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Secretary of State
Connie Lawson

Improving Financial Literacy
Did you know?
• 40% of Americans say they live beyond their
means
• 50% say they live paycheck to paycheck
• Fewer than 50% of Americans have calculated
how much they need for retirement
• The average American spends 20 years in
retirement.

Are you ready?
What is Financial Literacy?

It is the ability to use knowledge and skills
to manage financial resources effectively
for a lifetime of financial well-being.
What knowledge and skills can
help you to be financially
literate?
•
•
•
•
•
•

Budgeting
Balancing a checkbook
Credit
Compound Interest
Investing
Investment Fraud
Budgeting
• What is budgeting?
– Spending less than you’re bringing in
– Planning for the long and short term
Why can budgeting fail?
•Failure to prioritize expenses
•Failure to budget practically for normal outof-pocket expenses such as groceries and
gas
•Failure to plan for unexpected events
•Spending more money than you have
How to budget
• List Expenses
–
–
–
–
–

The Unexpected
Annual/Semi-annual/quarterly
Monthly
Weekly
Discretionary

• Prioritize Expenses
– Necessities
– Essentials
– Car loan/car licensing
fees/fuel
– Insurance fees
– Unsecured debt
– Discretionary expenses

List total amount of each expense & date its due
Make your budget work for you!
• Priorities first!
• Evaluate discretionary expenses
• Cut down on grocery or personal items
• Carpool or use public transportation
Balancing a checkbook
• Verifies your records match the bank’s;
• Monitors for bank mistakes;
• Prevents you from running low or out of funds;
• Recognizes issues right away; and
• Evaluates your expenditures.
How to balance your checkbook
1. Reconcile your checks/deposits.
2. Reconcile your ATM withdrawals & debit card
purchases.
3. Record interest earned & bank fees.
4. List outstanding checks/deposits.
5. Record your bank’s ending balance.
6. Calculate your balance.
Credit
• Powerful tool
– Gives access to student loans, mortgages,
credit cards, auto loans, etc.

• Why is good credit important?
– Shows trustworthiness
– Saves you money/best interest rates
Credit
• Five Cs
– Character
– Capacity
– Capital/Collateral
– Conditions
– Credit History
Credit Card Management
• Limit the number of credit cards
• For debt, look into 0% transfer programs
• Be aware:
–
–
–
–
–

Maintenance fees
Service Charges
Late Fees
Annual Membership fees
Interest

• Pay at least minimum every month
• Pay extra on the card with highest interest rate (if
possible)
Monitor Your Credit
• Go to www.AnnualCreditReport.com;
• Call 1-877-322-8228; or
• Write to:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
Compound Interest

Would you rather have a million dollars right
now or a penny doubled every day for 30
days?
Answer
Take the Pennies!
Let’s do the math
Day 1 = 1 cent
Day 7 = 64 cents
Day 14 = $81.92
Day 21 = $10,485.76
Day 30 = $5,368,709.12
What is compound interest?
Interest is paid on original amount of deposit plus
any interest earned.
(Original $ Amount + Earned Interest) x Interest
Rate x Length of Time = Amount Earned
Compound Interest
Mike

Laura

Age

Contributions
Made Early

Contributions
Made Late

Age

Contributions
Made Early

Contributions
Made Late

22-30
(9
years)

$2,000 annually

$0.00

31-65
(35
years)

$0.00

$2,000 annually
Savings
Who

Without
compound
interest

With compound
interest (at age
65)

Mike

$18,000

$579,471

Laura

$70,000

$470,249
302 West Washington Street, Room E – 111
Indianapolis, IN 46204
Phone: (317) 232 – 6681
Toll Free: (800) 223 – 8791
Fax: (317) 233 – 3675
www.IndianaInvestmentWatch.com

Indiana Investment Watch
@INInvestWatch

Connie Lawson
@SecretaryLawson
Questions?

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Financial literacy from indiana secretary of state

  • 1. Secretary of State Connie Lawson Improving Financial Literacy
  • 2. Did you know? • 40% of Americans say they live beyond their means • 50% say they live paycheck to paycheck • Fewer than 50% of Americans have calculated how much they need for retirement • The average American spends 20 years in retirement. Are you ready?
  • 3. What is Financial Literacy? It is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.
  • 4. What knowledge and skills can help you to be financially literate? • • • • • • Budgeting Balancing a checkbook Credit Compound Interest Investing Investment Fraud
  • 5. Budgeting • What is budgeting? – Spending less than you’re bringing in – Planning for the long and short term
  • 6. Why can budgeting fail? •Failure to prioritize expenses •Failure to budget practically for normal outof-pocket expenses such as groceries and gas •Failure to plan for unexpected events •Spending more money than you have
  • 7. How to budget • List Expenses – – – – – The Unexpected Annual/Semi-annual/quarterly Monthly Weekly Discretionary • Prioritize Expenses – Necessities – Essentials – Car loan/car licensing fees/fuel – Insurance fees – Unsecured debt – Discretionary expenses List total amount of each expense & date its due
  • 8. Make your budget work for you! • Priorities first! • Evaluate discretionary expenses • Cut down on grocery or personal items • Carpool or use public transportation
  • 9. Balancing a checkbook • Verifies your records match the bank’s; • Monitors for bank mistakes; • Prevents you from running low or out of funds; • Recognizes issues right away; and • Evaluates your expenditures.
  • 10. How to balance your checkbook 1. Reconcile your checks/deposits. 2. Reconcile your ATM withdrawals & debit card purchases. 3. Record interest earned & bank fees. 4. List outstanding checks/deposits. 5. Record your bank’s ending balance. 6. Calculate your balance.
  • 11. Credit • Powerful tool – Gives access to student loans, mortgages, credit cards, auto loans, etc. • Why is good credit important? – Shows trustworthiness – Saves you money/best interest rates
  • 12. Credit • Five Cs – Character – Capacity – Capital/Collateral – Conditions – Credit History
  • 13. Credit Card Management • Limit the number of credit cards • For debt, look into 0% transfer programs • Be aware: – – – – – Maintenance fees Service Charges Late Fees Annual Membership fees Interest • Pay at least minimum every month • Pay extra on the card with highest interest rate (if possible)
  • 14. Monitor Your Credit • Go to www.AnnualCreditReport.com; • Call 1-877-322-8228; or • Write to: Annual Credit Report Request Service PO Box 105281 Atlanta, GA 30348-5281
  • 15. Compound Interest Would you rather have a million dollars right now or a penny doubled every day for 30 days?
  • 17. Let’s do the math Day 1 = 1 cent Day 7 = 64 cents Day 14 = $81.92 Day 21 = $10,485.76 Day 30 = $5,368,709.12
  • 18. What is compound interest? Interest is paid on original amount of deposit plus any interest earned. (Original $ Amount + Earned Interest) x Interest Rate x Length of Time = Amount Earned
  • 19. Compound Interest Mike Laura Age Contributions Made Early Contributions Made Late Age Contributions Made Early Contributions Made Late 22-30 (9 years) $2,000 annually $0.00 31-65 (35 years) $0.00 $2,000 annually
  • 20. Savings Who Without compound interest With compound interest (at age 65) Mike $18,000 $579,471 Laura $70,000 $470,249
  • 21. 302 West Washington Street, Room E – 111 Indianapolis, IN 46204 Phone: (317) 232 – 6681 Toll Free: (800) 223 – 8791 Fax: (317) 233 – 3675 www.IndianaInvestmentWatch.com Indiana Investment Watch @INInvestWatch Connie Lawson @SecretaryLawson

Editor's Notes

  1. Questions????