saving and investing

saving and investing

What to do?

Open Ended

What's the difference between a savings account and a checking account?

Open Ended

How much interest rate do you think banks pay a year in a savings account?

IT DEPENDS!! 

Poll

So far, do you think it's wort to put your money in a savings account with the interest rates banks currently offer?

• Yes

• No

• Unsure

Compound Interest

“Here’s an example of how compounding works: If I give you a penny every day and promise to double it, at the end of a month you would have (drumroll) over $10 million.”

Multiple Select

What is a general rule of thumb on how much you should save?

• 5% of your income

• 10% of your income

• 20% of your income

• 30% of your income

What is a good strategy to help you save?

• DO have savings automatically deducted from your paycheck

• DON'T tap into your savings on a regular basis to purchase small items, like snacks

• DON'T spend money on all expenses 1st and then put the rest into saving

• DON'T keep your spending and saving money together in 1 account

To budget for the unexpected, you should include an emergency fund

Multiple Select

About how much should you save in an emergency fund?

• 1-3 months of living expenses

• 3-6 months of living expenses

• 6-9 months of living expenses

• 9-12 months of living expenses

I'm not done yet

I'll come back and keep working on savings

Poll

Joey, you could use this question if you want!

Jhon graduated college and has $5,000 in his checking accounts. What would you recommend him doing?

• A) Keep his money in his checking account

• B) Move his money to a savings account

• C) Invest his money