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Organize Save Progress
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Net Worth
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EMERGENCY FUND
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$300 transfer from emergency fund
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RETIREMENT FUND
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Compound Interest
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$3,000 saved x 2.5% interest -------------------- $75 interest 1st year
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$3,075 1st year + $3,000 2nd year x 2.5% interest -------------------- $151 interest 2nd year
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$3,075 1st year + $3,000 2nd year x 2.5% interest -------------------- + $151 interest $6,226 saved in 2 years
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$3,000 each year x 30 years x 2.5% interest --------------------- $135,000
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$3,000 each year x 30 years x 4% interest ---------------------- $175,000
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SMART INVESTING SERIES Chapter 1: Your Financial Fitness Chapter 2: Designing Your Budget Chapter 3: Banking Basics Chapter 4: Establishing Credit Chapter 5: Credit & Identity Theft Chapter 6: Controlling Debt Chapter 7: Tips for Daily Savings Chapter 8: Saving for the Future
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Individual Retirement Accounts IRS.gov/retirement
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Traditional Paycheck - IRA $ -------------- = Gross pay - taxes Roth Paycheck - taxes -------------- = Gross pay - IRA $
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Traditional Age 59.5+ Withdraw $ - taxes
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$5,000 Under age 50 $6,000 over age 50
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Withdraw $$$ Any Age
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Withdraw tax free Over age 59-1/2
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$5,000 yearly IRA x 20 years ------------------------ $100,000 plus interest
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$5,000 yearly IRA x 30 years ------------------------ $150,000 plus interest
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$5,000 yearly IRA x 40 years ------------------------ $200,000 plus interest
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$200,000 His + $200,000 Hers ------------------------ $400,000 plus interest
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$96 week x 52 weeks ------------------------ $5,000 plus interest
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$58 week x 52 weeks ------------------------ $3,000 plus interest
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$58 weekly savings x 20 years = $60,000 x 30 years = $90,000 x 40 years = $120,000 plus interest
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$50 weekly savings x 40 years = $104,000 $58 weekly savings x 40 years = $120,000
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$$$ For I.R.A.
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72 5% = 14 years
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72 14 years = 5%
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CREDIT CARDS
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Visa $8,000 MasterCard $5,000 Discover $3,000 owe $16,000
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$16,000 x 5% Balance Transfer Fee owe extra $800
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License Social Security Credit Card
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Merchant ID Valid Card Number Expiration Date Credit Card Limit Card Usage
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Which ones to keep? Oldest Low APR (annual % rate) High credit limit
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Card #1 $5000 $ 500 ----------- 10% spent Card #2 $1000 $ 500 ----------- 50%
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Higher Credit Limit
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35% of Credit Score = PAYMENT HISTORY
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finrafoundation.org
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Designed and Narrated by Chris Kilbride Family & Consumer Sciences
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