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Transcript of Finances
Figure out how much you earn?
Figure out what you spend?
Evaluate the difference
Adjust expenses or earnings
Options to Avoid temptations
Stay at home
Watch money grow
Question if you really need it
Make a list
Save Early & Benefits of Saving
Save Early! Start up a savings account with compound interest.
Start saving for your retirement! (401k, IRA's).
If you deposit 2000 dollars and deposit another 2000 dollars every year for the next 40 years with a 10% return, you'll be in possession of approximately $975,704 dollars.
If you save up your money you'll be financially prepared for unexpected trouble such as medical emergencies, and other unforeseen problems.
If you save your money up instead of spending it you can afford higher quality things.
TIP: Shop online, they offer promo codes, coupons and discounts. Think CyberMonday
Where is your money going??
Fast food (McDonalds) Average person spends $50 a week
Clothes & Shoes (Forever 21,Macy's, Footlocker)
Needs Vs. Want
How is work, time and money related?
Needs are things that are essential
Wants are everything else
How to create and use a budget?
Budget :a plan to coordinate resources and expenditures;a set of goal regarding money
An investment program funded by shareholders that trades in the assets of its investors and invests and is professionally managed on behalf of those investors
Fidelity and Vanguard are examples of companies that issue funds
They provide diverse investments, like in stocks, bonds, and cash, without requiring investors to make separate purchases and trades.
A mutual fund investor can send $1,000 to a fund company and find themselves holding a part-ownership stake in a number of companies.
When you contribute money to a fund, you get a benefit in all it's other investments.
Pull out enough cash to last for a week/ enough to last you for a day
View your bank account often online
Leave your card at home
Link your debit/credit card to CSUEB
Make sure you can afford to spend money
Debit Cards vs Credit Cards
Carter, C., Bishop, J., & Kravits, S. (2012). Keys to Success (4th ed.). Boston, MA: Pearson.