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This is my mentor Sue Castlewitz, she was orginally born in Kasimi, Florida, sue is an reitred employee of Ashevilles Savings Bank. She has worked for Ashevilles Savings Bank for alot of years and has agreed to assist me and be my mentor for my senior project. With the years of experience she has from the bank, she can inform me about the necessities of the financial ways of life, and how each material works. I would also learn how the 1920s dealed with their finances and compare it to the modern day financials. I know very few things about finances and with my mentor right beside me, I understand more than i realized. I want to thank you, Sue Castlewitz for everything you have done to prepare me for my project presentation and to spare your own time to educate me about financials. You are a very nice, caring person and i appreciate everything that you have done for me.
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This is my other mentor David Casltewitz Jr., he lives in Tampa, Florida and is currently working for Citibank. David has worked at Citibank for a good amount of years and was very generous to share some of his knowledge for my project. Since he is still working, he can define and explain any information which can help me understand better. With the knowledge that I recieve from my other mentor Sue Castlewitz, David can go over the process with me again. Over the summer at Davids house, I learned about budgeting and savings evening the qualities of retirement. He has helped me define the short term savings, along with the long term savings such as retirement.I want to thank you David Castlewitz Jr. for giving me the time and experience for my project, and i deeply appreciate it, especially through all the misunderstandings that encountered when I was learning.
Interview Questions and Answers
Q: What made you become a financial planner? A: He has always enjoyed helping other people do things.
Q: Do you recommend a certain way to save for students, like myself, just starting out? A: There's nothing wrong with savings, and no set of age to start, but monthly deposits required.
Q: Explain what a CD is? A: Certificate of Deposit. It is a time deposit with set interest rate. It is not an investment, but is taxable, and the safest place to put money in.
Q: Explain what an IRA is? A: Individual Retirement Account. It is a retirement plan only when people are done working. You can set your own IRA, its long term, and also tax deferred.
Q: What is the difference between a regular IRA and a Roth IRA? A: IRA helps you reduce incomefor taxes, while a Roth IRA doesn't and is tax-free.
Q: What is a 401K? A: Retirement plan where you work. Allow you to have money automatically withdrawn. You can control it more, make big investments. Can roll over to IRA after retiring.
Q: In stocks and bonds, when is it best to buy aggressively or safely? A: You never know when the best time is, but stocks are more aggressive, bonds are less risky. Bonds loan money. Its better to just get both stocks and bonds. For younger people, like teens it's better to be aggressive and risky.
Q: How much do I need to save each month to have a good financial future? A: At least $10, but really depends on what you want saved.
Q: How much is it possible to save over 40 years if I started with $1,000? A: If 17 years old with an 8% interest rate and putting $20 a month would be $86,561, but without adding money, or interest would be $10,000.
Q: How much should you have in savings before you convert to long range savings like retirement? A: 3 to 6 months to your normal income to cover bills.
Q: What got you into the banking industry? A: She enjoys working with numbers and assisting people with needs.
Q: Do you recommend a certain way to save for students, like myself, just starting out? A: She recommends a regular savings account, so you can get to your money easier until you reach the required amount for a CD.
Q: Explain what a CD is? A: Certificate of Deposit. Amount of money that you set up for a period of time at a certain rate of savings.
Q: Explain what an IRA is? A: Individual Retirement Account. Savings account for your retirement year that is regulated by rules considering contributions, taxes, and withdrawals.
Q: What is the difference between a regular IRA and a Roth IRA? A: IRA helps you reduce income for taxes, while a Roth IRA doesn't and is tax-free.
Q: What is a 401K? A: Retirement plan where you work. Allow you to have money automatically withdrawn. You can control it more, make big investments. Can roll over to IRA after retiring.
Q: In stocks and bonds, when is it best to buy aggressively or safely? A: When you’re younger because you have time to recover from any lost. Closer to retirement you start changing to safer investments.
Q: How much do I need to save each month to have a good financial future? A: Five months living expenses (5 months of rent, etc.).
