Money

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Money
A presentation by Student Fiscal
Services University of Washington
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Education Pays Off
Data from the Census Bureau show that people with
higher education levels earn more money over a
lifetime
Less than high school High school Some
college Associates Bachelors Masters
Doctoral Professional
E1.0m EE1.2m EEE1.5m
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Value of 1
If you save 1 per day from your 18th birthday
until your 65th birthday and the money earns 2
in a savings account, how much will you have
saved?
28,038.27
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What is a Budget?

• Not running out of money before you run out of
  month

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NEEDS VS. WANTS
CLOTHING
NIKE VS. PAYLESS

• STEAK VS. HAMBURGERS

• FOOD

APARTMENTS VS. DORMITORY
SHELTER
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How do you decide how to spend or save your money?
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• If your money is going toward something you
  value, then you will usually feel a sense of
  satisfaction and accomplishment.

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• But if your money is going toward something you
  do not value, then you will usually experience a
  sense of frustration and failure.

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Your Credit Report
Your credit report is similar to a transcript and
will reflect your credit history
A credit rating/score is a numerical value
assigned to you based on your credit history
Low credit scores can affect your ability to
buy a home or car, or even get a cell phone
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Your Credit Report Could Contain

• Personal Information
• Full name other names used
• Addresses for the last 7 years
• Employer name
• Social security number
• Home phone number
• Inquiries
• Tradelines
• creditor acct/date open/high bal/pymt
  terms/curr bal/ status/pastdue
• Charge offs
• Court-appointed restitution
• Unpaid child support
• Bankruptcy

• And more
• Tax liens
• Unpaid parking tickets
• or moving violations
• Evictions
• Car repossessions
• Bad checks

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FRAUD

• Identity theft
• Use of another persons name and SSN to obtain
  new credit
• Account take-over
• Use of persons existing accounts
• Application fraud
• Fictitious identity to obtain new credit

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Credit Cards
There are advantages.

• Good to have in the event of an emergency
• Establish your own credit history
• Offer insurance and replacement incentives for
  purchases
• Safer than carrying large amounts of cash if your
  wallet is ever stolen
• Many have air miles or other reward programs

But beware
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Beware Of Fine Print

• Membership Fees 59.00 annual fee
• One-time processing fee 49.00 plus
• Annual Percentage Rate 23.99
• Grace Period 20-25 days (if previous months
  balance was paid in full)
• Fee for cash advance 5 (min 3)
• Returned check fee 25.00
• Late Payment Fee 25.00
• Over-the-Credit-Limit 25.00

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TRAPS!

• Credit Cards
• Payday Loans
• Floating Checks
• NSF
• Other Fees
• Emergency Loans
• Second Mortgage
• Family or Friends
• U.W.

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Want to Learn More? To sign up for Money 101,
send an email to sfscust_at_u.washington.edu