Money Management Tips
What is the most important lesson about money management?
How to manage your money effectively.
What is a credit report?
A detailed record of one's credit history
What is identity theft?
Crime of stealing ones personal or financial information to commit fraud.
Why should you be careful with your personal information?
To protect yourself from ID theft
What goes up and never comes down?
Age
Name mistakes that people make regarding money.
Lack of budget
Too many debts
Late payments
Instant gratification
Competing with others
What are the 3 major credit bureaus?
Equifax
Experian
TransUnion
Examples of information stole
Name, address, credit or debt card, SS#, bank account numbers, IDs etc
What are you doing to to better yourself in life?
Each team member answers
What is the philosophy of the Credit Union movement
People helping people!
Why are Credit Unions more preferred than Banks?
They are non-for-profit
Member owned
Lower fees to no fees
People helping people
Higher dividends
Community outreach
Great member service
How long does a late payment stay on your credit report?
7 years
Examples of ID theft
Phishing/scam emails
Card skimming
Fake phone calls
Rob houses or business
Dumpster drive
Malware
Who is responsible for your behavior/conduct?
Myself
What question can you never answer yes to?
Are you asleep yet?
What are your two goals when you review your budget?
How to cut spending and how to increase income
Why should you have a great credit score?
More access to loans
Better interest rates
Renting houses/apartments
Job or employment opportunities
Better insurance premiums
Higher credit limits
What are some red flags?
Sense of urgency
Poor grammar
Saying you won a contest
A prize is offered
What are two good choices you can make in life in order to succeed?
Each team member answers
Where to fish keep their money?
In a river bank
What does financial freedom mean?
Control of your finances
On track for your financial goals
Ability to whether an emergency
Able to enjoy life with out money constraints.
What are tips to improve your credit?
Pay bills on time
Budgeting
Do not max your credit cards
Do not pull your credit too many times
Have a mix of tradelines
Consult a financial coach
Do not ignore a bill or a debt
How can you protect yourself?
Set up alerts
Avoid public Wi-Fi
Limit your exposure on social media
Strong passwords
Be vigilant and extra careful
Where do you see yourself in 5 years from now?
Each time member shares
Why did the student eat a dollar bill?
His mom told him it was his lunch money