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Personal Finance: Another Perspective

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Title: Cash Management Subject: Cash or Liquid Asset Management Author: Bryan Sudweeks Last modified by: Bryan Sudweeks Created Date: 2/9/1998 11:51:02 PM – PowerPoint PPT presentation

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Title: Personal Finance: Another Perspective


1
Personal Finance Another Perspective
  • Classroom Slides
  • Cash
  • Management
  • Updated 2014/01/23

2
Objectives
  • A. Understand the principles of cash management
    and how it can help you achieve your goals
  • B. Understand the different cash management
    alternatives and how to compare them?
  • C. Understand the different types of financial
    institutions, and how they can help you meet your
    financial goals
  • D. Understand the need to spend the time each
    week on your finances

3
Your Personal Financial Plan
  • Section VI Cash Management
  • What is your current Cash Management Framework?
  • What are you earning on your Savings?
  • What costs/fees are you paying?
  • What are you earning on your Checking?
  • What costs/fees are you paying?
  • Action Plan
  • Which Cash Management vehicles should you be
    using and why?
  • Template TT01-06 Cash Management

4
Application
  • You are talking with Natalie, who heard you have
    taken Personal Finance at the Marriott School.
    She just got married two months ago, and she and
    her husband Taylor were given 3,000 as a wedding
    present. Natalie and Taylor will both be
    graduating in two years. She wants either to
    save the money for law school tuition when she
    graduates or to use it to go on a vacation before
    law school. Taylor really wants to invest the
    money in the stock markethe has two stocks he
    really likes. She asks for your advice. What
    should you tell her?

5
Understand the Principles of Cash Management
  • What are the principles of cash management?
  • A penny saved is a penny earned (Benjamin
    Franklin)
  • If we can take care of the small things, the
    pennies, we will find that the dollars will take
    care of themselves
  • What is cash management?
  • The management of cash and liquid assets to help
    you meet your personal goals

6
Cash Management Principles (continued)
  • Key Cash Management tradeoffs
  • 1. The Risk-Return tradeoff
  • 2. The Spending-Investment Risk tradeoff
  • 3. The Time Expended-Return tradeoff
  • However, you still can impact your portfolio in a
    big way by using liquidity wisely
  • Get into the habit!

7
Cash Management Principles (continued)
  • What do you want to accomplish?
  • Let Cash Management help you
  • Want to save more money?
  • Automate Savings Pay Yourself First and Just Do
    It!
  • Do it through payroll deductions or automatic
    deposit
  • Want to shorten your time working on finances?
  • Use cash management/budgeting software such as
    Intuits Quicken or Microsofts Money

8
Cash Management Principles (continued)
  • What is an Emergency Fund?
  • It is a resource that can be used to meet
    unexpected needs for cash
  • How much should it include?
  • The traditional rule of thumb is for sufficient
    liquid assets to cover 3-6 months of expenses. I
    changed it to be the larger of expenses or income
    (to take into account the needs of students)
  • You need an emergency fund so you wont need to
    tap into long-term money to meet current expenses
  • Is it still wise to have this emergency fund in
    this world of credit cards and home equity lines
    of credit?
  • Yesperhaps even more so

9
Understand Cash Management Alternatives
  • There are lots of alternatives, each of which has
    their benefits and costs
  • Checking accounts
  • Savings accounts
  • Money market accounts
  • Money Market Mutual Funds
  • Certificates of deposit
  • U.S. Treasury bills
  • U.S. Savings bonds (Series EE/I)
  • Note Graphs are from Bankrate.com as of
    2014/1/23

10
Cash Management (continued)
  • Traditional Cash Management Instruments
  • Checking accounts (interest bearing)
  • Liquidity Very liquid, daily
  • Required minimum balances low
  • Interest rates Fixed, but minimal, currently
    .05 to .50
  • Safety and Taxes FDIC insured, all taxable
  • Penalties for early withdrawal No
  • Source of information Bankrate.com 2014/1/23,
    banks and credit unions
  • How to invest contact a bank or other financial
    institution to set up an account

