FINANCIAL LITERACY WHAT YOU NEED TO KNOW TO SURVIVE IN TODAY S ECONOMY
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1 FINANCIAL LITERACY WHAT YOU NEED TO KNOW TO SURVIVE IN TODAY S ECONOMY Presented by: Terry Lawson Lawson Law Center 700 E. 8 th St. Kansas City, MO
2 LAWSON LAW CENTER LLC WWW. LLCKC.COM 2 The Hard Truth The system is rigged against you. There are tricks and traps everywhere for the unwary. Unless you plan to drop out, tune out, and live on the street, you must learn the system, and avoid the traps. In other words: YOU MUST BE FINANCIALLY LITERATE TO SURVIVE (AND EVEN THRIVE) IN TODAY S ECONOMY
3 LAWSON LAW CENTER LLC WWW. LLCKC.COM 3 What is the proof the system is rigged? For a great video on the topic, see Wealth Inequality In America on YouTube: watch?v=qpkkqnijnsm
4 LAWSON LAW CENTER LLC WWW. LLCKC.COM 4 What is the proof the system is rigged?
5 LAWSON LAW CENTER LLC WWW. LLCKC.COM 5 What is the proof the system is rigged?
6 LAWSON LAW CENTER LLC WWW. LLCKC.COM 6 Wealth tends to flow UP As the graphs show, wealth tends to collect in the top tiers of society, and flows away from the bottom tiers of society. How can YOU have a chance to accumulate wealth?
7 LAWSON LAW CENTER LLC WWW. LLCKC.COM 7 Financial Literacy FANCY DEFINITION: The ability to effectively evaluate and manage one s finances in order to make prudent decisions toward reaching life s goals In Plain English: FINANCIAL LITERACY = CONTROLLING YOUR MONEY INSTEAD OF MONEY CONTROLLING YOU The understanding of: - Money - Cash flow - Basic economic/financial concepts - Debt/risk management
8 LAWSON LAW CENTER LLC WWW. LLCKC.COM 8 Four Inputs to Your Finances EXPENSES INCOME DANGER! If Monthly expenses exceed income, DEBT rapidly accumulates. Result: DISASTER. If Income exceeds Expenses + Debt Service, then Wealth can GROW DEBTS WEALTH
9 LAWSON LAW CENTER LLC WWW. LLCKC.COM 9 Income vs. Expenses Business Leaders Follow this Rule, and you should too: IF YOU DON T MEASURE IT, YOU CAN T MANAGE IT! Without a Budget, you CANNOT win with money. EVER.
10 Budgeting Basics LAWSON LAW CENTER LLC WWW. LLCKC.COM 10
11 LAWSON LAW CENTER LLC WWW. LLCKC.COM 11 How to Budget FREE HELP mint.com powerwallet.com Easy, low cost or free, and phone app capable. Makes budgeting and tracking finances a breeze. check.me
12 LAWSON LAW CENTER LLC WWW. LLCKC.COM 12 Debt vs. Wealth DEBT from excess EXPENSES = BAD No Wealth gain from this. DEBT from ASSET PURCHASES = MAYBE GOOD If the asset goes up in value, then you have gained wealth. If not, you have LOST potential wealth Good Debt (usually) = Home Loan (value goes up) BAD DEBT (usually) = Car Loan (value goes down) DEBT from NOTHING = BEST! Lots of money to invest, save, and purchase quality assets.
13 LAWSON LAW CENTER LLC WWW. LLCKC.COM 13 What About Student Loan Debt? Growth in student loan debt is constant, and accelerating.
14 LAWSON LAW CENTER LLC WWW. LLCKC.COM 14 Student Loan Debt Delinquencies Late payment is more common with student loans that any other type of debt.
15 LAWSON LAW CENTER LLC WWW. LLCKC.COM 15 2 Year Colleges are the Best Deal How do you get the MOST for the cheapest price? Go to local 2 yr. and community colleges the best deal in higher education BY FAR.
16 LAWSON LAW CENTER LLC WWW. LLCKC.COM 16 Which one gets the job done? 2 McDoubles: $ Smashburger: $4.99
17 LAWSON LAW CENTER LLC WWW. LLCKC.COM 17 Student Loans Which Type is Best? Federal Loans are MUCH BETTER than Private Loans! WHY? Loans from the federal government have repayment options that make sense private loans DON T. Federal repayment options: Graduated payments, Extended repayments, Income Based Repayment, Pay As You Earn (PAYE) Public Service Loan Forgiveness, Teacher Loan Forgiveness BUT BEWARE: Federal Loan failure to pay = prejudgment garnishment, seized tax refunds, seized social security payments and NO additional financial aid. Private Loan options: PAY US NOW! You re Broke? We don t care we ll just sue.
