Eight Steps to Financial Eight Steps to Financial Success Success A crash course in financial management A crash course in financial management Michael Rupured, MS AFC Michael Rupured, MS AFC Extension Financial Management Specialist Extension Financial Management Specialist
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Michael Rupured Eight Steps to Financial SuccessAdapted from National Endowment for Financial Education High School Financial Planning Program Shawn’s Story • Started saving at
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Eight Steps to Financial Eight Steps to Financial SuccessSuccess
A crash course in financial managementA crash course in financial management
Michael Rupured, MS AFCMichael Rupured, MS AFCExtension Financial Management SpecialistExtension Financial Management Specialist
1.1. Determine IncomeDetermine IncomeTax RateTax Rate Taxable Income (Single)Taxable Income (Single)
10% $0 to $8,025
+15% $ 8,026 to $32,550
+25% $32,551 to $78,850
+28% $78,851 to $164,550
+33%+33% $164,551 to $357,700
+35% Over $357,700
Social Security Tax:Social Security Tax: 6.2% of wages up to $102,0006.2% of wages up to $102,000
Medicare Tax:Medicare Tax: 1.45% of all earned income1.45% of all earned income
Georgia Income Tax:Georgia Income Tax: 6.02% of income over $7,0006.02% of income over $7,000
•• Started at age 22Started at age 22•• Saved $2000 a yearSaved $2000 a year•• Stopped adding to account at age 34Stopped adding to account at age 34
Adapted from National Endowment for Financial EducationAdapted from National Endowment for Financial EducationHigh School Financial Planning ProgramHigh School Financial Planning Program
ShawnShawn’’s Storys Story
•• Started saving at age 34Started saving at age 34•• Saved $2,000 a yearSaved $2,000 a year•• Stopped at age 65Stopped at age 65
Tale of Two SaversTale of Two Savers
•• Who will have more at age 65?Who will have more at age 65?
The Growth of AnaThe Growth of Ana’’s and s and ShawnShawn’’s Savingss Savings
•• Clothes for New JobClothes for New Job•• Reliable Used CarReliable Used Car•• Gym MembershipGym Membership•• Upscale ApartmentUpscale Apartment•• HD Flat Screen TVHD Flat Screen TV•• Wireless InternetWireless Internet•• Annual Beach VacationAnnual Beach Vacation•• Satellite/Cable TVSatellite/Cable TV
•• Mercedes ConvertibleMercedes Convertible•• Baby within 1 YearBaby within 1 Year•• Buy a Home/CondoBuy a Home/Condo•• Maid ServiceMaid Service•• RoommateRoommate•• iPod/MP3 PlayeriPod/MP3 Player•• Blackberry/iPhoneBlackberry/iPhone•• Washer/DryerWasher/Dryer