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Money Management

Money Management. Money Management. Achievement Standard: Develop and evaluate a spending/savings plan. Money Management. Proper Money Management is necessary so that you have the money to invest. Here are some facts…

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Money Management

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  1. Money Management

  2. Money Management Achievement Standard: Develop and evaluate a spending/savings plan.

  3. Money Management • Proper Money Management is necessary so that you have the money to invest. • Here are some facts… • In 2013, American consumers carried about $11,285,000,000,000 in consumer debt. • Credit card debt alone averages $15480 per household.

  4. Money Management • In 2014, there were over 1.2 million personal bankruptcies filed. • 2% are age 25 and younger who started their lives in financial failure. • 20%are age 55 or older.

  5. Money Management • Here are some more facts… • Teens are more likely to have a cell phone (74%) than a savings account (60%). • Only 7% of teenagers balance their check book, even fewer save regularly.

  6. Money Management • And more facts… • A majority of Americans in households with incomes of $35,000 or less believed that they are more likely to accumulate a $500,000 nest egg by winning a lottery or sweepstakes (40%) than by patient saving and investing of relatively modest sums (30%).

  7. Money Management • And more facts… • Household money management is one of the most common sources of disagreement in marriages. One USA Today article reported that 70 percent of married couples argued about money issues, with the use of credit and shopping and spending habits topping the list. • Only 5% of adults learned about vital money management skills in high school.

  8. Money Management • Top 3 Environmental Causes of Stress (out of 63 stress triggers) • Financial Problems -Lack of money, debts, credit card payments, mortgage, rising costs of education, etc. • Workplace Stress – Your boss, up-coming promotion, office politics. • Personal Relationships – Children, relatives, arguments with spouse or children, etc. Source: Study by Thomas H. Holmes and Richard H. Rahe, from the University of Washington

  9. Money Management • Individuals surveyed put themselves in one of four financial categories… • Wealthy • Financially Comfortable • Paycheck-to-paycheck • In Debt 5% 26% 54% 15% Source: Merrill Lynch Survey 2009

  10. Money Management • Question: Can you afford to invest? • Answer: You can’t afford NOT to invest!

  11. Money Management How do we start? By creating… A Personal Budget!

  12. Money Management Personal Budget Categories: Income - Fixed Expenses - Savings and Investments - Variable (Living) Expenses Cash Shortage or Surplus

  13. Let’s get started.

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