Download - Who will win the NCAA Tournament? 1.North Carolina 2.Kansas 3.Memphis 4.UCLA 5.I don’t care
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Who will win the NCAA Tournament?
North
Carolin
a
Kansas
Memphis
UCLA
I don’t
care
63%
0%
13%13%13%
1. North Carolina2. Kansas3. Memphis4. UCLA5. I don’t care
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Why People Fail Financially
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Three primary enemies to becoming financially successful are
Inflation, T
axes,
Alcohol
Insu
rance
, Cars,
Houses
Inflation, T
axes,
Procra
st...
Insu
rance
, Esta
te Planni...
25% 25%25%25%1. Inflation, Taxes, Alcohol
2. Insurance, Cars, Houses
3. Inflation, Taxes, Procrastination
4. Insurance, Estate Planning, Procrastination
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Batman: Age 22, Invests $5,000 per year, 8 years to and including age 29Robin: Age 22, starts investing $5,000 per year, age 30 for 43 years to age 7210% annual return RESULTS BATMAN: $3,788,943 ROBIN: $3,258,204 The lesson is
Procra
stinatio...
Disc
ipline is
...
Insta
nt gratif...
It is
importa
n...
25% 25%25%25%1. Procrastination is Expensive
2. Discipline is profitable3. Instant gratification is
expensive4. It is important to invest
early in your life
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Your reaction to the prior problem
WOW
!
I’m go
ing to E...
I’m not g
oing ...
Unbelie
vable!
Awesome!
Batman is
my f..
.
17% 17% 17%17%17%17%1. WOW!2. I’m going to EXECUTE
early!3. I’m not going to
procrastinate4. Unbelievable!5. Awesome!6. Batman is my financial
idol
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Inflation: The Good, The Bad, and The Ugly
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Currently, your annual salary is $80,000. If inflation is expected to be 3% annually, what salary do you need in 10 years to maintain
the same salary in real (i.e., inflation adjusted) terms?
104513 $105,513 $106,513 $107,513 $108,513
20% 20% 20%20%20%1. 104,5132. $105,5133. $106,5134. $107,513 5. $108,513
20% 20% 20% 20% 20%
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From a personal perspective, a 4% raise in an environment where inflation is 5% is
Good, b
ecause
...
Good, b
ecause
...
Bad, b
ecause
y...
Bad, b
ecause
i...
25% 25%25%25%
20% 20% 20% 20% 20%
1. Good, because you will be able to buy more with the raise
2. Good, because 4% is less than 5%
3. Bad, because you will not be able to buy more with the raise
4. Bad, because inflation is bad for everyone
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Inflation can benefit some people, especially
Those w
ho have a lot o
f...
Those w
ho have little debt.
Those th
at hav
e a high ...
Those th
at hav
e a low n..
25% 25%25%25%
20% 20% 20% 20% 20%
1. Those who have a lot of debt.
2. Those who have little debt.3. Those that have a high net
worth4. Those that have a low net
worth
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Your salary equals $10,000 per month. Your mortgage payment equals $1,000 per month. If you receive a 20% raise, the percentage of your salary allocated to the mortgage payment goes from 10% to
1.33%5.33%
6.33%7.33%
8.33%
20% 20% 20%20%20%1. 1.33%2. 5.33%3. 6.33%4. 7.33%5. 8.33%
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Times are tough and your boss gives you a 1 percent raise telling you that you will only be able to live a little bit better next year. Inflation is 2%. Which is the most accurate statement.
You will
be be...
You will
be be...
Your “re
al” (i..
.
Your “re
al” (i..
.
25% 25%25%25%1. You will be better off next year because you received a raise.
2. You will be better off next year because inflation is only 2%
3. Your “real” (inflation adjusted) wages are declining
4. Your “real” (inflation adjusted) wages will be increasing
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Time Value of Money
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Assuming an 8% annual return, a 25 year old would have to save $_____ a year (end of year) to have a net worth of $10,000,000
by age 75.
$20,000 $200,000 $17,428.58
$27,428.58
$37,428.58
None ofthe ab...
17% 17% 17%17%17%17%1. $20,0002. $200,0003. $17,428.584. $27,428.585. $37,428.586. None of the above
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A 25 year old who saves $10,000 per year for 50 years will have $_________ by age 75. Assume an annual return of 9%.
$5,150,835.56
$6,150,835.56
$7,150,835.56
$8,150,835.56
$9,150,835.56
None ofthe ab...
17% 17% 17%17%17%17%1. $5,150,835.562. $6,150,835.563. $7,150,835.564. $8,150,835.565. $9,150,835.566. None of the above
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Obtaining an extra 1 percent annual return over your lifetime is
Nice
, but n
ot ...
Nice
and very ...
Gre
edy, but n
o...
