Tips and Tools For Financial Success - Newton Free Library

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Military Discharge papers Specific Items Within Category Filed Lockbox Safe Deposit Notes Financial Record General Category Residence Annual mortgage statements Copies of purchase related documents Legal proceeding regarding property Association information Receipts for improvements Copy of lease and rental receipts/cancelled checks Correspondence and agreements Retirement savings Tax forms Information on loans from tax deferred accounts IRA records Records of withdrawals 1099 Forms Distributions Income received Schools Correspondence Financial aid forms W10 for childcare Receipts for tuition, books, fees, etc. Transcripts Social Security Correspondence Social Security Number Personal earnings history Record of income received Taxes Cancelled checks for taxes paid Copies of estimated returns Requests for extensions Correspondence Most recent year of filing and supporting documents Records of alimony Gambling income, losses, and prizes Warranties and receipts Receipts when you need evidence of items value Maintenance contracts and records Owner’s manuals Wills and trusts Copies of trust, wills Correspondence Documentation of gifts Tax documents 9
Goal Setting & Financial Planning (from FINRA Investor Education Foundation) When you make a financial plan, you identify the financial goals that are important to you, your best estimate of what they will cost, your time frame for achieving them and the types of investments that may be the most appropriate for accumulating the money you need. Short-term goals: Paying for the expenses you anticipate in the next few years requires a cautious plan. You should focus on minimizing the risk to your assets and preserving your wealth. Make sure the money you’ll need in the near future is both secure and accessible. Common short-term goals: • Buying a car • Making a down payment on a home • Taking a vacation • Returning to school for extra education and degrees • Getting married • Establishing your own business • Paying off credit cards, student loans and other debts Possible investments for achieving short-term goals: • Savings accounts • CDs • Money market accounts • U.S. Treasury bills • Short-term bonds or short-term bond funds Mid-term goals Think about the next ten years, concentrating on what you hope to accomplish and the expenses you anticipate these goals will cost. Planning for mid-term goals means carefully balancing investment growth and financial security. Common mid-term goals: • Paying for children’s education • Purchasing a larger home • Buying a second home or vacation home • Buying a boat or recreational vehicle • Traveling to a special destination Possible investments for achieving mid-term goals: • Stock in a variety of companies • Stock mutual funds • Exchange traded funds tracking a diversified range of indexes • U.S. Treasury notes • High-rated bonds or bond funds • Zero-coupon bonds with appropriate maturity dates Long-term goals It is never too early to begin planning for the major financial goals you want to achieve more than ten years down the road. Realizing your hopes and dreams for the future calls for a persistent and growth-oriented investment strategy. 10
Page 1 and 2: Financial Literacy at the Library T
Page 3 and 4: Background and Acknowledgments Fina
Page 5 and 6: Chapter V. Credit Overview of Credi
Page 7 and 8: 6 Newton Free Library hosted Financ
Page 9: 8 © 2011 American Consumer Credit
Page 13 and 14: Financial Goals Worksheet (SMART)
Page 15 and 16: Planning For Unexpected Life Events
Page 17 and 18: 1. Determine what to keep at home a
Page 19 and 20: 5. Keep a close watch on your bank
Page 21 and 22: 20 Kip Child, FDIC Community Affair
Page 23 and 24: Introduction to Banks (from FDIC Mo
Page 25 and 26: 24 Debit Cards • Fees? • Fee wa
Page 27 and 28: Ways to Take Money Out of Your Acco
Page 29 and 30: Using Electronic Banking (from FDIC
Page 31 and 32: Activity 1: Checking Account Fees (
Page 33 and 34: Activity 3: Record Transactions in
Page 35 and 36: Sample Check Register Check Number
Page 37: Paper Money Copy, cut, and put the
Page 40 and 41: III. Budgeting Practice Good Habits
Page 42 and 43: Create a Budget—and Pay Yourself
Page 44 and 45: Household Budgeting Worksheet Housi
Page 46 and 47: Read the scenario, review the Month
Page 48 and 49: Increase Your Income How might how
Page 50 and 51: Develop a Spending Plan A spending
Page 52 and 53: Implement Your Plan Seek Assistance
Page 54 and 55: • Educate yourself and learn more
Page 56 and 57: Budgeting Quiz 1. How long should y
Page 58 and 59: Budgeting Quiz -Answers 1. Correct
Page 60 and 61:
IV. Saving and Investing Preparing
Page 62 and 63:
The true magic of compound interest
Page 64 and 65:
9. Pay off high-interest credit car
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Risk-Return Relationship Table (FIN
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Compounding with Tables (FINRA Inve
Page 70 and 71:
Retirement Savings Vehicles (FINRA
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In most cases, you roll over a trad
Page 74 and 75:
Activity 2: Savings Goals Worksheet
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Investing Quiz 1. Which of the foll
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Investing Quiz - Answers 1. Correct
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Making your First Investments http:
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V. Credit Overview of Credit What i
Page 84 and 85:
What Is a Credit Report? (from FDIC
Page 86 and 87:
How the Credit Report Is Used (from
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How to Get Your Free Annual Credit
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Credit Cards: What Are They Used Fo
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Credit Card Comparison Chart (from
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ACCOUNT ACTIVITY Date of Transactio
Page 96 and 97:
Activity 1: Maria’s Credit Report
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Activity 3: Who Poses the Most Cred
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Credit Terms and Definitions Bankru
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8. All of the following appear on y
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VI. Borrowing Basics Types of Loans
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Car Loans (from FDIC Money Smart) T
Page 108 and 109:
To Rent or To Own? (from FDIC Money
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Activity 1: Which Loan Is Best? (fr
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Activity 3: How Much Mortgage Can P
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Note: Make sure you compare loan of
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Estimated prepaid amounts for inter
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Borrowing Basics Quiz 1. Which of t
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Answers for Borrowing Basics Quiz 1
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VII. Life Skills Menu Planning Work
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Grocery Shopping Tips 1. Clean out
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Computer Terms and Definitions Comp
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Housing Terms and Definitions Appli
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8. According to the 2010 Consumer E
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VIII. Glossary Glossary (excerpted
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Compounding: Interest paid on money
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Interest: A percentage of your bala
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Stocks: Parts of a company, called
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IX. Recommend Resources Bibliograph
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Careers and Life Skills Bostick, Na
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Heath, Julia A. Personal finance es
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Debt information for teens: tips fo
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Tutor/Teacher Cordell, Jane. Cambri
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Newton Free Library Financial Educa
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I. Learning English Online Resource
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Investor Knowledge Quiz - http://ww
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American Consumer Credit Counseling
Page 158 and 159:
Nationwide Resources (from American
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