Dollars and Decisions

DOLLARS and DECISIONS www.youtube.com/browncollegeguy Money matters for living independently in the “ Real World” Tou Lee Yang

www.myspace.com/browncollegeguy www.youtube.com/browncollegeguy

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Is it easier to GET money or to KEEP money? A Fundamental Question: www.youtube.com/browncollegeguy

Education is Important! www.youtube.com/browncollegeguy

www.youtube.com/browncollegeguy 1440 Northland Drive Mendota Heights, MN 55120 651-905-3582, 800-627-6966 www.myspace.com/browncollegeguy

A Non-Traditional Education ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Bachelor Degrees 36 Months Associates Degrees 18 Months www.youtube.com/browncollegeguy

Brown College Services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.youtube.com/browncollegeguy

School of Broadcasting ,[object Object],[object Object],[object Object],[object Object],www.youtube.com/browncollegeguy

School of Technology ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.youtube.com/browncollegeguy

School of Design ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.youtube.com/browncollegeguy

Other Programs ,[object Object],[object Object],[object Object],www.myspace.com/browncollegeguy

Associate Degrees Offered Culinary Arts Program – 15 months Patisserie and Baking Program – 15 months

[object Object],GETTING SKILLS www.youtube.com/browncollegeguy

To get money: You must do something And Someone else must do something too! SUPPLY & DEMAND www.youtube.com/browncollegeguy

Work Borrow Other? How do you get money? www.myspace.com/browncollegeguy www.youtube.com/browncollegeguy

Your SKILLS The supply & demand for your SKILLS Your ability to sell your SKILLS What determines YOUR income? www.youtube.com/browncollegeguy

$260 week $1,127 month $13,250 year $6.50 an hour Show up skills People skills Do something skills www.youtube.com/browncollegeguy

$500 week $2,167 month $26,000 year $12.50 an hour HS Diploma/GED Certificate/License Associates Degree www.youtube.com/browncollegeguy

Typical Paycheck at $26,000 per year www.youtube.com/browncollegeguy

$1,200 week $5,200 month $62,400 year $30.00 an hour Advanced Skill High Demand Career Straight Cash Homey! www.youtube.com/browncollegeguy

It’s up to YOU Your Decisions Your Priorities To Keep Money: www.youtube.com/browncollegeguy

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[object Object],BUDGET www.youtube.com/browncollegeguy

[object Object],Trade Off The cost of what you give up EVERY TIME you make a CHOICE www.youtube.com/browncollegeguy

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Credit Cards www.youtube.com/browncollegeguy

[object Object],30% or less of income should be spent on shelter www.youtube.com/browncollegeguy

[object Object],www.youtube.com/browncollegeguy $ 1200 West Sub. E ast Sub. South Sub. North Sub. St. Paul Mpls $ 1300 $ 950 $ 716 $ 816 $ 1000 2 bdr $ 1000 $ 700 $ 800 $ 607 $ 650 $ 800 1 bdr $ 605 $ 494 $ 515 $ 428 $ 458 $ 465 studio Approximate average cost of an apartment Twin Cities Metro Area Source: Based on averages from Rent.com

[object Object],Average monthly cost of food at home at four cost levels USDA Family Food Plans www.youtube.com/browncollegeguy

[object Object],www.youtube.com/browncollegeguy Your Personal Activity Monthly Savings Annual Savings Stop dining out $45 $540 Wash your own car $12 $144 Movie rental vs. monthly movie $11 $132 Regular coffee vs. cappuccino $40 $480 Miscellaneous Personal $15 $180 TOTAL $123 $1,476

[object Object],Jack Ages 21 - 30 $0.00 Ages 31 - 65 $2,000 per year for 35 years Total Investment $70,000 Jill Ages 21 - 30 $2,000 per year for 9 years Ages 31 - 65 $0.00 Total Investment $18,000 Total at age 65 Jack $470,249 Jill $570,471 Example calculated at 9% interest www.youtube.com/browncollegeguy