Gre
edy and ver...
25% 25%25%25%1. Nice, but not that significant
2. Nice and very significant
3. Greedy, but not that significant
4. Greedy and very significant
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Budgeting
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“Pay Yourself First” mentality is
Good, in
stills
...
Bad, it
is se
l...
Good, h
elps ba...
Bad, p
rohibits
...
25% 25%25%25%1. Good, instills a savings discipline
2. Bad, it is selfish3. Good, helps balance
your budget4. Bad, prohibits living
well long term
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If you cannot pay all your bills this month because your 1970 Dodge Challenger repair bill was $600, in general this is
Accepta
ble, it...
Unacce
ptable, ...
Accepta
ble, “s..
.
Unacce
ptable, ...
25% 25%25%25%1. Acceptable, it is an old car2. Unacceptable, you should
be saving monthly for “surprise” expenses
3. Acceptable, “surprise” repair bills will challenge the budget
4. Unacceptable, you should own a newer car
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Measuring Your Financial SuccessWhat is Financially Wealthy?
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The main measure of your financial success is your
Inco
me
Assets
Revenue
Net W
orth D
ebts
20% 20% 20%20%20%1. Income2. Assets3. Revenue4. Net Worth5. Debts
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Net Worth is
Assets
– Debts
Cash +
Assets
Cash –
Debts
Assets
+ Debts
Assets
only
20% 20% 20%20%20%1. Assets – Debts2. Cash + Assets3. Cash – Debts4. Assets + Debts5. Assets only
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Net Worth is
Assets
– Debts
Cash +
Assets
Cash –
Debts
Assets
+ Debts
Assets
only
20% 20% 20%20%20%1. Assets – Debts2. Cash + Assets3. Cash – Debts4. Assets + Debts5. Assets only
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Financial Goal: To live off of your investment income and have enough funds to live forever. Annual Expenses this year = $60,000; After Tax Annual Investment Return = 5%, Inflation = 3%-- What new worth (assets assuming no debt)
do you need today?
3001044
3044677
3144677
3150000
3244677
20% 20% 20%20%20%1. 3,001,0442. 3,044,6773. 3,144,6774. 3,150,0005. 3,244,677
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Investing: Ownership vs. Lending
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If you buy a corporate (e.g., IBM) bond,
You own a port.
..
You own the st
...
You are loan
in...
None of t
he ab...
25% 25%25%25%1. You own a portion of IBM
2. You own the stock of IBM
3. You are loaning money to IBM
4. None of the above
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As interest rates go up, the value of a bond goes
Down U
p
Depends
Not e
nough in
f...
25% 25%25%25%1. Down2. Up3. Depends4. Not enough
information
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As interest rates go down, the value of a bond goes
Down U
p
Depends
Not e
nough in
f...
25% 25%25%25%1. Down2. Up3. Depends4. Not enough
information
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If a bond is increasing in value, interest rates are likely going
Down U
p
Depends
Not e
nough in
f...
25% 25%25%25%1. Down2. Up3. Depends4. Not enough
information
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Your Values and Spending Money
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How you spend money
Communicate
s w...
Is a fo
rm of v
...
Says a
lot a
bo...
Is im
portant, .
..
25% 25%25%25%1. Communicates what you value
2. Is a form of voting for what you believe is good for our society
3. Says a lot about who you are as an individual
4. Is important, similar to voting during an election
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Which expenditure of money is best for society?
Buying Doritos..
.
Taking a
trip ...
Putting ga
s in...
Donating m
oney...
25% 25%25%25%1. Buying Doritos and ice cream
2. Taking a trip to Europe3. Putting gas in a gas guzzling
truck4. Donating money to an
organization that feeds the poor
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HOME OWNERSHIP
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The first $250,000 gain for singles ($500,000 for married couples) on the sale of a house is tax free if
As long as it
...
As long as y
ou...
You lived in
y...
None of t
he ab...
25% 25%25%25%1. As long as it is your first house
2. As long as you are 59 ½ or older
3. You lived in your home for two of the last five years
4. None of the above
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Dollar Cost Averaging
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You buy $10,000 of IBM at $100 per shareA month later, you buy $10,000 of IBM at $110 per share
Your average price equals
$105 Greaterthan $105
Less than$105
$100 Greaterthan $110
20% 20% 20%20%20%1. $105 2. Greater than $1053. Less than $1054. $1005. Greater than $110
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Vehicle Lease or Purchase
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From a financial perspective, a vehicle consists of
Materia
ls, in
s...
Inte
rest,
prin...
Insu
rance
, dep...
Equity
, deprec..
.
