Tips and Tools For Financial Success - Newton Free Library

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Financial Goals Worksheet - Take Action! Identify the obstacles you may face when working to achieve your goals, and find solutions. Potential Obstacles Potential Solutions Who are the people you will ask to help you? Specific Action Steps: What steps need to be taken to reach your goal? What: Expected completion date: Completed: 13
Planning For Unexpected Life Events–Death and Disability (from FDIC Money Smart) Planning ahead: • Gives you control; you make choices for your situation • Relieves stress of decision making from caretakers/family members • Saves money and helps you avoid financial disaster or setback • Allows time for gathering information, comparing options, and determining which options help achieve what is most important Long-Term Care A majority of people who need long-term care are older. However, the need for long-term care can come at any age due to disabling diseases, car accidents, Acquired Immune Deficiency Syndrome (AIDS), brain injuries, strokes, and other disabling events. For instance, it is estimated that 43 percent of the approximately 12 million people in the U.S. who say they need assistance with activities of daily living are working-age adults or children. Families and individuals who do plan ahead for long-term care will be in a better position to understand long-term care changes, weigh options, and make sound long-term care decisions. Consider taking these steps before you or a family member becomes ill or disabled: • Prepare a plan. Start with reviewing your income and expenses. • Make sure trusted family members know where to find personal and financial documents in an emergency. • Think about the direct deposit of pay and benefit checks into bank accounts. • Consider automatic payment of important, recurring bills. • Make sure you are properly insured. Speak with a financial planner or an insurance agent you trust. Review your policy often as life changes. • Maintain a healthy lifestyle. • Consider a durable power of attorney. This is a legal document giving one or more people the authority to handle finances or other personal matters if the individual becomes mentally or physically incapacitated. • Suggest a living will or other instructions about future medical care. Most people should have a living will specifying the type of medical care they want or do not want if they become terminally ill and are unable to communicate their wishes. Experts also recommend a health care power of attorney or health care proxy designating a family member or other trusted person to make decisions about medical treatment. Living wills and health care proxies are intended to ensure that someone’s wishes regarding medical care are honored, but they also can prevent unnecessary and costly procedures. 14
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 and 10: 8 © 2011 American Consumer Credit
Page 11 and 12: Goal Setting & Financial Planning (
Page 13: Financial Goals Worksheet (SMART)
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
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Retirement Savings Vehicles (FINRA
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In most cases, you roll over a trad
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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
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What Is a Credit Report? (from FDIC
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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
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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
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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
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Nationwide Resources (from American
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This publication is made possible b
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