Session 2
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The document is from a wealth education series that aims to help participants develop credit and debt management strategies, understand banking more strategically, and learn how to use financial ratios. It covers topics like net worth, budgeting, banking terms and fees, credit scores, important financial ratios for home buying, and encourages participants to think about personal finance.
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This document contains financial information for Spencer and Alisha, including their assets, liabilities, cash flow, and various financial ratios. Their assets total $423,134 and include investments, property, vehicles, and cash. Their monthly income is $9,183 while expenses are $7,168, leaving a $31,160 annual cash surplus. This surplus allows them to pay off their $5,700 credit card debt and improve their debt ratios. However, their liquidity ratio is low and Alisha's investment and income levels could be higher.
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Session 2
- 1. WEALTH EDUCATION SERIES Session 2 © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 2. Objectives chloebmckenzie Develop a credit and debt management strategy Think about banking more strategically Understand how to use financial ratios © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 3. Foundations of Personal Finance NET WORTH HOW WEALTHY YOU ARE ASSETS THINGS YOU OWN - LIABILITIES MONEY WE OWE = © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 4. The 3 Key Financial Statements BUDGET Monthly cash flow © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 5. BANKING © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 6. Banks & Credit BANKS CREDIT UNIONS FOR PROFIT NONPROFIT LOWER INT. RATES | HIGHER FEES HIGHER INT. RATES| LOWER FEES © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 7. Important Bank Terms OVERDRAFT Institution Overdraft Fee Max Fees Per Day Total Possible Cost in a Day Bank of America $35 4 $140 Chase $34 3 $102 Citibank $34 4 $136 M&T $38.50 5 $192.50 PNC $36 4 $144 TD $35 5 $175 Wells Fargo $35 4 $140 © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 8. Important Bank Terms DEBIT RESEQUENCING Original Order Resequenced Balance = $100 Balance = $100 Transaction #1 | -$75 Transaction #1 | -$125 Balance = $25 Balance = -$25 1st Overdraft Fee of $35 Transaction #2 | -$25 Transaction #2 | -$75 Balance = $0 Balance = -$100 2nd Overdraft Fee of $35 Transaction #3 | -$125 Transaction #3 | -$25 Balance = $-125 Balance = $-125 1st Overdraft Fee of $35 3rd Overdraft Fee of $35 © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 9. CREDIT © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 10. Credit Scores © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 11. Credit Scores WHAT’S IN A SCORE? 35% PAYMENT HISTORY 30% CAPACITY 15% LENGTH OF CREDIT 10% MIX OF CREDIT 10% INQUIRIES © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 12. RATIOS © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 13. Key Ratios © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 14. Key Ratios for Home Buying © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 15. Q&A © Chloe B. McKenzie, LLC 2019. All Rights Reserved.
- 16. THANKS FOR GOING #ONAWEALTHKICK © Chloe B. McKenzie, LLC 2019. All Rights Reserved.