1. MoneyCounts: A Financial Literacy Series Financial Literacy: An Overview Brad Yeckley MBA, PhD(c) Assistant Manager of Financial Literacy Penn State Financial Literacy Center 128 Outreach Building University Park PA 16802 bly106@psue.edu 814-863-6470

2. MoneyCounts: A Financial Literacy Series Getting to know you A video.

3. MoneyCounts: A Financial Literacy Series What is Financial Literacy? Question

4. MoneyCounts: A Financial Literacy Series What is a Financial Literacy? Financial Literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing The foundation for Money Management The Knowledge behind Personal and Consumer Finance Deals with budgeting, saving, investing, debts and risk management Answer

5. MoneyCounts: A Financial Literacy Series What is a budget? Question

6. MoneyCounts: A Financial Literacy Series What is a budget? A financial plan to help you meet your goals, control spending, and save money in the process It helps you make ends meet, live within your means, avoid borrowing beyond your repayment capacity Live as a student while in college, so you don’t have to live as a student for the rest of your life Answer

7. MoneyCounts: A Financial Literacy Series What are the most common items on a student’s budget? Question

8. MoneyCounts: A Financial Literacy Series What are the most common items on a student’s budget? Expense Income Tuition and FeesFamily financial help Books and supplies (computer)Personal saving Housing (utilities)Student Aid (free scholarships, grants) Meals & Entertainment Part time employment Personal items (clothes, grooming) Transportation Long term Debt Student Loans Is Education an investment? How can I get the best return on such an investment? Answer

9. MoneyCounts: A Financial Literacy Series As a student, is there a benefit to having your own checking and saving accounts? Question

10. MoneyCounts: A Financial Literacy Series As a student, is there a benefit to having your own checking and saving accounts? Yes, as an adult, I need to take charge of my financial responsibility as a component of my academic success in college HUB-Robeson Center www.pennstatefederal.com www.pnc.com Answer

11. MoneyCounts: A Financial Literacy Series What is FAFSA? Question

12. MoneyCounts: A Financial Literacy Series What is FAFSA? Free Application for Federal Student Aid https://fafsa.ed.gov/ Every student should file FAFSA; might qualify for grants and scholarships FAFSA is NOT only to qualify for student loans Answer

13. MoneyCounts: A Financial Literacy Series Should a student check his/her credit report? Question

14. MoneyCounts: A Financial Literacy Series A student should check credit report to make sure it is correct and identity is protected You are entitled to a yearly free credit report from each of the three credit reporting agencies Equifax, Experian, TransUnion https://www.Annualcreditreport.com/ If a card gets stolen, and charges are made before you report the loss, you could be responsible for $50.00 only You are charged nothing, if you report the card stolen before any charges are made Answer

15. MoneyCounts: A Financial Literacy Series What is the additional cost of tuition per credit hour after 12 credit hours schedule per term? Question

16. MoneyCounts: A Financial Literacy Series What is the additional cost per credit hour after 12 credit hours schedule per term? $ 0 per credit hour Flat rate at 12 credit hours Save on tuition by taking additional classes-- as long as you are academically comfortable and successful Graduate on time (if not early) and on budget Answer

17. MoneyCounts: A Financial Literacy Series If a latte (plus sales tax) costs $3.00 at Starbucks, How much it would cost (per year) to buy one a day, 5 days a week, 50 weeks a year? a)$750.00 b)$1,071.00 c)$795.00 d)Free to me, my parents are paying my bills Question

18. MoneyCounts: A Financial Literacy Series If a latte (plus sales tax) costs $3.00 at Starbucks, How much it would cost you to buy one a day, 5 days a week, 50 weeks a year? $750.00 Answer

19. MoneyCounts: A Financial Literacy Series Instead of spending $750.00 a year on coffee, you decide to invest it ($750.00 a year) in a mutual fund account that earns 6.00% interest a year compounded annually. How much would this investment be worth in 30 years? a)A lot of money b)$59,293.64 c)$18,569.03 d)I am too young to think of investing -- I like my latte! Question

20. MoneyCounts: A Financial Literacy Series Instead of spending $750.00 a year on coffee, you decide to invest it ($750.00 a year) in a mutual fund account that earns 6.00% interest a year compounded annually. How much would this investment be worth in 30 years? $59,293.64 http://www.zenwealth.com/businessfinanceonline/TVM/TVMCalculator.html Explain Time Value of Money and early investment with as little as $15.00 a week. Answer

21. MoneyCounts: A Financial Literacy Series How do I decide which meal plan (6 levels) to sign up for? Question

22. MoneyCounts: A Financial Literacy Series How do I decide which meal plan to sign up for? Analyze your eating habits and pick up the most useful plan Eat healthy to stay healthy! http://www.idcard.psu.edu/FoodServices/MealPlans/index.cfm Answer

23. MoneyCounts: A Financial Literacy Series The average student loan debt for undergraduate students at Penn state was $37,625 in 2014-15 How much is the monthly payment, if at 6.8% interest rate, student chooses the standard 10 years loan repayment plan? a.$450.00 b.425.00 c.388.00 d.265.00 Question

24. MoneyCounts: A Financial Literacy Series How much is the monthly payment, if at 6.8% interest rate, student chooses the standard 10 years loan repayment plan Monthly Payment: $425 Total Interest: $14,095 Total cost of loan: $51,095 Answer

25. MoneyCounts: A Financial Literacy Series What is SFEC and where is it located? Question

26. MoneyCounts: A Financial Literacy Series The Student Financial Education Center (SFEC) offers in-person financial education, from one student to another Peer-to-Peer Financial Education Walk in or make an appointment to talk with a Peer Educatormake an appointment Check Website for Walk-in Hours Location: 309 Paterno Library, in Schreyer Business Library Contact us at sfec@psu.edusfec@psu.edu Answer

27. MoneyCounts: A Financial Literacy Series Question Where can I find additional information on financial literacy?

28. MoneyCounts: A Financial Literacy Series Answer http://financialliteracy.psu.edu/ http://studentaid.psu.edu/

29. MoneyCounts: A Financial Literacy Series Thank You! Comments and Questions Brad Yeckley MBA, PhD(c) Assistant Manager of Financial Literacy Penn State Financial Literacy Center 128 Outreach Building University Park PA 16802 bly106@psue.edu 814-863-6470