Download Personal Finance

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Systemic risk wikipedia, lookup

Merchant account wikipedia, lookup

Financial economics wikipedia, lookup

Debtors Anonymous wikipedia, lookup

Household debt wikipedia, lookup

Debt wikipedia, lookup

Credit card interest wikipedia, lookup

Financial literacy wikipedia, lookup

Financial Crisis Inquiry Commission wikipedia, lookup

Financialization wikipedia, lookup

Transcript
Personal Finance
Introduction and Financial
Facts
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
classroom.
 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
retirement.
Continued
 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
mortgage.
 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
balance).
Continued
 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
budget.
Continued
20% claimed to have some idea about how
to invest money.
32% of American teens have credit card
debt.
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
future.
 The financial decisions you make will
determine whether you will have control over
your finances or your finances will control you!