Asset Building-Financial Literacy- ASSIGNMENTS

Greetings Residents of Pedestal Gardens!Please take time to read ALL of the information here. 

Directions: Below are basic financial literacy information and assignments. Please complete the assignments in ORDER and send them to pedestalgardens@gmail.com. 

First, you will be provided with a RED envelop--this envelop is for you to SAVE money. At the end of the on-line class you are REQUIRED to bring your envelop with the funds that you have saved. Instructions will be provided at the end.

Second, you are required to create a video diary of you enhancing your life financially which is the material that is covered in this course and our partner course. Example: Video yourself opening an account, paying off debt, obtaining your credit score, etc... 

IMPORTANT: Financial Literacy Agreement for Pedestal Gardens- IF you have not signed an agreement, read and send " I agree with the Financial Literacy Agreement" to pedestalgardens@gmail.com.   If you have questions, please call/text 443-281-3517

Assignment 1: What is Credit- How Does My Score Impact My Life- CREDIT MATTERS! Know your credit score! Make an appointment with us to pull your credit report so that we can review and help you understand your report and help you to start the process of cleaning up your credit, if needed. Call/text 443-281-3517.**Note this will take extensive time, so please plan accordingly as you will have to meet with Community Life Staff to help with this.**

 Assignment 2:What is Life Insurance - Having assets or being financially secure INCLUDES having AFFORDABLE Life Insurance polices for everyone in your household and/or family! Think about this: If someone in your house died and YOU had to pay for final expenses--how would you do it KNOWING  what your BUDGET is and knowing that you STILL have to live after the person is laid to rest? If interested in life insurance, we can refer you to a Life Insurance Broker--just call/text 443-281-3517 OR you can find one on your own.

Assignment 3:What is Renter's Insurance - PROTECT what's in your home for about $20 per month! Imagine if someone broke into your home or you had fire/water damage and as a result your furniture is DESTROYED! If you do NOT have renter's insurance YOU will have to pay for those items lost ALL OVER AGAIN!--but you don't have to IF you are protected!  

**Note you can bundle insurance policies for a lower rate! You should ALWAYS protect yourself and your valuables!**

Assignment 4: Know Your Budget Worksheet- Complete your budget and INCLUDE all activities (how much you think you spend going to the corner store, cosmetic purchases {hair supplies, manicures, pedicures etc..}--the goal is for you to see WHERE you are spending your money and HOW you are spending your money. You will see WHY this matters if you are trying to change your money habits!

Assignment 5: Write a detailed summary the ONE "high priced" item that you spend your money on and WHY. Then determine IF you NEED the high priced item and give an explanation as to WHY or WHY NOT. If NOT--write about what changes you PLAN to do to stop purchasing the item (do not include car payments, rent, or your usual monthly bills).  "High Priced" is defined as an item that is MORE than $100 and you purchase this ONE time at least every THIRD month or more frequently. Example: I purchase a pair of Air Jordan Sneakers every other month and they cost at least $200. I do not need to purchase them as frequent because I have realized that I am spending $1200 every year which I could save. Also the sneakers do NOT have value--I just want to look good and want people to think that I have money to spend on Jordan sneakers.  

Assignment 6: How Did YOU Spend Your Money In The Last 72 Hours? - Look at HOW you are spending your money. The goal is for you to look at how you are spending your money and determine IF you REALLY needed to spend it OR could you have SAVED it. Send your response to pedestalgardens@gmail.com.

Assignment 7: My Financial Refection- If you have not completed this assignment, take your time to do your Financial Refection and send your response to pedestalgardens@gmail.com

Assignment 8: What is your FINANCIAL PLAN? Knowing WHAT you're going to do and HOW your are going to do it is ESSENTIAL to being FINANCIALLY FREE! Write a DETAILED summary of your next moves over the period of the next 9 months! Example: You will work on increasing your credit score; you will work on saving 20% of your earnings; you will look into home ownership, etc... Send to pedestalgardens@gmail.com 

 Assignment 9: Have you EVER thought about OWNING a home vs. renting? Write what you need to do in order to accomplish home ownership. Example: My credit score needs to be at least 680 to qualify for a loan. I need to increase my score by: 1. calling the creditors that I owe to see if they will accept a lower payment so that I can pay my debt so that my credit score will increase. 2. Open up a savings account at a credit union just for homeownership, etc...Send to pedestalgardens@gmail.com. Housing Authority Home Ownership Program  (click link to read info) has a program for those who want to OWN a home.

Assignment 10: Having  a HEALTHY relationship with money/finances is CRITICAL to break the cycle of poverty and starts with changing YOUR MINDSET about HOW you view money/finances. Write a summary of what you can do to change your mindset about your money AND include what part of this on-line self-paced class has helped you to do things differently. Send to pedestalgardens@gmail.com

Remember to bring your red envelop in so that we can discuss what to do with the money that you have saved!