How a Family got out of $109,000 in Credit Card Debt!

1) The family earned about $120,000 a year and the were $109,000 dollars in debt.

2) They had 5 credit cards and got so into debt because they didn't have a good hold of their money they would overspend and didn't really know they were overspending.

3) He came up with a new money plan by reading Dave Ramsey's book 'The Total Money Makeover'.

4) -First he cut 4 of the 5 credit cards they had.
    -Then called the company of the remaining card and dropped their card limit to $1,000.
     -He then made and Excel spreadsheet and wrote down every expense the family had each month and cut out the luxuries.
     -They stopped going out to eat.
     -Instead of spending $10 on the ice cream truck for one day, they went to the store and got ice cream for $10 and it lasted them the whole week with out spending more then they had to.

5) The children cut out the video game services and didn't spend money on the ice cream truck, his wife went back to work and increased their household income to $160,000 a year.

6) The credit union helped by:
    -Having a Debt Management Program
    -They also helped by contacting the credit card companies and consolidated  their debt and reduced the interest rates.

7) The name of his blog is Debt Discipline.

8) The emergency fund was $1,000 and only covered the dishwasher and car breaking down. But when the money from the accident lawsuit came in the put it straight into their emergency fund.

9) It took them 50 months or a little over 4 years to pay off their debt. At the dinner table they talk to their children about money and budget and getting them started on the right foot to finical stability.

10) He's focused on saving for retirement Fund and their Kid's College Fund.

11) The best advice I've learned from this article is to be very cautious with your money and how you spend it and how it can ultimately effect you finically.

12) His website link:  http://www.debtdiscipline.com/
     -He encourages young teens to read about being financial stable such as a book called 'Money Conscious Student'
     -An app called ZBBudget : he recommends it if you are starting to be financially responsible
     -He expressed how him and his family feel about how they changed so many things to get out of debt and they realized that money isn't something that can be thrown around but that its actually very valuable.

September 30th, 2014

1) To insert/place graphics into documents you have to click the insert tab and go down to picture from documents and select the picture you want then click insert and it will appear in your document.

2) 5 Functions Of Management: Planning, Organizing, Staffing, Leading, Controlling.

3) Resume- is a document that has information of you and the skills you have to acquire a job such as soft skills, computer skills and others you  might have. You will also find contact information, and past employment information.

 

 

4) Social Responsibility of Business: is the responsibility the company has to their costumers and employees.

 

5) Savings Account: is an account the you can have that you will put a certain amount of money into it and the money will increase by the interest rate of your bank or credit union and it can increase Monthly or Yearly depending on how you set it up with you r bank or credit union.

 

6) Compound Interest: is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.

 

7) Simple Interest: is money you can earn by initially investing some money (the principal). A percentage (the interest) of the principal is added to the principal, making your initial investment grow.

 

8) Checking Account: is an account that you can have you pay check go into or you can deposit other money into it and you are able to with draw from it at any time for the money you have in the account never changes unless money is deposited in or withdrawn.

 

9) Check Endorsement: When the check is signed by both the person whom issued the check and the person whom received the check on the front and back. Front- Issuer & Back-Receiver. This is so that where you are taking the check knows that you both agree to the transaction that will take place by cashing or depositing the check.

 

10) Check Writing: To write a check you need to first date the check at the top corner.

Then you write who the check is for. For example if you are at the store you make it put to the store name (Walmart) or if it is for a person you put their legal name.

Next you write the amount of money in numbers in the little write box and the end of the name

Then on the second long line you need to write out the amount in words for example : Twenty-Five dollars and 0/100--------------------- the 0/100 is foe the amount of cents over 100. if there is any room left on the line you draw a line all the way to the end for security reasons so no one tries to add on more money to the check then what you've written.

Then on the bottom there are two smaller lines on the left and right, the left is where you put a brief description of the item you are purchasing or reason it is going to a certain person, the right line is where you need to sign it using your signature.
Link: http://www.themint.org/teens/writing-a-check.html

11) Bank Statement: a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it.

12) Checkbook Reconciliation: (Balancing a Checkbook) To balance your check book all it is keeping a record of how much you are taking out of you account and how much you are depositing into.
Number/code id the check number
Date- is so you know when you deposited or took out money
Transaction Description- is so you know why the transaction was made
Payment Amount- is for withdraws only its when you're taking out money
Deposit Amount- is when you are putting money into your account
Balance- most important part because all you transactions should come out the exactly what you account says you have.
Link: http://www.themint.org/teens/balance-your-checking-account.html

13) Deposit Slip: A small written form that is sometimes used to deposit funds into your account.

14) Differences between Banks & Credit Unions: credit unions are non-profit organizations. Their profits are distributed right back to their members. Banks are profit-oriented, earn profit for stock holders.

15) Credit Card: allow the holder to purchase goods or services on credit. But you only get a certain amount you can spend on the card and if you go over that you are charged fees.

16) Credit History: a record of someone or a company's past borrowing and repaying, including information about late payments and bankruptcy.

