1. Personal Finance Risk Management

2. Net Worth The amount by which assets exceed liabilities. One of the most important calculations one can make. Look for increasing trends. US median = $101,000 (2003)

3. Insurance Terms Assets = property owned by a person having value and available to meet debts, commitments, or legacies. Liability = the state of being legally responsible for something Loss = an amount of money lost by a business or organization. insurance can protect you against financial loss or liability

4. Health Care insurance against the risk of medical bills among individuals. insurer develops a routine finance structure to pay for benefits specified in the insurance agreement. Individual risk System expenses Monthly premium Insured contributions

5. Health Insurance Terms Pre-existing Condition = a health condition or illness that you have had before your first day of coverage on a new plan; may be denied coverage Disability = a physical or mental condition that limits a person's movements, senses, or activities; can receive temporary or long-term benefits Co-Pay = a payment made by a beneficiary in addition to that made by an insurer; out-of-pocket expenses at an office or pharmacy

6. Fraud Wrongful or criminal deception intended to result in financial or personal gain; insurance, securities, identity, etc. Passwords: lengthen, differ, depersonalize, and keep them confidential Account Freezes: action initiated by either the account holder, bank or brokerage, or a third party that prevents any transactions from occurring; used when irregularities occur Identity Theft: fraudulent acquisition and use of a person's private identifying information; insurance, careful transactions, built in monitoring

7. Personal Finance Conversation Interview and Summary Essay

8. Details for the essay  Not extra credit!  Google form  Share content from class  Ask questions  Listen carefully  Topics  Same as class  Different from class  Complete checklist  Spend time!!!

9. Rubric  Income – 2  Expenses – 2  Savings – 2  Investing – 2  Credit – 2  Budgeting – 2  Insurance - 2  Same – 3  Different – 3  Due: Wednesday Due: Wednesday