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Money matters 101:

Money matters 101:. Raising the Financial Intelligence Q uotient . Presenters: James Boyd Leah Toussaint. Keeping up with the joneses. “Gotta Go To Work”. http://youtu.be/mcPl8mSex0g. COMMON MONEY MISTAKE #1. Running Up Credit Card Debt

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Money matters 101:

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  1. Money matters 101:

    Raising the Financial Intelligence Quotient Presenters: James Boyd Leah Toussaint
  2. Keeping up with the joneses
  3. “Gotta Go To Work” http://youtu.be/mcPl8mSex0g
  4. COMMON MONEY MISTAKE #1 Running Up Credit Card Debt Even a modest credit card balance can take over a decade to pay off if you simply pay the minimum amount due. CreditCards.com's online minimum payment calculator Bankrate.com online credit card debt calculator (Debt Management Tab) A maxed out account will reduce your FICO credit score by up to 45 points. Bankruptcy can cause your FICO score to plunge by as much as 240 points.
  5. Minimum Payment Sample
  6. COMMON MONEY MISTAKE #2 Ruining Your Credit Score—FICO Apartment Rental Car Purchase Mortgage Interest Rates on Loans Employment: About 13% of employers check credit reports for all candidates, and 47% check for those applying to selected positions--Society for Human Resource Management. Relationships
  7. COMMON MONEY MISTAKE #3 Lack of Budgeting Follow the green. Use 30-Day Spending Diary Be Realistic about Income Be Realistic about Expenses Plan to Spend Less Than You Earn! Consider Fixed vs. Variable Expenses
  8. COMMON MONEY MISTAKE #4 Using Student Loan Money Inappropriately Although you think you deserve a spring break trip to Mexico, if you cannot afford it without using your loans, all you’re doing is hurting yourself by digging an even deeper hole that you’ll need to climb out of after you graduate.
  9. COMMON MONEY MISTAKE #5 Valuing Things Over People If you spend more than you can afford on that laptop, car or electronic device—a unintended scratch, accidental spill or theft can lead to serious financial and more importantly emotional issues.
  10. GETTING FROM 3K TO 98K 2001 to 2003 2003-2008
  11. Two-thirds of the national college class of 2011 finished school with loan debt, and those who borrowed walked off the graduation stage owing on average $26,600 — up about 5% from the class before. 2011 college graduates faced an unemployment rate of 8.8% in 2011 37.8% of recent graduates are working in jobs that do not require a college degree 70% of American college students have credit cards, 5of every 6 of those students do not know their cards' interest rates, 75% of them do not know their late payment charges and 70% of them do not know what their over-balance-limit fees might be.
  12. How much is enough The average salary of a student graduating from college with a four-year degree in 2010 was $45K .* (Post tax deductions $32,850, $2737/month) Average monthly rent for a one (1) bedroom: a. $700 b. $900 c. $1100 d. $1500 Average monthly food expense: a. $100 b. $200 c. $300 d. $400 Average monthly transportation cost (including car loan & insurance): a. $110 b. $330 c. $570 d. $690 Average student loan repayment cost: a. $130 b. 275 c. $330 d. $530 * National Center for Education Statistics. http://nces.ed.gov/fastfacts/display.asp?id=77
  13. CoupleFinanceTips Invest Time & Energy to Determine Financial Compatibility Determine Emotional and Tactical Components of Financial Status Track Spending and Set Individual and Couple Goals Set Financial Business Status Meetings Regularly Establish Guidelines for Conflict and Flexibility Save an Emergency Fund of $500
  14. Determine Financial Compatibility Family History Saver vs. Spender Planning vs. Impulse Generous vs. Self-Centered Show vs. Know
  15. Tactical Component of Financial Status What are your individual vs. shared assets (what is owned)? What are the liabilities (what is owed)? What is your individual and collective net worth (the difference between the first two items)? What is your credit score? www.annualcreditreport.com
  16. Ignorance is bliss?
  17. Track Spending & Budget Couples without a budget tend to live and spend from day-to-day. A valuable budget helps you save regularly, utilize income wisely, and avoid misunderstandings about how money is spent. In the beginning, you may need to visit and revisit budget percentages and status weekly. After 3 months of tracking, the budget can be finalized and review bi-monthly. ( See Budget Worksheet)
  18. Set goals:measures for success or failure Short-term Financial Goals Emergency Fund (minimum $500) Large ticket item Vacation/ Staycation Medical or dental procedure Long-term Financial Goals Down-payment for 1st Home Retirement
  19. CONFLICT IS INEVITABLE, FLEXIBILITY IS ESSENTIAL
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