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YOUR MONEY, YOUR FUTURE PLANNING FOR THE FUTURE

YOUR MONEY, YOUR FUTURE PLANNING FOR THE FUTURE. LEARNING GOALS. Preventing Identity Theft Insurance Saving Investing. IDENTITY THEFT ACTIVITY. At each poster: Discuss any scams you have heard of in that category and write any new ones on the poster.

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YOUR MONEY, YOUR FUTURE PLANNING FOR THE FUTURE

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  1. YOUR MONEY, YOUR FUTUREPLANNING FOR THE FUTURE

  2. LEARNING GOALS Preventing Identity Theft Insurance Saving Investing

  3. IDENTITY THEFT ACTIVITY At each poster: • Discuss any scams you have heard of in that category and write any new ones on the poster. • Have you known anybody that has fallen victim to this type of scam? Share your stories. • How do you think you could prevent this type of scam?

  4. PREVENTING IDENTITY THEFT Keeping Your Personal Information Secure Offline: • Keep documents in safe place (not wallet) • Shred receipts, credit offers, bank statements, etc. • Promptly remove mail from mailbox • Hide your PIN • Opt out of credit card offers by mail at optoutprescreen.com

  5. PREVENTING IDENTITY THEFT Keeping your personal information secure online: • Be wary of links in emails. • Encrypt data/Use secure sites • Don’t overshare on social media • Keep passwords private, don’t use the same password.

  6. PREVENTING IDENTITY THEFT Safer passwords: • Think of a passphrase like “My dog is awesome” • Change into letters symbols and numbers M4dg1z@+ • Make sure it is at least 8 characters and contains, upper case, lower case, numbers and symbols. Don’t use only one or two passwords for all of your accounts!

  7. INSURANCE Definition: A contract between an individual and an insurance company. The individual pays a premium for coverage. Types of Insurance: Homeowners Life Health Auto Disability Title GAP Liability Malpractice And more!

  8. AUTO INSURANCE Liability • Minimum required by law • Covers damage to others • Individual bodily injury/Total bodily injury/Property damage Collision • Covers your property in a crash only Comprehensive • Covers your property in case of fire, theft, vandalism, natural disaster, ect. Uninsured Motorist • Covers you if the other person does not have liability insurance.

  9. AUTO INSURANCE Lienholder: The person who has legal claim to the car (If you get a loan, this will be the bank). Deductible: The amount you have to pay before the insurance starts paying. Claim: When you request payment from the insurance company for damages. *If you make a claim, your insurance premium may go up even if you are not at fault!

  10. HEALTH INSURANCE • Dependents covered until age 26 • Employment (usually full time) • State Insurance Exchange (for now) • No health insurance fine = 2.5% of income or $695 per adult over 18, whichever is higher. • May qualify for state aid such as Medicaid • Deductible, co-pay

  11. RENTER’S INSURANCE A typical renters insurance policy includes: liability coverage, protection for your belongings and coverage for additional living expenses, should the home you're renting become temporarily uninhabitable.

  12. EMERGENCY FUND Another great way to insure yourself is to save! Suggestion of 3-6 months expenses saved away in a liquid account such as a basic savings account or money market account. If you find yourself with more than that, think about investing!

  13. SAVINGS AND INVESTMENT

  14. SAVING AND INVESTMENTS One of the best investing options is an employer 401K program (retirement account). Other investment options include

  15. COMPOUND INTEREST Simple Interest: Interest is paid on the principal only (usually the same every time). Compound Interest: Interest is paid on the interest you already made. It is more every time! Time is the biggest factor when it comes to compound interest. Compound Interest Calculator

  16. COMPOUND INTEREST

  17. COMPOUND INTEREST

  18. GOTS AND NEEDS Please get an index card and write down: • 2 things that you learned today • 2 things that you would like to add to this class or still have questions about.

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