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On the Road to Financial Success

On the Road to Financial Success. Personal Finance for Life. Setting Goals. Characteristics of goals Specific, measurable, reasonable and realistic Time-frame Short-, medium-, long-term Examples for your life stage Save “x” dollars for a car Get a summer job Design a budget. Allowance

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On the Road to Financial Success

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  1. On the Road to Financial Success Personal Finance for Life

  2. Setting Goals • Characteristics of goals • Specific, measurable, reasonable and realistic • Time-frame • Short-, medium-, long-term • Examples for your life stage • Save “x” dollars for a car • Get a summer job • Design a budget

  3. Allowance My job or business Odd jobs Scholarships Gifts Loans Create a Budget - Income

  4. Money I owe Savings College savings Giving Gifts Transportation Food Clothing Personal care School supplies Telephone Recreation Vacations Create a Budget - Expenses

  5. Checking Accounts & Electronic Money • Checking accounts • Safety • Proof of payment • Convenience • Establish credit • ATM cards • Debit cards

  6. Saving & Investing • Emergency savings • Start early • Bonds • Stocks • Mutual funds • Strategies

  7. Recipe to be a Millionaire • Work four summers, start at age 16 • Save income in a Roth IRA account • Invest in a simple, low-cost stock portfolio • Simmer slowly for 47 years • Serve un-garnished (and untaxed) at age 67

  8. Benefits of credit So many choices Shopping for credit Applying for credit The C’s of credit Establishing credit The cost of credit Using credit wisely Protecting your credit history Your credit report Your credit score The World of Credit

  9. Cost of Making the Minimum Payment

  10. Benefit of Making More Than the Minimum Payment

  11. Be Credit Wise • Over 75% of college students have credit cards • Over 30% of college students have 4 or more credit cards • 3 out of 5 students with credit cards maxed them out in their freshman year • Over 60% of college students don’t have a budget

  12. Me and My Car • New or used? • Buy or lease? • The other costs • Registration • License plates • Insurance • Maintaining the car

  13. It’s Off to Work You Go • How much will you make? • Taxes • Gross vs. net income • Entrepreneurial spirit

  14. Pay bills Open checking acct Balance checkbook Stop payment on a check Re-order checks Read a lease Buy insurance Order electric service Register to vote Get a passport Apply for student aid Get a credit report Invest Do a tax return Leaving the Nest

  15. On the Road to Financial Success

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