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Personal Finance Final Exam Review. Money Habit  Want  Need.

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Presentation on theme: "Personal Finance Final Exam Review. Money Habit  Want  Need."— Presentation transcript:

1 Personal Finance Final Exam Review

2 Money Habit  Want  Need

3 SMART GOAL  SPECIFIC  MEASURABLE  ATTAINABLE  RELEVANT  TIME BOUND

4 Goals  Short  Medium  long  Up to three months  Three months to a year  More than a year

5 Parts of a Budget  Income  Expenses  Fixed expenses  Variable expenses  Periodic or occasional expenses  PYF

6 Decide Steps 1. Define your goal 2. Establish your criteria 3. Choose two to three good options 4. Identify the pro’s and cons’ 5. Decide what’s best 6. Evaluate the results

7 6 steps to a winning plan 1. Decide the time frame for tracking your income and expenses 2. List your income 3. Use your spending log to create categories and predict amounts for each of your expenses 4. Subtract your total expenses from your total income 5. Implement the plan 6. Review and adjust he plan as needed.

8 Stop Drop and Think  Do I need this or do I want it?  If I don’t need it, why do I want it?  Exactly when will I use it?  Can I find it for less somewhere else?  What will I have to give up or put off by buying this now?

9 credit  5 c’s of credit 1. Capital 2. Capacity 3. Character 4. Collateral 5. conditions  Triple D Approach to fraud  Deter  Detect  Defend

10 Pay Yourself First  What is it, and how does apply to concepts you learned in the 5 booklets…?

11  Items on a Paycheck  Name  Address  Hours worked  Rate of pay  Payroll deductions  Other deductions  Payroll taxes  Federal income tax  State income tax  FICA (medicare)  Local income tax

12 Investment Options Booklet 4  Savings Account  Money Market Deposit  Certificate of Deposit  US Savings Bond  Stock  Mutual funds  Real estate  Collectibles  Start your own business  Risk tolerance

13  Education options  Associates Degree  Bachelors Degree  Masters Degree  Doctorate Degree  Benefits at a job  Health insurance  Vacation time  401K  College reimbursement  Company discounts

14 Checking Account  Parts of a check  Name-address  Pay to the order of..  Numerical value  Writen out value  Signature  Memo line  Bank routing number  Your account number  Bank Fees  Monthly service fee  Out of network atm fees  Check fees  Debit fees  Nonsufficient funds  Overdraft fees  Od transfer fees  Deposited item returned fee  Stop payment fees

15 Steps to Reconcile a Checking Account  Page Go through your statement and check off each transaction in your register 2. Jot down any bank fees you didn’t have listed in your register and subtract them from your register balance …see page 21 for the rest- booklet 5  …see page 21 for the rest- booklet 5

16  Bank  They sell financial services.. A bank is owned by its investors, and a paid board of directors runs the bank.  Credit Union  Are not for profit organizations offering the same financial services as banks and are owned by their customers, who are called members.

17  Identify Theft  the illegal use of someone else's personal information (as a Social Security number) in order to obtain money or credit  How thieves can steal from you? (booklet 5) 1. Don’t trust – verify 2. Keep PINS total under wraps 3. Befriend a shredder 4. Protect your PC 5. Be skeptical of any offers 6. Shop securely 7. Surf safely in public


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