This document provides financial advice for Christian college students. It discusses the high levels of credit card and student loan debt many students face. It offers tips for avoiding debt through budgeting, managing credit responsibly, avoiding payday loans, starting retirement savings early, and obtaining necessary insurance. The document emphasizes biblical principles of financial stewardship and avoiding becoming a "servant to the lender."
What does it mean when a successor in interest is granted relief from stay?jaramillojhuulonievenne
The homeowner received a letter stating that the bank holding their mortgage and any entities that might take over the mortgage in the future have been granted relief from the bankruptcy stay regarding the mortgage. This means that the bank and any successors are allowed to continue or start foreclosure proceedings against the property despite the bankruptcy filing.
The document contains data on average deposit values per account for various Kenyan banks. Citibank has the highest average deposit value at KShs. 22 million per account, while Jamii Bora Bank has the lowest at KShs. 12,378. The six largest banks by assets, deposits, capital, and accounts are KCB, Equity, Co-op Bank, Standard Chartered, Barclays and CFC Stanbic. However, mid-sized banks have larger average deposits per account than large or small banks.
Payday loans charge extremely high interest rates, trapping borrowers in cycles of debt. The document outlines alternatives like FIG Loans, which offers smaller loans at lower rates, and organizations like United Way and North Assistance Ministries that provide emergency funds and financial counseling. These alternatives can help break the cycle of payday loan debt and empower people with more affordable options.
Jeff D. Opdyke discusses important money-related questions for couples considering marriage. The document provides advice on establishing a shared understanding of personal financial histories and attitudes, creating a joint budget and savings plan, agreeing on a debt philosophy, and deciding how to jointly manage finances in an equitable way to avoid conflicts over spending. Key recommendations include establishing open communication about assets, liabilities, spending habits, and developing a shared strategy for budgeting, tracking expenses, paying debts, and handling financial responsibilities as a united team.
Church christian-ministry-compensation-sp2012ministrycpa
This document discusses concepts related to church and Christian ministry compensation. It covers topics such as determining whether someone is an employee or independent contractor, the tax implications of ministers having dual employee and self-employed status, typical components of a minister's compensation package including salary, housing allowance and retirement contributions, options for retirement and health plans, deductibility of professional expenses, and opting out of Social Security taxes. More information on these and other related topics can be found on the listed website.
MinistryCPA is a Christian ministry financial consulting firm run by Corey A. Pfaffe that serves ministers, missionaries, churches, and other Christian organizations. They assist individuals and businesses with tax preparation and planning, and help business and ministry clients address financial management challenges. MinistryCPA clients come from over 25 U.S. states as well as Africa, Asia, Europe, and North and South America. They encourage interested parties to contact them to learn how they can become problem-solving partners.
Cloud Foundry is a platform as a service (PaaS) that allows developers to build and run applications in a scalable environment without having to manage the underlying infrastructure. It separates application development and operations, allowing developers to deploy applications using simple commands while Cloud Foundry manages scaling and provisioning. The Cloud Foundry architecture includes components like routers, application containers, service brokers, and a controller to manage applications and services.
What does it mean when a successor in interest is granted relief from stay?jaramillojhuulonievenne
The homeowner received a letter stating that the bank holding their mortgage and any entities that might take over the mortgage in the future have been granted relief from the bankruptcy stay regarding the mortgage. This means that the bank and any successors are allowed to continue or start foreclosure proceedings against the property despite the bankruptcy filing.
The document contains data on average deposit values per account for various Kenyan banks. Citibank has the highest average deposit value at KShs. 22 million per account, while Jamii Bora Bank has the lowest at KShs. 12,378. The six largest banks by assets, deposits, capital, and accounts are KCB, Equity, Co-op Bank, Standard Chartered, Barclays and CFC Stanbic. However, mid-sized banks have larger average deposits per account than large or small banks.
Payday loans charge extremely high interest rates, trapping borrowers in cycles of debt. The document outlines alternatives like FIG Loans, which offers smaller loans at lower rates, and organizations like United Way and North Assistance Ministries that provide emergency funds and financial counseling. These alternatives can help break the cycle of payday loan debt and empower people with more affordable options.
Jeff D. Opdyke discusses important money-related questions for couples considering marriage. The document provides advice on establishing a shared understanding of personal financial histories and attitudes, creating a joint budget and savings plan, agreeing on a debt philosophy, and deciding how to jointly manage finances in an equitable way to avoid conflicts over spending. Key recommendations include establishing open communication about assets, liabilities, spending habits, and developing a shared strategy for budgeting, tracking expenses, paying debts, and handling financial responsibilities as a united team.
