Introduction to Personal Finance

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Presentation transcript:

Introduction to Personal Finance

Video 13 minutes

Key Components of Financial Planning Asses your situation; (income, assets and liabilities). Set money goals. Write out detailed plans for accomplishing your goals. This begins with a budget. Know your money habits. Are you a spender or a saver? Replace money myths with money truths.

History of Credit and Consumerism 1917-Credit thought to be foolish and a form of “semi-slavery”. Was not very common because it was against the law. 1920-Consumer demand for higher priced items fuels a change in credit laws. 1929-In an attempt to pull America out of the “Great Depression” the “ is “New Deal”. This included FHA and FDIC policies which again loosened the credit laws. 1945-Post WWII was a time of prosperity and economic growth. Borrowing increased as most Americans believed this growth would continue. 1970 to Present-Consumer debt is a normal part of American life and has reached an all time high. Americans owe over $11.74 trillion for the following.

Today's American Reality Credit and Debt has become a way of life with many owing more then they are worth. $882.6 billion in credit card debt $8.14 trillion in mortgages $1,128.7 billion in student loans Personal Finance is 20% knowledge and 80% behavior. What does that mean?

Game Of Chance (you will need dice) Activity Game Of Chance (you will need dice)