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Bobcat Ne tworth Network

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A PowerPoint presentation covering the due\'s and don\'ts of credit, student loans and 401(k)\'s.

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Bobcat Ne tworth Network

  1. 1. BOBCAT NET WORTH NETWORK<br />… Can you say it three times fast?<br />
  2. 2. Credit… buy now and pay later!<br />
  3. 3. What is included in your credit report?<br />Your Payment History<br />Amounts You Owe<br />Length of Your Credit History<br />Types of Credit Used<br />Your New Credit<br />Credit report inquiries <br />
  4. 4. Why a credit report is important.<br />Lenders, employers, landlords, and other service providers buy your credit information in the form of a credit report to help them decide whether to approve your application.<br />
  5. 5. Credit Reports<br />Three agencies:<br />Experian <br />www.experian.com<br />Equifax<br />www.equifax.com<br />TransUnion<br />www.transunion.com<br />
  6. 6. Credit Score<br />Your credit score is a mathematical model designed to predict credit risk, based on data contained within your credit file.<br />Your score can range from 280-850<br />850 being the best score<br />
  7. 7. What can hurt your credit score?<br />Late payments<br />Paying less than the minimum amount due<br />Filing bankruptcy<br />High credit card balances<br />Maxed out credit cards<br />Applying for additional credit cards<br />
  8. 8. What can help your credit score?<br />Paying bills on time<br />Paying more than the minimum amount and more than once a month<br />
  9. 9. Student Loans<br />
  10. 10. Two Different Loans<br />Subsidized<br />Unsubsidized<br />
  11. 11. Subsidized<br />A subsidized student loan is a loan that does not require you to pay interest while you are enrolled in school because during that time, the government pays the interest.<br />Subsidized loans are based on financial need<br />You do not begin accruing interest until 6 months after graduation<br />Up to 10 years to repay loans<br />
  12. 12. Unsubsidized<br />Students are responsible for the interest accrued while in school<br />Students have up to six months after graduation before they must make payments<br />Students may pay off only the interest as it accrues during college <br />If students make payments on interest each month, it can be filed as a deduction in their tax returns<br />You have 10 years after graduating to pay off the loan<br />
  13. 13. Retirement<br />
  14. 14. 401K<br />A 401(k) is a retirement investment plan that allows an employee to put a percentage of earned wages into a tax-deferred investment account selected by the employer. <br />Employees can choose to deposit part of their earnings into a 401(k) account and not pay income tax on it until the money is later withdrawn in retirement. Employers may choose to, and often do, match contributions that workers make.<br /> The 401(k) account is typically administered by the employer, while the employee may select from different kinds of investment options.<br /> Interest earned on money in a 401(k) account is never taxed before funds are withdrawn.<br />
  15. 15. High-Yield Savings Accounts<br />A deposit account opened at a bank where the money deposit earns better interest (APY – Annual Percentage Yield.) <br />Some accounts require minimum balances<br />Internet bank accounts usually offer higher rates with account balances as small as $1 <br />The rate of return on an investment for one-year periods. <br />
  16. 16. A few online banks to start saving<br />Ally.com<br />Wellsfargo.com<br />INGDirect.com<br />
  17. 17. @BobcatNetWorth<br />Bobcat Net Worth Network<br />BobcatNetWorthNetwork.blogspot.com<br />

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