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Cse part iv mine
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3. Your Personal IQ Score & Grade 27-30 = A: Excellent Personal Financial IQ 24-26 = B: Above Average Personal Financial IQ 21-23 = C: Average Personal Financial IQ 18-20 = D: Below Average Personal Financial IQ 0 – 17 = E: Desperately Needs Financial Training
4. Element 1: Discover your comparative advantage - What does this mean? Specialize in what you are good at; you'll be more productive in that area - Pick an area that is of more value to others to maximize your earnings Ex: Engineering v. English degrees - Highest pay goes to those who are good at something that others value
5. How to figure out your comparative advantage - What do you like to do? What do you enjoy? - School subjects that come easily - How you spend your spare time - What you are passionate about; what you care about - What other people think about you & your talents - What else? Take a full career assessment evaluation; may be worth spending money on Did the online Personality ID Quiz help? - PRAY! God knows you better than anyone does; trust that He will lead you. Do not worry!
6. Element 2: Be Entrepreneurial. In a market economy people get ahead by helping others and discovering better ways of doing things. - Financial success = making your services more valuable to others. This is true whether you are an employer or an employee - Entrepreneurs < 1/5 of workforce but they = 2/3 of the millionaires Characteristics of Entrepreneurs: - Develop opportunities & new products that others have overlooked - Assume more risk b/c possible payback is higher - Save a lot, often reinvesting their profits - Work LONG hours, > 40 hours/week - Any employee can adopt some or all of these practices
7. Element 2: Be entrepreneurial THINK like an entrepreneur; DEVELOP SKILLS; Napoleon Dynamite was right! If you are an employee, think of ways to help your boss. What changes could be made to save money or improve the product or service you provide? How can you go the extra mile at work? Always look for new things to learn on the job. *** What business ideas do you have for the future or have already started?
8. Element 3: Budget to help you save regularly and spend your money more effectively. - How do people and nations become wealthy? By saving regularly. - Savings creates capital that can be used to generate wealth, such as a new business or investment - If you get in the habit now of knowing where your money is going and figuring out how to stick with your goals, you will do well in life and avoid being a poor fool (Prov. 6) or a rich fool (Luke 12). - This is where knowing your goals and dreams is important. - NOTE: Your money and everything you own belongs to God. You are His steward. Manage what He has given you in a way that will please HIM. Make Him Lord of your money!
9. A Budget = a Plan. START NOW! 1. Keep track of your income & expenses for a month 2. Set a minimum % for giving. Be willing to give more as God leads. 3. Decide how much spending money you need per month. 4. SAVE the REST OR set a % to save. - Save an Emergency Fund of $500 to $1000 that you don't touch. - Set Goals for your savings:short-term, medium-term & long-term. - What are your goals? PRAY! Put incentives to work for you. 5. STICK to your PLAN! Use Quicken, Budgetmap, Mvelopes from Crown Financial Ministries, or paper envelopes, but make it work. 6. AVOID DEBT, even to your parents and especially your friends.
12. How about the budgeting exercise you did this week? How did you make your decisions of how much to allocate to each category? Comments, reactions?
13. Hand them in. Keep going with your personal tracking.
14. Element 4: Don't Finance anything for longer than its useful life. - What should not be financed through debt? Items that are consumed or used up quickly: - When is it generally OK to purchase something on credit? When it's a long-lasting asset & the debt is paid before the asset wears out:
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16. - Late fees, $25 and up; minimum payment problem
17. - Interest charges, 13% and up, much higher than you can earn in investments
18. - Temptation to buy things you can't afford; impulse buys – sales only save you money if you were already needing to buy that item.
20. - Can cause you to accrue a huge debt; average credit card debt in America is over $10,000
21. - If misused (late fees, etc) your credit rating will go down, making it harder to buy a house, giving you higher interest rates, more expensive insurance rates, etc.
65. What is average rate of return of stock market since 1926 for S&P 500 largest firms?
66. T HE R ULE OF 70 ~ H OW L ONG D OES I T T AKE TO D OUBLE Y OUR P RINCIPAL I NVESTMENT ? Place funds in a strategic investment vehicle and let them grow over time. Divide 70 by the expected rate of return (R) and see how long it takes to double in size. The Number of Years It will Take X to Double= 70/R When the rate of interest (R) = 7%, your investment will double in how many years? 10 years (=70/7)
76. Not bad, eh? But finding a 10% return these days is almost impossible. Even so, the principle is true. Interest rates change all the time and investment opportunities change with the times, too. Keep your eyes open and ask God to help you to know what to do.
81. Current stock prices already reflect what is known about the future so future stock prices will be determined by surprise happenings that can't be anticipated now so future prices will change in a random fashion.
82. What are the most common investments in America?
94. What about owning stock in the company you work for? What is the risk here?
95. QUESTION FOR DISCUSSION If Microsoft constitutes a sizeable share of your current stock holdings, the purchase of which of the following stocks would provide you with the greatest increase in diversification and reduction in risk? Lowe’s Home Improvement Apple Computer Google Oracle
101. Element 9: Indexed Equity Funds can help you beat the experts without taking excessive risks. What's the problem with investing in the stock market for most people? 1. they lack expertise or time to know which stocks to buy & when to sell 2. the future is impossible to predict; Who is the next Steve Jobs? - What is the solution suggested by CSE?
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103. Mutual funds that holds funds in the same proportions as one of the indexes of the stock market such as the S&P 500 or the Dow Jones Industrial
113. - Don't avoid investing in the stock market just because you lack the time or energy to do the research. Pick an indexed fund or two and hold onto them for a long time. Stocks yield the best returns over time with the least effort on your part.
114. - As you approach retirement, you will want to make some adjustments.
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116. Thus a bond is like a loan: the holder of the bond is the lender (creditor), the issuer of the bond is the borrower (debtor). Bonds provide the borrower with external funds to finance long-term investments, or, in the case of government bonds, to finance current expenditure.
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118. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks may be outstanding indefinitely.
119. Finally, stocks usually have a higher rate of return over the long run (7% v. 3.5% for bonds) but they are a much riskier investment; bonds are susceptible to losing value due to inflation but they have a more stable return over the short-run. Thus they are better for retirees than are stocks.
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121. IRA's = Individual Retirement Plans – function similarly to 401(k)'s except that you set up the fund rather than your employer.
122. Roth IRA's – contributions are not tax deductible so you won't be taxed when you make withdrawals later; thus, the investment grows entirely tax-free once you've made the contribution.
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124. Pick a maturity date that expires about the time you think you will need the money. Otherwise, if you have to cash it in early, you may not get the full principle back if interest rates have risen in the meantime. Of course, if interest rates drop, then it might make sense to cash it in early if you need the money.
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126. - If money not needed for 15 or more years, invest in _________ .
127. - If money needed in just a few years, invest in ____________.
166. Do you agree with the authors that students should bear at least some of the cost of their education?
167. I like the idea of parents matching whatever their children save toward college. I wish we had done that.
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169. Recognize that everything you have has been given to you by God. You are his steward. How can you best manage what He has entrusted to you? Are you building your kingdom or His?
170. You can't take it with you. The moment you die, all of this stuff will mean nothing to you. So why not use it now for eternal purposes? After all, it belongs to God, right?
171. Life can be exciting if we will learn to see our money through God's eyes. As nice as the American dream can be, it is no substitute for what God has in store for us. Never forget it!
172. He is no fool who gives what he cannot keep to gain what he cannot lose. - Jim Elliot, missionary