presley cole

This class is important because it teaches us how to navigate the real world finantialy.

My name is Presley, I have worked at Steins Ace for almost 2 years. And the dog thats in the photos he's my baby his name is Atlas, (yes like the map). One thing I love doing outside of work and school is going to church.

who am I?

• buget my money
• only spend when its needed
• do not overspend when im buying stuff I need

how I will fix it:

Biggest struggle: impulse buying, spending money that I don't need to spend

3 goals: save more, be able to live off my own money, be able to buy what I want for other people.

Money personality: goal oriented, generosity

UNBANKED: not keeping money in a institution, relying on carrying cash, cashing checks, and pre paid cards. (no insurance to protect money)

BANKED: keeping your money in an instituiton, having a checking or savings

SAVINGS: short term deposit acct that doesnt gain much intrest (depends how much money is in the acct)(0.45%)

MMA: short term deposit acct that gains more intrest than a regular savings acct (0.001%-5.00%)

CD: money that you put in an acct and cant touch until the term is up. (4.90%-5.00% intrest)

BANKS

UNBANKED: not keeping money in a institution, relying on carrying cash, cashing checks, and pre paid cards. (no insurance to protect money)

BANKED: keeping your money in an instituiton, having a checking or savings

SAVINGS: short term deposit acct that doesnt gain much intrest (depends how much money is in the acct)(0.45%)

MMA: short term deposit acct that gains more intrest than a regular savings acct (0.001%-5.00%)

CD: money that you put in an acct and cant touch until the term is up. (4.90%-5.00% intrest)

BANKS

online banking: everything is online, doesnt have an actual in person branch.

credit union: more community focoused, invest members money back into the bank.

banks: nation wide with multple branches, dont invest money into the bank

difffrence between checking and saving? checking: use to spend the money in the acct. savings: put money in and not take out you dont spend out of this acct.

Are banks safe? yes they have insurance (FDIC/NCUA) that covers $250,000 in case something happens.

why use banks? it gives you a safe place to store your money

BANKS

Subtitle

Implications of joint credit accounts; Implications of joint credit accounts.

build good credit:Pay on time, every time.

Impacts of Low credit scores; Having a bad credit score makes it harder to qualify for every type of loan and credit, from personal loans to credit cards.

FICO score ranges; Poor credit: 300 to 579. Fair credit: 580 to 669. Good credit: 670 to 739. Very good credit: 740 to 799. Excellent credit: 800 to 850.

3 major credit bureaus: Equifax®, Experian® and TransUnion®.

credit score/ reports

5 catagories on a credit report: identifying information, credit accounts, credit inquiries, bankruptcy public records, and collections.

payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%). ( 5 factors & weights of credit scores.)

a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time. (credit score)

a statement that has information about your credit activity and current credit situation (credit report

credit score/ reports

Stock; share in ownership of. A company Index funds: exchange traded fund Bonds: Loan that the purchaser makes to the bond issuer Research stocks: look into the company your buying into super well (be like crazy ex)

What is the stock market :Trading network of investors Risk and reward: the probability of incurring a profit Diversification: process of enlarging Compound growth: multiply initial investment

Investing

Long term investing: investing in a company that will beheld longer than 3 year Short term investing:investments that ca easily be converted to cash

Index funds: mutual exchange Individual stocks: partisan ownership in a company Bonds: loan that the bond holder makes to the bond issuer Role of emotions: fear and greed

Investing