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Your Financial Planning booklet A pen or pencil
Develop a positive relationship to money Create a budget that works Develop a savings plan Learn about investing
1.What does money mean to me? 2.How do I feel about budgeting? 3.What are some of my savings goals? 4.What investing success have I had?
What does money mean to me? Power Happiness Self-worth Social status Freedom
An exchange of energy A relationship takes understanding, patience, and time Begin with small steps
Money comes in every monthyour income Money goes out every monthyour expenses Know where it all goes Spend less than you make
Have an all-cash month Collect receipts Record everything
Dry cleaning Parking charges Vending machines Magazines Postage Movie rentals Credit card finance charges
Consider curbing your impulse shopping Try to maintain responsible credit Establish good credit
Short-term savings Mid-term savings Long-term savings
Sample needs: Car, vacation, 6-month emergency fund Savings vehicles: Savings accounts Types of investments: Passbook savings account, money market, CDs Easy accessibility
Sample needs: New home, boat Savings vehicles: Traditional savings account, investment account Types of investments: Mutual funds
Sample needs: Retirement, college education Savings vehicles: Retirement: 401(k), IRA College: 529, Coverdell ESA Types of investments: Mutual funds
Retirement: 401(k) IRAs College: 529 Plan Coverdell ESA The Web site has more info at Retire.53.com
Investing involves some risks Risk can be managed Time horizon Diversification Asset allocation
The amount of time you have before you need to begin withdrawing money Longer timemore risk you can take Shorter timeless risk you can take
Put money into more than one investment Mutual funds are automatically diversified to help you manage risk
Spreading your investment dollars over different types of investments Investment types: Stocks Bonds Cash equivalents
Developing a positive relationship to money Creating a budget that works Developing a savings plan Learning about investing strategies
Make the commitment to start a budget Begin your savings account Increase your 401(k) contribution Consolidate your retirement accounts
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