11
Checking Account Rates over Time
Source Bankrate.com
12
Cash Management (continued)
  • Savings accounts
  • Liquidity Very liquid, daily
  • Required minimum balances Low
  • Interest rates Fixed, but minimal, currently
    0.05 to 0.65
  • Safety and Taxes FDIC insured, all taxable
  • Penalties for early withdrawal No
  • Source of information WSJ, traditional and
    internet banks
  • How to invest contact a bank or other financial
    institution to set up an account

13
Cash Management (continued)
  • Less Traditional Alternatives
  • Money Market Accounts (MMA)
  • An alternative to a banks savings account
  • Liquidity Very liquid, daily
  • Required minimum balances Higher
  • Interest rates Variable, but higher than
    savings, 0.2-.42
  • Safety Very FDIC insured
  • Safety and Taxes FDIC insured, all taxable
  • Other features Limited check writing
  • Penalties for early withdrawal No
  • Source of information WSJ Consumer Rates C5,
    2014/1/23, Bankrate.com
  • How to invest contact a financial institution

14
Money Market Accounts over Time
Source Bankrate.com 2014/1/23
15
Cash Management (continued)
  • Certificates of Deposits (CDs)
  • Pays a fixed rate of interest for a fixed period
    of time
  • Liquidity Less liquid, generally monthly,
    depending on maturity
  • Required minimum balances Higher
  • Interest rates Higher rates, currently 1m .10,
    3m .30, 6m .40, 1 year 1.05, 5 year 2.0
  • Safety Very FDIC insured
  • Other features None
  • Penalties for early withdrawal Yes
  • Source of information WSJ 2014/1/23 Consumer
    Savings Rates, C5 Bankrate.com
  • How to invest contact a financial institution
    to purchase a CD

16
CD Rates over Time
Source Bankrate.com 2014/1/23
17
Money Market Mutual Funds
  • Money Market Mutual Funds (MMMFs),
  • Pool funds from many investors to buy higher
    yielding securities
  • Liquidity Very, daily
  • Required minimum balances Much higher
  • Interest rates Slightly higher than MMAs
  • Safety and Taxes Not FDIC insured, all taxable
  • Other features Limited check writing, charge
    administrative fees, bought by the share
  • Penalties for early withdrawal No
  • Source of information Brokers, bankrate.com
  • How to invest contact a mutual fund company to
    set up an account and purchase a fund

18
Money Market Mutual Funds (continued)
  • Note that MMMF returns may be either taxable or
    tax-free depending on the type of securities and
    location of the securities the MMMF invests in.
  • If the MMMF invests in only government
    securities, the interest (not capital gains) is
    state tax free
  • If the MMMF invests in only municipal securities,
    the interest is federal tax free
  • If the MMMF invests only in municipal securities
    from your state, the interest may be both federal
    and state tax free as well (for states that have
    state taxes)

19
Cash Management (continued)
  • U.S. Treasury Bills
  • Short-term, less-than 12 months, government debt
  • Liquidity Somewhat, monthly
  • Required minimum balances Much higher
  • Interest rates Higher, currently 1M .01 3M
    .04, 6M .06, 1Y .11, 5Y 1.65, 10Y 2.86
  • Safety Very, guaranteed
  • Other features state and local income tax exempt
    on interest, and purchased at a discount, but
    dont accrue periodic interest payments
  • Penalties for early withdrawal Yes
  • Source of information WSJ 2014/1/23 Key Interest
    Rates C3
  • How to invest 3 or 6 month bills can be
    purchased from www.treasurydirect.gov, banks and
    brokers

20
Treasury Bills over Time
21
Cash Management (continued)
  • U.S. Series EE Savings Bonds
  • US government savings bonds
  • Liquidity Only after 5 years. Must hold 1 year
  • Required minimum balances Higher
  • Interest rates Previous rates were variable.
    Now they are fixed at 0.5 through end October,
    2014
  • Safety Very
  • Other features State and local income tax
    exempt, issued at half their face value, interest
    tax-free if spent on eligible college tuition,
    sold in 25 to 10,000 bonds
  • Penalties for early withdrawal 3 month before 5
    years
  • Source of information www.savingsbonds.gov
  • How to invest Purchase via website, 10,000/
    year plus 5,000/year paper bonds from your IRS
    tax refund

