Vermette UF 300 Chapter 3 Prosper

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Vermette UF 300 Chapter 3 Prosper

  1. 1. Chapter Three: Understanding Financial Intelligence It's good to have money and the things money can buy, but it's good, too, to check up once in a while and make sure you haven't lost the things that money can't buy. George Lorimer Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 1
  2. 2. Chapter Goals Learning • Take charge of your financial decisions • Empower yourself through money management by budgeting, saving, and investing • Importance of your FICO score and how to build a solid credit report Ability • Construct and use a budget • Make wise decisions regarding credit cards, student loans, and financial aid Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 2
  3. 3. Taking Control of Your Money Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 3
  4. 4. Empowering Yourself with Delayed Gratification Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 4
  5. 5. A Budget An itemized summary of how you plan to spend your financial resources during a specified period of time Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 5
  6. 6. Five Smart Money Moves Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 6 (Fowles, 2011).
  7. 7. Job Benefits • health insurance • life insurance • dental insurance • profit sharing programs • free parking • child care facilities • exercise facilities • others Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 7
  8. 8. Tax Deductions Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 8
  9. 9. Expenses Fixed • Housing • Transportation – Car payment – Gas – Insurance • Utilities • Loans Variable Expenses • Food • Medical/dental expenses • Car repairs/maintenance • Internet/phone • Entertainment • Clothing • Credit cards • Education • Other • Savings/investments • Day Care Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 9
  10. 10. Student Loan Borrowing Tips Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 10
  11. 11. Key Features about Student Loans Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 11
  12. 12. Defaulting on Your Student Loan Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 12
  13. 13. Building Your Credit History Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 13
  14. 14. Evaluating Credit Cards • Lowest permanent interest rate. • Low or no annual fees. • Avoid having too many cards. • Understand credit terms and disclosure statements. • Beware of low introductory rates. • Make sure issuer reports to a credit agency. Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 14
  15. 15. Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 15
  16. 16. Managing Your Credit Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 16
  17. 17. FICO Score Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 17
  18. 18. When to Get a Free Copy of Credit Report • Once every year. • If you have been denied credit in the previous 60 days. • If you have been denied employment or insurance in the previous 60 days. • If you suspect someone has been fraudulently using your accounts or your identity. • If you are unemployed and plan on applying for employment within the next 60 days. • If you are on public assistance. • When applying for a mortgage you can get a copy from your lender. Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 18
  19. 19. How to Improve Your FICO Score Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 19
  20. 20. Identify Theft Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 20
  21. 21. Retirement Questions Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 21
  22. 22. Paycheck Deductions Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 22
  23. 23. Buying a Car • Insert photo 3.7 from page 121 Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 23
  24. 24. Chapter Reflections Chapter 3, Cornerstones for Professionalism, 2/e, Pearson Education 24

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