WELCOME!
to
Collin College
SMART Money Presentation
Today’s Presenters:
Mark Clark, Collin College Professor of Business & Economics
Doug Willis, Associate Dean of Students – Preston Ridge
Collin College’s
SMART Money Program
Am I ‘Financially Healthy?’
Key Financial
Activities
1.
2.
3.
4.
Obtaining Funds.
Spending Funds.
Saving Funds.
Borrowing
Funds.
Financial Goals:
A Lifecycle of Planning
1.
Childhood (Introduction).
2. High School and College
(Early Growth).
3. Career Development
(Early/Late Growth).
4.
5.
6.
Family Formation
(Early/Late Growth).
Pre-Retirement
(Late Growth).
Retirement (Decline).
What Determines
Personal Income?
1. Age and Experience.
2. Education.
3. Career Choice.
4. Place of Residence.
5. Perceptions by
Others (Demand).
Current Financial
Status?
1. What is your current
financial status?
2. Do you have more cash than
you owe?
3. Do you require support from
others to support your
lifestyle?
4. Do you have debt? Student
Loans? Car Payment? Credit
Cards? Other?
5. What is your plan to achieve
#2.?
Assessing
Financial Condition
1. Create a Personal
Income Statement
(Income – Expenses) =
Savings
2. Create a Personal
Budget (be honest and
accurate).
3. Determine upcoming
(1 to 3 years) financial
requirements (needs).
What’s your Goal
or Plan?
1. Have sufficient funds to
support your lifestyle?
2. Live the lifestyle you
desire?
3. Be prepared for
emergencies?
4. Have a savings and
investment program to
support your lifestyle –
indefinitely?
Successful
Financial Plans
Create a ‘personal
Plan’ that is …
• Organized
• Realistic.
• Flexible.
• Written.
Ways to Increase
Net Worth
1. Increase Income.
2. Reduce Living
Expenses.
3. Increase Savings.
4. Increase the Value of
Investments, and other
possessions.
5. Reduce amounts
owed.
Propensity to
Consume (Spend)
The percentage of each dollar of income
that is spent for current needs,
rather than saved.
What is your propensity to consume?
Income spent on Current Needs
÷
Total Income
Summary:
Achieving Financial Goals
1. Plan (using an
achievable Budget).
2. Organize
(Financial Resources).
1. Implement (Spend,
Save, and Invest).
2. Control (monitor
Financial Statements).
SMART Money Help!
 Worksheets to determine
your Personal Equity are
available for Students’ use.
 Consultation regarding your
results is available.
 To take advantage of these
services, please contact Mark
Clark, Professor of Business
and Economics,
mclark@ccccd.edu or
972.516.5062.
Cougar Smart
Money Program
A new program offered by Collin College to help lessen the impact of
poor money management skills and the rising cost of education.
Contact:
Doug Willis
(972) 377-1793 or DWillis@CCCCD.edu
With questions and program ideas
Collin College’s
SMART Money Program
Getting a handle on your
financial situation!