25% 25%25%25%1. Materials, insurance, car payments
2. Interest, principal, depreciation
3. Insurance, depreciation, lease
4. Equity, depreciation, interest expense
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You are considering leasing a $40,000 car with a residual value of $18,000 in four years. Your total lease payment would be
$22,000 <$22,000 >22,000 Notenough
inf...
None ofthe ab...
20% 20% 20%20%20%1. $22,0002. <$22,0003. >22,0004. Not enough info.5. None of the above
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End of Lease: Residual Value = $17,000 Actual Value= $13,000
You total the car on the last day of the lease, you would owe
Nothingwith g...
$4,000without...
Nothing,with ...
1 and 2 None ofthe ab...
20% 20% 20%20%20%1. Nothing with gap insurance
2. $4,000 without gap insurance
3. Nothing, with collision auto insurance
4. 1 and 25. None of the above
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Paying for College
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The benefits of 529 Plans for saving for college are
Earn
ings gro
w ...
With
drawals ar..
.
Money w
ithdraw...
Can redire
ct t..
.
None of t
he ab...
All of t
he abo...
17% 17% 17%17%17%17%
1. Earnings grow tax free2. Withdrawals are tax free3. Money withdrawn can be
used for college expenses including room and board
4. Can redirect to another child (even child of a child)
5. None of the above6. All of the above
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The benefits of 529 Plans for saving for college are
Once
an accoun...
The owner is t..
.
With
drawals no...
1 and 2
1 and 3
All of t
he abo...
17% 17% 17%17%17%17%
1. Once an account is open, anyone can contribute
2. The owner is the person who establishes the account
3. Withdrawals not used for college qualifying expenses are tax free
4. 1 and 25. 1 and 36. All of the above
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Love and MoneyIncluding Marriage
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The benefits of 529 Plans for saving for college are
Once
an accoun...
The owner is t..
.
With
drawals no...
1 and 2
1 and 3
All of t
he abo...
17% 17% 17%17%17%17%
1. Once an account is open, anyone can contribute
2. The owner is the person who establishes the account
3. Withdrawals not used for college qualifying expenses are tax free
4. 1 and 25. 1 and 36. All of the above
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Credit
Good vs. Bad Credit
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With multiple credit card bills, after making the minimum payments, you should pay off the credit card with the
High
est balanc..
.
Lowest
balance
High
est inte
re...
Lowest
interes..
.
None of t
he ab...
20% 20% 20%20%20%1. Highest balance2. Lowest balance3. Highest interest rate4. Lowest interest rate5. None of the above
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Home Ownership
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List the three loans from likely highest to lowest interest rate
Credit
card
, c...
Car loan, m
ort...
Mortg
age, cre
d...
Car loan, c
red...
None of t
he ab...
20% 20% 20%20%20%1. Credit card, car loan, mortgage
2. Car loan, mortgage, credit card
3. Mortgage, credit card, car loan
4. Car loan, credit card, mortgage
5. None of the above
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Getting pre-approved for a mortgage is
Not in
your se...
Use
ful, esp
eci...
Use
ful, esp
eci...
Helpfu
l for n
e...
25% 25%25%25%1. Not in your self-interest 2. Useful, especially if you
have a car loan3. Useful, especially if you
have credit card debt4. Helpful for negotiating the
purchase of a house
![Page 50: Who will win the NCAA Tournament? 1.North Carolina 2.Kansas 3.Memphis 4.UCLA 5.I don’t care](https://reader035.vdocuments.us/reader035/viewer/2022062714/56649d6c5503460f94a4c6b3/html5/thumbnails/50.jpg)
A 30 Year Mortgage is Better than
Not in
your se...
Use
ful, esp
eci...
Use
ful, esp
eci...
Helpfu
l for n
e...
25% 25%25%25%1. Not in your self-interest 2. Useful, especially if you
have a car loan3. Useful, especially if you
have credit card debt4. Helpful for negotiating the
purchase of a house
![Page 51: Who will win the NCAA Tournament? 1.North Carolina 2.Kansas 3.Memphis 4.UCLA 5.I don’t care](https://reader035.vdocuments.us/reader035/viewer/2022062714/56649d6c5503460f94a4c6b3/html5/thumbnails/51.jpg)
Insurance
![Page 52: Who will win the NCAA Tournament? 1.North Carolina 2.Kansas 3.Memphis 4.UCLA 5.I don’t care](https://reader035.vdocuments.us/reader035/viewer/2022062714/56649d6c5503460f94a4c6b3/html5/thumbnails/52.jpg)
The purpose of insurance is to protect you against
Likely, s
ignif..
.
Likely, in
sign...
Unlik
ely, but ..
.
Unlik
ely, but ..
.
25% 25%25%25%1. Likely, significant financial loss
2. Likely, insignificant financial losses
3. Unlikely, but possible, significant loss
4. Unlikely, but possible, insignificant loss