[object Object],The market does fluctuate from year to year BUT 10% has been the annual average return for the stock market for almost 100 years NO www.youtube.com/browncollegeguy

[object Object],$200 Monthly ($50 a Week) (Savings over 35 years) 3% $148,683 6% $286,366 12% $1.2 million www.youtube.com/browncollegeguy

NEVER , EVER go to the grocery store hungry www.youtube.com/browncollegeguy

WAIT one week for anything nonessential www.youtube.com/browncollegeguy

DO NOT let pleasurable past times become burdensome habits www.youtube.com/browncollegeguy

CHECKS are the best, real money next www.youtube.com/browncollegeguy

COMPARISON SHOP www.youtube.com/browncollegeguy

72 divided by the interest rate gives you the approximate number of years it will take your money to double 3% 24 years 6% 12 years 12% 6 years The Rule of 72 www.youtube.com/browncollegeguy

The ENEMY of SAVING Over-Spending and Debt www.youtube.com/browncollegeguy

We want what we want when we want it whether we can afford it or not www.youtube.com/browncollegeguy Do you NEED a Credit Card?

[object Object],78% of college students have credit cards Average balance on card is $2,800 1 out of 10 college students carry a balance of more than $7,800 Nearly 94,000 people under the age of 25 filed for bankruptcy 2004 www.youtube.com/browncollegeguy

Which plastic is right for a teenager? Source: www.bankrate.com www.youtube.com/browncollegeguy Type of card Pros Cons Debit card Uses money in checking or savings account. Easy to set up. Risk of overdrafting account and incurring fees. Does not build credit history. Prepaid or stored-value card Spending limited to amount loaded on card. Online checking of balances and spending. Authorized adults can load funds. Employers can load wages onto some cards. Major credit card branded cards can be used many places. Fees are charged for activation, loading money, monthly maintenance, many more actions. Does not build credit history. Joint credit card Builds credit history. Parent and teen responsible for debt. Secured card Credit limit set by savings account balance. Builds credit history. May have high APR. Authorized user Easy to set up. Teen can piggyback on parent's credit history. Parent solely responsible for debt. Potentially puts parent's credit score at risk.

[object Object],Increased interest rates Late fees add up Reduced credit limit Future credit limitations www.youtube.com/browncollegeguy

[object Object],Interest on unpaid debt % of purchase price (typically 1 - 4%) Annual fees Selling your information www.youtube.com/browncollegeguy

A $6,297 credit card balance www.youtube.com/browncollegeguy Credit card Best Buy Sears Discover Visa Macy’s Master Card Annual interest 22.6% 21% 19.8% 18% 18% 17.7% Balance $300 $800 $1,100 $1,966 $300 $1,831

[object Object],If You Pay Each Month The Minimum $10 Extra Monthly Payment $200 or less $210 Interest You Pay $9,570 $8,504 Source: Bankcards of America $6,297 balance Total Value You Will Pay $15,867 $8,504 Time To Pay Off 23 years 10 months 3 years 5 months www.youtube.com/browncollegeguy

When you live on your own www.youtube.com/browncollegeguy

[object Object],www.youtube.com/browncollegeguy What makes up your credit score? Source: myFICO.com FICO Score Lender Grade 760-850 A+ 700-759 A 660-699 B 620-659 C 580-619 D 500-579 F

[object Object],Keep a personal checking & savings Get annual copies of your credit report Get ONE credit card in your name Pay more than the minimum Pay bills before they are due www.youtube.com/browncollegeguy

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www.youtube.com/browncollegeguy

[object Object],There are literally BILLIONS of DOLLARS that go unclaimed every year! www.youtube.com/browncollegeguy

[object Object],www.studentscholarshipsearch.com www.finaid.org www.fastweb.com www.4scholarships.com www.scholarships.com www.youtube.com/browncollegeguy

Tou Lee Yang 1440 Northland Drive Mendota Heights, MN 55120 651-905-3582, 800-627-6966 x582 [email_address] www.myspace.com/browncollegeguy [email_address] browncollege582 www.youtube.com/browncollegeguy

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