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Educator Version Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Teachers and Educators may use this presentation freely to teach students.

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Presentation on theme: "Educator Version Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Teachers and Educators may use this presentation freely to teach students."— Presentation transcript:

1 Educator Version Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Teachers and Educators may use this presentation freely to teach students or as a class reference. MONEY MONEY LETTERS 2 MY DAUGHTER By Jackie Cummings Koski 1

2 Money Letters 2 my Daughter is the 2013 Winner of the Excellence in Financial Literacy Education (EIFLE) Award Adults Book of the Year, Money Management The EIFLE Awards were established in 2007 by the Institute of Financial Literacy to acknowledge innovation, dedication and a strong commitment to financial literacy education. It has since become one of the most prestigious and sought after awards in the industry Book of the Year Adults Money Management 2013 Book of the Year Adults Money Management Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Awarded by the Institute of Financial Literacy Money Letters 2 my Daughter By Jackie Cummings Koski

3 To book Jackie Cummings Koski to speak to your school, class or club, please contact: Jackie Cummings Koski 3 Companies | Schools | Community Groups | Professional Organizations | Clubs | Churches | Non-Profits

4 The information contained in this presentation is for education and information purposes only, and does not constitute professional advice. The information provided is subjective and you should always do your own research before making decisions. While reasonable efforts are made to include accurate and up-to-date information, the creator makes no warranties or representations of any kind concerning the accuracy, timeliness or suitability of the information provided for any purpose. Validity of the content is not guaranteed and you are strongly urged to consult a professional or other authority in the appropriate field before acting on any of the content. DISCLAIMERDISCLAIMER Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 4

5 On a scale of 1 to 10, how would you rank the Financial IQ of: Yourself ? Your Kids? Your Parents? Our American Society? 1 is the worst and 10 is the best. WHATS YOUR FINANCIAL IQ? Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. I am not sure what your financial IQ is right now, but one thing I promise is that it will be higher after we are done today, than before we started. --Jackie Cummings Koski 5

6 Jackie Cummings Koski - Mother of 17-year-old daughter -Author, Money Letters 2 my Daughter -Director, BetterInvesting Ohio/Kentucky/ Indiana Chapter -President, Cincinnati Model Investment Club -Account Executive, LexisNexis Risk Solutions (my day job) PRESENTERPRESENTER Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 6

7 IMPORTANT MONEY TOPICS 1.Earning Money 2.Spending Money 3.Credit 4.Debt 5.Saving Money 6.Investing Money 7.Money and Taxes 8.Things Money Cant Buy Here are the topics we will cover today: Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Knowing more on these money topics will help raise your Financial IQ! 7

8 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. EARNING MONEY 8

9 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Career Choice Dont sell yourself short Multiple income resources 9

10 Does a College Degree make a difference? EARNING MONEY 12.6% 8.4% 7.5% 4.1% Less than a high school diploma High school graduates, no college Some college or associate degree Bachelor's degree and higher *Age 25 and older. Does not include active duty military or institutionalized individuals. Source: Bureau of Labor Statistics, Unemployment Rate by Level of Education* June 2012 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 10

11 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. SPENDING MONEY 11

12 SPENDING MONEY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Budgeting Small Expenses Large Expenses Expenses we dont think about 12

13 SPENDING MONEY Fees Monthly Service Fee ATM Fee Foreign ATM Fee ATM Balance Inquiry Fees (Part II) Overdraft Fee Extended Overdraft Fee Overdraft Protection Non- sufficient Funds Fees (Part III) Online Bill Pay Paper Statement Fee Stop Payment Fee Wire Transfer Fee Common Bank Account Fees (you should avoid) Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 13

14 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. CREDIT 14

15 CREDITCREDIT Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. What is credit? Credit reports and scores How is credit used by consumers How businesses use your credit reports and scores 15

16 CREDITCREDIT Fees Balance Transfer Cash Advance Foreign Transaction Fees (Part II) Annual Fee Returned Payment Late Payment Fees (Part III) Over the Limit Wire Transfer Credit Line Increase Common Credit Card Fees (you should avoid) Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 16

17 CREDITCREDIT Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 17

18 CREDITCREDIT The only online resource authorized by federal law to get your free annual credit report is: You are allowed one free report per year from each of the 3 major credit bureaus: Experian | Equifax | TransUnion Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 18

