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Class of 2012 Freshman Orientation Financial Literacy: “Me, Myself, My Money”
Want to be more than $2,000,000 Richer? Today I will show you how.
Financial Literacy –Making sound decisions about money –Your decisions – no one else's
National Bank of Me
Do the math!!!! Smartest investment you will ever make
What happened to him??
33M 17 Exotic Cars 12M Mansion Plane 2 Helicopters 200 People 1996
What was his problem?
It’s all about balance…
Budgets are a tool that help you determine: –Where your money goes each month –How much you need to save for that big ticket item –Where you want to be in the future
Budgets Easy Keep you on track so that you don ’ t spend more than you take in Otherwise
You won ’ t make it through the month
It ’ s all about balance
Budgets Determine what your income is –Wages –Loans –Savings –Allowance
Budgets Determine what your expenses are –Fixed –Flexible Needs Wants
Budgets Fixed –Rent –Car Payment Flexible –Meals –Clothing
Budgets List everything –Books –School supplies –Meals and entertainment –Rent –Car –Clothing –Telephone –Personal care –Laundry –Tuition –Anything that you spend your money on –Be reasonable
Adjust if needed
Budgets Success is having the money in be greater than the money out –Set aside for larger expenses Adjust when necessary Be a smart consumer Spend money wisely Talk to someone if you get in trouble
Adjust as necessary Be smart consumer – spend wisely $ in > $ out Talk to someone Life Skills
Just because the bank says……….
THE GREAT TEMPTATION
THE GREAT TEMPTATION
The Real Cost of Credit Purchase$ 1,000 17% card Minimum payments (2%) = $ 20 mo Total all payments $ 1,755 Almost paid 2x
Average American Household $10,000 in credit card debt Average College Student $3,000 in credit card debt
My Graduation Promise to You
Compounding… $5 per day, every day 10% rate of return 45 years later…
Would that change your life?????
Resources www.360financialliteracy.org www.feedthepig.org www.myspace.com/benjaminbankes www.cscpa.org – Financial Literacy – Money Management Advice www.finance.yahoo.com/banking-budgeting
Where’s the $2,000,000?
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