organize save progress
TRANSCRIPT
http://tinyurl.com/3vcjtkj
http://tinyurl.com/3vcjtkj
Organize
Save
Progress
Net Worth
EMERGENCY FUND
$300transfer
fromemergency
fund
RETIREMENT FUND
CompoundInterest
$3,000 savedx 2.5% interest--------------------
$75 interest 1st year
$3,075 1st year + $3,000 2nd year
x 2.5% interest--------------------
$151 interest 2nd year
$3,075 1st year + $3,000 2nd year
x 2.5% interest--------------------+ $151 interest
$6,226 saved in 2 years
$3,000 each year x 30 years
x 2.5% interest---------------------
$135,000
$3,000 each year x 30 years
x 4% interest----------------------
$175,000
SMART INVESTING SERIES
Chapter 1: Your Financial FitnessChapter 2: Designing Your BudgetChapter 3: Banking BasicsChapter 4: Establishing CreditChapter 5: Credit & Identity TheftChapter 6: Controlling DebtChapter 7: Tips for Daily SavingsChapter 8: Saving for the Future
Individual Retirement
Accounts
IRS.gov/retirement
Traditional Paycheck- IRA $
--------------= Gross pay
- taxes
RothPaycheck
- taxes--------------= Gross pay
- IRA $
Traditional Age 59.5+
Withdraw $- taxes
$5,000Under age 50
$6,000 over age 50
Withdraw $$$Any Age
Withdraw tax freeOver age 59-1/2
$5,000 yearly IRAx 20 years
------------------------$100,000 plus interest
$5,000 yearly IRAx 30 years
------------------------$150,000 plus interest
$5,000 yearly IRAx 40 years
------------------------$200,000 plus interest
$200,000 His+ $200,000 Hers
------------------------$400,000 plus interest
$96 weekx 52 weeks
------------------------$5,000 plus interest
$58 weekx 52 weeks
------------------------$3,000 plus interest
$58 weekly savingsx 20 years = $60,000x 30 years = $90,000
x 40 years = $120,000plus interest
$50 weekly savingsx 40 years = $104,000
$58 weekly savingsx 40 years = $120,000
$$$ For
I.R.A.
725%
= 14 years
7214 years
= 5%
CREDIT CARDS
Visa $8,000MasterCard $5,000
Discover $3,000owe $16,000
$16,000x 5% Balance Transfer Fee
owe extra $800
LicenseSocial SecurityCredit Card
Merchant IDValid Card Number
Expiration DateCredit Card Limit
Card Usage
Which ones to keep?OldestLow APR (annual % rate)High credit limit
Card #1$5000$ 500-----------10% spent
Card #2$1000$ 500----------- 50%
HigherCredit Limit
35% of Credit Score
= PAYMENT HISTORY
finrafoundation.org
Designed and Narrated by
Chris KilbrideFamily & Consumer Sciences
http://tinyurl.com/3vcjtkj
http://tinyurl.com/3vcjtkj