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Published byWilfrid Alexander Modified over 9 years ago
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Protection and Risk Justin Gilly RVA Financial
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Debt Management How and When You Should Borrow Credit Consumer Loans – Student Loans – Automobile Loans – Home Equity Loans Home Mortgages
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Pros and Cons of using credit Disadvantages Outside your means Impulse buying. Future income INTEREST!!!!!!!!!!!! Rates chance “Instant gratification.” Too much = poor credit rating. Advantages Bargains Use while paying Emergency funds Long-range purchases Credit rating Paper trail Less cash needed
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Wise credit practices 10 percent Outlast the credit payment period Down payment Increase in value More than minimum Shop for credit
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Credit warning signals Putting off payments past-due only the minimum 1 to pay 2 Ignoring interest cash advances Credit limits running out of money Failing to save
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Consumer Loans FICO and You Secured vs Unsecured Credit Cards Student Loans Automobile Loans
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Home Mortgages 80/20 mortgage Adjustable rate mortgage (ARM) Rural Housing Service Federal Housing Administration (FHA) insured
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Insurance RISK Types – Auto Insurance – Life Insurance – Property Insurance – Health Care Insurance – Disability Insurance
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Auto Insurance Rate Factors – Driver Age and Gender Driving record Marital status – Vehicle Age and Use Location Cost of repairs to vehicle Safety devices in vehicle Policy Cost Elements – Coverage Collision/Comp/UM Medical Liability – Deductibles
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Life Insurance Risk of Death Policy Type – Whole Life – Term – Universal Life Coverage
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Property Insurance Considerations Risk factor where insured lives Value of property Amount of coverage and deductible Type of coverage selected
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Health Insurance Risks involved in insuring a particular person – Age of insured – Occupation of insured – Physical condition of insured – Sex of insured – Medical history of insured Amount of coverage and deductible Medical-care cost in local area Type of health insurance selected Type of policy selected — group or individual
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Disability Insurance Do You Need It? Rates and Occupation Where Do You Get It? How Much Do You Need?
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Questions?
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