18 LAWSON LAW CENTER LLC WWW. LLCKC.COM 18 Don t be a Debt Rookie! 8 Tips 1. Always pay NEEDS first before WANTS 1. Food, Shelter, Utilities 2. Car / Housing 3. Taxes, Child support, court ordered payments 4. Student Loans 5. All others 2. NEVER pay unsecured loans (no collateral) before you pay secured loans (loans with collateral to repo) 1. Exception: student loans - federal loans are priority, then private 2. Exception: loans with household goods as collateral, are no more important than credit card bills, generally (e.g. Best Buy) 3. Credit cards are NEVER the most important debt you have 4. Medical debt can almost always be negotiated
19 LAWSON LAW CENTER LLC WWW. LLCKC.COM 19 Don t be a Debt Rookie! 8 Tips 3. NEVER take out loans higher than 12% - 18% Payday loans can exceed 400% interest! Buy here, pay here car loans are the WORST car loans around Credit card cash advances often have highest interest rates (29.99%) Revolving fees make good traps to keep you in debt over and over 4. High Risk Lenders are NEVER a good idea see #3 Payday Loans Title Loans Internet Loans Pawn Shops Rent to Own Buy Here / Pay Here Auto Dealer Renting or Leasing anything (except housing)
20 LAWSON LAW CENTER LLC WWW. LLCKC.COM 20 Don t be a Debt Rookie! 8 Tips 5. THREATS of lawsuit and actual lawsuits don t really change these priorities much - Only a judgment changes the power of a creditor - The loudest creditor is NOT necessarily the one you should pay first. 6. Credit repair / debt consolidation companies Generally a bad idea commonly a scam Why pay them for things you can do yourself? 7. Refinances of debt ONLY a good idea if total payment on the debt is reduced. Ignore the monthly amount and look at the total amount of the loan in the TILA disclosures.
21 LAWSON LAW CENTER LLC WWW. LLCKC.COM 21 Don t be a Debt Rookie! 8 Tips 8. Avoid stored value debit cards High Fees and Low Benefits Never better than Banks or Credit Unions Best Bets: Local, smaller banks and credit unions that want your business and allow you to grow a relationships with real human beings!
22 LAWSON LAW CENTER LLC WWW. LLCKC.COM 22 Your Credit History Matters From Day One Three Major Credit Reporting Agencies (CRAs) Equifax / TransUnion / Experian Tracks age of debt, amount, payment histories VERY important to lenders for mortgages and auto loans Beware of wrong amounts, mixed files, and re-aging of debt Remember if you never look, you ll never know what s there Check your own credit report, for free: Once a year, or after a denial of credit On the web at: Or write the CRA and request one
23 LAWSON LAW CENTER LLC WWW. LLCKC.COM 23 Your Credit History Matters Many other Credit Reporting Agencies exist too: Rental history Student loan history Check writing history Employment history Insurance Claims We are in an era of BIG DATA. Facts about you are being vacuumed up and sold to the highest bidder so make sure those facts show you are a smart and frugal consumer.
24 LAWSON LAW CENTER LLC WWW. LLCKC.COM 24 Managing Your Risks Want to trade your risk to someone else? Buy Insurance let someone else carry the risks Car Life Health Renter s / Homeowner s
25 LAWSON LAW CENTER LLC WWW. LLCKC.COM 25 Consumer Law to the Rescue Federal and state laws prohibit: Improper debt collection Inaccurate credit reporting Robocalls to your cell phone without your consent Overcharges in banking and credit cards Unfair and Deceptive Acts or Practices in consumer transactions Unpaid or underpaid wages for time spent at work Unfair Interest Rates And much more..
26 LAWSON LAW CENTER LLC WWW. LLCKC.COM 26 If All Else Fails.Bankruptcy Works BANKRUPTCY is not a dirty word! Allows a fresh start to those who need it most. Ch. 7 (liquidation) Ch. 13 (payments) Ch. 11 (reorganized) Usually can KEEP much of your personal property Most of the time, you won t lose home or car (unless you want to) Famous filers: Abraham Lincoln, Walt Disney, Mark Twain, Milton Hershey
27 LAWSON LAW CENTER LLC WWW. LLCKC.COM 27 References and helpful resources Guide to Surviving Debt, National Consumer Law Center Federal Trade Commission Consumer Financial Protection Bureau Mo. Attorney General Consumer Protection Division
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