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Personal Finance: Ways to Save

Mr. Barkes

Daniel Barkes

on 29 April 2013

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Transcript of Personal Finance: Ways to Save

Personal Finance: Ways to Save 1.What are the key components of financial security in today’s changing market?
2.How are banks and financial institutions important to the economy? Save a dollar a day. Over $67,000
In 30 years Warm Up: ? A. 1 million dollars B. Double a penny for 30 days B. Over 5 million dollars!! ? Why do people not save more Traditional IRA:
Individual Retirement Account
Allows a person to save up to $2,000 a year TAX FREE!
Penalized if taken out before 59 1/2 401K:
Retirement account provided by employers.
Allows workers to contribute part of their income towards retirement.
Money is taken out prior to taxes 403 B:
Similar to 401K, but is only available
to educatorsand other state employees Roth IRA:
Savings option that is contributed to
after taxes.
If requirements are met money can grow and be taken out tax free Roth 401K:
Similar to the 401K, but in a Roth the money is contributed after taxes Investment:
A way to save money
When investing there is a risk
you could loose your money Return:
Money you make when investing Risk:
Chance of loosing money when investing Money Market:
Type of savings account that has risks
Makes more money Savings Account:
Way to save money with no risk
Makes less money CD's:
Low risk Low return
3month-5years LOCKED way to save Bonds:
Loans; promise to repay
plus interest Stocks: Part ownership in a company Diversification:
Way to reduce RISK by investing in
lots of different things Mutual Fund:
Takes money from many investors
and divides it up between many
types of investments Managed Funds:
"Professional" who helps you make investment decisions Index Funds: Vocabulary Words:
Life Insurance
Managed Funds
Simple Interest
Compund Interest
Full transcript