Stretching Your Dollar: Climbing the Financial Ladder Chris Wilkins.

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Presentation transcript:

Stretching Your Dollar: Climbing the Financial Ladder Chris Wilkins

Agenda  Million Dollar Questions  Goals  Money Management  Organization and Planning  Decision Making  Personal Finance Resources

Who wants to be a millionaire?  Who feels like they are financially stable?  Who has a personal budget?  Do you follow your personal budget?  Do you have student loans?  How many people have credit card’s?  Do you know your credit score?

Who wants to be a millionaire?  Who actively saves money?  Are you aware of your income vs. expense?  Do you track your costs or savings?  Do you know how much you need for retirement?  Who would like to make more money?  Do you have personal finance resources?

Goals for Gold  Understand personal finance  Establish personal financial goals  Learn and start to practice successful money management

Money Management  Good debt vs. bad debt  Credit Cards  Be creative  Student Loans

Good debt vs. Bad debt  Home equity loans  Student loans  Auto loans  Necessities  Payday loans  Cash advance  Credit card  Luxuries

Student Loans  Pay off variable private loans first  Reconsider income-based repayment  Don’t throw every extra dollar toward loans  Pay more than the minimum  Ask your employer to pay off your student loans  Auto-deduction

Organization and Planning  Track your spending  Make a budget  Calculate your savings

I spend what! ITEMANNUAL COSTALTERNATIVEANNUAL COST One Cup of coffee daily at a Coffee shop ($4) $1,460 K-Cup coffee brewed at home ($0.50) $ One CD weekly ($13.99) $ Download individual songs you like daily ($1.29) $470 Pizza delivery ($12)$ 624Frozen pizza ($6)$312 Eating lunch out 5 days a week ($7) $1,820 Bring your lunch to work ($3.50) $ 910 Total annual Cost$4,631.50Total alternative annual cost $1,874.50

Decision Making  Job Benefits  Investments (life vs. monetary)  Smart choices

Making Money  Spend less than you earn  Extra side job  Selling your hobby  Change jug  Head to the casino, Let’s go!!!

Tips I have learned  $1,000 in an Emergency Fund  3 to 6 months of expenses in savings  Invest 15% into Roth IRA or retirement fund  Diversify your investment accounts  Round up on your payments  Track all your spending for a month  Pay off all credit cards  Weekly meal planning

Resources  Credit Karma  Student Loan Calculator  Online budgeting  Dave Ramsey  Chris Wilkins  

Questions??  QR Code