Date post: | 13-Jun-2015 |
Category: |
Economy & Finance |
Upload: | jeremy-lushene |
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Smart Money MovesYou Can Make.
TodayJeremy Lushene – Washington State Department of Financial Institutions
Move 1:Establish an Emergency
Savings Fund
Emergency Savings Fund
-- Set aside enough money to cover3-6 months living expenses
-- Store money in a liquid account
-- Review potential “emergency” needs periodically
Action Plan:
Emergencies Add Up
Emergency Cost Estimate
Broken Window: - $300
Keys Locked In Car: - $50-$100
Power Outage: - $100(Replacement of food)
Examples of emergencies that could happen
Poll
1 2
50%50%
1. Yes
2. No
Could you pay your bills and purchase needed items if you didn’t cashone work paycheck?
Move 2:Develop A Financial Plan
Developing A Plan
-- Identify your life financial goals- Short term and long term
-- Meet with a licensed financial professional
(accountant, certified financial planner, investment adviser)
-- Come away with a plan that is flexible
Action Plan:
Poll
1 2 3
33% 33%33%
How much of your monthly income do experts recommend you set aside for savings?
1. 0-10%
2. 10-20%
3. 20-30%
Move 3:Start Saving for Retirement
So How Are We Doing?
Saving for Retirement
-- Use time to your advantage (compound interest)
-- Make a commitment (automatic deposits)
-- Find extra savings in your budget
-- Review Dept. of Retirement Systems info
-- Take advantage of tax shelters
- ROTH IRA vs Traditional IRA
Action Plan:
Compound Interest
Move 4:Improve Your Credit Score
What Goes Into A Credit Score?
Payment History35%
Amounts Owed30%
Types Of Credit10%
New Credit10%
Length OfHistory
15%
Improve Your Score
-- Pay down debt to < than 30% of available credit
-- Dust off an old, good credit card
-- Pull your credit report (look for errors)
-- Dispute errors and old negative information
Action Plan:
Poll
1 2
50%50%
1. Yes
2. No
Do you know your credit score? Approximately?
Obtain Your Free Credit Report
www.annualcreditreport.com
Move 5:Shield Yourself From Fraud
Investment Scams
Common tactics used by scam artists:
-- Source credibility
-- Phantom riches
-- Social consensus
-- Scarcity
-- Reciprocity
Identity Theft
-- Phishing
-- Vishing
-- Wireless Hacking
-- Skimming Devices
Tactics to be aware of:
ATM Skimming Devices
ATM Skimming Devices
ATM Skimming Devices
Identity Theft
-- Shred documents with your personal info
-- Secure your computer and wireless networks
-- Change and use different passwords
-- Monitor your bank and credit accounts
Protect Yourself Action Plan
Move 6:Take Advantage Of
Free Resources
Free ResourcesDepartment of Financial Institutions - www.dfi.wa.gov
DFI Clearinghouse – www.dfi.wa.gov/financial-education
Your local bank or credit union
Federal Government – www.mymoney.gov
Jeremy Lushene – [email protected]
I learned something new today that I will share with others
1 2 3 4 5
60%
10%
0%
10%
20%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree
Today’s presentation was helpful
1 2 3 4 5
55%
18%
0%
9%
18%
1. Strongly Agree
2. Agree
3. Neutral
4. Disagree
5. Strongly Disagree