19 CREDITCREDIT Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Another helpful resource to keep track of your Credit Report and Score Free Service Online and iPhone Uses data from TransUnion 19

20 CREDITCREDIT 5 Credit Card Rules Only charge what you can pay off in full every month, before the due date Rule #1 Get a credit card with a sign up bonus, great perks and no annual fee Rule #2 Get a low interest rate (for the rare occasion that you may have to carry a balance) Rule #3 Manage your spending throughout the month and charge only what you can pay off Rule #4 If you cant pay off what you charged in full in a given month, refer to Rule #1 Rule #5 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 20

21 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. DEBT 21

22 DEBTDEBT Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. What is debt? Types of Debt How much is debt costing you? How to eliminate debt 22

23 DEBTDEBT Credit Union Online Bank Community/Regional Bank National Bank Family & Friends Payday Loan Guide to where to get a Loan Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 23

24 DEBTDEBT Sample Payday Loan Terms Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 24

25 DEBTDEBT 25 Year Payoff 15% APR Pay only required minimum payment of $219/month (2.5% of balance) You will pay $8,507 in interest You will pay a total of $17,257 3 year Payoff 15% APR Pay $299/month ($80/month over minimum payment) You will pay $2,209 in interest You will pay a total of $10,959 Your savings in time and interest is 22 years & $6,298! Payoff of $8,750 in Credit Card Debt Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 25

26 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. SAVING MONEY 26

27 SAVING MONEY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. When you should start saving How much you should you save The best place to put your savings The difference between saving and investing 27

28 SAVING MONEY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Banks should be insured by FDIC Credit Unions should be insured by NCUA Note: On January 1, 2014, the standard insurance amount will return to $100,000 per depositor. For update go to websites listed above. 28

29 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. INVESTING MONEY 29

30 INVESTING MONEY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. When you should start investing There are risks and NO guarantees Most common investments Stocks | Bonds | Mutual Funds | ETFs Do it yourself -vs- using a professional My favorite investment guide: 30

31 INVESTING MONEY 3 Easy ways to get to $1 million Per Week $50 Return 9% Years 40 Per Week $95Return 5.5% Years 45 Per Week $130Return 11% Years 25 Conservative (Slow) Moderate (Medium) Aggressive (Fast) Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 31

32 INVESTING MONEY $900 Per Year From You $1,800 Per Year Total Contribution $900 Per Year Company Match $ 1 Million After investing from age with 9% annualized return Based on $30,000/year salary, where you contributed 3% each year to your 401(k) --$900 and your company matched that amount. Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 32

33 INVESTING MONEY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 33 Do you have a great Diversification Bonds Small-Cap | Mid-Cap | International | Large-Cap | Emerging Markets Happy

34 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. MONEY AND TAXES 34

35 MONEY AND TAXES Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Things you are taxed on Filing tax returns electronically Find out if you can file for free at Dont forget about tax breaks Payroll Tax 35

36 MONEY AND TAXES Types of Payroll Taxes Federal Collected by IRS to fund the country's expenses State Collected by your state to fund the expenses of the state SS/Medicare (FICA) Federal program that provides income and health insurance for the elderly and disabled Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 36

37 Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. THINGS MONEY CANT BUY 37

38 THINGS MONEY CANT BUY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. Just a few: Time, Talent, Love, Appreciation Most money decisions are emotional Giving Backnot always monetary 38

39 THINGS MONEY CANT BUY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 39

40 THINGS MONEY CANT BUY THEN (3 years old) My mom is great! She knows everything! Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 40

41 THINGS MONEY CANT BUY THEN (3 years old) NOW (17 years old) My mom is great! She knows everything! Im 17 and I know everything! Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 41

42 THINGS MONEY CANT BUY Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. I've learned that you shouldn't go through life with a catcher's mitt on both hands; you need to be able to throw something back. --Maya Angelou 42

43 QUICK 5: FINANCIAL IQ QUIZ 1.Is the unemployment rate greater among those with or without a college degree? 2.What is the only website to get your free annual credit report? 3.Name one of the best places to get a loan? 4.What has the biggest impact on your credit score? 5.Is it possible to get to $1 million without winning the lottery? Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. 43

44 QUESTIONS?QUESTIONS? Lets talk about YOUR money and personal finance questions Want more resources to help raise your Financial IQ? Go to: questions, comments or suggestions to: Copyright © 2013 by Jackie Cummings Koski. All Rights Reserved. ? ? ? 44


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