Presentation on theme: "National Association of Black Accountants, Inc. M ney $ense M ney $ense Managing Money for Youth."— Presentation transcript:
National Association of Black Accountants, Inc. M ney $ense M ney $ense Managing Money for Youth
Sources of Income Allowance Allowance Gifts Gifts Baby sitting Baby sitting Summer job Summer job Scholarships Scholarships Other peoples money Other peoples money Starting a business Starting a business
Realize Your Full Earning Potential Am I satisfied with the amount of money I currently have or make?
Higher Learning Higher Earnings Education Level Annual Earnings Lifetime Earnings Professional Degree$109,600$4.4 million Doctoral Degree$ 89,400$3.6 million Masters Degree$ 62,300$2.5 million Bachelors Degree$ 52,200$2.1 million Associates Degree$ 38,200$1.52 million Some College$ 36,800$1.47 million High School Graduate$ 30,400$1.2 million Source: U.S. Census Bureau, Current Population Surveys, March 1998, 1999 and 2000. Tabulations reflect the average annual earnings of full-time, year-round workers 25 to 64 years old.
Traditional Way to Earn Money Strong GPA Scholarship Opportunities College of Choice Employment Opportunities Career of Choice Desirable Starting Salary
Whos Really Making the Money? AT&Ts House Your House $$$
Whos Really Making the Money? Fixed monthly minute plan Fixed monthly minute plan Text message Text message Downloads Downloads Ring tones Ring tones Images (screen savers) Images (screen savers) Internet use Internet use AT&Ts House
Ownership Investor mentality Investor mentality Stash your cash Stash your cash
Cash Flow Equation (+) Revenue or Source of Income (-) Less: Expense or Use of Income _____________________________ (=) Net Cash Flow
Where Does Money Go? Cell phone Cell phone Movies Movies Video games Video games Food Food Clothes (Hats, Shoes, Jeans) Clothes (Hats, Shoes, Jeans) Cosmetics (Hair & Nails) Cosmetics (Hair & Nails) $$$ $ $ $ $
How You Play the Money Game Are you playing to get ahead? Are you playing to get ahead? Are you playing to come out even? Are you playing to come out even? Are you going for broke? Are you going for broke?
Set Savings Goals End of each school year? End of each school year? At beginning of senior year? At beginning of senior year? After college graduation? After college graduation? Consistency Consistency Open an institutional account Open an institutional account
Give Your Savings a Boost Invest Invest Grow it faster Grow it faster Seek assistance Seek assistance Money coach/mentorsMoney coach/mentors Help keep you on trackHelp keep you on track
Rule of 72 Exercise Investment Type ROR6 Yrs9 Yrs12 Yrs18 Yrs24 Yrs 3% x 4% x 6% x 8% x 12% x $100 Today. Goal = $200.00
List of Resources ONLINE RESOURCES ONLINE RESOURCES www.MyMoney.gov www.MyMoney.gov www.MyMoney.gov www.BankingonourFuture.org www.BankingonourFuture.org www.BankingonourFuture.org BOOK RESOURCES Raising Money Smart Kids: What They Need to Know about Money and How to Tell Them (Kiplinger's Personal Finance) by Janet Bodnar Raising Money Smart Kids: What They Need to Know about Money and How to Tell Them (Kiplinger's Personal Finance) by Janet Bodnar The Kids' Allowance Book by Amy Nathan and Debbie Palen The Kids' Allowance Book by Amy Nathan and Debbie Palen
Thank You! National Association of Black Accountants, Inc. M ney $ense For more information visit www.nabainc.org NABA - Money $ense