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Everfi lessons 1-9

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Snoogly Googly

on 30 September 2014

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Transcript of Everfi lessons 1-9

Savings
Interest is the fee someone pays to borrow money
Simple interest - Earn interest once a year
Compound interest - Pays interest on what was deposited and the initial interest as well.
Banking
Payment Types
3 Major types of payment
Paper (Cash or Checks): Cash is accepted by most businesses and individuals. Checks approve a certain amount of money to come out of your account
Plastic (Credit or debit): Debit cards work a lot like checks. Credit cards let you borrow money to make a purchase
Electronic:
Credit Score
Three digit number that shows how well you handle your credit. It measures how risky it is to loan you money
Renting vs Owning
Owning: You are the supreme ruler of the item. You can use the item however you like but you are responsible if anything happens to it.
Renting: You are practically borrowing the item for a fee and you can use it however you want if it falls under the owners guidelines. When renting, you are the temporary caretaker.
Higher Education
An investment in your future. t may cost more upfront, But it will pay you back in the long run
Everfi lessons 1-9
Rule of 72 - Rule that tells you how long it will take to double your money
1. Find your interest Rate
2. Divide 72 by your interest rate
3. How long it takes for your money to double
Savings Vehicles - Bank account used to hold your savings
Savings Account - Most basic type of savings vehicle. Give less access than checking account.
Money Market account - Have two parts, Checking and Saving. Also offer higher interest rates.
Certificate of deposit - Holds your money for a specified period of time
Budgeting - A plan for your money (Need versus Want)
One of the safest options to store your money is to put it in the bank. Not only is it safe, but you will also earn interest on your money
Types of Banks
Retail Bank: For services like savings and checking accounts, Mortgages, Personal Loans, and Debit/credit cards
Credit Union: Nonprofit cooperative banks that are owned and controlled by its members. Offer most of the services retail banks do, but you need to be a member.
Online Bank: Offer the same things (Savings/ Checking & Credit/Debit) as retail banks, But have no physical location
Credit
Debit
Borrowing money that has to be paid back
Paying for items with money taken directly from your checking account
Must pay the balance and additional interest
You pay no interest since you're not borrowing money
Transactions can improve or damage your credit score
Transactions have no effect
Offers Protection against Fraud
Typically offers less protection
You can buy things that you don't have the money for
You can only buy things based on the money in your account
Try to Pay your credit card bill on time and in full. Paying the minimum means you will be charged interest.
<579 - Poor (High Risk)
580-619 - Fair
620-700 - Good
700+ - Excellent (Low Risk)
Credit reporting companies calculate your credit score
How to keep tabs on your credit score
1. Check Annually
2. Check for accuracy
3. Check your history
Steps for college preparation
9th Grade: Get involved, Ask Questions, Make an academic Plan, And start talking about it
10th Grade: Sign up for challenging Courses, Take practice college admissions exams, look for volunteer/work experience, Research different colleges.
11th Grade: Make college Visits, Sign up for college admissions exams, look into grants ad scholarships, get involved
12th Grade: Start Applying, Ask for recommendations, Find ways to pay for college
There are many options and resources to help pay for your higher education, such as Grants & Scholarships, Work study programs, and Loans.
Grants and Scholarships: Free money that you can use to pay for education. They are given out for many reasons like having a specialized skill, excelling in a specific subject, or even being a vegetarian
Work Study Programs: Awarded to students who need a financial aid package.
Loans: Money you borrow from a bank or other organization which you have to pay back later with interest
When renting you also have a lease which has terms of renting according to the owners desires which includes, Cost of rent, length of rent, and excessive charges
Renting Pros & Cons
Pros: Renting is more flexible, Costs less upfront
Cons: Can't move out early, Must follow rules of the lease.
Owning Pros & Cons
Pros: You set the rules, Greater control over your payments, Payments go towards owning the house
Cons: You can lose money on the house, Less flexibility when moving, you are responsible for all maintenance
Insurance & Taxes
Every paycheck has deductions. Those deductions are taken out because they pay for taxes and insurance
Insurance is there to protect you from unexpected surprises like a car accident or a flood. It pays for these accidents and saves you money. It costs a little up front but saves a lot in the long run.
Types of insurance
Auto Insurance
Renters/Homeowners Insurance
Health Insurance
Disability Insurance
Life Insurance
Everyone pays taxes and you just can't escape them. The government collects taxes to help pay for services such as the police department, fire department, public schools, national parks, highways, and airports.
Types of taxes
Federal Income Tax
State income Tax
Sales Tax
Property Tax
Capital Gains Tax
Consumer Protection
Ways identity theft can happen
Tossing an old bank statement
losing your cell phone
Updating your anti-virus software
Getting a phone call
Winning a contest you never entered
Using public wifi
Helping a friend
Resolving Identity Theft
Contact the company that reported the issue
Call a credit bureau and place an initial fraud alert
Order your credit report
Report the identity theft to the Federal Trade Commission
Continue to monitor your credit report
Consumer Protection acts & organizations
Federal Trade commission
Consumer Financial Protection Bureau
Fair Debt Collection Practices Act
Credit Card Accountability Act of 2009
Fair Credit Reporting Act
Investing
Investing is when you put your money to work for you so that is earns you even more. There are numerous options for investing, like buying stocks, bonds, and mutual funds. When it comes to investing. Their are no guarantees, but if you're smart, it can be one of the easiest options to gain wealth. When you buy stocks you have the potential to lose or gain all of the money you put in.
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