I am Responsible For My Financial Future

1. I am Responsible For My Financial Future Created by: Maribel Burgos Section:12345 Instructor: Natalia Fofanova University of Houston

2. Table of Contents: Responsibility of My Financial Future • What is Financial Responsibility • The Fundamentals of Financial Responsibility • How to be financially responsible • Personal Financial Responsibilities

3. Introduction My name is Maribel Burgos, and I am a Human Development and Family Studies (HDFS) major. I hope you can reach your financial goals and have financial freedom with the aid of this presentation.

4. What is Financial Responsibility? The definition of financial responsibility is: • The process of managing money and other assets in a manner that is considered productive and in the best interests of the individual or family. • To live within your means and spend less than what you make. Click image to play

5. The Fundamentals of Financial Responsibility • Credit Cards and Debt • Having a credit card to make ends meat is not a good reason to have a credit card. • Responsible use of a credit means paying the credit card in full each month. • Acting in Your Own Best Interest • Know the difference between a luxury and necessities • Paying Yourself First • Spending every dime you earn is irresponsible • A good goal to save is 10% each paycheck

6. The Fundamentals of Financial Responsibility • Emergency Fund • Be prepared for the unexpected. • You should be able to support yourself for the next 6 months without an income • Don’t Worry About the Neighbors • Financial responsibility means doing what you have to do to take care of you and your family. • The neighbors aren’t paying your bills, so don’t let them dictate your spending habits. • Budgeting • Know where your money is going

7. The Fundamentals of Financial Responsibility • Very Personal Definition • Purchase items you know you are able to afford. Not everyone can live like the rich and famous. • Arriving at “Responsible” • Financial responsibility means living within your means, regardless of the level of those means. Don’t go money crazy, just because you received a paycheck When you have money, be smart with it!

8. How to be Financially Responsible

9. How to be Financially Responsible

10. How to be Financially Responsible

11. TAKE WHAT UNCLE SAM GIVES YOU • Tax Deferrals +401(k) +403(b) +Flexible Spending Accounts • Roth IRAs • Slide taken from http://www2.tech.purdue.edu/ols/courses/ols364/FINANCIALPLANNING.ppt • This slide makes a great statement to take advantage of Tax Deferrals and Roth IRAs

12. Personal Financial Responsibilities • A friend told me that opening up store credit cards are the worse cards to open. • One of my goals would be to close the store credit card that I have, and never open one up again • Find a secure job • Post graduation, my goal would be to find a job that will pay the bills.

13. Personal Financial Responsibilities • Being a college student equals accumulating debt. • Maybe it’s the high tuition prices or the expensive books, but student=broke. • Another goal of mine would be to pay off debt. • Start SAVING! • My ultimate goal would be to save $10 dollars a week. • Leave my savings alone • In order to secure my financial future, I need to break my habit of touching my savings.

14. Lifestyles of the Rich and Famous

15. Suze Orman • Personally acclaimed financial expert. • I like to follow the guidelines of Suze, in order to be financially responsible in the future. • Author of The Money Book for the Young, Fabulous & Broke • Check out her show Can I Afford It? Refer to video link Suze Orman – Can I Afford It? Suze Orman

16. References • http://www.investopedia.com/articles/pf/09/financial-responsibility.asp • http://www.investopedia.com/articles/pf/09/financial-responsibility.asp?viewed=1 • http://media.cnbc.com/i/CNBC/Sections/CNBC_TV/CNBC_US/Shows/_Documentaries_Specials/IAM_CNBC/CNBC_ANCHORS/S_Orman/orman_Bio.jpg • www.pastemagazine.com/.../money%20large.jpg • www.blogs.nyu.edu/blogs/mj11/businessofart/money.jpg • www.economicpopulist.org/.../money_tree02.jpg • http://admin.moguling.com/Upload/www.oprahsschool.com/oprah%20winfrey.jpg • http://i.dailymail.co.uk/i/pix/2006/09/pdiddy080906_228x297.jpg • http://img.thisismoney.co.uk/i/pix/2007/12/ParisDiamonds_203x150.jpg • http://www.cosmoloan.com/wp-content/uploads/2009/08/athlete-cars.jpg • http://media.herald-dispatch.com/blog/tuned/uploaded_images/John-Rich-in-fur-coat-737520.jpg • http://www.babble.com/CS/blogs/famecrawler/beyonce-marriage-confirmed.jpg • http://www.hotelsoftherichandfamous.com/images/layout/burf-al-arab-rolls.jpg • http://twistedsifter.com/wp-content/uploads/2009/09/lifestyle-of-the-rich-and-famous.jpg • http://www2.tech.purdue.edu/ols/courses/ols364/FINANCIALPLANNING.ppt • http://www.youtube.com/watch?v=NkVecOtB9Iw

17. End Notes “Take a close look at your financial situation, evaluate your earning and spending habits, and make the necessary adjustments to put yourself on responsible financial footing.” – Lisa Smith I hope this presentation gave you an insight on how to be responsible for your financial future and how I plan to be responsible for mine.