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Money Matters Class 6

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Topics covered in the last of the 6-part series include: managing job loss, essential documents, record-keeping, and the basics of investing. Money Matters was created by the Athens-Clarke County Library. Money Matters is part of Smart investing @ your library®, and is brought to you by a joint grant from the American Library Association and FINRA, the Financial Regulatory Authority Foundation.

Published in: Economy & Finance, Business
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Money Matters Class 6

  1. 1. Money Matters Class 6
  2. 2. Managing Job Loss Plan Ahead Understand your Company’s Benefits Understand your current Financial Situation
  3. 3. Planning Ahead Build an Emergency Fund: 3-6 month expenses Develop a budget Contribute to a 401(k), if available Do not take loans from your 401(k) Use credit wisely
  4. 4. Company Benefits What benefits do I have? What are the time frames for continuing coverage? How do I continue my medical coverage under cobra? What job loss services are available? How do I get unemployment benefits?
  5. 5.  Do I qualify for public assistance such as food stamps? Am I entitled to sick pay? Vacation Pay? Severance Pay? How can I rollover my 401(K) plan?
  6. 6. Current Financial Status Assess your short-term situation  Make a list of all financial resources • Cash • Savings • Severance pay • Unemployment benefits  Make a list of how much you owe • Mortgage / rent • Credit cards • Loans • Other debt
  7. 7.  Set-up a short-term budget  What is your bottom-line monthly needs to pay your bills  Cut expenses in every way possible  Make arrangements with creditors to reduce payments temporarily  Project your cash flow. How long can you afford to be out of work? Use all FSA, before your employment ends Spend and Invest lump sums wisely
  8. 8. What to avoid Using Credit cards  Increasing debt Filing for bankruptcy Using your 401(k) savings
  9. 9. Essential Documents  Personal Identification  Legal  Death  Work  School  Banking / Financial
  10. 10. Personal Identification Driver’s License Green Card Birth Certificate Passport Social Security Card
  11. 11. Legal Documents Legal Proceedings Contracts Warranties Marriage Certificate Divorce Decree
  12. 12. Death Documents Will Funeral Arrangements Living Will Death Certificate
  13. 13. Work Documents History of work experience Information about past employers  Name  Address  Phone Number  Position Held / Duties Performed Training
  14. 14. School Documents Transcripts  Photocopy or original Children  Immunization Record  Report Cards  IEPs  Names / Addresses of School Attended
  15. 15. Banking / Financial Documents Checking accounts Savings accounts IRA statements 401(k) statements Investment Records Account Disclosures Account ID info Monthly statements
  16. 16. How Long to Keep Records TYPE TIMETaxes 7 yearsIRA contributions PermanentlyRetirement Plan Statements PermanentlyBank Records Permanently - StatementPay Check Stubs 1 YearBills 1 year to permanentlyBrokerage Statements Until you sell the securitiesCredit Card Statements 7 years
  17. 17. Long-Term Storage Fireproof Box at home or safe-deposit Box at your bank To prevent Identity Theft  Shred all documents with account numbers and personal identification numbers
  18. 18. Identity TheftIdentity theft occurs when someone obtains your personal information and use it to commit fraud.8 million Americans are victims each year
  19. 19. Protect Your ID Guard your information online  Clear your logins and passwords  Change your logins and passwords monthly  Pay for online purchases with a credit card Check your bank and credit card statements Verify your mailing address with the post office and financial institutions Beware of phishing scams Monitor your credit report Shred and destroy sensitive documents
  20. 20. Online Security Safe Guard  Account Numbers  Personal Identification Numbers Change Your Passwords Frequently Be careful using Wi-Fi Avoid going to your account on computers that are not your own Install firewalls and spyware on your computers Be sure Financial web pages are secure and encrypted Log Out Completely If you think your security has been breached. Contact your financial institutions immediately.
  21. 21. Investing
  22. 22. Investing The act of choosing products and strategies to make that money grow! The prospective of time:  Short-term (1-2 years), savings  Mid-to-Long term (3-10 years), investing
  23. 23. Quote of the Day "A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” -Suze Orman

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