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Financial Planning Tips for a Lifetime

Financial Planning Tips for a Lifetime

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Financial Planning Tips for a Lifetime

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Presentation Transcript

  1. Financial Planning Tips for a Lifetime

  2. Are You Prepared for Your Financial Future? Pinpoint your specific problem areas Highlight steps to turn things around

  3. 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?

  4. 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.

  5. Credit Card Debt How can I avoid the credit card debt squeeze? If I’m already there, how do I push my way out?

  6. 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

  7. Plan for Your Finances Parenting College Jobs/Career Home ownership Unexpected crisis/disaster Caring for sick or elderly parents Retirement Estate Planning

  8. Home Ownership Right time to buy? Financing Monthly mortgage payments Real estate attorney Future marketability Home-owners insurance

  9. 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

  10. 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

  11. College Financial Aid Scholarships and sponsorships Part-time jobs Delayed admission

  12. Career 401K plans Automatic deposit Retirement plans Disability and life insurance Health insurance Unemployment insurance

  13. 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

  14. 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

  15. Retirement Start early Take full advantage of every retirement option Invest the maximum allowed in an IRA

  16. Estate Planning Be sure you have a will Formulate a strategy

  17. Financial Planning Mantras Hope for the best. Expect the worst. Think small and do it regularly.

  18. Thank you!