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Personal Finance & Financial Planning - Creighton

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by

Kyle Osborne

on 24 March 2014

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Transcript of Personal Finance & Financial Planning - Creighton


What do you want your life to look like after college?


“Money management is 90% behavioral and 10% mental."
- Dave Ramsey
4 Questions
1. Where does your money go?
Budgeting, what is it?
How do you stay out of debt?
Personal Finance & Financial Planning
Consider...
The way you use money now will affect the rest of your life, especially your life after college.
A Harvard study found that 3% of their graduated students who had written down goals achieved more financially than the other 97% combined.
“By failing to prepare, you are preparing to fail.”
– Benjamin Franklin
2. How do you get out of and stay out
of debt?
3. What insurance should you buy
and when?
4. What should you do with extra money?
1

Where does your money go?
70% of Americans live paycheck to paycheck
32% of American household put
together a budget month to month
Only 30% of Americans have a long term savings plan laid out
2
1. Spend less than you make
2. Establish an emergency fund
planning how to spend your money before you get it.
Cash flow, what is it?
money in money out
How do you get out of debt?
2
1. Write all your debt down from smallest amount to largest amount
2. Pay off smallest loan first
3. Use money from the loans you have paid off to pay off the next loan
4. Keep this pattern until you're debt free
My Total Debt
Car Loan = $6,000 / $150 month
Student Loan #1 = $3,000 / $60 month
Always pay off credit card debt first!
Student Loan #2 = $4,200 / $70 month
Student Loan #3 = $5,100 / $80 month
Student Loan #4 = $5,900 / $89 month
Credit Card #1 = $8,000
Credit Card #2 = $16,000
$449 month
Debt Free!!!
4 Questions
1. Where does your money go?
What should you do with extra money?
2. How do you get out of and stay out
of debt?
3. What insurance should you buy
and when?
4
What insurance should you buy and when?
3
Life - after you start a family
Renters - after you start renting a place ($5-$15)
Health - right away
How do you get out of debt?
2
Credit Report
Debt
Student Loan
- think about what you will make after college
Car Loan - think about what you will make after college
Credit Card - if you have the money buy if not don't use your credit card
Home Loan - buy what your budget can afford not what you're approved for
Financial Resume
Credit Score
Average credit score is 600-750
Shoot for 700 or above
www.creditkarma.com
Car - shop around for the best deal
Home - shop around bundle with car to save
4. What should you do with extra money?
If employed
4 Questions
1. Where does your money go?
2. How do you get out of and stay out
of debt?
3. What insurance should you buy
and when?
4. What should you do with extra money?
Questions?
Bob or Kyle
www.tsbankinstitute.com


Life Insurance
Term – insures a person until a certain point in time
Whole, Universal, Variable – insures a person their whole life. combines life insurance with an investment fund

Health Insurance
Deductible – amount you pay before insurance pays
Co-pay – amount you pay for the service, usually around $25
Coinsurance – amount you pay after deductible, usually 80/20
Out of pocket max – maximum amount you have to pay in one year

Car Insurance
Liability – pays for other vehicle if accident is your fault (yours if other person isn't insured)
Comprehensive – pays for all damage in an accident if your at fault
Deductible – amount you pay before insurance pays
Full transcript