Communications Campaign Final BUS 2200 Business Communication

Overview of the Project By developing a budget plan early on, students will be financially prepared for the future. This should create financial freedom, help them prepare for future expenses, and train them on how to create a retirement plan. By developing a budget plan early on, students will be financially prepared for the future. This will allow them to create an investment plan to be able to retire in the future. By preparing them early on they will have less financial struggles. Hopefully creating opening up opportunities at home, school, and professionally.

Purpose and Objectives The purpose is to make the audience aware that there are choices when it come to personal finance. Help them with key principals when it comes to buying a car, savings, investing, planning, buying a home, credit, buying insurance, and budgeting. The purpose is to make the audience aware that there are choices when it come to personal finance. Help them with key principals when it comes to buying a car, savings, investing, planning, buying a home, credit, buying insurance, and budgeting. Therefore at the end of our campaign our objective is our audience to know more about personal finance.

Audience Analysis Students in this class, but anyone wanting to learn how to budget and plan. Average age is between 25-30, but there are older and younger audience as well. Most of our audience does not have a 401k, mortgage, loans, and etc. The majority of our audience is in school. The target audience for this communication campaign is the students in our class, but also anyone wanting to learn how to budget and plan for the future. This audience is mainly between the ages 25-30, but we have older and younger audience as well. Many students live at home and do not manage their bills, like utilities and mortgages. They are barely learning about how savings account works and don’t know what their 401k is. In addition, many people are struggling with managing their finances as well as managing their school and work.

Key Messages The key messages this team wants the target audience to retain are: Understanding your credit reports Budgeting Career planning Investing How to create a savings plan Avoiding Poverty Home Insurance Car Insurance Buying a home Buying a car

Channels of Communication In-class discussion Website https://spicegirlspersonalfinance.weebly.com/ Online videos Business Spicegirls: https://www.youtube.com/channel/UCoi1EiU4 MYaTjsf7vmqQdvA?view_as=subscriber Handouts/Flyers

Greatest Success Debrief  The lessons learned were many, for example: meeting someone in person will be the best channel of communication as decision making will be easier and faster. We also learned about personal finance our self’s, for example we learned: That getting an education beyond high school and paying your savings first will be almost sufficient to avoid poverty. That you have to had to pay for a good credit report that is what interest is. How to use About investment plans and how to achieve more successful investments.

Lessons Learned Credit Score: Your FICO score (your Credit Score) can be any were from 300 to 850 FICO scores are calculated from many different pieces of credit information five broad categories: new credit (10%) types of credit in use (10%)- Loans or card length of credit history (15%) -months or years the amounts you owe (30%)- $3,000/$30,000 payment history (35%) -late payments

Lessons Learned Creating a budget How to make a budget? Gather every financial statement you can. Record all of your sources of income. Create a list of monthly expenses.  Total your monthly income and monthly expenses Why is a personal budget important? To understand and if you want to fix your spending habits To stop living paycheck to paycheck To keep your credit score healthy To build a savings account

Lessons Learned Career Planning Ask yourself 2 important questions: Would you enjoy doing it even if you weren’t getting paid? Do you want it bad enough to pursue it through your failures? Self-assessment (utahfutures.org) Test drive career Identify the jobs (which job industry) Identify the education required Get a job – Networking Make a successful career – continued education

Lessons Learned Retirement investment account Use Vanguard.com Invest into S&P 500 Buy when the market price is low Invest a constant amount every month

Lessons Learned Savings Plan: Increase income and/or decrease spending= saving Stay out of debt/pay as you go and put away emergency money. $1,000 if your renting and $100 a month $2,000 if you own your home and $200 a month Use the “Rollover method” and become debt free Emergency Fund $5,000 saved up if your renting $10,000 saved up if you own your home Buy a Home (mortgage should be your only debt payment) Make sure the payment is within 25-30% of your monthly income Save money every month for your retirement fund.

Lessons Learned How to avoid poverty: In 2015 there where 43.1 people in poverty. Keys to avoiding poverty: Savings, pay yourself first. Don’t have a baby out of marriage, and don’t get married before 20 at least. Don’t get into debt, buy what you have the cash for. Get higher education With these steps you only have a 2% chance of landing in poverty.

Lessons Learned Buying Homeowners Insurance It may be required. Protection for more than your home (family and guest). Protect your Dwelling. Cover Personal property. Additional living expenses (in case of a home fire)

Lessons Learned Buying Car Insurance Pay a little now to save a lot later Saving time and inconvenience when accidents happen Peace of mind for you, a driving stud Car insurance can supplement your health insurance It’s required by the law

Lessons Learned Buying a Home Know exactly what and where you want to buy your home Know costs of the ownership Initial cost and closing cost Maintenance and repair Recurring payment, interest, tax, insurance Self-qualify 25%-30% max of take home pay Buy Used Buy from highly motivated seller (moving or such) Understand financing options (loans)

Lessons Learned Buying a car How nice of a car can you afford? Exactly what you want Resell Value 1 year the value of the car goes down 30% 3 years the value of the car goes down 50% Reliability, safety, and problems with car (consumerreports.org) Know changes in insurance premium Have your financing in place        

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