22
U.S. Series EE Bonds over Time
U.S. Series EE Bonds over Time
23
Cash Management (continued)
  • U.S. Series I Savings Bonds (inflation linked)
  • US government savings bonds
  • Liquidity Very, after 5 years. Must hold at
    least 1 year
  • Required minimum balances Minimal (25)
  • Interest rates inflation linked, 1.94 until
    October, 2014
  • Safety Very, guaranteed
  • Other features Taxed only in year cashed,
    interest tax-free if spent on eligible college
    tuition, interest income free from state and
    local taxation, sold in 25 to 10,000 bonds
  • Penalties Yes, 3 month penalty before 5 years
  • Source of information www.treasurydirect.gov
  • How to invest Purchase via website, 10,000/
    year plus 5,000/ year in paper bonds from your
    IRS tax refund

24
U. S. Series I Bonds over Time
25
US Series EE/I Bond Income Limits
  • If your Modified Adjusted Gross Income is above
    specified limits in the year bonds are cashed,
    you cannot exclude the interest income from your
    income taxes. The limits are
  • Year Filing Single Married Filing Jointly
  • 2009 69,950-84,950 104,900-134,900
  • 2010 70,100-85,100 105,100-135,100
  • 2011 71,100-86,100 106,650-136,650
  • 2012 72,850-87,850 109,250-139,250
  • 2013 74,700-89,700 112,050-142,050
  • Your modified Adjusted Gross Income is your
    adjusted gross income adding back certain items
    such as foreign income, foreign-housing
    deductions, student-loan deductions,
    IRA-contribution deductions and deductions for
    higher-education costs (see IRS Form 8815)

26
Sources of Cash Management Information
  • Graphs
  • http//www.bankrate.com/brm/graphs/graph_trend.asp
    ?
  • Interest Rate Data
  • Wall Street Journal Money Rates
  • Wall Street Journal Consumer Rates
  • U.S. Savings Bonds
  • www.treasurydirect.gov
  • Other Financial Websites
  • CNN Money
  • Yahoo Finance
  • BYU Libraries
  • Bloomberg

27
Comparing Cash Management Alternatives
  • How do you compare different cash management
    alternatives?
  • 1. Use comparable interest rates
  • Look at the Annual Percentage Yield (APY)
  • The APY (similar to the APR), is the yield or
    return number you should use when comparing
    different cash management alternatives. It takes
    into account the effect of compounding
  • APY (1APR/Periods)Periods-1
  • Financial institutions are required by law to
    state the APY which converts the different
    interest rates into similar compounding periods

28
Comparing Alternatives (continued)
  • 2. Calculate returns after-tax
  • a. Calculate the after-tax return for taxable
    assets
  • After tax return taxable return (1- tax rate)
  • Tax rate Marginal (Federal State Local) tax
    rate
  • b. Calculate the equivalent taxable yield (ETY)
    for tax-advantaged assets
  • The ETY is the yield that is offered on a
    comparable taxable bond to give the same
    after-tax yield as a tax-advantaged security.
  • ETY return after tax / (1 (marginal tax rate))

29
Comparing Alternatives (continued)
  • 3. Calculate returns after inflation
  • Calculate your return after the impact of
    inflation
  • Use the correct formula for calculating
    after-inflation returns
  • Real return (1 nominal return) - 1
  • (1 inflation)
  • If you are calculating after-tax after-inflation
    returns, your nominal return above would be your
    after-tax return
  • Remember, inflation linked bonds, such as Series
    I bonds, take into account changes in inflation
    when determining yields

30
Comparing Alternatives (continued)
  • 4. Consider safety
  • Some alternatives are explicitly or implicitly
    guaranteed by the government up to 250,000
  • Others have no guarantee
  • 5. Consider maturity and interest rate
    adjustment periods
  • Consider the maturity of the instrument
  • Consider how often the interest rate could change
    and the potential impact of those rate changes

31
Comparing Alternatives (continued)
  • Your choice of cash management asset depends on
  • 1. Your goals and risk tolerance
  • What is the purpose for this money?
  • 2. The type of asset preferred
  • CDs, MMA, MMMF, Savings bonds?
  • 3. Your tax situation
  • What is your marginal tax rate?
  • 4. The location of the financial assets
  • Munis from your state?
  • 5. Your use of the funds
  • Used for tuition at a qualified school?

