organize save progress
TRANSCRIPT
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Organize
Save
Progress
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Net Worth
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EMERGENCY FUND
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$300transfer
fromemergency
fund
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RETIREMENT FUND
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CompoundInterest
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$3,000 savedx 2.5% interest--------------------
$75 interest 1st year
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$3,075 1st year + $3,000 2nd year
x 2.5% interest--------------------
$151 interest 2nd year
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$3,075 1st year + $3,000 2nd year
x 2.5% interest--------------------+ $151 interest
$6,226 saved in 2 years
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$3,000 each year x 30 years
x 2.5% interest---------------------
$135,000
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$3,000 each year x 30 years
x 4% interest----------------------
$175,000
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SMART INVESTING SERIES
Chapter 1: Your Financial FitnessChapter 2: Designing Your BudgetChapter 3: Banking BasicsChapter 4: Establishing CreditChapter 5: Credit & Identity TheftChapter 6: Controlling DebtChapter 7: Tips for Daily SavingsChapter 8: Saving for the Future
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Individual Retirement
Accounts
IRS.gov/retirement
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Traditional Paycheck- IRA $
--------------= Gross pay
- taxes
RothPaycheck
- taxes--------------= Gross pay
- IRA $
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Traditional Age 59.5+
Withdraw $- taxes
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$5,000Under age 50
$6,000 over age 50
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Withdraw $$$Any Age
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Withdraw tax freeOver age 59-1/2
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$5,000 yearly IRAx 20 years
------------------------$100,000 plus interest
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$5,000 yearly IRAx 30 years
------------------------$150,000 plus interest
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$5,000 yearly IRAx 40 years
------------------------$200,000 plus interest
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$200,000 His+ $200,000 Hers
------------------------$400,000 plus interest
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$96 weekx 52 weeks
------------------------$5,000 plus interest
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$58 weekx 52 weeks
------------------------$3,000 plus interest
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$58 weekly savingsx 20 years = $60,000x 30 years = $90,000
x 40 years = $120,000plus interest
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$50 weekly savingsx 40 years = $104,000
$58 weekly savingsx 40 years = $120,000
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$$$ For
I.R.A.
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725%
= 14 years
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7214 years
= 5%
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CREDIT CARDS
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Visa $8,000MasterCard $5,000
Discover $3,000owe $16,000
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$16,000x 5% Balance Transfer Fee
owe extra $800
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LicenseSocial SecurityCredit Card
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Merchant IDValid Card Number
Expiration DateCredit Card Limit
Card Usage
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Which ones to keep?OldestLow APR (annual % rate)High credit limit
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Card #1$5000$ 500-----------10% spent
Card #2$1000$ 500----------- 50%
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HigherCredit Limit
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35% of Credit Score
= PAYMENT HISTORY
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Designed and Narrated by
Chris KilbrideFamily & Consumer Sciences
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