Q: What was your occupation in the bank? A: Senior Insurance Compliance Specialist in the Mortgage and Loan Division Insurance.
Q: How much should you have in savings before you convert to long range savings like retirement? A: 3 to 6 months to your normal income to cover bills.
Q: Do you recommend a certain way to save for students, like myself, just starting out? A: There's nothing wrong with savings, and no set of age to start, but monthly deposits required.
Q: Explain what a CD is? A: Certificate of Deposit. It is a time deposit with set interest rate. It is not an investment, but is taxable, and the safest place to put money in.
Q: Explain what an IRA is? A: Individual Retirement Account. It is a retirement plan only when people are done working. You can set your own IRA, its long term, and also tax deferred.
Q: What is the difference between a regular IRA and a Roth IRA? A: IRA helps you reduce incomefor taxes, while a Roth IRA doesn't and is tax-free.
Q: What is a 401K? A: Retirement plan where you work. Allow you to have money automatically withdrawn. You can control it more, make big investments. Can roll over to IRA after retiring.
Q: In stocks and bonds, when is it best to buy aggressively or safely? A: You never know when the best time is, but stocks are more aggressive, bonds are less risky. Bonds loan money. Its better to just get both stocks and bonds. For younger people, like teens it's better to be aggressive and risky.
Q: How much do I need to save each month to have a good financial future? A: At least $10, but really depends on what you want saved.
Q: How much is it possible to save over 40 years if I started with $1,000? A: If 17 years old with an 8% interest rate and putting $20 a month would be $86,561, but without adding money, or interest would be $10,000.
Q: How much should you have in savings before you convert to long range savings like retirement? A: 3 to 6 months to your normal income to cover bills.
Q: What got you into the banking industry? A: She enjoys working with numbers and assisting people with needs.
Q: Do you recommend a certain way to save for students, like myself, just starting out? A: She recommends a regular savings account, so you can get to your money easier until you reach the required amount for a CD.
Q: Explain what a CD is? A: Certificate of Deposit. Amount of money that you set up for a period of time at a certain rate of savings.
Q: Explain what an IRA is? A: Individual Retirement Account. Savings account for your retirement year that is regulated by rules considering contributions, taxes, and withdrawals.
Q: What is the difference between a regular IRA and a Roth IRA? A: IRA helps you reduce income for taxes, while a Roth IRA doesn't and is tax-free.
Q: What is a 401K? A: Retirement plan where you work. Allow you to have money automatically withdrawn. You can control it more, make big investments. Can roll over to IRA after retiring.
Q: In stocks and bonds, when is it best to buy aggressively or safely? A: When you’re younger because you have time to recover from any lost. Closer to retirement you start changing to safer investments.
Q: How much do I need to save each month to have a good financial future? A: Five months living expenses (5 months of rent, etc.).
Q: What was your occupation in the bank? A: Senior Insurance Compliance Specialist in the Mortgage and Loan Division Insurance.
Q: How much should you have in savings before you convert to long range savings like retirement? A: 3 to 6 months to your normal income to cover bills.
Mentor Log
9/26/11 2hours Student did initial layout for check registers, calculating balances for Deposits and Debts.
10/04/11 1 hour 30 mins. Started Check Registery Balancing.
11/07/11 2 hours 30 mins. Student completed first register, asked interview questions.
12/03/11 2hours Student completed forms for presentation- reviewed all work- reviewed and revised powerpoint. Practice presentaion several times.
06/18-06/22 7 hours Student opened their first Checking and Savings Account with Bank of America, along with managing it. Student learned basic Savings, and created a monthly budget if he moved out.
10/04/11 1 hour 30 mins. Started Check Registery Balancing.
11/07/11 2 hours 30 mins. Student completed first register, asked interview questions.
12/03/11 2hours Student completed forms for presentation- reviewed all work- reviewed and revised powerpoint. Practice presentaion several times.
06/18-06/22 7 hours Student opened their first Checking and Savings Account with Bank of America, along with managing it. Student learned basic Savings, and created a monthly budget if he moved out.