Tips and Tools For Financial Success - Newton Free Library

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V. Credit Overview of Credit What is a Credit Report? How to Read your Credit Report How the Credit Report is Used How to Get your Free Annual Credit Report Credit Cards: What are they used for? Credit Card Comparison Chart Sample Credit Card Statement Paying your Credit Card Bill Activities: Maria’s Credit Report John’s Credit Report Who Poses the Most Credit Risk? Using Credit Cards Responsibly Credit Terms and Definitions Credit Quiz with Answers Recommended Supplemental Materials: BOOKS 1. Byers, Ann. First credit cards and credit smarts, New York: Rosen Pub., 2010. LIT 332.765 B99F 2. Consumer Math: Mathematics of banking and credit, Steck- Vaughn/Houghton Mifflin, 2011. LIT 332 M42M 3. Heath, Julia A. Personal finance essentials: Credit and borrowing, New York: Facts On File, 2012. LIT 332.024 P41C v3 4. Hollander, Barbara. How credit crises happen, New York, NY: Rosen Pub., 2011. LIT 338.542 H71H VIDEOS 1. Credit basics: Simple strategies for smart credit, Linx Educational, 2009. DVD ESL 332.024 C86C (25 minutes) 2. Get out of debt! : and rebuild your credit, ShowMeHow Videos, c2009. DVD ESL 332.024 G33G (52 minutes) 3. Personal finance essentials: Credit, borrowing and debt, New York: Meridian Education Corp., c2011. DVD ESL 332.024 P43C (36 minutes) 4. Understanding credit basics: know the score! Chicago, IL: Learning Seed, c2010. DVD 332.7 U55U (23 minutes) 5. Using credit cards wisely: take charge! Chicago, IL. : Learning Seed, c2010. DVD 332.7 U85U (25 minutes) 81
Overview of Credit (from FDIC Money Smart) Credit Defined Credit is the ability to borrow money. When you borrow money on credit, you get a loan. You make a promise to pay back the money you borrowed plus interest, which is an extra amount of money a financial institution charges for letting you use its money. Credit is important for a number of reasons: • It can be useful in times of emergencies. • It is sometimes more convenient than carrying large amounts of cash. • It allows you to make a large purchase (e.g., a car or house) and pay for it over time. • Prospective employers, landlords, and insurance companies may look at how well you manage credit. Credit is a loan often secured by collateral or a guarantee. Collateral is security, or an asset that you provide the lender. Giving the lender collateral means that you pledge an asset you own (e.g., your home) to the lender with the agreement that it will be the repayment source in case you cannot repay the loan. Credit Case: Marvin’s Desks Marvin makes writing desks and sells them for extra money. He wants to borrow $1,000 for a new band saw and an electric sander. He obtains a loan from the bank and pledges his new equipment as collateral. If Marvin does not (or cannot) pay back the loan, what will the lender probably do? 82
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Financial Literacy at the Library T
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Background and Acknowledgments Fina
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Chapter V. Credit Overview of Credi
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6 Newton Free Library hosted Financ
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8 © 2011 American Consumer Credit
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Goal Setting & Financial Planning (
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Financial Goals Worksheet (SMART)
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Planning For Unexpected Life Events
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1. Determine what to keep at home a
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5. Keep a close watch on your bank
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20 Kip Child, FDIC Community Affair
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Introduction to Banks (from FDIC Mo
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24 Debit Cards • Fees? • Fee wa
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Ways to Take Money Out of Your Acco
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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
Page 66 and 67: Risk-Return Relationship Table (FIN
Page 68 and 69: Compounding with Tables (FINRA Inve
Page 70 and 71: Retirement Savings Vehicles (FINRA
Page 72 and 73: In most cases, you roll over a trad
Page 74 and 75: Activity 2: Savings Goals Worksheet
Page 76 and 77: Investing Quiz 1. Which of the foll
Page 78 and 79: Investing Quiz - Answers 1. Correct
Page 80 and 81: Making your First Investments http:
Page 84 and 85: What Is a Credit Report? (from FDIC
Page 86 and 87: How the Credit Report Is Used (from
Page 88 and 89: How to Get Your Free Annual Credit
Page 90 and 91: Credit Cards: What Are They Used Fo
Page 92 and 93: Credit Card Comparison Chart (from
Page 94 and 95: ACCOUNT ACTIVITY Date of Transactio
Page 96 and 97: Activity 1: Maria’s Credit Report
Page 98 and 99: Activity 3: Who Poses the Most Cred
Page 100 and 101: Credit Terms and Definitions Bankru
Page 102 and 103: 8. All of the following appear on y
Page 104 and 105: VI. Borrowing Basics Types of Loans
Page 106 and 107: Car Loans (from FDIC Money Smart) T
Page 108 and 109: To Rent or To Own? (from FDIC Money
Page 110 and 111: Activity 1: Which Loan Is Best? (fr
Page 112 and 113: Activity 3: How Much Mortgage Can P
Page 114 and 115: Note: Make sure you compare loan of
Page 116 and 117: Estimated prepaid amounts for inter
Page 118 and 119: Borrowing Basics Quiz 1. Which of t
Page 120 and 121: Answers for Borrowing Basics Quiz 1
Page 122 and 123: VII. Life Skills Menu Planning Work
Page 124 and 125: Grocery Shopping Tips 1. Clean out
Page 126 and 127: Computer Terms and Definitions Comp
Page 128 and 129: Housing Terms and Definitions Appli
Page 130 and 131: 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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