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Money Management

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Jeff Hamilton

on 23 April 2010

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Transcript of Money Management

Introduction To Finance

"Nearly every financial decision you make is being watched, with the goal of determining your financial profile.”
-Suze Orman

(Suze Orman wrote the book- The Money Book for the Young, Fabulous, and Broke.)
FICO Score

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

Expenses Continued...

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

Inactivity charges

Late payment fees

Over-limit 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
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