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The Next Step

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by

Scott Mills

on 27 March 2015

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Transcript of The Next Step

Notes
Ideas
Ideas
Step 1
MAKING A PLAN
CREDIT & CREDIT CARDS
RECAP
DO
PRESENTATION HIGHLIGHTS
Who knows what they want to do upon Graduation?
What Interests You?
What are your skills?
How will these things add up to a career?
Having plans provides guidance and direction.
Make sure to keep your options open!
Vocational and Trade Schools
Community Colleges
Colleges / Universities
Join the Military
Start out in the workforce
Step 2
Some Options..
STUDENT LOANS
Assist students with books, tuition, and personal expenses.
Two Types of Student Loans:
I.
Federal Loans
sponsored by the federal government.
II.
Private Loans
from financial institutions and lenders.
Also research for
Grants and Work Study Opportunities.
BUDGETING
An outline of income and expenditures.
A guide for spending and saving.
An organizational plan that begins with monitoring your personal expenses.
Ways to Earn Money..
Get a part-time job.
Do chores around house or neighborhood.
Sell old items (clothing, games, valuable items).
If you are spending money, you need to making money!
- Manage your
Wants vs. Needs
- Avoid
IMPULSE
Buys!
- Look for
sales
and be a bargain shopper!
Avoid eating out!
- Costly
- Unhealthy
DO NOT
PREVENTING ID THEFT
CREDIT
CHARACTER
- Repayment of past debt.
- Credit history.
- Personal background.
- Employment.
CAPACITY
- Ability to repay.
CAPITAL
- Money in reserve for a down payment.
COLLATERAL
- Valuables, assets used for liability (home, car, securities).
THE GOOD & BAD
Buy now, pay later.
Cover Emergencies.
Build Credit History.
Impulse buys.
Fall behind, damage credit.
Spend money you don't have.
CREDIT
Average American carries
FOUR
credit cards.
Credit card debt in America is
$857 billion!
Average Consumer carries
$7,145 in debt!
Young adults 35 and under carry a median balance of
$1,700!
IDENTITY THEFT
Fraudulent acquisition and use of persons private information for financially gain.
- Credit & Debit card numbers.
- Name, Address, Social Security numbers.
- Bank account numbers.
IDENTITY THEFT
Social Security Numbers...
SSN is required for:
-Employment
-Medical
-DMV
-IRS
Be careful with SSN
-Ask why it's being used?
-What will happen if I refuse?
-How will it be used?
THE NEXT STEP
Savings Scenario
Student A
Student B
Age: 18 - 35 (17 years)
Income: $0
Monthly Savings: $150
Interest: 5%
Age: 30 - 65 (35 years)
Income: $0
Monthly Savings: $150
Interest: 5%
Savings Scenario
Student B
Student A
Savings Scenario
Student A
Student B
Read the Fine Print
Read the Fine Print
Read the Fine Print
US on
Monitor Bank Accounts
Check Credit Reports
Shred Sensitive Information
Do Not Give Out Information
Use Secure Websites:
Https
(Secure)
Http
(Not Secure)
Multiple Schools.
Multiple Careers.
Multiple Majors.
Network!!
Make a plan for your future.
Research schools and loans.
Find a job and save money.
Be cautious using social networks.
Protect your identity.
Open a credit card without having money to pay for it.
Take out any loans without understanding the fine print.
Put private information on your social network sites.
Be careless about your future, it's in your hands!!
The Difference is

$60,156.91!!
Ideas
Step 3
Goal Setting
SHORT (0-6 months) New Cell phone, clothing.
MEDIUM (6-12 months) PC, tablet, summer vacation.
LONG (up to 5 years) New apartment, new vehicle.
Open a Checking / Savings Account.
Have a vision for your money.
SAVE YOUR MONEY!!
BUDGETING
I. Making a plan
II. Budgeting
III. Credit
IV. Identity Theft
V. Recap

Like what you learned today?

#FAFSA
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