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Financial Literacy
- 1. 502 Franklin Street Danville, Virginia 24541 434-799-2343 FINANCIAL LITERACYBy: Kimberly Walker
- 2. STARS PLANETS RED GREEN ON THE GROUND IN THE AIR SNOW WHITE PLAID STRIPES CLOTH METAL BLUE COLD CHOICES
- 3. Four Steps of Asset Building 1 . C H O O S E T H E R I G H T B A N K O R C R E D I T U N I O N A C C O U N T 2 . B U I L D S A V I N G S F O R E M E R G E N C I E S A N D L A R G E P U R C H A S E S 3 . I N V E S T F O R R E T I R E M E N T 4 . T A K E A D V A N T A G E O F T A X C R E D I T S B A N K S A N D C R E D I T U N I O N A C C O U N T S
- 4. Organization
- 5. Why Is Money Important ļ¶ Money Feeds Our Future. ļ¶ If you save money to buy a reliable car, you can apply for jobs that require you to commute. ļ¶ Money Keeps The Peace ļ¶ When you have money to pay for things, it just feels good. ļ¶ Money Helps You Share the Wealth ļ¶ It feels good to give money away as a gift for someone who is in need.
- 6. Why Do We Need A Budget? A budget helps you build financial safety and prevent financial disaster
- 7. Pay Day Circle of Life I gotta break this cycle Pay Day Iām a millionaire! Treat yo self OMG Iām so richā¦ letās eat! Ok ā stop it. Be responsible Nah, life is for livingā¦ buy those shoes! Oh noā¦ what have I done?! HELP HELP HELP HELP
- 8. Pay Yourself First Save at least 10% of your income. But if you cannot save 10% thatās fine-start somewhere.
- 9. Savings Accounts ļ¶There are Two Types of Savings Accounts ļ” āI Wantā Account (long and short term goals) ļ” Emergency Account ( Keep at least 3 ā 6 months worth of living expenses in it)
- 10. Start Small Try putting $1.00 a day plus pocket change, into a large envelope or jar. At the end of the month you will have around $50.00 thatās $600.00 a year
- 11. What is Compound Interest? Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.
- 12. Credit
- 13. What is Credit? ļ Its is the ability to borrow money or obtain goods by paying little or no money at the time of purchase.
- 14. What is a Credit Bureau? ļ¶ Credit Bureaus are companies that gather information and sell the information in the form of a credit report to credit grantors (Businesses) Credit bureaus keep records of consumerās debt and how regularly these debts are paid.
- 15. Credit Bureau Agencies ļ¶ The Three Main Credit Bureau Agencies are. ā¢ Equifax ā¢ Experian ā¢ Transunion
- 16. FICO SCORE It is a computer generated number, based on a statistical model, that summarizes an individualās credit record and predicts the likelihood that a borrower will repay future obligations. Fico Scores range from 300-850 the higher the score the better.
- 17. You can obtain your Files via Mail, Internet, and Phone Equifax -P.O. Box 105314 Atlanta, GA 30348 TransUnion- P.O. Box 2000 Chester, PA 19022 Experian- P.O. Box 9701 Allen, TX 75013 www.annualcreditreport.com 1-877-322-8228 How To Obtain Your File
- 18. DO IT YOURSELF! Dispute any mistakes or outdated information you find. Contact both the credit reporting company and information provider (who are responsible for changing the inaccurate or incomplete information) . Tell the credit company, in writing what information you think is inaccurate. Include copies of any documents that might be in able to support your claim Clean up all adverse information
- 19. I N A D D I T I O N T O E M E R G E N C Y S A V I N G S A N D L A R G E P U R C H A S E S A V I N G S , I T I S E N C O U R A G E D T O W I S E L Y I N V E S T F O R R E T I R E M E N T . Investing For Retirement
- 20. QUESTIONS