32
Questions
  • Do we understand the importance of cash
    management in helping us reach our goals?

33
C. Understand the different Types of Financial
Institutions
  • There are two main types of institutions (but the
    distinction is blurring through deregulation)
  • Banks or deposit-type financial institutions
  • Non-deposit-type financial institutions
  • The choice of which one you use depends on which
    will serve your needs the best

34
Financial Institutions (continued)
  • Deposit-type Financial Institutions
  • Commercial banks
  • Offer the widest variety of services. Generally
    do not offer the highest rates, as they compete
    with a broad range of services
  • Savings and loan associations
  • Slight ownership differences, but essentially
    similar to commercial banks. May offer higher
    rates.

35
Financial Institutions (continued)
  • Credit unions
  • Similar to above, but since not-for-profit, can
    offer sometimes higher rates on savings
  • Net banks
  • Electronic banks that pay more for deposits, but
    have no local branch network so lower costs and
    higher rates.

36
Financial Institutions (continued)
  • Non-deposit Type Financial Institutions
  • Mutual funds
  • You can now write checks on your mutual fund
    account
  • Stockbrokerage firms
  • You can also write checks on your brokerage
    account

37
Financial Institutions (continued)
  • Both Banks and non-Banks can offer on-line
    financial services which allow access to bank
    balances and some resources 24 hours a day.
  • There has been a major blurring of roles between
    deposit and non-deposit institutions
  • Banks can now offer investment services
  • Non-banks now offer check writing and savings

38
Financial Institutions (continued)
  • What to Look for in a Financial Institution?
  • Kinds of services provided
  • What are your prioritized needs?
  • Safety of your money
  • How important is FDIC insurance?
  • Cost of achieving your financial goals
  • Which are most important now?
  • Type of personal relationship provided
  • Is this important?
  • Note You could use more than one financial
    institution to take advantage of each ones
    strengths.

39
Financial Institutions (continued)
  • Choosing a Financial Institutionthe three Cs
  • The Cost Factor
  • Monthly fees, minimum balance, charge per check,
    balance-dependent scaled fees, rates on savings
  • The Convenience Factor
  • Location (branches, ATMs), safety deposit boxes,
    overdraft protection, stop-payment ability
  • The Consideration Factor
  • Personal attention, financial advice, attention
    to detail, allow Quicken direct-connect (not web
    connect)
  • Note that whatever institution you choose, it is
    your responsibility to make sure they do what
    they say

40
Questions
  • Any questions on the different types of financial
    institutions and how they can help achieve your
    financial goals?
  • Note that in our family, the three key concerns
    are
  • 1. Good rates of interest on savings,
  • 2. Quicken direct connect compatible, and
  • 3. Convenient for my spouse

41
D. Spend the Time Necessary Each Week
  • Knowledge is important, but only if we have the
    ability to apply that knowledge. Remember that
    application of principles takes time
  • And while technology can help, unless you plan
    and spend at least 1-2 hours a week planning and
    evaluating your finances, you will likely not be
    able to attain with your financial goals.
  • Plan for the time necessary and use that time
    wisely

42
Spending Time (continued)
  • From the book, the Millionaire Next Door it
    states
  • People who become wealthy allocate their time. .
    . in ways consistent with enhancing their net
    worth. They allocate nearly twice the number
    of hours per week to planning their financial
    investments as those who do not become wealthy
    do. (Thomas Stanley and William Danko, The
    Millionaire Next Door, Pocket Books, 1996, p. 71)
  • Unless you are spending 1-2 hours a week on your
    financial oversight (i.e., budget, investing,
    retirement process, etc.), it may be difficult to
    reach your goals
  • Make the decision now to spend the time!

43
Spending Time (continued)
  • Set aside the time, once a week, to
  • Review and update your goals and what you want to
    accomplish in life
  • Update your budgethow are you doing
  • Balance your checking/cash management account,
    and
  • Ensure all charges/balances are correct from your
    credit cards/EFTs

44
Spending Time (continued)
  • Fixing Errors
  • Be alert to human and computer errors
  • Never deposit cash in an ATM
  • If you find a mistake
  • Call the institution that made the error
  • Write the institution within 60 days of receiving
    your statement
  • Write the Federal Reserve Boards Division of
    Consumer and Community Affairs if your problems
    are not resolved

45
Questions
  • Do you have any questions on the need to spend
    1-2 hours each week on your finances?

46
Review of Objectives
  • A. Do you understand the importance of good cash
    management and how it can help you achieve your
    goals?
  • B. Do you understand the different cash
    management alternatives?
  • C. Do you understand the different types of
    financial institutions, and how they can help you
    meet your financial goals?
  • D. Are you convinced that you need to plan and
    spend at least 1-2 hours a week following your
    finances?

