Money ReviewReview

In groups of 2 get slate boardMarker

& tissues

Bank, credit unions and savings and loan firms

Insurance for banks, credit unions and savings and loan.

Checks that haven’t cleared the bank.

Setting goals and developing a plan for finances.

An instant loan that guarantees checks up to a specified amount.

Financial Planning

FDIC,SAIF, NCAU

outstanding checks

Financial institutions

overdraft protection

The maximum amount you can borrow

The interest you pay to use other people’s money.

Two types: Chapter 7 and Chapter 13

Annual Percentage Rate

A record of your personal financial transactions used to determine risk

APR Credit Reportcredit limit bankruptcy

cost of Credit

The amount you pay for the money you borrow

The original amount you borrowed

A person who accepts responsibility to pay the loan if you default.

Law that says you can see your credit report and dispute anything that is false.

Expenses that change from month to month. Ex. groceries

Fair Credit Reporting Act principle cosigninterest flexible

expense

An individual retirement account.

Debit card transactions are deducted out of checking, credit cards are loans

Recommended % of budget for housing budget

A plan to use Wills and Trusts to distribute assets.

Recommended % of budget for transportation & food

Estate Planning Debit vs. Credit Card

30-35%IRA 15%

The higher the investment risk- the higher the investment return.

The percentage charged to borrow money. (higher rate = more cost.).

Putting money in several different types of investments.

Part ownership in a company

Asset that is easily converted into cash.

Stocks LiquidityRisk & return DiversifyInterest

Expenses that stay the same every month. Ex. Rent, car payment, etc.

Money saved that is easily accessible in case of an emergency.

Earning interest on interest.

Easiest tax form to do.

How long it takes for your money to double.

emergency funds

compounding interest

FixedExpenses

Rule of 721040EZ