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10 Smart Money Moves You Can Make
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10 Smart Money Moves You Can Make

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  • 1. 10 Smart Money Moves Department of Financial Institutions ( www.dfi.wa.gov )
  • 2. Jeremy Lushene [email_address]
  • 3. Move 1: Create A Financial Plan
  • 4. Think… Where Do You Want Your Money To Go?
    • Retirement?
    • Down Payment For A House?
    • School?
    • Porsche 911?
  • 5. Now Set Those Goals
    • Short Term – An iPhone 4
    • Medium-Term – Cruise To Mexico
    • Long-Term – Down Payment For A Home
  • 6. SMART Goals Only
    • S pecific – I want to take a cruise this February
    • M easurable – I need $1500 for the cruise.
    • A ttainabl e – I will put aside $300 a month
    • R ealistic – I can save $150 a month by cutting Cable TV and Internet and another $50 a month by not eating out.
    • T ime-Bound – I will save $1500 in 5 months
  • 7. So, How Do You Start?
    • The Dirty B Word… BUDGET! Free Budget Tool At www.choosetosave.org
  • 8. Move 2: Choose The Right Products
  • 9. Think About This…
    • Most of us spend hours researching when we buy a new car.
    • We read reviews
    • We think about our situations (kids, gas mileage, etc)
    • We shop around for a good deal
    • Yet, many of us don’t do this with our finances?
  • 10. Research Products
    • Does the financial product fit your need/goal?
    • Are you getting the most bang for your buck?
    • Are there similar products?
    • What are the risks/rewards?
    • Investment? Is the product registered?
  • 11. How to Research
    • Savings Vehicles Call around for rates or terms that suit your needs or visit websites like www.bankrate.com
    • Investments Read prospectus. Review rating websites such as www.morningstar.com and check with DFI to see if investment is and person selling is registered www.dfi.wa.gov .
    • Mortgages Attend a free Washington Homebuyer class http://www.wshfc.org/ Check rates and forecasts with the Mortgage Bankers Association www.mbaa.org
  • 12. Who Can Help
    • Certified Financial Planners ( http://www.cfp.net/search/ )
    • Investment Advisers (Check license/background with DFI)
    • Certified Public Accountants ( http:// www.wscpa.org )
    • Your Local Bank or Credit Union
  • 13. Move 3: Save For A Rainy Day
  • 14. Emergency Savings
    • Needs To Cover 3-6 Months
    • Recession? 6-12 Months
  • 15. How Much Do I Need?
    • Role-Play (Job Loss, For 6 Months)
    • How Much Do You Need For:
    • Bills
    • Loans
    • Food
    • Things like toothpaste, and toilet paper
  • 16. Where To Store Emergency Money
    • Liquid Account Account you can access easily
    • Options:
    • Savings Account
    • Money Market Account
    • Talk To Your Bank Or Credit Union
  • 17. Move 4: Check Backgrounds Of Financial Professionals
  • 18. Who To Check With
    • Financial Professionals Investments, Mortgage Brokers, Payday Lenders, Lending Companies, Money Transmitters Department of Financial Institutions
      • www.dfi.wa.gov or 1-877 RING DFI
    • Other Companies Ask and see if they are registered with the BBB or are a registered business. Research to see if they need to be licensed to do business in the state. Better Business Bureau www.bbb.org
  • 19. Move 5: Use Credit Wisely
  • 20. Who Looks At Your Credit These Days?
