A Bit of Housekeeping… Have some coffee! Don’t forget the questionnaire (and past classes) at ss.grbc.net Paying off your credit card balance Your credit.

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Presentation transcript:

A Bit of Housekeeping… Have some coffee! Don’t forget the questionnaire (and past classes) at ss.grbc.net Paying off your credit card balance Your credit report & credit score Balancing a checkbook? Any questions?

Where can I put my money? Savings (Banks / Credit Unions) Checking Accounts Savings Accounts Money Market Accounts Certificates of Deposit (CDs) Checking Accounts Savings Accounts Money Market Accounts Certificates of Deposit (CDs) InvestingInvesting Bonds Stocks Mutual Funds Bonds Stocks Mutual Funds Advantage: Money is completely safe Disadvantage: Low interest rates Advantage: Higher rates of return Disadvantage: Money is at greater risk

MediumLowHighCDs HighMedium Money Market LowHighLowSavings LowVery HighVery LowChecking Required Minimum Flexibility (Liquidity) Interest Rate Where can I put my money?

Risk vs. Reward

$ % ($250) $50.00*5.00% ($1,000) $ % ($10,000) CD (5yrs) $ % ($250) $ % ($250) $ % ($10,000) CD (3yrs) $ % ($250) $ % ($250) $ % ($50) CD (1yr) $ % ($250) $ % ($1,000) $ % ($10,000) Money Market $ %$ % ($5) $ % ($300) Savings $ %$ %$00%Checking $1,000 earns: Interest rate: $1,000 earns: Interest rate: $1,000 earns: Interest rate:

$ % $ % $ % $ % $ % $ % Interest rate:$1,000 earns: Online-only banks? Your money is safe, if the online bank is FDIC insured. Many online banks have no minimums, no fees, no service charges, no hidden costs. Sure!

$1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 After 45 years, $1,000 grows to… Wachovia Savings Wachovia Money Market Truliant Money Market SECU Money Market Emigrant Direct Savings $1,070$1,796$3,245$6,943$9,180

$10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 After 45 years, $1,000 grows to… Wachovia Savings Wachovia Money Market Truliant Money Market SECU Money Market Emigrant Direct Savings Index Mutual Fund $1,070$1,796$3,245$6,943$9,180 $72,890