1 / 7

Money Madness

Money Madness. Gold: You did it! You’re a Millionaire (2% of the population). Statistically speaking, you represent a portion of society that follows a financial game plan, avoids debt, invest early in life, and wisely uses their resources.

liang
Download Presentation

Money Madness

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Money Madness

  2. Gold: You did it! You’re a Millionaire (2% of the population) • Statistically speaking, you represent a portion of society that follows a financial game plan, avoids debt, invest early in life, and wisely uses their resources.

  3. Silver: Debt Free & Living Large (10% of the population) • You’ve paid for your college education, your car, and your house. • You have a fully funded emergency fund. • You live within your means, save, & pay for things with cash. • You started saving for retirement a bit late, but other than that you’re looking good.

  4. Bronze: “Normal”, Broke, Busted, & Disgusted (70% of the population) • Normally the 23-year-old college graduate. • Total debt is $45,000 (car = $21,000, school loan = $20,000, credit card = $4,000) • Annual income = $40,000 • Monthly take-home pay = $2,250 • Total monthly expenses = $2,125 • You’ll have to save for 3 months to get over the $1,000 in the emergency fund • It will take you 10 years to pay off your student loan and five years to pay off your car and credit card by making only minimum payments.

  5. Red: Bankrupt! Zero, Zilch, Nada (living the “American Dream”)- 16% of the population • Married, 28 years old, two kids, & a dog • You & your spouse both brought debt into the marriage totaling $85,400: two cars= $42,000; school loans = $35,000; credit card = $8,400. • Annual income = $80,000 • Monthly take-home pay = $4,700 • Total monthly expenses = $4,555 • You’ll have to save for 7 months to get over the $1,000 in the emergency fund

  6. Red: continued • It will take you a minimum of 10 years to pay off your credit card, 15 years to pay off the student loans, & you’ll always have a car payment because you can’t save enough to buy one with cash. • 12 years from now, you have no money in the bank & the kids need to go to college. • You can’t make it. You file for bankruptcy and most likely divorce. • 90 % of all divorces stem from financial disagreements

  7. Black: Death by Credit Card Debt (2% of the population) • Same as the “American Dream”, but….. • add another $100,000 in debt (credit cards, mortgage, cars, boats, furniture, etc.) • Under all the stress & pressure, you may lose hope & commit suicide • The number one cause of male suicide is financial stress

More Related