    • Future employers
    • Insurance companies
    • Cell phone companies
    • Lenders
    • Other credit card companies
    • Landlords
  • 21. Who Stores Your Credit Information? 3 Major Credit Bureaus Monitor You 1) TransUnion 2) Equifax 3) Experian
  • 22. FICO Scores Developed By Fair Isaac Corporation Used By Majority Of Lenders Score For Each Of 3 Credit Bureaus 750-850 Excellent 700-749 Very good 650-699 Good credit 600-650 Fair 550-600 Poor
  • 23. How You’re Scored Payment History 35% Amounts Owed 30% Types Of Credit 10% New Credit 10% Length Of History 15%
  • 24. Avoiding Credit Trouble
    • Pay Your Bills On Time
    • Pay Down Debt (Remember 30%)
    • Use Credit Wisely & Lightly
    • Check Credit Report For Errors
    • Monitor Your Score
  • 25. Move 6: Review Important Financial Documents
  • 26. Your To Do List
    • Check Account Statements (1 x month)
      • -- Look for inaccuracies, fraudulent charges
    • Check Credit Card Statements (1x month) -- Look for inaccuracies, fraudulent charges
    • Review Loan Statements (1x month) -- Look for any changes to loan terms
  • 27. To Do List Continued…
    • Check Your Free Credit Report (3 x year)
      • -- www.annualcreditreport.com
      • -- Look for inaccuracies, report errors immediately
    • Check Investment Statements
      • -- Don’t freak out!
    • Review Financial Goals & Plan (1 x year)
      • -- Adjust allocations as necessary
  • 28. Move 7: Protect Your Finances and Identity
  • 29. 1 In 5 Washington Residents Victim Of ID Theft In Past 5 Years Identity Theft 911 Report, 2007
  • 30. Tactics ID Thieves Use
    • Dumpster Diving
    • Old Fashion Theft
    • Technology/Hacking/Skimming/Phishing
    • Pre-Texting
    • Smishing
    • Wireless Hacking
  • 31. How To Protect Yourself
    • Cross Cut Shred Documents With Your Info
    • Stop Junk Mail – Opt Out Of Credit Offers
      • www.optoutprescreen.com
    • Register For The Do Not Call List
      • www.donotcall.gov
    • Lock Up Important Documents
    • Check Account Statements and Credit Report for fraudulent charges
  • 32. Warning Signs You’re A Victim Denied Credit Unexpected Bill Bills Stop Arriving Fraudulent Charges Credit Cards Show Up
  • 33. Move 8: Stay Up To Speed On Latest Scams
  • 34. The Latest Scams
    • Employment Scams
      • Protect Your SSN, Don’t Pay To Work
    • Foreclosure Rescue Scams
      • Beware Of Too Good To Be True Offers
    • Credit Card Authorization Scams
      • Call Your Bank Directly If Someone Calls Asking For Information
    • Facebook/Social Media Scams
      • If A Friend Is Trapped Overseas, Hopefully They’ll Call
  • 35. More Information On Scams
    • DFI – www.dfi.wa.gov/consumers/alerts.htm
    • Attorney General’s Office - www.atg.wa.gov
    • Federal Trade Commission- www.ftc.gov
    • OnGuardOnline - www.onguardonline.gov
    • Better Business Bureau - www.bbb.org
    • Local News
  • 36. Move 9: Take Advantage Of Free Resources
  • 37. Free Resources
    • 1) DFI’s Publications and Blog
      • www.dfi.wa.gov/consumers/publications.htm
      • www.finlit.blogspot.com
    • 2) Financial Education Clearinghouse www.dfi.wa.gov /financial-education
    • 3) Local Money Management Class Calendar
      • www.dfi.wa.gov/financial-education/calendar.htm
    • 4) MyMoney.Gov
  • 38. Move 10: Know Where To Get Help
  • 39. Help
    • Complaint? DFI or Attorney General’s Office http:// www.dfi.wa.gov or http://www.atg.wa.gov
    • Identity Theft Attorney General’s Office or Your Local Bank/Credit Union
    • Foreclosure – Free Counseling http://www.homeownership.wa.gov
    • Credit Help National Foundation for Credit Counseling http://www.nfcc.org/
  • 40. More Help
    • General Consumer Issues Federal Trade Commission or Attorney General http:// www.ftc.gov or http:// www.atg.wa.gov
    • Banks or Credit Unions DFI http:// dfi.wa.gov
    • Investment Brokers DFI http:// www.dfi.wa.gov
  • 41. Questions? Jeremy Lushene [email_address] (360) 902-0506 dfi.wa.gov