47
Case Study 1
  • Data
  • Bill is an investor in the 15 federal marginal
    tax bracket and 7 state tax bracket. Suzie is an
    investor in the 35 Federal tax bracket and 7
    state tax bracket. They are each considering
    purchasing one of the following bonds for their
    investment portfolios
  • 1. A 6.50 corporate bond (all taxable)
  • 2. A 4.75 municipal bond (federal tax-free)
  • 3. A 5.00 treasury bond (state tax-free)
  • Calculations
  • Calculate the after-tax returns for each of the
    above bonds for both Bill and Suzie.
  • Recommendations
  • Which bond should Bill and Suzy purchase and why?

48
Bill is an investor in the 15 federal marginal
tax bracket and 7 state tax bracket. Suzie is an
investor in the 35 Federal tax bracket and 7
state tax bracket. They are each considering
purchasing one of the following bonds for their
investment portfolios 1. A 6.5 corporate bond
(all taxable) 2. A 4.75 municipal bond (federal
tax-free) or 3. A 5.0 treasury bond (state
tax-free). Calculate the after-tax returns.
Recommend a bond for purchase for both Bill and
Suzy.
49
Bill is an investor in the 15 federal marginal
tax bracket and 7 state tax bracket. Suzie is an
investor in the 35 Federal tax bracket and 7
state tax bracket. They are each considering
purchasing one of the following bonds for their
investment portfolios 1. A 6.5 corporate bond
(all taxable) 2. A 4.75 municipal bond (federal
tax-free) or 3. A 5.0 treasury bond (state
tax-free). Calculate the after-tax returns.
Recommend a bond for purchase for both Bill and
Suzy.
  • Calculations
  • Bill (After-tax return taxable return (1-
    tax rate))
  • Corporate Bond 6.5
  • 6.50 (1 - (.15 .07)) 5.07
  • Municipal Bond 4.75
  • 4.75 (1 - .07) 4.42
  • Treasury Bill 5.0
  • 5.00 (1 - .15) 4.25

50
Bill is an investor in the 15 federal marginal
tax bracket and 7 state tax bracket. Suzie is an
investor in the 35 Federal tax bracket and 7
state tax bracket. They are each considering
purchasing one of the following bonds for their
investment portfolios 1. A 6.5 corporate bond
(all taxable) 2. A 4.75 municipal bond (federal
tax-free) or 3. A 5.0 treasury bond (state
tax-free). Calculate the after-tax returns.
Recommend a bond for purchase for both Bill and
Suzy.
  • Suzie
  • Corporate Bond 6.5
  • 6.5 (1 - (.35 .07)) 3.77
  • Municipal Bond 4.75
  • 4.75 (1 - .07) 4.42
  • Treasury Bill 5.0
  • 5.0 (1 - .35) 3.25
  • Recommendations
  • The corporate bond is the best asset for Bill
  • The municipal bond is the best asset for Suzie

51
Case Study 2
  • Data
  • Natalie and Taylor, from the earlier case study,
    are in the 25 federal and 7 state tax bracket.
    They have a 3,000 wedding gift that they will
    either invest for school tuition or for a
    vacation.
  • Calculations
  • If they invest the 3,000 in a U.S. Series I bond
    that earns 4.8, what is the equivalent taxable
    yield (ETY) where the principle and interest are
  • A. Planned to be used to pay for law school
    tuition? or
  • B. Planned to be used to save for a family
    vacation?

