Personal Finance Today

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Presentation transcript:

Personal Finance Today Credit Cards – Unsecured Loans! Get out the worksheet form yesterday….. APR – Purchases vs Cash Advances Marty or Mary? Minimum Payments – How long will it take? Annual Fees DEBIT Cards – YOUR money (checking/saving) Choose Debit or Credit? Credit = Still YOUR money Credit option: More detail on statement and sign (not PIN) Go to BANKRATE.COM Video segments: Parts 4-7 (11 minutes)

2015 Average Costs…. WEDDING: $26,500 Per CHILD: $245,000 The BIG TICKET Items… RETIREMENT WEDDING: $26,500 Per CHILD: $245,000 HOME: $355,000 Midwest 329,000 NE: $573,000 West: $413,000 South: $319,000 (knock of $100,00 …) COLLEGE: $80 - 140,000 VERY COMPLICATED to figure out – But in general terms – if you save $200 a month from the age of 22 through retirement (67) you will have over $800,000 for retirement. Country Club here your come! 2015 Average Costs….

Personal finance today LESSON PLAN is off a DAY…. Credit Scores – Why and what are they? Ramsey – Ch. 4, Section 3: The Credit Score Complete PAGES 90-91 The Credit Card Game – page 87 Tomorrow  Bankrate.com  Deciphering Credit Card Fees.

CREDIT SCORES How it all starts: Loan Approvals Loan RATES Checking Account “Life Bills” Job History Why it’s Important Loan Approvals Loan RATES Loan “down payments” JOBS! (Some employers check credit scores before hiring) When does it start? Right now… $200,000 house : 3% = $6,000/year 4% = $8,000/year Down payment: 20% = $40,000 5% = $10,000

How your credit score is calculated

The Marketing of Debt … Mastercard: Priceless https://www.youtube.com/watch?v=QJUawVULURM https://www.youtube.com/watch?v=Q_6stXKGuHo (baseball) https://www.youtube.com/watch?v=sDf751c1yiA (Babies love the cardboard box) Capital One - Venture https://www.youtube.com/watch?v=Lbp0XVZzdyk VISA -- GO! Credit Card ad https://www.youtube.com/watch?v=RHkBZNsdx6w

Credit card offers / schumer box 0% is for a limited time and if you default – YIKES! Points / Bonuses / Discounts can be good – but not if you don’t pay your bill! APR Annual Fees Minimum Finance Charges Cash Advance Fees and High APR Over-the-limit fee NFS fee Credit Score – Credit Reports