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College Finances

College Finances. The Office for Financial Success. TOPICS. The Office for Financial Success Saving Retirement Investing What to look for when investing Types of investments. The Office For Financial Success. A service of the Department of Personal Financial Planning

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College Finances

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  1. College Finances The Office for Financial Success

  2. TOPICS • The Office for Financial Success • Saving • Retirement Investing • What to look for when investing • Types of investments

  3. The Office For Financial Success • A service of the Department of Personal Financial Planning • Mission: To improve the financial lives of individuals and the advice they receive • We provide one-on-one counseling sessions as well as group workshops & seminars • Major Topics include: • Budgeting • Credit/Debt repayment • Student loans • Taxes

  4. The Office For Financial Success • Student Financial Counselors • 100% Confidentiality • Professionally Trained • Free to MU students • Non-biased information • www.financialsuccess.missouri.edu

  5. Taxes • FREE TAX PREPARATION! • VITA (Volunteer Income Tax Assistance) • The College of Human Environmental Sciences

  6. The Office For Financial Success • Our office is located in the basement of Stanley Hall – Room 61

  7. Savings • What about emergencies? • Emergency Savings • Ultimate goal: 3-6 months expenses • Current goal: $1000 • Keep it in a liquid account

  8. Revolving Savings • Covers known, but irregular expenses • Car registration; holidays; insurance • Total: $1945 /12 = $165 month • May want to include extra – weddings, baby showers, etc. B-day $30 Anniversary $100 B-day $50 Vacation $750 Car Registration $215 Christmas $800

  9. Retirement 410 K vs. Roth IRA • 401 K - Employer sponsored retirement plan • Roth IRA - Individual Retirement Account (IRA) • How you get it: • 401K - from your employer • Roth IRA - you open with a broker dealer • Contribution amounts • 401K - allows for large amounts of investment • Roth IRA - only allow for $5,000-$6000 investments per year • Matching • 401K - Some employers offer to match a certain amount of your investments • Roth IRA - No matching option

  10. Retirement 410 K vs. Roth IRA Cont. • Investment Options • 401K - You can only invest in what the employer offers • Roth IRA - you have more control over what you choose to invest in • Tax • 401K - Employer invests money before tax so you must pay tax at withdrawal • Roth IRA - You have already paid taxes on income so there is no tax paid at withdrawal • Distribution • 401K - requires distribution at age 70 1/2. (money can be rolled over into Roth IRA if you do not want the distribution) • Roth IRA - no required distribution. It can be left for next generation.

  11. Things to consider when investing • Age • Young with a steady income can handle more risk • Older with a fixed income cannot afford to lose a large amount of money • Goals • Saving for your child’s education? • Saving for down payment on home? • Saving for retirement? • Other Risks • Are you a small business owner? You can’t afford too much risk • Does your spouse agree?

  12. Types of Investments • Diversify!!!! • If all your money is in one place you could easily lose it all • Spread your money in different industries, types of investments, types of risk • Bonds • Purchasing the company’s debt • Priority for payback means less risk • Pay a fixed amount • Can receive periodic payments • Not very liquid • Stocks • Purchasing part of the company (you are an owner) • You get paid last and hold more risk • You have an opportunity to receive high dividends • Can receive periodic payments • Not very liquid

  13. Types of Investments • Mutual Funds • Investing with a group • Allows you to receive a diverse portfolio cheaper • Decreases risk • Liquid • Real estate • Tangible • Little to no inflation risk • Not liquid • Insurance • Whole Life • Allows you to build savings into insurance plan • Somewhat liquid

  14. Financial Planning Classes For You! • FINPLN 1183 – Financial Success • 1 hour online course • Covers basic financial information – student loans, credit, budgeting, etc. • FINPLN 2183 – Personal & Family Finance • 3 hour course • Goes into detail on budgeting, credit, major purchases, personal income taxes, etc. • FINPLN 4483 – Financial Survival • 1 hour online course • Covers information needed to survive in the work-world – employee benefits, debt repayment, purchasing a home, etc.

  15. Come Visit Us • Set up appointment via Website • http://financialsuccess.missouri.edu

  16. QUESTIONS? ? ? ? ?

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