • Suggest strategies or steps which can be taken to answer the question or address the problem. • Refer the caller to additional sources of information or further reading.

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