Church christian-ministry-compensation-sp2012ministrycpa
This document discusses concepts related to church and Christian ministry compensation. It covers topics such as determining whether someone is an employee or independent contractor, the tax implications of ministers having dual employee and self-employed status, typical components of a minister's compensation package including salary, housing allowance and retirement contributions, options for retirement and health plans, deductibility of professional expenses, and opting out of Social Security taxes. More information on these and other related topics can be found on the listed website.
MinistryCPA is a Christian ministry financial consulting firm run by Corey A. Pfaffe that serves ministers, missionaries, churches, and other Christian organizations. They assist individuals and businesses with tax preparation and planning, and help business and ministry clients address financial management challenges. MinistryCPA clients come from over 25 U.S. states as well as Africa, Asia, Europe, and North and South America. They encourage interested parties to contact them to learn how they can become problem-solving partners.
Cloud Foundry is a platform as a service (PaaS) that allows developers to build and run applications in a scalable environment without having to manage the underlying infrastructure. It separates application development and operations, allowing developers to deploy applications using simple commands while Cloud Foundry manages scaling and provisioning. The Cloud Foundry architecture includes components like routers, application containers, service brokers, and a controller to manage applications and services.
Church Christian Ministry Financial Managementministrycpa
This document provides an overview of different accounting methods for churches and Christian ministries: accrual basis, cash basis, and modified cash basis accounting. It includes sample financial statements presented using each method, including balance sheets, statements of activities, and statements of cash flows. Supplementary schedules are also presented to provide additional details. The document concludes with discussions of financial audits, accounting software options, tax compliance, and internal financial controls.
This presentation covers both the Cloud Foundry Elastic Runtime (known by many as just "Cloud Foundry") as well as the Operations Manager (known by many as BOSH). For each, the main components are covered with interactions between them.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems?
Here’s what AI learnings your business should keep in mind for 2017.
Measuring Engagement of Social Media websites in the Web 2.0 worldPeter O'Neill
The document discusses measuring engagement on social media websites. It defines engagement as the level at which users interact with a website, with more interaction indicating more interest, satisfaction, and loyalty. It notes engagement can be approximated through metrics that measure interactions like page views, purchases, comments. The type of interactions that are most important depends on the website's objectives. It recommends defining objectives, tagging important interactions, tracking their performance, and using engagement metrics along with other data to make informed decisions.
The document discusses how scientific articles tell stories through their structure and components to persuade editors, authors, and readers, similar to how speeches use components like an introduction to establish credibility. It notes that introductions in papers set up the subject and purpose, and introductions in speeches often use persuasive appeals. The document suggests that scientific papers position their subject and purpose in the introduction to persuade various audiences, just as speeches do.
Saving up for his daughter's wedding, Maruti Ambare is happy to be back at wo...Mission for Vision - MFV
Maruti Bhikaji Ambare rolls bidis for a living. Due to cataracts, the loss of vision lead to a drop in his earnings. Sight restoring cataract surgery with MFV's support allowed him to return to work again.
Raghunath attended a MFV supported outreach camp and underwent surgery at Tulsi Chanrai Eye Hospital. The blurry vision became a thing of the past. With restored eyesight he is happy to regain his independence
Subhash attended a MFV supported outreach camp and underwent surgery at Tulsi Chanrai Eye Hospital. The blurry vision became a thing of the past. With restored eyesight he is back at work & is happy to have regained his independence
11-year-old Ganesh's eyesight started deteriorating when he developed a fever. Timely detection and sight restoring surgery is ensuring that Ganesh will be rejoining school soon.
See This, Do That Analytics presentation from Superweek 2014Peter O'Neill
This is my presentation from Superweek 2014 on See This Do That Analytics. It covers a different approach to supporting users of Digital Analytics data, focusing on the business impact being generated. The starting point must be to provide users with the insights they need to inform their day to day actions.
Engagement in social media integrated healthcare ACHE 2015Deb Nystrom
Presented to a three chapter group of the American College of Healthcare Executive. The MOST popular slide, that resonated strongly with the audience was the slide on the purpose (and ancient history) of blogging, and how it relates to using any of the popular platforms today: twitter, Facebook, LinkedIn, Vimeo, SnapChat, etc. The case studies, the Mayo Clinic and #UMSocial, were also useful for context on what is is achievable and how to be strategic in making a choice of how, when and why to start. Let us know what you think of the presentation, as well as your questions and interests in Social Media Integrated Healthcare.
Impacting Business Performance with AnalyticsPeter O'Neill
Presentation from iLive, Riga on how to use the intelligence from Digital Analytics to improve the business performance of your organisation. Full of practical tips and tricks on setting up your analytics tool, extracting the insights and transitioning your company to being data informed.
