Embed Size (px)
Citation preview
7/25/2016
1
B R I D G E T M A R T I NS E N I O R V I C E P R E S I D E N T
L A B O R M A R K E T D E V E L O P M E N TB A N K O F L A B O R
B M A R T I N @ B A N K O F L A B O R . C O M2 0 2 - 7 5 6 - 5 6 7 2
Financial Literacy“Financial Literacy in the Construction Trades”
Financial Literacy“Financial Literacy in the Construction Trades”
What is the Importance of the Financial Literacy Curriculum?
Life Skills to Survive our Industry Many apprentices drop out of the trades due to money problems.
Plan for unemployment, budget money, build credit, save for future.
Financially stable = a well-rounded, productive employee.
Apprentices need to think about their finances so they retain it -- then their union and employer retain them!
Financial Literacy“Financial Literacy in the Construction Trades”
Importance of the Program
Money Management
Advantages of Union Construction
Retirement Plan Options
Education and Helpful Resources (i.e. Union Plus, Credit Scores, Homeownership, Student
Loans, etc.)
7/25/2016
2
Financial Literacy“Financial Literacy in the Construction Trades”
Learning Objectives
Identify Rationale for Understanding Financial Literacy
Construct a Budget
Devise Savings and Debt Management Strategies
Define Financial Services and Products for Financial Security
Financial Literacy“Financial Literacy in the Construction Trades”
Program Units
1. Introduction: Financial Rewards & Challenges on the Construction Industry
2. Budgeting Basics
3. Savings
4. Debt Management
5. Financial Resources: Where to Stash Your Cash?
6. Retirement Planning
7. Resources
Financial Literacy“Financial Literacy in the Construction Trades”
Budgeting Basics - “How are you gonna pay for that new truck?”
• Budgeting 101: The Process
• Income: Importance of a Paystub, Deductions
• Monthly and Non-Monthly Expenses
• Usage of Discretionary Money
7/25/2016
3
Financial Literacy“Financial Literacy in the Construction Trades”
Financial Literacy“Financial Literacy in the Construction Trades”
Savings – “Stuff Happens!”
• Short-term Savings Goal
• Emergency Fund
• Long-term Savings Goal
• Plugging Budget Leaks
Savings
7/25/2016
4
Financial Literacy“Financial Literacy in the Construction Trades”
Debt Management – Buying on credit means going into debt.
Debt Management, Sources of Credit, Sources to Avoid
Credit Cards Credit Card Cycles, Interest Rates, Snowball Effect & Pitfalls
Credit Scores and Credit Reports
Financial Literacy“Financial Literacy in the Construction Trades”
Financial Resources: “Where will you put your paychecks?”
Short Term & Long Term Options Checking, Savings , Money Market, Certificates of Deposits
Investments: Bonds, Stocks, Mutual Funds The Risks and Rewards of Investments
Financial Literacy“Financial Literacy in the Construction Trades”
7/25/2016
5
Financial Literacy“Financial Literacy in the Construction Trades”
Retirement Planning – “Already? But I’m just getting started!”
Union Construction Defined Benefit Pension Plan
Defined Contribution Plan vs. Pension Plan vs. IRA
Social Security
Financial Literacy“Financial Literacy in the Construction Trades”
