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A Bit of Housekeeping…

A Bit of Housekeeping…. Have some coffee! Don’t forget the questionnaire (and past classes) at ss.grbc.net Paying off your credit card balance Your credit report & credit score Balancing a checkbook? Any questions?. Advantage: Money is completely safe.

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A Bit of Housekeeping…

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  1. A Bit of Housekeeping… • Have some coffee! • Don’t forget the questionnaire (and past classes) at ss.grbc.net • Paying off your credit card balance • Your credit report & credit score • Balancing a checkbook? • Any questions?

  2. Advantage: Money is completely safe Disadvantage: Low interest rates Advantage: Higher rates of return Disadvantage: Money is at greater risk Where can I put my money? Savings (Banks / Credit Unions) • Checking Accounts • Savings Accounts • Money Market Accounts • Certificates of Deposit (CDs) Investing • Bonds • Stocks • Mutual Funds

  3. Where can I put my money? Interest Rate Flexibility (Liquidity) Required Minimum Checking Very Low Very High Low Savings Low High Low Money Market Medium Medium High CDs High Low Medium

  4. Interest rate: $1,000 earns: Interest rate: $1,000 earns: Interest rate: $1,000 earns: Checking 0% $0 0.25% $2.50 0.75% $7.50 Savings 0.15% ($300) $1.50 0.70% ($5) $7.00 1.75% $17.50 Money Market 1.17% ($10,000) $11.70 1.80% ($1,000) $18.00 4.08% ($250) $40.80 CD (1yr) 3.00% ($50) $30.00 4.30% ($250) $43.00 4.50% ($250) $45.00 CD (3yrs) 4.25% ($10,000) $42.50 4.35% ($250) $43.50 5.00% ($250) $50.00 CD (5yrs) 4.50% ($10,000) $45.50 *5.00% ($1,000) $50.00 5.15% ($250) $51.50

  5. Online-only banks? Sure! Your money is safe, if the online bank is FDIC insured. Many online banks have no minimums, no fees, no service charges, no hidden costs. Interest rate: $1,000 earns: 0.15% $1.50 0.70% $7.00 1.75% $17.50 4.30% $43.00 4.50% $45.00 4.75% $47.50

  6. After 45 years, $1,000 grows to… $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 Wachovia Savings Wachovia Money Market Emigrant Direct Savings Truliant Money Market SECU Money Market $1,070 $1,796 $3,245 $6,943 $9,180

  7. After 45 years, $1,000 grows to… $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 SECU Money Market Emigrant Direct Savings Wachovia Savings Wachovia Money Market Truliant Money Market IndexMutual Fund $72,890 $1,070 $1,796 $3,245 $6,943 $9,180

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