Science publications used to have the joint function of keeping the 'Minutes of Science' as well as transferring knowledge. The sheer amounts of material published (2 new articles in PubMed every minute of every day) make comprehensive knowledge transfer via reading of articles virtually impossible. When the literature is open, though, much of the essential knowledge it contains can be distilled and the big picture obtained without having to read all the articles, so that reading can then be reserved for those key articles that give insight in the reasoning and argumentation that leads to consensus. The result is a much more efficient knowledge transfer that doesn't have to compromise on comprehensiveness.
This document provides information and resources for libraries to offer financial literacy programs and materials to patrons. It defines financial literacy and discusses the importance of teaching financial responsibility. It then outlines various topics to cover, such as budgeting, banking, credit, loans, identity theft, and retirement planning. Finally, it lists additional resources and organizations that libraries can refer patrons to for more information.
Educating The Consumer Public Forum Shared Pp 112608 Slide Show View Onlypjparke
This document provides information about credit reports and credit scores. It discusses how inaccurate credit reports can be, listing studies that found 20-79% of reports contain errors. These inaccuracies can significantly impact a person's credit score and interest rates. The document also outlines factors that affect credit scores, such as payment history, credit utilization, length of credit history, and types of credit used. It provides tips for maintaining good credit and improving credit scores.
Credit is a promise to repay an obligation or debt, and involves a creditor lending money to a debtor or borrower. A person's credit history and credit score are determined based on factors like their payment history, amount of outstanding debt, new credit applications, and credit utilization. The three major credit bureaus - Equifax, Experian, and TransUnion - collect credit information and provide credit reports and scores that impact a person's ability to access further credit opportunities.
This document discusses real estate investment opportunities using a self-directed IRA (SDIRA). It notes that Austin is one of the fastest growing cities in the US with high job and income growth. A case study shows how purchasing a $175,000 single family home with a SDIRA loan could generate over $15,000 in net gains in the first year from cash flow and appreciation. SDIRA loans are non-recourse, so individual investors have no personal liability. Partnering an SDIRA purchase with SDIRA private lending from sources like North American Savings Bank is described as the "perfect marriage" for real estate investment.
Church Christian Ministry Financial Managementministrycpa
This document provides an overview of different accounting methods for churches and Christian ministries: accrual basis, cash basis, and modified cash basis accounting. It includes sample financial statements presented using each method, including balance sheets, statements of activities, and statements of cash flows. Supplementary schedules are also presented to provide additional details. The document concludes with discussions of financial audits, accounting software options, tax compliance, and internal financial controls.
This presentation covers both the Cloud Foundry Elastic Runtime (known by many as just "Cloud Foundry") as well as the Operations Manager (known by many as BOSH). For each, the main components are covered with interactions between them.
Study: The Future of VR, AR and Self-Driving CarsLinkedIn
We asked LinkedIn members worldwide about their levels of interest in the latest wave of technology: whether they’re using wearables, and whether they intend to buy self-driving cars and VR headsets as they become available. We asked them too about their attitudes to technology and to the growing role of Artificial Intelligence (AI) in the devices that they use. The answers were fascinating – and in many cases, surprising.
This SlideShare explores the full results of this study, including detailed market-by-market breakdowns of intention levels for each technology – and how attitudes change with age, location and seniority level. If you’re marketing a tech brand – or planning to use VR and wearables to reach a professional audience – then these are insights you won’t want to miss.
Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems?
Here’s what AI learnings your business should keep in mind for 2017.
Measuring Engagement of Social Media websites in the Web 2.0 worldPeter O'Neill
The document discusses measuring engagement on social media websites. It defines engagement as the level at which users interact with a website, with more interaction indicating more interest, satisfaction, and loyalty. It notes engagement can be approximated through metrics that measure interactions like page views, purchases, comments. The type of interactions that are most important depends on the website's objectives. It recommends defining objectives, tagging important interactions, tracking their performance, and using engagement metrics along with other data to make informed decisions.
The document discusses how scientific articles tell stories through their structure and components to persuade editors, authors, and readers, similar to how speeches use components like an introduction to establish credibility. It notes that introductions in papers set up the subject and purpose, and introductions in speeches often use persuasive appeals. The document suggests that scientific papers position their subject and purpose in the introduction to persuade various audiences, just as speeches do.
Saving up for his daughter's wedding, Maruti Ambare is happy to be back at wo...Mission for Vision - MFV
Maruti Bhikaji Ambare rolls bidis for a living. Due to cataracts, the loss of vision lead to a drop in his earnings. Sight restoring cataract surgery with MFV's support allowed him to return to work again.
