stretching your dollar: climbing the financial ladder chris wilkins
TRANSCRIPT
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
[email protected] 406-672-6343
Questions?? QR Code