Financial Foundation

1
Financial Foundation

• A Financial Literacy Project
• Sponsored by Carolina First Bank
• A Trade Name of TD Bank N.A.

2
Introduction Goals

• Give an overview of deposit account types,
  savings and creating a budget.
• Educate you on the importance of credit and
  provide the tools necessary to achieve both
  personal and professional goals.
• Review steps to protect your identity and what do
  to if you are a victim of fraud.
• Teach the foundations for starting your own small
  business.

3
Outline

• Opening / Introductions
• Banking Basics- types of accounts
• Savings Budgeting
• What Is Credit?
• Fraud Identity Theft
• Steps to Starting a Small Business
• QA / Wrap-up

4
Banking Basics

• Opening and maintaining a checking account
• Types of deposit accounts
• Non-interest bearing accounts
• Interest-bearing
• Checking
• Savings/ Money Market
• CDs IRAs
• Types of Financial Institutions
• Bank, Credit Union, Thrift
• Reconcile your checking account
• Debit cards, Online Banking, Bill Pay
• Benefits and concerns
• New debit card regulation- how it relates to NSF
  and overdrawing the account.

5
Savings

• Savings tips
• Needs vs. wants
• Direct deposit
• Pay bills online
• Interest Earned- examples
• Savings Calculator- see handout
• Compounding Interest
• How often the interest earned is paid to the
  account added back to the balance
• Savings accounts usually have lower balance
  requirements and lower interest rates
• Money Market accounts, CDs and investments can
  earn a higher return, but typically have higher
  opening balance requirements.
• Investments can have risk associated with them-
  depends on account type!

6
Savings

• Retirement savings
• Start early
• Give maximum allowed
• If your company does not offer a 401K plan, start
  an Individual Retirement Account (IRA) with your
  bank
• How to prepare a budget
• Know what you spend
• Monthly fixed expenses
• Rent, insurance, phone
• Other expenses
• Books/tuition, utilities
• Save for emergencies
• Car issues, illness, etc.

7
What Is Credit?

• What is credit and why is it important?
• Establishing Credit
• What makes up a credit score?
• Rebuilding Credit
• Types of loans
• Installment / Term Loan
• Revolving
• Secured vs Unsecured
• Mortgage loans
• Tips for managing your credit
• How to get free credit report once a year
• www.annualcreditreport.com
• Not www.freecreditreport.com will charge you
  fees!

8
What Is Credit?

• Tips to consider when shopping for a credit card
• Annual Fees?
• Interest Rate?
• Discounts or Incentives, such as points or cash
  back for using the card?
• How much will it cost to use credit? See handout
• Tips on how to use your credit card responsibly
• Pay off in full each month if possible.
• Only use for emergencies if you do not anticipate
  not being able to pay off in full.
• Pay more than the minimum payment required!
• Weigh out the needs vs wants- do not make impulse
  purchases!

9
Starting a Small Business

• The Business Plan-
• Set goals!
• Know your ABCs
• Accountant
• Banker
• CPA
• Choosing the Legal Structure
• Obtaining business financing
• Registration and licensing
• Bookkeeping- financial records
• Profit-Loss Statement
• Balance Sheet

• Online Resources Tools

www.business.carolinafirst.com
www.sba.gov www.score.org www.clemson.edu/sbdc ht
tp//scsbdc.moore.sc.edu/
10
QA / Wrap-up

• Thank you

11

• For more information, contact
• Stacy Sanders
• VP/ Branch Manager
• stacy.sanders_at_carolinafirst.com
• 864.552.9025
• 102 S. Main Street
• Greenville, SC 29601

This information is provided for educational
purposes only and is not intended as financial
and/or legal advice. Carolina First is a
division of The South Financial Group, Member FDIC