financial foundation a financial literacy project sponsored by carolina first bank a trade name of...
TRANSCRIPT
Financial FoundationFinancial Foundation
A Financial Literacy ProjectSponsored by Carolina First Bank
A Trade Name of TD Bank N.A.
IntroductionIntroduction& Goals& Goals
Give an overview of deposit account types, savings and creating a budget.
Educate you on the importance of credit and provide the tools necessary to achieve both personal and professional goals.
Review steps to protect your identity and what do to if you are a victim of fraud.
Teach the foundations for starting your own small business.
OutlineOutline
Opening / Introductions
Banking Basics- types of accounts
Savings & Budgeting
What Is Credit?
Fraud & Identity Theft
Steps to Starting a Small Business
Q&A / Wrap-up
Banking BasicsBanking Basics Opening and maintaining a checking account Types of deposit accounts
• Non-interest bearing accounts• Interest-bearing
– Checking– Savings/ Money Market– CD’s & IRA’s
Types of Financial Institutions• Bank, Credit Union, Thrift
Reconcile your checking account Debit cards, Online Banking, & Bill Pay
• Benefits and concerns• New debit card regulation- how it relates to NSF and
overdrawing the account.
SavingsSavings Savings tips
• Needs vs. wants• Direct deposit• Pay bills online
Interest Earned- examples• Savings Calculator- see handout• Compounding Interest
– How often the interest earned is “paid” to the account; added back to the balance
– Savings accounts usually have lower balance requirements and lower interest rates
– Money Market accounts, CD’s and investments can earn a higher return, but typically have higher opening balance requirements.
– Investments can have risk associated with them- depends on account type!
SavingsSavings
Retirement savings• Start early• Give maximum allowed• If your company does not offer a 401K plan, start an
Individual Retirement Account (IRA) with your bank
How to prepare a budget • Know what you spend
– Monthly fixed expenses» Rent, insurance, phone
– Other expenses» Books/tuition, utilities
• Save for emergencies– Car issues, illness, etc.
What Is Credit?What Is Credit? What is credit and why is it important?
• Establishing Credit• What makes up a credit score?• Rebuilding Credit
Types of loans• Installment / Term Loan• Revolving• Secured vs Unsecured• Mortgage loans
Tips for managing your credit
How to get free credit report once a year • www.annualcreditreport.com• Not www.freecreditreport.com – will charge you fees!
What Is Credit?What Is Credit?
Tips to consider when shopping for a credit card• Annual Fees?• Interest Rate?• Discounts or Incentives, such as points or cash back for using
the card?• How much will it cost to use credit? See handout
Tips on how to use your credit card responsibly• Pay off in full each month if possible. • Only use for emergencies if you do not anticipate not being
able to pay off in full.• Pay more than the minimum payment required!• Weigh out the needs vs wants- do not make impulse
purchases!
Starting a Small BusinessStarting a Small Business
The Business Plan-• Set goals!• Know your ABC’s:
– Accountant– Banker– CPA
Choosing the Legal Structure
Obtaining business financing
Registration and licensing
Bookkeeping- financial records• Profit-Loss Statement• Balance Sheet
Online Resources & Tools:
www.business.carolinafirst.com
www.sba.gov
www.score.org
www.clemson.edu/sbdc
http://scsbdc.moore.sc.edu/
Q&A / Wrap-upQ&A / Wrap-up
Thank you
For more information, contact:
Stacy SandersVP/ Branch Manager
864.552.9025
102 S. Main StreetGreenville, SC 29601
This information is provided for educational purposes only and is not intended as financial and/or legal advice.
Carolina First is a division of The South Financial Group, Member FDIC