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What do these celebrities have in common?

What do these celebrities have in common?. Bankruptcy?. How can someone so rich go broke? Lack of financial knowledge Poor spending habits Poor investments They let their friends tell them what is important Don’t be like these people, learn to be money-smart and keep the money you earn!.

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What do these celebrities have in common?

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  1. What do these celebrities have in common?

  2. Bankruptcy? How can someone so rich go broke? Lack of financial knowledge Poor spending habits Poor investments They let their friends tell them what is important Don’t be like these people, learn to be money-smart and keep the money you earn!

  3. Money Matters Make your Money Work for You

  4. Survey Please complete one side of the survey. You will use the other side to follow along as we go. We will be collecting them at the end.

  5. Question 1 How to open a bank account • Step 1: Choose a Credit Union or Bank • www.findabetterbank.com • www.lovemycreditunion.org • Step 2: Visit a branch with your ID and SSN • bring your parent if you're under 18 • Step 3: Deposit $

  6. Question 2 Your money is safe here!

  7. Question 3: Advantages So even if this happens: Or this: Or this:

  8. Question 3 (cont'd) Banks and Credit Unions are WAY CHEAPER than getting your checks cashed! Remember: You earned that money! Keep more of it!

  9. Question 4 • Direct Deposit • Paycheck goes right into your account • Online/Phone banking • Check your money on your phone or computer! • ATMs • Debit cards • So you don't have to carry cash or use credit!

  10. Question 5

  11. Question 6 Financial Credit is: • Your ability to borrow $ Good Credit • Have borrowed money before • Make payments on time Bad Credit • Make late payments • Cannot pay full amount • Have never borrowed $ before

  12. Question 7 Types of student loans • Federal - cheapest, but limited • Private - more expensive WATCH OUT! Your Financial Aid Award Letters will list federal loans as financial aid! These are the cheapest possible loans to get which is great... but you still need to pay them back.

  13. Question 8 Interest • The cost of borrowing someone else's money • Is shown as a % Example: • I borrow $100 from Kerri • She charges an interest rate of 5% and adds the interest each month I am late • If I pay her back right away, I only have to pay $100 • One month late, I owe $105 (100 x .05 = $5) • Two months late, I owe $110.25 (105 x .05 = $5.25)

  14. Question 9 Credit Cards • Bank loans you card limit to be used each month • Example: $500 • Must pay back what you borrowed by end of month • Otherwise, you will be charged interest • Credit Cards have REALLY high interest rates! • But still cheaper than Pay Day Loans

  15. Question 10 Why is credit important? • Useful in emergencies • Can affect your ability to rent an apartment or get a job

  16. Question 11 Budget: Where you write expenses/income

  17. Question 12 Check out your budget sheet and use it! Write down what you spend this week until we meet again on Thursday (on back)!

  18. Question 13 Set S.M.A.R.T Goals • Specific • I want to purchase a $2,800 car • Measurable • I will save $233 each month to go towards my car • Achievable • I am willing to limit what I spend on clothes, movies • Realistic • I have a job that pays me enough to save this much • Time Sensitive • I want to buy my car 12 months from now

  19. Question 14 Interest in Savings Accounts • What the bank pays you to save money • Written as a % Example: • I put $100 in a savings account that pays 5% interest which is added every 3 months • After 1st 3 months - ($100 x .05)+100 = $105.00 • After 2nd 3 months - ($105 x .05)+105 = $110.25

  20. Question 15 Write down something you want to save for! Then make it a SMART goal: I want to buy a Nintendo Wii that costs $150.00 by July. I will save $25 each week to go towards my goal.

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