USING THE BANK INDEPENDENT LIVING NOVEMBER 4, 2015.

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Presentation transcript:

USING THE BANK INDEPENDENT LIVING NOVEMBER 4, 2015

FIRST- BUDGETING REVIEW You just accepted your first job and you’ll be earning a gross income of $45,500 per year. You live on your own and are responsible for all expenses, including rent, car, insurance, cell phone, utilities, entertainment, food, saving and miscellaneous expenses. You have to pay 17.65% of your gross income in taxes. Calculate both your yearly and monthly net pay with using this information. Once you know the monthly net pay, calculate your monthly budget for these different expenses. Once you get the total monthly expenses, interpret your spending habits and monthly budget. ExpensePercent of Net Pay Rent25% Utilities10% Car Insurance5% Car Payment7% Occasional Spending15% Savings12% Food12% Cell Phone7% Entertainment5%

THE THREE TYPES OF BANKS: Initial question: Where do you keep your money at? In the banking industry, we have three choices to give our money too Banks Credit Unions Thrift Banks

YOUR ASSIGNMENT Research the difference between the three types of banking institutions. Ask questions like: Are there FOR-PROFIT or NOT-FOR-PROFIT institutions. If so, provide examples. What are some of the services these institutions offer? Who are they owned by? Are banks insured by certain organizations? If so, then who and what is the purpose of these organizations? Come up with a list of 4 other questions and research them to find the answers.