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Financial Literacy

Financial Literacy. Presented By MOODYS Upward Bound. M O O D Y S. astering ccupational pportunity evelopment For outh uccess. Presented By Jocelyn Lula and Sarah Lane. Budgets. What is a budget?. List of p lanned revenues and expenses Organizes income and expenses.

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Financial Literacy

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  1. Financial Literacy Presented By MOODYS Upward Bound

  2. MOODYS astering ccupational pportunity evelopmentFor outh uccess

  3. Presented By Jocelyn Lula and Sarah Lane Budgets

  4. What is a budget? List of planned revenues and expenses Organizes income and expenses

  5. Fact Only about 40% of people in America have a budget

  6. Budget uses Monitor income/expenses • Where money is spent • Forecast future income(s)/expense(s) • Spend in categories

  7. Components of the budget • Income • Expense • Discretionary Money • Save • Rebudget • Spend

  8. How to calculate discretionary money Income -Expenses Discretionary Money

  9. Example $ 2,100 -$ 900 $ 1,200 • Income • Salary--$2,000 • Birthday Money-- $100 • Expense • Rent--$600 • Utilities--$200 • Food--$100 • Discretionary Money • Left over--$1,200

  10. Presented by Emily Castro and Sarah Lane Credit and Credit Cards

  11. Credit Dictionary’s definition: amount of money available to be borrowed by an individual Trustworthiness to be lent money

  12. Credit Score • Credit score or FICO score • The higher your score, the more you are trusted • Financial behavior impacts your credit score

  13. Credit Ratings and Scales Credit scores are between the numbers 300 and 850

  14. How to Improve Your Credit Score • Things that affect your credit score: • Checking Accounts • Opening one • Overdrawing • Paying bills • On time • Late or not at all

  15. How to Maintain a Credit Score • Maintaining a credit score takes patience and diligence • Pay off your credit card bills every month • Don’t impulsively buy something that you can’t afford

  16. Credit Cards • Dictionary definition: card issued by a financial company giving the holder option to borrow money • Highly affects your credit score and ratings • This is money that is borrowed, NOT given • You must pay this money back • APR • Interest

  17. The Effects of Credit Cards • Bad financial choicescan ruin your credit score • Good uses • Bad uses

  18. Our Advice to Avoid Bad Credit Pay off everything every month Always pay on time Never own more than 3 credit cards Never charge anything on credit that you can’t afford Never use more than half your credit limit Check your credit report regularly (www.freecreditscore.com)

  19. Presented By Alex Lynaum and Anastatia Smith-Davis Net Worth

  20. How to find your Net Worth The total assets minus total liabilities of an individual. List your largest assets Subtract all your liabilities The difference is called your net worth

  21. Assets • Property owned • Examples • A house– that you own, not rent • Money in the bank • Car • Investments • Collectibles

  22. Liabilities • Money you owe • Examples • Debt • Loans • Credit card balance • If your liabilities are greater than your assets you owe money.

  23. Sample of a Net Worth Statement

  24. Net Worth

  25. Presented by Greg Nyikos and Jocelyn Lula Taxes

  26. Picturethis . . . April 15

  27. Why Taxes? Collected by the Government Amount to IRS If more money was sent to the IRS than you owe, you will get a refund. If less was sent than you owe, you have to send more in.

  28. How do I fill out a Tax Form? Taxed on the amount of money you earn Deductions

  29. Types of Taxes: • Types of taxes: • Income Tax • Sales Tax

  30. Example Income Antonia’s Salary: $43,000 Interest Earned on CD: $300 Total Income: $43,300 Deductions Standard Deduction: $5,650 Exemption Deduction: $3,650 Total Deductions: $9,300 Taxable Income Income – Deductions: $34,000 Federal Tax The first $8,375 is taxed at 10% $837 From $8,375 to $34,000 is taxed at 15% $3,844 Federal Tax: $4,681

  31. Sample Tax Form

  32. Presented by Robert Barron and Greg Nyikos College Planning

  33. College Planning - Factors • College Considerations • Degree Programs and Majors • Admission • Quality Education • Involvement in Federal Aid • Activities of Interest • Location • Cost

  34. College Planning - Cost • Tuition • Tuition for Notre Dame is $38,477 • Room & Board • Mandatory Fees and Expenses • Lifestyle • Transportation • Books and Supplies

  35. How are you going to pay for college?

  36. College Planning – How to Pay for College • How to pay for college • Savings • Working • Scholarships • Grants • Student Loans

  37. College Planning – Work & Savings • Money saved up • Remember it is NEVER to late to save for college • Work Study • Working during the summer • Working during school • Amount you can save

  38. College Planning - Grants • Need based • 6 different Grants: • Federal Pell Grant • Federal Supplemental Educations Opportunity Grant (FSEOG) • Academic Competitiveness Grant (ACG) • National Science and Mathematics Access to Retail Talent (National SMART Grant) • TEACH Grant • Iraq and Afghanistan Service Grant

  39. College Planning - Scholarships • Merit Based • Require hard work and dedication to be achieved • Do not need to be paid back • Scholarship Factors • Ethnicity • Grade Point Average (GPA) • State • Sports

  40. College Planning – Student Loans • Federal Perkins Loan • FFEL Stafford Loans (subsidized & unsubsidized) • Subsidized & Unsubsidized • FFEL PLUS Loans • Consolidation Loans • William D. Ford Federal Direct Loan (Direct Loan) Program

  41. Presented by Anastasia Smith-Davis and Alex Lynaum Dos and Don'ts

  42. Do’s for school! Study for an hour before and after each class Ask for help when YOU need it, and even if you DON’T need it Take good notes Eat a full breakfast in the morning Join a study a group Always be early to your classes Do extracurricular activities

  43. Don’ts for school • Don’t go stay out all night on a school night • Do not sleep during class • Do not disrespect your professor • Recommendations No Matter How Hard School Gets Don’t Drop Out!

  44. Common Sense • Go For Scholarships! • Don’t sign up for credit cards while in school • Unless your able to handle the expenses • If it sounds to good to be true don’t go for it • Don’t forget your priorities!

  45. Presented by Emily Castro and JarekAllin Job Considerations and Benefits

  46. Job Considerations and Benefits • Once you’ve graduated college, it is time to see a return on your educational investment and seek a job • Resume • Job Fairs and Career Days • Internships • Building relationships (networking) • Think about where you would like to work • Location, industries, companies

  47. Job Considerations and Benefits • Factors when looking for a job • Passion • Career Advancements • Salary or Wage • Fringe Benefits

  48. Job Considerations and Benefits • Passion • Choose a job that you love and enjoy. • Make sure that your job inspires you. • Find meaning and purpose in what you do. • Don’t work just for the pay.

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