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Money for Life

Money for Life. Money is for life, not just for now!. Real Life, Real Money.

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Money for Life

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  1. Money for Life Money is for life, not just for now!

  2. Real Life, Real Money All I could think about was landing my first job. I wouldn’t have to worry about money! I could finally buy what I wanted, when I wanted, so I did. I filled my apartment with all the things I had been dreaming of, including a to-die-for new wardrobe. I wasn’t prepared when my apartment building burned down one day when I was at work, and I lost everything. Did I have renter’s insurance? No.....I didn’t think it could happen in a million years! Now I tell everybody, “Don’t just think about today. Think about tomorrow.”

  3. Today’s Wi$eUp Topics Money for all life’s stages Choices, decisions, events The money in your life Financial organization

  4. Money for all life’s stages • You will pass through many life stages. • Women’s financial lives are impacted by their relationships to others • Spouses • Children • Parents • Traditional and nontraditional lifecycle patterns.

  5. Choices, Decisions, Events • Choices and decisions • Conscious and deliberate decision-making • Unplanned life events • When life hands us a curve ball! • They impact our financial security throughout the life span.

  6. Choices vs. Unplanned Events Education and training Career/job/workplace Work and family Financial goals, choices and decisions

  7. Think About It It is impossible to predict the future, but by thinking about it, you will be in a better position to set financial goals. Mary thinks about the future You now You in 10 – 20 years

  8. The Power of Compounding Each age and stage has unique financial tasks Time is on your side Act on your financial goal at a young age

  9. Lifelines and Life Stages • Label your Lifeline • LEFT: your birth year • RIGHT: your death age • Your age TODAY in relation to the line • The years you will: • Change jobs, buy a car, marry, have a child, send your last child to college, pay off your mortgage • Turn 67 and 85

  10. The Money in Your Life • Salary/wages vs. compensation • Occupational Outlook Handbook www.bls.gov/oco • Compare overall compensation, not just your salary offer.

  11. The Money in Your Life, continued • Employee Benefits • Retirement Plans • Defined–benefit plans • Defined-contribution plans • “Don’t leave money on the table!” • How long will it take to become “vested”?

  12. The Money in Your Life, continued • Other sources of income • Your own a business/entrepreneurship • U.S. Small Business Administration's Online Women’s Business Center at http://www.sba.gov • Investments • When you divert money from current earnings to your savings and investments, you have essentially “instructed” that money to go out and “get a job and earn some money”!

  13. Real Life, Real Money Carol had always budgeted her money carefully. She knew how she spent every dollar. That was the problem – her budgeting was based on how to SPEND her money, not how she would MANAGE her money. After attending a Wi$eUp program, she reworked her budget to contribute more to her retirement plan at work. Now she won’t be the only earner – her retirement money will be earning money for her, too.

  14. The Money in Your Life, continued Compensation and Other Sources of Assistance • Dual-earning couples • Alimony and child support • Temporary Assistance • Disability Insurance • Unemployment insurance • Federal, State, or Local forms of Assistance • Earned Income Tax Credit

  15. Financial Organization • Physical organization of papers • The electronic world • Account numbers and PINs record • Up-to-date firewalls • Electronic accounts record

  16. Money For Life Check List • Organization of data/information • Straighten Up Your Files and Records • Complete the Credit and Debit Card Safety Record • Complete the Vital Documents Inventory • Complete the form, My Electronic Accounts, Passwords, and PINs.

  17. Money For Life Check List, continued • Create a Financial Center • Establish a filing system • Decide How to organize your electronic files • Shred Paper copies with personal information

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