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Transcript of Personal Finance
Interest Insured by government liquid Certificates of Deposits Locked in longer Time Deposits Plan for your future Stocks
bonds Balance risk and reward preferred stock dividends Credit Cards Credit Score Payment History - 35%
Total Amounts Owed - 30%
Length of Credit History - 15%
New Credit - 10%
Type of Credit in Use - 10% Pay on time
Don't miss a payment Pay in full Don't have too many cards, 2 only No Cash Advances pay yourself first what are your goals Education Social Health Family Financial Short term
Long term needs vs wants Identity Theft 28.1 percent of Americans in 2010 were victims
8.1 million people
$37 billion in losses
Average out of pocket cost: $631
Friendly fraud increased
25-34 years old most likely victims higher interest rates less liquid 8 month Emergency Fund The average person spends money three times
• Putting aside every coin you touch usually
results in saving about $50 a month.2
• A $5 sandwich usually has less than $1 worth
• If you purchase a soda a day for a year, you will
have spent approximately $365. track your expenses avoid peer pressure to spend Health Life Dental Automobile IRA 401(K) 403(b) need about 80% of income after you retire Social Security replaces 43% of income save 15% a year for retirement premiums-your cost for the insurance deductibles-what you pay out of pocket after you need the insurance Hmo and PPO •Teen drivers are twice as likely to be involved in a fatal accident as other drivers.
•Every year 6,000 teens die and 600,000 are hurt in car crashes. Average costs of medical procedures without insurance
Child Birth: $11,500 (without stay)
Heart Attack: $28,746 (without stay)
Lung Disease: $16,500
Kidney transplant: $69,000
Heart transplant: $150,000
ACL surgery: $45,000 A hospital stay costs an average of $236 per day in India, $655 per day in France and an average of $3,949 per day in the US Prevention Mail social security cards traveling online shopping PIN why do you need good credit? loans, mortgages, interest rates Home Buying Why buy?
borrow against value Why rent?
Security deposit lower than down payment
landlord responsible for repairs Down payment usually 10-20% income vs debt mortgage shouldn't be more than 28% of your income Debt should be less than 38% Costs of home buying
principal-what you borrow
interest rate-what you pay to borrow
term-how long it takes to repay Fixed vs Adjustable rates APR cost of buying for one year Home Equity loan is borrowing against your home Foreclosure-cannot pay your mortgage, bank takes back your home Homeowners insurance should cover 80% of your replacement value 40-50% are alerted within 3 months 10-20% take four years to notice Average time dealing with this is 330 hours, but some spend up to 5,860 days http://www.bankrate.com/brm/news/advice/20040331a1.asp