Raghunath attended a MFV supported outreach camp and underwent surgery at Tulsi Chanrai Eye Hospital. The blurry vision became a thing of the past. With restored eyesight he is happy to regain his independence
Subhash attended a MFV supported outreach camp and underwent surgery at Tulsi Chanrai Eye Hospital. The blurry vision became a thing of the past. With restored eyesight he is back at work & is happy to have regained his independence
11-year-old Ganesh's eyesight started deteriorating when he developed a fever. Timely detection and sight restoring surgery is ensuring that Ganesh will be rejoining school soon.
See This, Do That Analytics presentation from Superweek 2014Peter O'Neill
This is my presentation from Superweek 2014 on See This Do That Analytics. It covers a different approach to supporting users of Digital Analytics data, focusing on the business impact being generated. The starting point must be to provide users with the insights they need to inform their day to day actions.
Engagement in social media integrated healthcare ACHE 2015Deb Nystrom
Presented to a three chapter group of the American College of Healthcare Executive. The MOST popular slide, that resonated strongly with the audience was the slide on the purpose (and ancient history) of blogging, and how it relates to using any of the popular platforms today: twitter, Facebook, LinkedIn, Vimeo, SnapChat, etc. The case studies, the Mayo Clinic and #UMSocial, were also useful for context on what is is achievable and how to be strategic in making a choice of how, when and why to start. Let us know what you think of the presentation, as well as your questions and interests in Social Media Integrated Healthcare.
Impacting Business Performance with AnalyticsPeter O'Neill
Presentation from iLive, Riga on how to use the intelligence from Digital Analytics to improve the business performance of your organisation. Full of practical tips and tricks on setting up your analytics tool, extracting the insights and transitioning your company to being data informed.
Science publications used to have the joint function of keeping the 'Minutes of Science' as well as transferring knowledge. The sheer amounts of material published (2 new articles in PubMed every minute of every day) make comprehensive knowledge transfer via reading of articles virtually impossible. When the literature is open, though, much of the essential knowledge it contains can be distilled and the big picture obtained without having to read all the articles, so that reading can then be reserved for those key articles that give insight in the reasoning and argumentation that leads to consensus. The result is a much more efficient knowledge transfer that doesn't have to compromise on comprehensiveness.
This document provides information and resources for libraries to offer financial literacy programs and materials to patrons. It defines financial literacy and discusses the importance of teaching financial responsibility. It then outlines various topics to cover, such as budgeting, banking, credit, loans, identity theft, and retirement planning. Finally, it lists additional resources and organizations that libraries can refer patrons to for more information.
Educating The Consumer Public Forum Shared Pp 112608 Slide Show View Onlypjparke
This document provides information about credit reports and credit scores. It discusses how inaccurate credit reports can be, listing studies that found 20-79% of reports contain errors. These inaccuracies can significantly impact a person's credit score and interest rates. The document also outlines factors that affect credit scores, such as payment history, credit utilization, length of credit history, and types of credit used. It provides tips for maintaining good credit and improving credit scores.
Credit is a promise to repay an obligation or debt, and involves a creditor lending money to a debtor or borrower. A person's credit history and credit score are determined based on factors like their payment history, amount of outstanding debt, new credit applications, and credit utilization. The three major credit bureaus - Equifax, Experian, and TransUnion - collect credit information and provide credit reports and scores that impact a person's ability to access further credit opportunities.
This document discusses real estate investment opportunities using a self-directed IRA (SDIRA). It notes that Austin is one of the fastest growing cities in the US with high job and income growth. A case study shows how purchasing a $175,000 single family home with a SDIRA loan could generate over $15,000 in net gains in the first year from cash flow and appreciation. SDIRA loans are non-recourse, so individual investors have no personal liability. Partnering an SDIRA purchase with SDIRA private lending from sources like North American Savings Bank is described as the "perfect marriage" for real estate investment.
This document provides guidance for writing fundraising letters and response mechanisms. It emphasizes using compelling case studies and emotional language to persuade donors to give regularly. Key recommendations include focusing on the beneficiaries rather than the organization, using colloquial language, and making the response process clear and easy for donors. Photos and maps are suggested to make the content more authentic and impactful. The goal is to convert one-time donors into regular monthly donors.
I am sure You Didn’t Know About these 5 Credit Card Facts
Instructions to Lower Interest Rates on Credit Cards
More than 167 million American grown-ups have no less than one Visa. That is 70% of all buyers managing month to month charge card bills and diverse Visa benefits, expenses, loan fees, and reward programs. Charge cards have turned into a piece of the vast majority of our ways of life. However, when and why did we as a whole begin paying with plastic? Here are 5 truths that assistance clarify why and how Visas have come to assume such a critical part in our lives today.
