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FIN 100 Personal Financial Planning

Stress

Mercy
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FIN 100 Personal Financial Planning

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    1. FIN 100 Personal Financial Planning How to make good financial decisions and live comfortably

    3. Stress

    4. Why are you here? A: Need to solve a current financial problem B: Need to prepare for my financial future C: Sounded like an interesting elective D: Advisor signed me up E: Family/friend recommended it

    5. What is financial success? Being financially comfortable, says Jonathan Clements of the WSJ. What does comfortable mean to you? Whats your definition?

    6. Doing It Wrong .

    7. Raise $5,000 Now or Die! Where do you get the funds?

    8. Raise $5,000 Now or Die! Where do you get the funds? Borrow (equity, family, friends) 45% Withdraw from account 32% Credit cards 9% Dont know 8% Not possible 6%

    9. Golden Years Spent in the Red Average credit card debt for 65-69 year olds was nearly $6K, 3x as much as 10 years ago. Paying minimum of 3% ($180) monthly at 18% requires nearly 4 years to pay off IF no new debt incurred.

    10. What blocks our way to success? Vague goals No planning Poor implementation No family agreement Its hard!

    11. Doing It Right

    12. Curtis Hensly 30 year old bachelor Started earning mowing lawns as kid Earned a bachelors and masters degree in forestry management Worked summers to create $25K nestegg when he graduated

    13. Doing it Right Lives frugally on $55K salary NO DEBT Saves 16% of paycheck into 401K plan Employer matches 6% Has $200K in nestegg! Wants to retire by 55

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