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Version 3e

Home > Schedule > Where's My Money (Financial management 1)

"Dude" Where Did My Money (Student Financial Management 1)

Money problems? Where did all my money go! Always running out of money - broke. Credit Cards debit getting out of hand?

Kalani Fujiwara will explain that Good Financial Management is a Lifestyle, not a mode or temporary situation.

When:

Tuesday, April 15, 2014

Where: Lama 118 (Behind Library)
Time: 10:45 am - 11:48 am

Check out part II of this financial management series

Show Me The Money
(Financial Management 2)

General outline of Workshop

Suze Orman - Can I Afford it - Video

(she always say's - People first, then money, then things)

Questions you should ask yourself!

Are you in debt?

How many of you have money problems?

Why do you have money problems?

Hawaii and in the US - Financial Literacy is not taught efficiently in our society

Why do majority of college students have terrible time in finace managent skills?

Do you understand financial management?

State of the economy is on you!

April is National Finance Literacy Month

Current economic crisis is due to low financial literacy rates.

Good Financial Management is a LIFESTYLE, not a mode or temporary

If you are taught good financial management by your family - you are lucky

Will help you the rest of your life

Choices you make defines the person you are

Looking at Student Mentality on Financial Management

Who's paying for college?

Why are you in college?

What are you academic goals?

You are investing a lot of money into your college education (somebody is)

Starts with what's important for your future

College students (especially millenials 18-25) - confusion between long term goals vs instant gratification.

First Step is Mufi's Way

Three steps former Mayor Mufi Hanneman emphasized in spending our Tax Dollars, is a start for financial management basics for college students.

#1 Do you "REALLY" need it? (No Impulse Buying or Stress Relief)

#2 Can you "REALLY" afford it? (No Borrowing or Skipping Payment)

#3 Can you "REALLY" maintain it? (The hidden extra costs?)

Examples of Mindless Spending of a College Student

Example #1 Transportation Costs (Car vs Education)

Do you need a car?
Car versus your education
Hidden Costs killing your budget? Do the math.

What are the Alternatives?

Example #2 Credit Card Problems

You do have to pay the money back.
Debit card is not a credit card
Banks target college students with credit card offers. Why?
College students are not educated about credit card use
8 out of 10 Students max out their credit cards
Easy prey for credit card hell

Do you need a credit card? (YES)
How many do you need? (only ONE for emergencies)
What type" (Usually MC or VISA)
What is the interest rates? (Always READ THE fine print on the application)
What's a Minimum Payment?
(Pay it ALL off)

Credit Card Help - Creditcards.com

 

Example #3 Mindless Spending of College Students

AVOID "we going cruz" Mentality
Going out and partying is good as reward (But not every weekend)
Look at the DETAILS - Weekend of fun costs?

Go out Clothes
Transportation Costs
Food and Drink

Know True Friends - shared costs - has your interest in mind.

The habit of "you going spot me?" Ruins the financial health of students

FINAL WORD on Financial Management Part 1

Financial Management is your responsibility!

There is no bailout for you as an adult

There are consequences to our financial choices

Good habits begin now

Remember the Mayor Mufi's 3 steps

RESOURCES

Circulating Books in KCC Library

Road to wealth : a comprehensive guide to your money : everything you need to know in good and bad times: The Road to Wealth provides readers with practical answers to all the questions they might-or should-have about their financial futures. Sound, straightforward, fiercely honest, and easy-to-understand, Suze's advice gives them the knowledge and power to:

  • Create a strong, debt-free foundation
  • Amass assets and protect them through economic downturns
  • Buy a home to provide for loved ones
  • Invest with confidence and navigate the market in good times and bad
  • Secure reliable income for their later lives

You've earned it, don't lose it : mistakes you can't afford to make when you retire: She lets everyday people tell their own stories of how naivete, failure to act, misinformation, and avoidance devastated their retirement plans. The subjects which Orman covers include: Financial advisors - getting good advice without getting taken-- Trust, wills, gifts, joint tenancy-- Joint and survivor benefits-- Early retirement-- Long-term care-- Estate taxes and probate costs-- Durable power of attorney"A fresh step-by-step approach to protecting your financial future...an innovative guide to maintaining financial independence while addressing everyone's concerns".

Personal finance for dummies®: Inside, you'll find techniques for tracking expenditures, reducing spending, and getting out from under the burden of high-interest debt. Tyson explains the basics of investing in plain English, as well as risks, returns, investment options, and popular investment strategies. He also covers ways to save for college and special events, tame your taxes, and financially survive the twists and turns that life delivers.
  • The bestselling, tried-and-true guide to taking control of finances, now updated to cover current market conditions
  • Provides concrete, actionable advice for anyone facing great economic hardship
  • Helps you avoid or get out of debt and budget funds more successfully Eric Tyson, MBA, is a nationally recognized personal finance counselor and the author of numerous For Dummies titles, including Home Buying For Dummies, Investing For Dummies, and Mutual Funds For Dummies, among others
  • There's no need to stress over an uncertain economy-just read Personal Finance For Dummies and protect your financial future!
The total money makeover : a proven plan for financial fitness - Ramsey offers a bold, no-nonsense approach to money matters, providing not only the how-to but also a grounded and uplifting hope for getting out of debt and achieving total financial health.

Ramsey debunks the many myths of money (exposing the dangers of cash advance, rent-to-own, debt consolidation) and attacks the illusions and downright deceptions of the American dream, which encourages nothing but overspending and massive amounts of debt. "Don't even consider keeping up with the Joneses," Ramsey declares in his typically candid style. "They're broke!"

The everything personal finance in your 20s & 30s book : erase your debt, personalize your budget and plan now to secure your future: Provides an overview of financial concerns for workers in their twenties and thirties, including topics such as creating a budget, saving options for large purchases, and making a decision about which insurance to purchase.

 

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