1. American Express Was the First Plastic Credit Card
American Express begun as an expedited delivery business in 1850, however extended to a money related administration super organization by the mid twentieth century. Cafes Club had really presented their Mastercard (travel and excitement card) years before American Express and charged a $5 yearly expense. American Express propelled their form of the Visa in 1958, however charged a $6 yearly expense to look after eliteness. The paper card highlighted a purple ink plan that looked like their explorers checks. After a year, they began to change over their cards to plastic. Burger joints Club went with the same pattern in 1961 and, from there on, the Mastercard was plastic.
यह भी पढ़ें :- घर में बनाये जिंजर लेमन बीयर और दूर करे कैंसर और गठिया जैसी खतरनाक बीमारियों को
यह भी पढ़ें :- जानिये अगर कुछ दिन नमक न खाए तो इसका सेहत पर क्या असर पड़ेगा
2. Christmas Thieves Prompted Government Credit Card Regulation
Bank Mastercards had not been famous in the 1960s, along these lines, in a joint exertion, the city's banks had sent a large number of spontaneous charge cards to homes in and around Chicago without a moment to spare for Christmas shopping in 1966. Not at all like Mastercards conveyed today, every one of the cards were at that point dynamic and did not require anything other than rather a mark at buy to utilize. Crooks crosswise over Chicago stole a large number of bank Mastercards from the mail station and the letter drops of multifamily homes and flats. They charged a huge number of dollars on the stolen cards at retailers over the city. Chicago banks lost an expected $6 to $12 million dollars ($43 to $85 million today) in fake Christmas shopping buys.
Issue 1 getting out of debt - 18 dec 09cloakadotcom
1) The document discusses getting out of debt and focusing on experiences rather than possessions. It describes the author's realization that they wanted to use compound interest to work for them rather than against them.
2) Key concepts discussed include the Rule of 72 for investment growth and how to think of purchases as assets that generate income rather than liabilities that cost money.
3) The author provides an example of how purchasing an investment property can yield long-term profits compared to repeatedly buying a new car.
Todd Schindler is a mortgage banker with Envoy Mortgage. This document provides an overview of credit scores and how they can impact prospective home buyers. It discusses the five factors that determine credit scores, including payment history, credit utilization, credit history, types of credit, and credit inquiries. The document also outlines strategies for improving a low credit score, such as paying down credit card balances, opening new credit accounts, and disputing errors on credit reports. Borrowers are advised not to close credit accounts or pay off collections unless specifically instructed by their lender.
Jeff Christenson and Ike Devji of Christenson Wealth Management discuss an alternative to holding cash that protects assets from litigation. They describe a strategy using a universal life insurance policy and trust that provides similar liquidity to cash but protects the funds if the client is sued or dies. The strategy allows clients to earn interest, access funds quickly if needed, and pass the funds to beneficiaries tax-free.
This document discusses managing credit and provides information on important credit-related topics such as what credit is, credit scores, using credit cards wisely, and average credit card debt among young adults. It defines credit as receiving goods, services, or money in exchange for a promise to pay later. Credit scores are determined by payment history, credit utilization, credit history length, credit mix, and new credit applications. The document advises using credit wisely by only purchasing what can be paid off and avoiding revolving credit card debt, which many young people struggle with.
Five Minutes of Financial Literacy A guide for college s.docxAKHIL969626
This document provides a guide to basic financial literacy for college students. It discusses understanding credit scores and reports, which are comprised of personal credit history and determine creditworthiness. Key factors that influence credit scores are payment history, amount of debt, credit history length, new credit applications, and credit mix. The document emphasizes the importance of regularly checking credit reports for accuracy and improving credit by making on-time payments.
An comic adaptation of an academic paperPako Amezcua
This document presents a comic summary of an academic article that proposes an algorithm for renegotiating debt through equivalent equations and transaction costs. The comic outlines how John, a debtor, and Sarah, a creditor, use the algorithm to restructure John's debt into three hypothetical scenarios with different payment schemes that account for inflation, interest rates, and transaction costs. The goal of the debt restructuring model is to balance the needs of both the debtor to defer payments and the creditor to receive additional interest and fees.
This document discusses personal finance issues facing many Americans and introduces Financial Education Services (FES) as a solution. Key points include:
- Most Americans are in debt and unprepared for retirement. Many lack basic financial documents like wills or powers of attorney.
- FES provides financial education, credit restoration, identity protection, and other services to help people get their finances in order.
- The company has been in business since 2004 and offers lucrative career opportunities as an independent agent to sell its products and services and build a sales organization. Agents can earn commissions and bonuses in multiple ways.
