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NAS Oceana’s MILITARY SAVES 2009

NAS Oceana’s MILITARY SAVES 2009. Military Saves CATEGORIES. Truth or Myth Debts Dangers 70%, 20%, or 10% Sources of Help Kill Debt, Build Wealth. MILITARY SAVES. 100. 100. 100. 100. 100. 200. 200. 200. 200. 200. 300. 300. 300. 300. 300. 400. 400. 400. 400. 400. 500.

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NAS Oceana’s MILITARY SAVES 2009

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  1. NAS Oceana’s MILITARY SAVES 2009

  2. Military SavesCATEGORIES • Truth or Myth • Debts Dangers • 70%, 20%, or 10% • Sources of Help • Kill Debt, Build Wealth

  3. MILITARY SAVES 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

  4. TRUTH OR MYTH $100 You should always close credit card accounts you no longer use. WHAT IS . . . A MYTH? $

  5. TRUTH OR MYTH$200 Save and set aside an emergency fund to cover at least three month’s worth of your expenses. WHAT IS . . . The Truth? $

  6. TRUTH OR MYTH$300 The percentage of stock in your portfolio should equal 100 minus your age. WHAT IS . . . A Myth? $

  7. TRUTH OR MYTH$400 Always go with a fixed-rate mortgage – especially when interest rates are rising. WHAT IS … a Myth? $

  8. Truth or Myth $500 Save 10% of your net income WHAT IS . . . The Truth? $

  9. Debt’s Dangers $100 Using your credit card to get money at an ATM at a much higher rate than a credit purchase. WHAT IS … a Cash Advance? $

  10. Debt’s Dangers $200 Having legal responsibility for someone else’s loan if they default on the payment. WHAT IS . . . Co-sighing for a loan? $

  11. Debt’s Dangers$300 You are four times more likely to be struck by lightening than to get rich by this method.. WHAT IS . . . Playing the lottery? $

  12. Debts Dangers$400 Taking a short term loan at 200% to 700% interest. WHAT IS . . . A Pay-Day Loan? $

  13. Debts Dangers$500 Buying furniture and appliances, paying two to five times department store prices at 100% to 300% APR. WHAT IS . . . Rent to Own? $

  14. 70%, 20%, or 10%$100 At a minimum, the % of your monthly net income that should be allocated towards Savings and Investments. WHAT IS . . . 10%? $

  15. 70%, 20% or 10%$200 At a maximum, the % of your monthly net income that should be allocated towards living expenses. WHAT IS . . . 70%? $

  16. 70%, 20%, or 10%$300 At a maximum, the % of your net monthly income that should be allocated towards debt repayment (not including a mortgage payment). WHAT IS . . . 20%? $

  17. 70%, 20%, or 10%$400 The financial investment entity that has an average return of 10% over any 30 year period, for the last 100 years. WHAT ARE . . . Stocks? $

  18. 70%, 20%, or 10%$500 The financial tool used to determine if you are financially overextended with debt. (Hint: If this is more than 20% you are overextended.) WHAT IS . . . the Debt to Income Ratio? $

  19. SOURCES OF HELP$100 The title of the point of contact in Navy commands who provides service members with sources of help and budget counseling. WHAT IS . . . The Command Financial Specialist (CFS)? $

  20. SOURCES OF HELP$200 Daily Double: The organization where sailors and military family members can attend financial, parenting and resume writing classes at no cost. WHAT IS . . . Your Fleet and Family Support Center? (Which offer Skills for Living programs. Class schedules are found in the SIGNAL newsletter.) $

  21. SOURCES OF HELP$300 The place where sailors and marines can go in an emergency, to get financial grants or interest free loans. WHAT IS . . . The Navy - Marine Corp Relief Society? $

  22. SOURCES OF HELP$400 The on-base military resource where sailors can take their money, get free investment advice and counseling. WHAT IS . . . A Military Bank, Bank of America or Federal Credit Unions like NFCU, ABNB? $

  23. SOURCES OF HELP$500 The place where sailors and marines can go to have a will prepared. WHAT IS . . . The Naval Legal Services Office? $

  24. KILL DEBT-BUILD WEALTH$100 The average American is likely to spent 30% more using this method of paying for insignificant purchases like fast food or soda then when using cash. WHAT IS . . Using a credit card? $

  25. KILL DEBT-BUILD WEALTH$200 A secured loan requires ... WHAT IS . . . “collateral”? (Savings, or other real property considered “security”.) $

  26. KILL DEBT-BUILD WEALTH$300 Daily Double: The maximum allowable annual contribution to an individual IRA for a saver under the age of 50. WHAT IS . . . $5,000 in 2008, ($6,000 if over 50 years old)? $

  27. KILL DEBT-BUILD WEALTH$400 The way to get money, but having to pay taxes and a 10% penalty. WHAT IS . . . Taking an early withdrawal for an IRA or 401(k)? $

  28. KILL DEBT-BUILD WEALTH$500 This is an advantage of a mutual fund. WHAT IS . . . Automatic reinvestment of income, deferred sales charges or diversification? $

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