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Finance Project guide

Finance Project guide. Life after PHS. Credit. What is a credit score? Name and explain the 3 types of credit scores that make up your credit score. List all of the factors that go into your score How does one establish good credit? How does one with bad credit improve their credit?

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Finance Project guide

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  1. Finance Project guide Life after PHS

  2. Credit • What is a credit score? • Name and explain the 3 types of credit scores that make up your credit score. • List all of the factors that go into your score • How does one establish good credit? • How does one with bad credit improve their credit? • What types of companies would look at a credit score?

  3. Credit part 2 • What causes credit scores to go up or down? Give specific examples • How have banks and companies changed their lending policies in the last 7-10 years? (in regards to credit scores) • Any other information that is relevant • What is the right amount of credit cards to have? Should you carry a balance on these? If you haven’t used a credit card in a long time should you keep it open?

  4. Loans • What can people get a loan for? • What is APR? • What are the going interest rates for things people get a loan for (see me when you get to this point) • Should you shop around for a loan? • Use “Student Activity” sheet page 1. Look at the table and fill it out. Explain which loan would be best for people who have money in savings and for people who are just starting out.

  5. Loans part 2 • If you have multiple loans, how should you prioritize paying these off? Pay attention to balance and interest rate. Provide hypothetical examples

  6. Credit cards • Explain what a credit card is. What are the positives and negatives? • What are interest rates for credit cards and how do they change? • Explain how stores (i.e. Kohls, Menards, Boston Store etc) entice people to get their credit cards. What are the perks? What are the downsides. Provide 3 examples

  7. Credit cards part 2 • Explain what a credit line is and how it is determined for each individual • Research 2 non-store credit cards. Compare and contrast each card based on how the interest rate is calculated, fees, grace period, and variable or fixed APR • Explain how minimum payments work. Provide examples of how much you save on $1000 if you pay the minimum each month or if you pay it off in full or within 3 months. Use the same APR for each example

  8. Savings account • Make a chart comparing and contrasting the following: CD’s, Money market accounts, stocks, bonds, Retirement accounts (IRA or 401K). In the chart include: typical rates of return, risk involved, pros and cons • Research 3 banks and provide interest rates for regular savings accounts, Money Market accounts, bonds and CD’s. Also include fees, minimums, penalties and withdrawal/transaction limits • Explain the differences between a bank and a credit union. What are the pros and cons of each?

  9. Payroll • Explain the differences between net pay and gross pay. • Explain deductions on pay checks and what their purpose is- (where does that money go and what does it help fund.) What are the deductions? What are the percentages taken out? This does depend on how much you make. Let me know when you get this far. • What is Wisconsin’s income tax rate? How does that compare to other states? • Explain how insurance is deducted. Show what a paycheck would look like for someone making $50,000 a year would look like and $100,000 a year.

  10. Payroll part 2 • How can you change your withholdings on a paycheck based on what you claim? Will you get this money back on end of the year taxes? How is this determined? • Explain what direct deposit is

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