This document discusses key concepts related to personal finance and credit, including definitions of credit, interest rates, and major credit card companies. It also outlines factors that influence credit scores like payment history and credit utilization, as well as when to check your credit score. The benefits and problems of using credit are noted. Formulas for calculating interest are provided along with descriptions of credit applications, the Truth in Lending Law, and the Fair Credit Billing Act.
All about credit unions and banking servicesMarie Mana
Credit unions are member-owned, not-for-profit cooperatives that offer similar services to banks such as savings and checking accounts, loans, credit cards and more. The key differences are that credit unions have lower fees and rates that are returned to members as dividends. Members can access their accounts through online banking, mobile apps, ATMs and shared branch locations across the country. To join a credit union, a person must qualify through an employer, community, or organization. The document provides an overview of credit union services and benefits compared to banks.
The document provides information on credit and money management. It discusses understanding credit reports and credit scores, different types of credit cards and fees, calculating debt-to-income ratios, establishing good credit, and repairing credit. Tips are provided such as paying bills on time, keeping credit card balances low, and ordering free annual credit reports to monitor your financial health and credit standing.
This document provides five steps to becoming debt-free: 1) Learn your current financial situation by reviewing credit reports and understanding your credit score. 2) Create a realistic budget that allocates at least 10% of income to debt payments. 3) Talk to lenders about lowering interest rates or refinancing loans. 4) Look for ways to reduce discretionary spending through small lifestyle changes. 5) Prioritize paying off debts from most to least valuable assets, focusing on high-interest debts first. The overall goal is to eliminate debt payments and interest expenses to free up cash flow.
This document provides information about credit, credit reports, credit scores, and maintaining good credit. It defines credit and explains how credit reports and FICO credit scores are calculated. Key factors that influence credit scores are payment history, amount of debt, credit history length, recent credit applications, and credit mix. The document advises paying bills on time, keeping balances low, and carefully managing credit accounts to maintain good credit over time.
This document provides information about credit, credit reports, credit scores, and maintaining good credit. It defines credit and explains how credit reports and FICO credit scores are calculated. Key factors that influence credit scores are payment history, amount of debt, credit history length, recent credit applications, and credit mix. The document advises paying bills on time, keeping balances low, and carefully managing credit applications and accounts to maintain good credit over time.
Similar to Personal Finances for the Christian College Student (20)
4. Business Officer magazine
“84% of undergraduates arrived on campus
last fall with at least one credit card.”
“One in three students graduates with $10,000
or more in credit-card debt.”
“National average undergraduate debt --
$18,000 to $25,000.”
4
6. To graduate with honors in credit-card
management:
Don't be lured in by free T-shirts
Know your (credit) limits
Remember, promotional rates are
temporary
Watch out for penalties and unnecessary
fees
SWITCH to 100% Debit cards!!
6
7. “11 Dumb Ways to Get in Debt”
(college student style)
Purse and Shoes obsessions
Financing latest gadgets
Giving family and friends a loan or co-
signing for a loan
Upgrading stuff
Playing the lottery or gambling
Rent-to-own furniture and appliances
7
8. Three requirements
for a personal budget
a technique to plan for monthly expenses
a pattern to manage disbursement of each
paycheck
a device to stay “on track” between paychecks
8
9. Effective Credit Management
How Do You Get Money from a Lender?
The Five Cs of Credit
Character
Capacity
Capital
Collateral GETTING A REPORT
Conditions
Log on to
www.annualcreditreport.com
9
10. Proverbs 22:7 -- “the borrower is servant to
the lender”
-- a fact of life!
10
13. Payday
“Secure, C
onfidentia
Loans Instant Ca l,
sh Loans.
$9.31 per Onl y
$100. Act
(www.MyC
.
ashNow.c
Now”
om)
“You simp
ly write a
check to g post-dated
et the cas
need on th h you
e sp o t ”
. (www.cas
hstore .com)
The Cash Store and EZ Money
have 70 WI locations. The
closest Check ‘N Go store to
Maranatha is 1.6 miles away
Source: State of Wisconsin, Department of Financial Institutions
where you’ll be charged
573.57% for a 14-day loan.13
Source: www.checkngo.com/statedisclosures/Wisconsin
14. Retirement savings
Start saving $50 per month at age 25. Retire at
age 65 and withdraw over $34,000 per year for
20 years.
Start saving at age 45 -- it will require $381 per
month to retire at age 65!
However, the “early worm” only deposited
$24,600 versus $96,042 by the “late starter”
14
15. How should you invest your
retirement savings?
For most people—mutual funds
Principles of Investment
Growth
Income
Liquidity
Safety
15
16. Insurance
Auto
Liability
Collision
Comprehensive
Renter’s
Life
Health
16
17. Visit us at www.ministrycpa.com for more presentations
or to connect with a tax professional.
