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Personal Finance
Introduction and Financial
What is Personal Finance?
 Personal Finance deals with everything in your
life that involves money.
 Everyone has at least some experience with
money. This includes everyone sitting in this
 We have to ask ourselves why so many people
have money problems?
 We will work this Semester/Quarter to provide
you with information that will help you make
wise financial decisions.
Some Financial Facts
 Over 40% of Americans spend more
money than they earn.
 The average savings rate in the United
States is 2.8%. (Excludes money that is
invested in retirement accounts).
 Nearly half of all working age Americans
have less than $10,000 saved for
 96% of all Americans will be financially
dependent on the government, family, or
charity at retirement.
 Only 2% of homes in the United States are
completely paid for and do not have a
 The average American carries a balance of
$8,400 in credit card debt. (If a person paid 2%
of this balance per month, at an APR of 15%, it
would take over 30 years to pay off the
 35% of all bankruptcies are from people
under the age of 35.
 Tennessee leads the nation in personal
bankruptcy filings.
Teen Money Facts
 According to a recent survey conducted
by the financial firm Charles Schwab:
45% of teens stated that they could use
credit cards.
26% of teens understood credit card
interest and fees.
40% felt that they could create their own
20% claimed to have some idea about how
to invest money.
32% of American teens have credit card
56% of teens stated that they were
concerned about their parents/guardians
financial well being.
33% of teens could read a bank statement,
balance a checkbook, and pay bills.
Good News!
 The statistics that we just discussed are bleak.
However, the good news is that YOU have
control over your financial future and time is
definitely on your side!
 The financial habits that you learn now will
have a profound impact upon your financial
 The financial decisions you make will
determine whether you will have control over
your finances or your finances will control you!