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Your Financial Planning booklet A pen or pencil.

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Presentation on theme: "Your Financial Planning booklet A pen or pencil."— Presentation transcript:

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4 Your Financial Planning booklet A pen or pencil

5 Develop a positive relationship to money Create a budget that works Develop a savings plan Learn about investing

6 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?

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8 What does money mean to me? Power Happiness Self-worth Social status Freedom

9 An exchange of energy A relationship takes understanding, patience, and time Begin with small steps

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11 Money comes in every monthyour income Money goes out every monthyour expenses Know where it all goes Spend less than you make

12 Have an all-cash month Collect receipts Record everything

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14 Dry cleaning Parking charges Vending machines Magazines Postage Movie rentals Credit card finance charges

15 Consider curbing your impulse shopping Try to maintain responsible credit Establish good credit

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17 Short-term savings Mid-term savings Long-term savings

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23 Sample needs: Car, vacation, 6-month emergency fund Savings vehicles: Savings accounts Types of investments: Passbook savings account, money market, CDs Easy accessibility

24 Sample needs: New home, boat Savings vehicles: Traditional savings account, investment account Types of investments: Mutual funds

25 Sample needs: Retirement, college education Savings vehicles: Retirement: 401(k), IRA College: 529, Coverdell ESA Types of investments: Mutual funds

26 Retirement: 401(k) IRAs College: 529 Plan Coverdell ESA The Web site has more info at Retire.53.com

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29 Investing involves some risks Risk can be managed Time horizon Diversification Asset allocation

30 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

31 Put money into more than one investment Mutual funds are automatically diversified to help you manage risk

32 Spreading your investment dollars over different types of investments Investment types: Stocks Bonds Cash equivalents

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35 Developing a positive relationship to money Creating a budget that works Developing a savings plan Learning about investing strategies

36 Make the commitment to start a budget Begin your savings account Increase your 401(k) contribution Consolidate your retirement accounts


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