Your Financial House Deaon Jerry Clark

1. Your Financial House Deaon Jerry Clark

2. Introduction • $ A Major area of Contention in many Marriages • Is More Always Better – at What Cost? • Keep in Perspective – Proper Priority • Discuss - Be in Agreement • Optimize What You Have …Key is Planning

3. Be Aware Money – Your Perspective? • Hoarder or Spender • Planner or Dreamer • Merger or Separatist • Risk Taker or Risk-Avoider • Money-Monk or Amasser • Avoider or Worrier What type are you? …and your fiancé?

4. Planning • Preparation – self aware • Set Goals – be able to visualize it • Make a Written Plan – Resources & Milestones • Validate Your Plan – Competent Resource • Execute Your Plan – Follow it • Modify as Needed

5. Money Management There are eight steps to successful money management. • Get yourself organized • Decide what you want to do with your money • Look at all available resources • Determine your net worth

6. Money Management • Determine your total income • Determine total expenses • Set up a budget and stick to it • Periodically review & evaluate your spending plan

7. Getting Yourself Organized • Decide: • Who will pay the bills • Separate or joint checking • Whose paycheck will be responsible for what (rent, utilities, etc. – assuming both have income.) • What type and amount to save – retirement accounts, liquid accounts, …

8. Getting Yourself Organized • Your decisions should be based on what works for you. • Capabilities • Who wants to do it • Who can conveniently do it • Share the responsibility • Keep all records and business correspondence in one location

9. Getting Yourself Organized • Create your “own” Business Center • Notebook • Keep stamps, envelopes, and calculator handy • File box • Folder labeled with each month or one designated for each bill (RENT, UTILITIES) • Cabinet

10. Getting Yourself Organized • Develop your own system – what works for you. Change as needed.

11. Goals • Determine your Goals • Goals give direction • Goals motivate and encourage you to work toward things that are important to you

12. Goals • How do you set goals • Determine what is important to you and your family. Priority List they just completed • Make goals very specific and clearly defined • Goals should be realistic, challenging, and achievable • Your goals should be yours • Goals may be classified according to time

13. Goal Recap • Goals should be: • Specific, e.g., I will save $50 per month. • Clearly defined, e.g., I will save $50 per month in a savings account for retirement. • Realistic, Challenging, and Achievable • Measurable and reachable within a given time period

14. Resources • Look At All Available Resources That May Help You Reach Your Goals • Coupons • Shop sales • Christmas shopping • Public services

15. Summary • Establish a budget. Stick with it. Revise as needed but infrequently • Tithe • Credit Cards • Use as cash • Shop for best terms • Minimize the number you have and carry • Keep Information for quick cancellation • Plan and Budget for major purchase

16. Summary • Insurance • Contingency fund – enough liquid assets to sustain you for 3-to-6 months. • Car – liability • House – carry replacement value. Video contents, itemize valuables and keep in safety deposit box (along with all your important papers). • Flood Insurance – may or may not protect you. • Renters Insurance – same as House on contents. • Life Insurance

17. Summary • Will – make and keep in secure area • Retirement – start planning for it NOW. Max out 401ks, use IRAs (Roth and/or standard)

18. REVIEW • HONEST OPEN COMMUNICATION • DETERMINE YOUR “SYSTEM” • WORK THROUGH DIFFICULTIES • COMMITMENT