Money Matters Spring 2015 $$$$$$$$$$$$$$$$. True or False – – Using a credit card is a lot easier than paying cash – Credit cards are a great way to buy.

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Presentation transcript:

Money Matters Spring 2015 $$$$$$$$$$$$$$$$

True or False – – Using a credit card is a lot easier than paying cash – Credit cards are a great way to buy something – Credit cards are free to use – Credit cards allow you to buy something you otherwise couldn’t afford Credit

If you owe $5,000 on your credit card and pay the minimum balance every month, how long will it take you to pay it off completely? Credit Credit Card Calculator $125Estimated initial minimum payment 273 months Amount of time to pay off your balance, if you make no more charges and make only the minimum payment on time each month $6,923.14Interest charges you will pay in that amount of time

Debt More than three-quarters of American families are in some kind of debt 40% owe more than $50,000

Debt

General 2013 Statistics – 1.1 Million people filed for bankruptcy – 1.4 Million foreclosures Young Adults – Unemployment for under 25 ~ 23% – Percent of college grads living at home ~ 45% Current Financial Picture

College Debt Average debt for college grads $35,200 48% of young adults worry about making ends meet

College Debt Graduates with college debt struggle financially AllianceBernstein survey of 1,508 college graduates ages 21 to 35

College Debt Among graduates with college debt, many were forced to delay AllianceBernstein survey of 1,508 college graduates ages 21 to 35

College Debt Graduates in households still paying off education debt said it has contributed to AllianceBernstein survey of 1,508 college graduates ages 21 to 35

College Debt Graduates without college debt are more likely to have started saving for their children’s college costs AllianceBernstein survey of 1,508 college graduates ages 21 to 35

College Debt AllianceBernstein survey of 1,508 college graduates ages 21 to 35 How difficult has it been to pay off your education- related debt?*

College Debt AllianceBernstein survey of 1,508 college graduates ages 21 to 35 When do you expect to pay off your education loans?

College Debt AllianceBernstein survey of 1,508 college graduates ages 21 to 35 Respondents indicating satisfaction with:

College Debt The following chart shows how much a hypothetical portfolio could grow if monthly loan payments were invested in a hypothetical portfolio instead. AllianceBernstein survey of 1,508 college graduates ages 21 to 35

Estimated Future Cost of Four Years of College

Money Matters American teens spend $258.7 Billion/year Need to learn how to make it and spend it wisely! Total number of teens in the U.S.26,873,000 Average teen spending per year$9, Average annual income of a year old$2,767 Average annual income of a year old$4,923 % of teens who say they are currently saving38% % of teens saving for clothes57% % of teens saving for college51% % of teens saving for car36% Source: Marketingvox, Rand Youth Poll, Seventeen, Packaged Facts Research Date:

Assignment 66 Ways to Save Money – On butcher paper provided, creatively display your tips to saving money – Must include text as well as at least one picture (may be hand drawn) for each Table 1: 1 – 12 Table 2: 13 – 24 Table 3: 25 – 32 Table 4: 33 – 42 Table 5: 43 – 52 Table 6: 53 – 66 – Be prepared to present to class