Visit our Q&A blog at www.ministrycpa.blogspot.com
611 O’Connell Street
Watertown, WI 53094
(920) 261-7012
Member: American and Wisconsin Institutes of Certified Public Accountants
17
Editor's Notes
Looking for help? go to SmartMoney.com; look under Personal Finance...Debt Management CNNMoney.com; look under Personal Finance...Money 101...Controlling Debt Crown.org; look under Articles...[select key word] debt
I’ve been surveying my Introduction to Business class students at Maranatha Baptist Bible College in Watertown, WI for several years. I share some results here. Fall 2010 survey: 75% receive personal financial training from their parents (per an Intro. to Business textbook, “71% of teens learn about finances from their parents”) 25% learned at school 17% learned at church According to Business Officer (Oct. 2009), only about 10 percent of university students attending a University of Hawaii lecture each semester indicated that they had any formal training or coursework in personal finance. But when polled by that school’s Department of Family and Consumer Sciences, 400 students indicated that they would rather learn about investing than about budgeting and credit (a topic favored by 25 faculty and staff who were surveyed). Lesson: churches must be challenged to train their people about finances
23% of the students felt either poorly or very poorly prepared to manage their own finances 7% felt very well prepared Lesson: this is probably reflective of the lack of training received. Survey items. Rate the home of your upbringing on a scale from 0 to 10 with 0 Consistently in debt beyond their means 10 Consistently put money aside in savings Average response: 7.48 in 2009, 7.39 in 2010 From 0 to 10 which statement most closely represents your beliefs. 0 U.S. households will never reverse their current financial decline. 10 U.S. Households will enjoy financial prosperity soon Average response: 4.76 in 2009, 5.03 in 2010
On slide: Business Officer magazine (Oct. 2009) 38% of Fall 2010 class members said that they have their own credit card. The past 4 years of Introduction to Business students said 48, 42, 21, 35% respectively. 51% of Fall 2010 class members said planned to pay part of their education with debt—a realistic group, in my opinion (last three years percentages: 40, 43, 49 and 67, respectively). crown.org (accessed 11/27/07) “ The United States General Accounting Office reports that 64 percent of college students have at least one credit card. Among those, 42 percent do not pay their bill in full each month and carry an average balance of $577. Considering about half of the country’s college students graduate with $19,400 in student loan debt, credit card payments can be an added burden.”
WSJ, 10/10/09 Karen King owes nearly $36,000, more than she's ever earned in a year. All day long, bill collectors call. She hunts for a second job, sometimes skips meals, and stays with other family members at a grandfather's crowded apartment, trying to get out of debt and turn her life around. She largely holds herself at fault. "Years ago, I lived for now. It was so stupid," the 28-year-old says. "It's depressing, but I can't live that life anymore." Now, she says, "I basically want to live for the future."
8/21/08, WSJ; Avoiding College's Plastic Hangover Despite their lack of a credit history and sizable student loans, most college students can get their hands on credit cards with as much ease as a swipe. ... More than three-quarters of undergraduates hold credit cards, according to student-loan provider Nellie Mae. Their average debt load: $2,169. That amount is nothing compared to the 10% of students who graduate with more than $10,000 in credit-card debt. College students "don't realize that anything they do now will stay on their credit report for the next seven to 10 years," .... Don't be lured in by free T-shirts. TrueCredit.com's survey found that four out of 10 consumers sign up for a credit card to receive a free gift or special offer, such as a T-shirt or baseball cap featuring the school's logo. ...compare a credit card's terms to other offers by going to Web sites like CreditCards.com and LowerMyBills.com. Know your (credit) limits. Because students lack established credit histories, they often receive fairly low ones -- typically no more than $3,000. By carrying a balance of, say, less than half of the available credit, a student can maintain a solid credit score. Remember, promotional rates are temporary. That 0% introductory rate ...(For most college students, the average APR is 15%.) Watch out for penalties and unnecessary fees. ...if you make a late payment, it should come as no surprise when you're hit with a late fee or when the interest rate skyrockets. Another thing to look out for: "universal default," a clause that allows a creditor to penalize a cardholder for making a late payment on another lender's card, says Mr. Fox.
BE PATIENT. It took your parents a number of years to accumulate what they have now. When you establish your own home, be patient regarding acquiring home appliances and furnishings. Be flexible; you’ll end up modifying your newly-formed budget almost immediately and you’ll need to change it regularly afterwards Want access to more books about personal finances by Christians to Christians? Go to ministrycpa.org book reviews under Personal Finance .