17) Credit Report: report of your history prepared by a credit bureau and used by a lender to in determining a loan applicant's creditworthiness.

18) FICO Score:  considers both positive and negative information in your credit report. Late payments will lower your FICO Score, but establishing or re-establishing a good track record of making payments on time will raise your score.

19) Debit Card: a card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

20) Credit Card Interest Rate: The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. What you have to pay to receive money to the credit card.

Checking Accounts!

Checking Accounts

Your checking account is an account you can put money into and take out of but the amount of money you have in that account doesn't increase unless you deposit money into it and it doesn't decrease unless you withdraw money from it. It doesn't have an interest rate.

 

How to Write a Check

 

To write a check you need to first date the check at the top corner.

Then you write who the check is for. For example if you are at the store you make it put to the store name (Walmart) or if it is for a person you put their legal name.

Next you write the amount of money in numbers in the little write box and the end of the name

Then on the second long line you need to write out the amount in words for example : Twenty-Five dollars and 0/100--------------------- the 0/100 is foe the amount of cents over 100. if there is any room left on the line you draw a line all the way to the end for security reasons so no one tries to add on more money to the check then what you've written.

Then on the bottom there are two smaller lines on the left and right, the left is where you put a brief description of the item you are purchasing or reason it is going to a certain person, the right line is where you need to sign it using your signature. See sample check above. ^^^^^^^^
Link: http://www.themint.org/teens/writing-a-check.html

 

Balance a Check Book

To balance your check book all it is keeping a record of how much you are taking out of you account and how much you are depositing into it just like the sample book above. ^^^^^^^^^^^^^^^^^
Number/code id the check number
Date- is so you know when you deposited or took out money
Transaction Description- is so you know why the transaction was made
Payment Amount- is for withdraws only its when you're taking out money
Deposit Amount- is when you are putting money into your account
Balance- most important part because all you transactions should come out the exactly what you account says you have.
Link: http://www.themint.org/teens/balance-your-checking-account.html

ID Theft!

ID Theft

Facts for article

-More than 20% of cases reported were from filed by young adults.

-It takes the average college-aged victim 4 1/2 months to realize their identity's been stolen.

-Not knowing you identity has been stolen for months or even years can cripple a student financially for years to come.

-Last year the highest concentration of victims between the ages of 18 and 24 years old.

 

• Explain what a credit report is. Name 3 facts that you learned about a credit report.
• -A credit report is a file of all your financial things.
• -It has if you pay your bills on time, credit account statuses, and how much credit you have available.
• Explain what your credit score is. Name 3 facts about your credit score.
• -A credit score is how likely you are to pay bills on time.
• -Pay your bills on time, Don't use all your credit at once, and check your credit score every year.
• What advice would you give about ID theft?
• -Keep checking your bank accounts, keep all you personal ids on hand and don't leave them anywhere some one can find them.
  

  

   



Labor Day!

Labor Day 2014!

What does Labor Day mean?

- Labor Day is a day dedicated to the social and economic achievements of American workers.  

When did the government recognize Labor Day?

-The government first recognized Labor Day 1885 and 1886

Who is the founder of Labor Day?

-Some people think Peter McGuire founded Labor Day but others believe it was Matthew McGuire. 

What activities occur on Labor Day?

-On Labor Day most government offices or companies are closed and the employees get the day off and in the past there was a parade. 

How will you celebrate labor day?

-I will celebrate Labor Day by spending the da with my family because we do not have school on Labor Day.

The Social Responsibility of Business

The Social Responsibility of Business

Social Responsibility: Reefers to the idea that companies and corporations should contribute wealth or resources solely dedicated to the improvement of society as a whole.

Communities: are a social group of any size whose members reside in a specific locality, share government, and often have a cultural or historical heritage.

Environmental: is the aggregate of surrounding things, conditions, or influences; surroundings.

Stakeholders: are a person or group that has an investment, share, or interest in something, as a business or industry.

Closure: I think businesses take Social Responsibility in to consideration as part of the business plan because it helps the business be organized and it lets the people know that they are aware of how costumers or clients feel about the company.

Questions

What should Chantale do?

- She should keep asking about the situation because the company isn't being socially responsible.

What are the reasonable limits on loyalty to one's employer?

-The employer should take into consideration the concern of the employee but is limited because the company should grow.

Would it make a difference if Chantale had a position of greater authority?

-As of what I read she did go to a higher authority but was shot down again and I think if she tries to go even higher they might tell her the same thing.

Would it make a difference if Chantale had scientific expertise?

-In a way it would help but because she is their employee the company will do whatever it takes to not get this exposed to competitors. It would help if she had a position in where she was allowed to question where the medical waste is disposed.

Five Functions of Managemnet

Five Functions Of Management

 

Planning

-Planning is setting goals and using methods to achieve those goals.

 

Organizing

-Keeping things in order and making sure everything gets done on time.

 

Staffing

- Making sure you have a good staff that you will hire and train to make your business successful.

 

Leading

-Influence your employees or fellow co-workers  to accomplish the goals that are set.

 

Controlling

-Making sure the set goals are accomplished.