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Transcript of Money Management
"Nearly every financial decision you make is being watched, with the goal of determining your financial profile.”
(Suze Orman wrote the book- The Money Book for the Young, Fabulous, and Broke.)
Three-digit number that determines the interest rate you will pay on your credit cards, car loan, and home mortgage, etc.
Why is your FICO score important?
Determines your ability to get a job you apply for.
Credit bureaus calculate your FICO score using a formula developed by Fair Isaac.
What is the difference between FICO scores?
High FICO score= good, makes you eligible for the best interest rates, saves you money.
Low FICO score= bad, gives you high interest rate.
How can I improve my FICO score?
1. Pay on Time!
2. Manage your debt- to credit-limit ratio
3. Protect your credit history
4. Create the right credit mix
Cost of Living in Orange County
Population density: 3797 people per square mile (very high).
Owner-occupied houses and condos: 574,193
Renter-occupied apartments: 361,090
Estimated median household income in 2007: $73,263 ($58,820 in 1999)
Luxury Apartment in Orange County Orange (Windsor at Mainplace)- 1 bd 1 bath, starting at 1,365
Median contract rent in 2007 for apartments: $1,293 (lower quartile is $1,018, upper quartile is $1,689)
Expenses of College Graduate Living Alone
Food: $125-150 a week
Entertainment: $50-$100 a week
Rent: ex. Apartment in Orange County: $800-$2000 a month
Utilities: $150-$300 a month
Transportation: (Gas, Insurance, Car Maintenance, etc) : $400-$500 a month
Health Insurance: Company Health Plan or Private: $200 - $300 a month
Danger of Credit Cards
Credit cards can create a huge pile of excessive debt
“Universal default penalties”
Unrevealed or masked interest rates
Late payment fees
How to Invest for Retirement
Say you've got 40 years to retirement. If you start with $1,000 and invest an additional $1,000 each year, and your money earns 10% annually, then when you're ready to retire at age 65, you'll have $532,111.07. That seems pretty worth it. If you have earned income, you can set up a Roth IRA, and you won't even pay any taxes on that $532K when you withdraw it. Median Earnings based on Education Level