stretching your dollar: climbing the financial ladder chris wilkins

Stretching Your Dollar:Climbing the Financial Ladder

Chris Wilkins

Agenda Million Dollar Questions Goals Money Management Organization and Planning Decision Making Personal Finance Resources

Who wants to be a millionaire? Who feels like they are financially

stable? Who has a personal budget? Do you follow your personal budget? Do you have student loans? How many people have credit card’s? Do you know your credit score?

Who wants to be a millionaire? Who actively saves money? Are you aware of your income vs.

expense? Do you track your costs or savings? Do you know how much you need for

retirement? Who would like to make more money? Do you have personal finance

resources?

Goals for Gold Understand personal finance

Establish personal financial goals

Learn and start to practice successful money management

Money Management Good debt vs. bad debt

Credit Cards

Be creative

Student Loans

Good debt vs. Bad debt Home equity loans

Student loans

Auto loans

Necessities

Payday loans

Cash advance

Credit card

Luxuries

Student Loans Pay off variable private loans first Reconsider income-based repayment Don’t throw every extra dollar toward

loans Pay more than the minimum Ask your employer to pay off your

student loans Auto-deduction

Organization and Planning Track your spending

Make a budget

Calculate your savings

I spend what!ITEM ANNUAL COST ALTERNATIVE ANNUAL COST

One Cup of coffee daily at a Coffee

shop ($4)$1,460

K-Cup coffee brewed

at home ($0.50)$182.50

One CD weekly ($13.99)

$ 727.50 Download individual songs you like daily

($1.29)

$470

Pizza delivery ($12) $ 624 Frozen pizza ($6) $312

Eating lunch out 5 days a week ($7)

$1,820 Bring your lunch to work ($3.50)

$ 910

Total annual Cost $4,631.50 Total alternative annual cost

$1,874.50

Decision Making Job Benefits

Investments (life vs. monetary)

Smart choices

Making Money Spend less than you earn

Extra side job

Selling your hobby

Change jug

Head to the casino, Let’s go!!!

Tips I have learned $1,000 in an Emergency Fund 3 to 6 months of expenses in savings Invest 15% into Roth IRA or retirement

fund Diversify your investment accounts Round up on your payments Track all your spending for a month Pay off all credit cards Weekly meal planning

Resources Credit Karma www.creditkarma.com Student Loan Calculator www.finaid.org Online budgeting www.mint.com Dave Ramsey www.daveramsey.com Chris Wilkins

Christopher.wilkins@msubillings.edu 406-672-6343

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