52
Natalie and Taylor are in the 25 federal and 7
state tax bracket. They have a 3,000 wedding
gift that they will either invest for school
tuition or for a vacation. Calculations If
they invest the 3,000 in a U.S. Series I bond
that earns 4.8, what is the equivalent taxable
yield (ETY) where the principle and interest are
A. Planned to be used to pay for law school
tuition? or B. Planned to be used to save for a
family vacation?
53
Natalie and Taylor are in the 25 federal and 7
state tax bracket. They have a 3,000 wedding
gift that they will either invest for school
tuition or for a vacation. Calculations If
they invest the 3,000 in a U.S. Series I bond
that earns 4.8, what is the equivalent taxable
yield (ETY) where the principle and interest are
A. Planned to be used to pay for law school
tuition? or B. Planned to be used to save for a
family vacation?
  • Calculations
  • A. If Natalie and Taylor use the principle and
    interest for tuition, the bond is both federal
    and state tax exempt. The formula is
  • Return after tax return before tax (1 tax
    rate)
  • Since this asset is federal and state tax-free,
    the equivalent yield on a taxable bond would be
    the tax-free return divided by 1 minus the tax
    rate, which includes both federal and state taxes
    (mathematically, you divide both sides of the
    equation by (1 tax rate))
  • 4.8 /(1(.25.07)) 4.8 / .68
  • 7.06

54
Natalie and Taylor are in the 25 federal and 7
state tax bracket. They have a 3,000 wedding
gift that they will either invest for school
tuition or for a vacation. Calculations If
they invest the 3,000 in a U.S. Series I bond
that earns 4.8, what is the equivalent taxable
yield (ETY) where the principle and interest are
A. Planned to be used to pay for law school
tuition? or B. Planned to be used to save for a
family vacation?
  • Calculations
  • B. If Natalie and Taylor use the principle and
    interest for a family vacation, it is only state
    tax free. The equivalent yield on a taxable bond
    would be
  • The after-tax rate
  • After-tax rate 4.8 (1 - .25)
  • 3.6
  • The Equivalent Taxable Yield is
  • ETY 3.6 / (1 (.25 .07))
  • 5.29

55
Case Study 3
  • Data
  • Your buddy Paul asks you about real returns.
    After showing him the correct method of
    calculating real returns, he wants to know what
    his real return is on his money market account.
    He shows you his brokerage statement, where he is
    earning a 4.5 yield. He also estimates that
    inflation will be 3.5 this year. Paul is in
    the 35 federal and 7 state marginal tax
    brackets.
  • Calculations
  • What is his after-tax after-inflation return?
  • Recommendations
  • What are the implications of this result for cash
    management decisions?

56
Natalie and Taylor are in the 25 federal and 7
state tax bracket. They have a 3,000 wedding
gift that they will either invest for school
tuition or for a vacation. Calculations If
they invest the 3,000 in a U.S. Series I bond
that earns 4.8, what is the equivalent taxable
yield (ETY) where the principle and interest are
A. Planned to be used to pay for law school
tuition? or B. Planned to be used to save for a
family vacation?
57
Your buddy Paul asks you about real returns.
After showing him the correct method of
calculating real returns, he wants to know what
his real return is on his money market account.
He shows you his brokerage statement, where he is
earning a 4.5 yield. He also estimates that
inflation will be 3.5 this year. Paul is in
the 35 federal and 7 state marginal tax
brackets. What is his after-tax after-inflation
return? What are the implications of this result
for cash management decisions?
  • Calculations
  • After-tax return before-tax return (1
    (federal state marginal tax rate))
  • 4.5 (1 ( .35 .07 ) ) ?
  • 2.61
  • After-tax Real Return (1 after-tax return)
    -1
  • (1
    inflation)
  • The after tax, after-inflation return is
  • (1.0261/1.035) 1 ?
  • -.86
  • Note You must take out taxes first, before you
    take out the impact of inflation

58
Case Study 3 Answer
  • Implications
  • It is very difficult to do much more than keep up
    with taxes and inflation with liquid assets.
  • Only the amount needed to meet immediate
    emergency needs and short-term goals should be
    here.
  • The final returns are even lower when you factor
    in the fact that you pay tithes on your increase,
    i.e. charitable giving.

59
Case Studies
  • Additional Help
  • As a help with Cash Management, we have prepared
    Teaching Tool 26 After Tax, ETY, and after
    Inflation Returns
  • This spreadsheet may be helpful with
    understanding the various cash management
    calculations and checking your answers from the
    previous case studies
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