Financial Planning
Tips for a Lifetime
Are You Prepared for Your Financial Future?
Pinpoint your specific problem areas
Highlight steps to turn things around
Bad Saving Habits
More than half (54 percent) of Americans have not
been able to save any of their income in the past
year
70 percent of workers plan to work for pay in their
retirement
How long will your savings last?
What can you do to fix the problem if your savings
are nowhere near what they need to be?
Solid Saving Habits
Think SMALL and Do It REGULARLY
Thinking small can bring big rewards
Pay Yourself First
Have a “Don’t Touch” Account
The only wrong thing to do is to do
nothing about protecting your financial
future.
Credit Card Debt
How can I avoid the credit card debt squeeze?
If I’m already there, how do I push my way out?
Tactics for Tackling Credit Card Debt
Avoid the credit card squeeze…
Limit the number of credit cards you use
Pay the total amount due to avoid paying interest rates
Work your way out…
Stop using your credit cards
Talk to a financial planner
Work with your creditors
Plan for Your Finances
Parenting
College
Jobs/Career
Home ownership
Unexpected crisis/disaster
Caring for sick or elderly parents
Retirement
Estate Planning
Home Ownership
Right time to buy?
Financing
Monthly mortgage payments
Real estate attorney
Future marketability
Home-owners insurance
Parenting and Finance Overview
Teach your children about money
Manager your finances so your kids will have every
opportunity to become productive, responsible
adults
You will have to plan for the contingencies that
come with parenting
Parenting and Finance for Children of
Various Ages
For 5-8 year olds: Start an allowance, comparison
shop
For 9-12 year olds: Money to supplement their
allowance
For teens: Money management skills
For college students: Staying within a budget
College
Financial Aid
Scholarships and sponsorships
Part-time jobs
Delayed admission
Career
401K plans
Automatic deposit
Retirement plans
Disability and life insurance
Health insurance
Unemployment insurance
Unexpected Crisis/Disaster
Divorce
Do you make enough to support yourself?
Which assets do you want?
Can you afford to keep the family house?
Are you better off selling and dividing up the proceeds?
Fires
Floods
Earthquakes
Prolonged health issue
Death of a spouse
Caring for a Sick or Elderly Parent
“The Sandwich Generation” is caught in the middle
between raising and educating their kids and
tending to the needs of aging parents
Learn about your parents ailments to make a realistic budget
assessment
Know and understand your parents financial situation and their
wishes
Retirement
Start early
Take full advantage of every retirement option
Invest the maximum allowed in an IRA
Estate Planning
Be sure you have a will
Formulate a strategy
Financial Planning Mantras
Hope for the best. Expect the worst.
Think small and do it regularly.
Thank you!