Untitled Haiku Deck by Ericha Purry

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Untitled Haiku Deck

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BY: ERICHA PURRY BLOCK2

Photo by Tracy O

Invested: $15,000
Definition: the money one has saves, especially through a bank or official scheme
Interest Rate: 0.06%
Risk: moderate risk
Facts: 1. Online only saving accounts offer the best interest rate 2. You can use your savings as an overdraft account
Where: bank
Why: I chose this tool because it's a good way to save money and make money at he same time. I chose to invest $15,000 because that's the amount I could afford to set aside that couldn't be touched.

Photo by floyduk

Invest: $10,000
Definition: a deposit account held at a financial institution that allows withdrawals and deposits.
Interest Rate: 1.50%
Risk: moderate risk
Facts:1. You can open one with only a small initial deposit. 2. You can open another account online often in a matter of 15 minutes or less
Where: bank
Why:? I chose this tool because having a checking account will be better for me than carrying around cash and risk loosing it. I chose to invest 10,00 because the was the amount I could afford to spend.

Invest:$20,000
Definition: insurance that pays out a sum of money either on the death of the insured person or after a set period
Interest Rate: 3%
Risk:moderate risk
Fact: 1. 65% of Americans say they need insurance 2. 37% of working single mothers own individual life insurance
Where:State Farm
Why: I chose this tool because it's something that should be invested in at a younger age. I chose $20,000 because it'll be very helpful in the future and things could change.

Invest:$50,000
Definition: a qualified employer-established plan to which eligible employees may make salary deferral (salary reduction) contributions on a post-tax/pre-tax basis
Interest Rate:8%
Risk: moderate risk
Facts: 1. About 25 to 30% of retired people's income come from 401k 2. Plan offering differs
Where:bank
Why: I chose this tool because I want to have enough money once I retirement. I chose $50,000 because I want to able to retire without having to work again.

Invest: $5,000
Definition: an interest-bearing account that typically pays a higher interest rate than a savings account
Interest Rate: 0.26%
Risk: low risk
Facts:1. Availability of funds 2. Account benefits
Where:bank
Why: I chose this tool because there is a low risk. I chose t$5,000 because there is a higher interest rate.

Why is diversification important? Because it aims to maximize return by investing in different areas that would each react differently to the same event.
Why should individuals change their savings and investing plans throughout life? Because the economy changes and the cost of living changes