Personal Finance Case 5.07

1. Visit the website of a large national bank, regional bank, or credit union, and use the information you find there to answer the questions below. EXAMPLE: Some large banks you might consider include Bank of America®, JPMorgan Chase®, Wells Fargo®, Citibank®, and U.S. Bank®.

• I would probably stick with bank of America because it seems cheapest and safe.

One may decide to pay cash for everything but, there are reasons to focus on obtaining and keeping a good credit score. The first step toward understanding how credit affects ones’ life is to check the credit standing. One can get two of their credit scores for free on Credit.com. This completely free tool will break down the credit score into sections and give a grade for each. For example, how is the payment history, debt and other factors affecting your score, and get recommendations for steps that can be taken to improve ones’ credit. It is possible to get a free annual credit report from each of the major credit reporting agencies Equifax, Experian and TransUnion once every 12 months. This does not give the credit scores but, it does

Risk of financial ruin is an important factor of having insurance. You Might face some health problems in later months like a sudden accident, cancer, diabetes, kidney stones or a car accident, this will leave with staggering medical bills. And not paying

Annual interest rate is guaranteed at 5%, no risk of unstable returns during low interest environment

The recommended time frame to implement all recommendations is 1 year. Once all implementations have been completed the Adult day care services center will benefit from some long-term financial returns (inflow of donations) and social economic growth. These returns will manifest themselves in the three main areas; increased enrollment means more funds to care for variable costs, it will make it easier for the agency to appeal for more donations hence more cash and there will be an increased social economic growth for the entire community.

Some lenders send out costly offers expecting that you 'll jump at the first card you are offered. These lenders add outrageous fees, which can total over $200, just to open an account. Some of the typical fees they charge are high annual fees, a one-time application fee, monthly fees if you are late or over limit, and of course an interest rate way over market rates, from 10% and up. The interest rate will get jacked up another 10-15% if you do go over your credit limit or are late with a payment. Not all lenders charge high fees and costs, so don 't just take the first offer you get in the mail. Before applying for a card, do a search for bad credit credit cards online, and look for cards from larger,

My parents receive an earned income, meaning they work for it, unlike unearned income like child support and disability. My mom works as a Human Resources Director; she over sees all investigations in her facility and hires and fires people. My dad works as an Operations Sales Manager, so he over sees all of the different sales. They both have salary wages, so their income isn’t based on hours.

Someone without health coverage are less likely to receive preventative care and therefore more likely to become ill which increases medical costs, [1].

What is the implied average collection period for the end of March? For the end of June?

According to the retired CPA I interviewed, the three most important concepts for a young college student to understand are: (1) Credit History and Credit Scoring, (2) Financing Charges, and (3) the Annual Percentage Rate (APR) of Interest. As they relate to considering which credit card to use, my interview subject suggested that the most important factor is how using that card might affect my credit history in the long term, what the financing charges could be on purchases that are not paid off immediately or very soon after the initial purchase, particularly as a function of the APR.

There are many different ways to save money and there are different things to save for. A savings plan for an immediate want is apparently different than a savings strategy for retirement. One may choose to select stocks, bonds, or mutual funds for a savings strategy, however, my personal choice is to invest in bonds first, then mutual funds.

Looking up a credit score can be intimidating for the first time. For me, I was not really sure what to expect. I’ve had a credit card since sophomore year because my parents told me I should start building up credit. I was nervous that it might be bad because I have only had it for a little over two years. I was also slightly nervous because I never knew about the 30% use of your credit. I pay it off frequently but I was not sure if it would have a negative impact on the total use of the month. Overall though, my credit score was in the excellent range which I was presently surprised. The only sections of my credit score that were red involved my card and that I I had a limited amount of accounts. The only thing that was not fun to look at

Individual Retirement Accounts (IRAs) are another way to save for retirement. They can be used independently or in conjunction with a 401K plan. Funds are deposited after taxes have been withheld so there is no tax due upon withdrawal in retirement. IRA contributions can be withdrawn without penalty if you face a financial hardship such as losing your home or significant medical bills.

When it comes to banking and creating accounts for money, it is a very serious matter. Depending on spending rates, what one plans to do with the money, and whether or not they want to pay fees and earn interest, decides which saving account is right for that specific person. In my case, the statement savings account is right for me. In my situation a statement savings account is right because it requires minimal fees, it is safe, and I can access money very quickly. Although, if someone is looking for an account which they will earn high interest rate, choosing the Certificate of Deposit, or money market savings account would be a better option. No matter which account one goes with, it is always good to make sure the financial institution