Topic 5: Tracking Your Money Wealth Management Mrs. Tobe

Topic 5.01: Where can you put your money  Identify types of financial-service providers  Commercial banks  Savings and loans  Credit unions  Brokerage firms  Insurance companies  Accounting firms

 Describe banking services   Checking accounts   Savings accounts   Interest on checking deposits   Automatic deposit and payment   Credit cards   Check cards or Debit cards   ATMs   Online banking   Storage of valuables (safe deposit boxes)   Money transfers   Overdraft protection   Traveler's checks Topic 5.01: Where can you put your money

 Investment services  Advice: factors involving not only investments, but also taxes, insurance needs, liquidity needs, and other special needs or constraints must be addressed.  Portfolio management: investor portfolios are built in a hodge-podge manner over time.  Administration: any registered broker/dealer has access to many equity, fixed-income and commodities markets through which they can buy and sell Topic 5.01: Where can you put your money

 Explain services offered by insurance companies.  Retirement: It's never too soon – or too late – to start thinking about and planning for your retirement. Social Security, 401k Plans, Annuities, Estate Planning Retirement  Health: You make important health decisions every day, whether it’s choosing to donate blood, choosing nursing care for a loved one, or simply choosing to exercise. Health  Insurance: Do you know what it takes to protect you, your family, car and home? Unsure about what type of life insurance to buy, or how much disability income insurance you need? Insurance Topic 5.01: Where can you put your money

 Finances: Most people have financial matters they must attend to, and for many, finances are a source of stress and worry. Learn the basics of creating a budget, saving and investing, financial planning and more. Finances  Life Transitions: From beginning your career, to welcoming a child, to coping with loss…there are many transitions that you may encounter in your life. Life Transitions Life Transitions  Safety & Security: Whether home or abroad, indoors or out, knowing how to protect your family and possessions is important. Tips on travel safety, fire and disaster preparation and protecting against identity theft. Safety & Security Safety & Security Topic 5.01: Where can you put your money

 Discuss online services provided by financial institutions.  Automatic Deposit. You can have your paycheck automatically deposited into your account. Ask your employer if this service is available where you work. It's a good idea, because you won't have to wait in line at the bank every time you get paid.  Automatic Bill Pay. You can have your bank make automatic contributions to certain bills if you wish. Also, your bill collectors likely offer the service. Many prefer this method and will sometimes offer a cost break if you choose to use it. This can be a great convenience, but be careful. If your cash flow is sporadic, an automatic payment could kick in when you don't have enough funds, causing you to be penalized. Topic 5.01: Where can you put your money

 Automatic Transfer. If you're trying to maintain a savings regimen, consider having a certain amount of your paycheck or checking account balance transferred into savings or an investment fund. It's easy to set up either online or at your local branch.  Automate Your Records. Many online banking services are compatible with financial management software. You can have your account records imported regularly, and make balancing your checkbook quick and easy.  Bank From Anywhere. With online banking, you can pay your bills and manage your accounts while at home in your pajamas. Or you can do it from anywhere in the world. Wherever you have an Internet connection, you have the ability to work with your money. Topic 5.01: Where can you put your money