"Few people ever get rich from their wages alone, but by taking advantage of compound interest — earning interest on your interest — almost anyone can reach their financial goals. By socking away as little as $25 or $50 extra a week, you can have a significant impact on your potential savings."
Did you know that saving over 40 years:
- $25 a week at 5% grows to $166,020?
- $25 a week at 7% grows to $286,030?
- $50 a week at 5% grows to $332,020?
- $50 a week at 9% grows to $1,021,910?
http://www.consumerfed.org/pdfs/cfaprime.pdf
Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends, a study by Nellie Mae, published May 2005 show the following:
- Seventy-six percent of undergraduates in 2004 began the school year with credit cards.
- The average outstanding balance on undergraduate credit cards was $2,169.
- More than half the undergraduates with credit cards carried balances lower than $1,000.
- Undergraduates reported freshman year as the most popular time for getting credit cards, with 56% reporting having obtained their first card at age 18.
- As students progress through school, credit card usage swells. Ninety-one percent of final year students have a credit card compared to 42% of freshmen. Fifty-six percent of final year students carry four or more cards while only 15% of freshmen carry that many. Final year students carry an average balance of $2,864 while freshmen carry an average balance of $1,585.
http://www.nelliemae.org/library/research_12.html
Download the 2004 Credit Card Study (PDF, 76KB).
Do you have a credit card? Are you saving money?
Learn more about student success and money management with R. Julian Rogers, former Senior Executive Officer of three financial U.S. institutions, as he discusses credit cards, debt, and saving with Kathleen Brownell's classes.
Place: LLRC Gallery - 2nd floor
Date & Time
Tuesday, November 6
11:00 am - 12:15 pm
Wednesday, November 7
9:30 am - 10:45 am
12:30 pm - 1:45 pm
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