Money Mangement Guide
September 2015
Depository Institutions
BANKS
- For PROFIT
- Insured by FDIC
- ANYONE can open an account
- Offers many services (checking, savings, loans, credit cards, investments, ect...) but charges MORE FEES
CREDIT UNIONS
- NOT for profit
- Insured by NCUA
- MEMBERSHIP requirements
- Offers many services, lower fees/rates, and accounts gain higher interests rates
TAXES
- Paid by taxpayers
- Mandated by government to support each division and their service
- Types: income, payroll, property, sales, excise
Statement of Financial Position
- Net Worth = Wealth
- Net Worth: (Assets - Liabilities = Net Worth)
- "What is my financial position today?"
Income & Expense Statement
- Record of income, expenses, profits
- Over specific time frame
- "How have a managed money in the past?"
Spending Plan
- "Budget"
- Records BOTH planned and actual income and expenses
- Over a period of time
- "What's my future money management plan?"
By Tyler Scott
Email: Tytattoo@aol.com
Website: Smore.com
Location: Greensboro, NC, United States
Phone: (336) 254 -1737