Do not use the “napkin” approach. Be prepared. Five C’s: The lender must determine if you’re willing and able to repay the loan. 1. Character: “willingness to pay” -- references, credit history, bankruptcy; home ownership, job tenure 2. Capacity: Make enough to make monthly payments when due: net income or W-2s 3. Capital: Net worth: assets > liabilities -- the debtor “has something to lose” by not repaying the loan. 4. Collateral: Security if the debtor does NOT pay -- Fair Market Value must be greater than loan amount. When you buy your first home you’ll sign lots of paperwork but especially a promissory note AND a mortgage (a “lien”). 5. Conditions: Economic conditions nationally and locally
Learn as much as you can about credit. In some ways a student loan is much smarter than a car loan. Hopefully, your education will enhance your personal market value. 9/25/03 WSJ article – Question: “How will student loans affect my ability to get a loan on my first home?” Answer: “Student loans can help or hurt your credit rating, depending on how much you borrow and how well you manage the repayment. Make payments on time and you’ll boost your chances of getting a better interest rate. However, if you income is on the low side, a sizable student-loan debt could push down your credit score.”
http://online.wsj.com/public/resources/documents/JOBSMAP09.html http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html How are you going to avoid becoming an unemployment statistic? graduate from college!!! source of graph: DECEMBER 2, 2009 WSJ, When Combined Data Reveal the Flaw of Averages, By CARI TUNA
Source of pie chart: 9/8/09, WSJ, Credit Scores: What You Need to Know Now; Tighter Lending Makes Cracking the System Vital; Benefits of Paying on Time OCTOBER 8, 2009, WSJ, Credit Scores: Can You Get Them Free? “ Now, a handful of companies are launching services that give consumers at least a glimpse at their credit scores free of charge. The sites—Credit.com Inc., Credit Karma Inc.'s CreditKarma.com and Quizzle.com—also offer a window into the key factors that go into calculating your score, what you can do to improve them and how your credit stacks up against others. Last week, for example, Credit.com launched a free Credit Report Card that shows consumers how they're likely to rate across five credit-scoring models.” A chart within the article seemed to rate Quizzle.com the best for a free credit score. The most important way to raise a credit score is a no-brainer: Pay bills in full and on time. The second biggest priority for anyone looking to bump up their score is to maintain a low "credit utilization" level. ...maxing out credit cards will send a score plummeting. ... simply using 50% or more of a limit can cause problems. The third -most-important strategy ... is to build up a lengthy credit-using history. This means it's usually better not to close out all those old cards, as keeping them open adds to the credit record. .... The final 20% of the score is divided equally between two categories : new accounts and diversification. ...taking out new lines of credit raises red flags because it makes the consumer look riskier. Source: How to Boost Your Credit Score: Increasingly, Employers, Others Check Your Ranking; Do You Really Need That Store Card? By CHRISTOPHER CONKEY, WSJ, 11/19/05
I doubt that the first step down the path of imprudent use of debt starts with a payday loan, but it may be near the end of the trail. Once you get to the mycashnow.com web-site... “ Fees Slashed 50% for New Customers! Only $9.31 per $100!” Loan Amount Loan Term(Days) Loan Fee(Finance charge) Check Amount $100.00 7-14 $18.62 $118.62 2 week loan cost $18.62 = 484.12 per year of finance charges A 15-day loan is $19.95 (485.45 per year) Testimonials: “ Low rates and easy extensions.” — Kenneth, MO “ The customer representatives I spoke with were great help getting me through to the next payday.” - Donna, PA “ The people at this company treat you like family not like you owe them money.” - Tim, TX “ ...very willing to help me get back on our feet when no one else would.” – Darlene https://www.checkngo.com/stateDisclosures/Wisconsin/Finance_Charge_Schedule.pdf
1. start saving $50 per month at age 25 and earn 10 percent interest per year. Retire at age 65 and withdraw over $34,000 per year for 20 years. 2. start saving at age 45 -- it will require $381 per month to retire at age 65! Both individuals will eventually withdraw $687,634 from their savings account. However, the “early worm” only deposited $24,600 versus $96,042 by the “late starter”
Principles of Investment Growth—increase in value of investment (good choices: stock and home (real estate) ownership) Income—cash received each year (good choices: savings accounts, CDs) Liquidity—quick conversion to cash (good choices: savings accounts) Safety—risk of losing money on the investment (good choices with low risk: savings accounts, CDs, home ownership)
Auto Liability—for damages you do to people (including yourself) or property in an accident Collision—for damages you do to your car in an accident Comprehensive—for damages to your car NOT in an accident (hit & run, hail, etc.) Renter’s—for your contents in an apartment Life—term insurance only Health—don’t go without it! Ask when interviewing for a permanent job if insurance is provided