The Full Picture / What You Will Receive Recognize your need for help Getting your financial house in order Financial Strategies Course Restoring your credit What you need to know about the credit bureaus Re-aligning your debt Saving & Planning for Retirement Where do you want to be at age 65? Wants & Needs List In Debt We Trust (Video) Asset Protection
Handout Material 12 Things To Know Before A Car Accident The Best Way To Lose Touch With A Loved One...Loan Them Money How To Minimize The Interest Payments 133 Simple Steps That Help Cut Cost & Spare The Family Budget Rate of Return Chart / Rule of 72’ What Happens When You Make Only Minimum Payments on a Credit Card How To Save On Your Gas Bill How To Save On Your Water Bill Tips On Getting More For Your Money Now!
Why Would You Want To Do A Debt Consolidation Loan? Afraid To Talk To Your Spouse About Money? Consumer Cocaine (Credit Cards) Debt To Income & Financing Worksheet Debt to Income Ratio Calculator / How To Use It
DEBT FREE LIVING 2009 Through an extensive process, you will receive financial discipleship how to eliminate yourself from the spirit of debt. You cannot serve the Master when you are busy serving MasterCard. Our society has been set up to keep us struggling and not give us relief from debt. The World’s Pledge of Allegiance I pledge allegiance to the card of the United States of credit, one nation under debt with bankruptcies, late fees and high interest for all. The ultimate goal is for every homeowner to become debt free.
Something has to be done Families are suffering from indebtedness, and so are American homeowners. Credit card debt is partly to blame, and is something which we can help.
Problematic Behavior Spending more Americans had racked up $976.3 Billion in debt by the end of September 2008, according to the U.S. Federal Reserve. Bankruptcies [in 2007, totaled 822,590, up 38 percent from the 597,965 non-business bankruptcy filings in 2006. People are having trouble paying the bills, let alone feeling free enough to give to others. "Credit card debt is a particular problem for today’s society. When people owe so much, it’s hard for them to give. Overall charitable giving slipped 2.3 percent when adjusted for inflation, according to Giving USA. It was the first time in seven years that contributions have dropped. A downturn in the economy is partially to blame. Research shows Americans spend 102 to 112 percent of what we make. We’re committed to help pay off that debt, which is the right thing.
Understanding the situation Consumers might not realize how dire the situation is. Let me help you out. Eight of 10 families spend more than they make. Seven of 10 live in debt, retire in debt and die in debt. Sixty-five percent of married households require two incomes. In 95 percent of homes, families would have trouble coping with a three- month income interruption. A six-month income interruption would find many dependent on other family, the church or government programs. We declare and trust that your financial situation will be forever changed!
Each year we intend to make a resolution or set a goal and work towards accomplishing it. An intention is a determination to act in a certain way – to do or achieve one’s purpose or goal. A resolution may feel or sound more like a pledge or a promise to yourself. Example: Financial resolution or intentions might be, “I will pay down my debt” or “I will be more conscious about how I spend money.”
A goal is measurable & has a deadline associated with it. I encourage my clients to become mindful of where their attention and intentions lie, especially during challenging times. This requires cultivating both self-awareness and self-management skills. Unclear intentions lead to mixed results or less than optional outcomes. Need to decide what is your first step. You need a concrete plan. One that you can visualize yourself doing. When, where & how. Have it mapped out / You will see early results. Competed goals builds confidence. Incremental progress / You’re more likely to follow through. Don’t forget to congratulate yourself on results. Then map out the next step towards your goal.
Create Yourself A Needs & Wants List Needs Wants Look in your Checkbook Go back 6 months and add up everything you spent money on you wanted but didn’t need.
How can you spend money more wisely? God expects us to have faith, but also to use common sense and wise planning in allocating the resources He has given us. The best way to manage your money and stay out of debt is to have a strategy in place before the expenses or temptations arise. BEGIN WITH A BUDGET. A budget is a road map that guides you and tells you when you are on course. Budgeting won't ensure prosperity, but it will keep you from overspending your resources and will help you avoid the debt trap. DECIDE TO FOLLOW THE BUDGET. Most people understand the need for a good budget, but few follow through. Only 25% of American families operate on a budget. Fifty percent say they want to budget but never get around to it. Make your plan and stick to it. PRIORITIZE YOUR EXPENDITURES. Make a list of what is most important to you. Start with the necessities (housing, food, car, utilities, insurance and taxes). Then list what you "should have" (clothing, furniture, etc.). Finally, list the things you'd like to have. PAY BILLS ON TIME. Establish a budget that allows you to pay all your bills in full and on time each month. If you can't pay them all, pay something on all of them and communicate your intentions of paying everything to those you owe. If you can't pay your regular bills, it's time to move to a smaller house, drive an older model car, or make drastic cuts until your outgo matches your income.
GET OUT OF DEBT AS SOON AS POSSIBLE. Debt carries with it heavy responsibilities. Don't allow yourself to become a slave to creditors. Don't take on debt unless you have a clear plan for repaying it. Certainly stay away from debt if it is a habit out of control. PLAN FOR EMERGENCIES. Small emergencies can eat at your budget every month unless you begin to set aside funds as part of your budget. For example, the dog gets sick, your car radiator dies, time for back-to-school clothes, etc. HAVE SOME FUN. Use your resources for personal enjoyment. After you have managed your money wisely and given generously, there comes a time for you to enjoy the fruits of your labors. IF YOU HAVE A FAMILY, INVOLVE THEM. When you create a list of priorities, it's important to involve your whole family so everyone understands the priorities and is focused on the goals. IF YOU HAVE A SPOUSE, ASSIGN THE JOB OF PAYING THE BILLS. This isn't about control, since both should fully understand the financial situation and goals, but about the most capable person taking on the job.
Where Do You Want To Be At Retirement? Financially Independent Just Getting By Or Broke Choose one of the above
EXAMPLE 65 - __________=__________ Years left:10152025303540 Factor: 1.392.082.783.474.174.865.55 _____________x____________=_________-_________=_________ (a)(b) (c) (d) (e) Divided by 12% =______________ (f) Current Age yrs to 65 40 25 $50,0003.47$1735000 $1,445,833.30 a)Desired Annual Income b)Inflation Rate c)Income Needed d)Pension/401K/IRA e)Total Annual Income Needed @ age 65 f)Lump Sum Needed
12%MONTHLY INVESTMENT Years $100K $250K $500K $750K $1 M 25$527$263 (g) Amt. You need to save now $527 +$263 =$790 (h) If you waited 5 years later $1000 +$ 500 =$1500 20 $500$1000
VICTORY PLAN Department StoresCube 1Cube 2Cube 3Cube 4Cube 5 Macys$50$0$0$0$0 J.C. Penney$20$70$0$0$0 Sears$70$70$140$0$0 Bullock$30$30$30$170$0 SOW $5 $7 $14. $17. BAL $50 $90 $138. $170.
You will also receive an E-book “133 Simple Steps That Help Cut Costs and Spare The Family’s Budget” Table of Contents (Saving tips in the following areas) Finances Food Bill Clothes Utilities Insurance Transportation Health & Personal Care Home Entertainment
Key Points You Need To Know About The Credit Bureaus & Your Score Credit Score Target Credit Reporting Agencies Making Money How The System Tries To Keep You In Debt Removing Negative Account Bill Payment Consistency File Variations If you have collections or charge-off accounts, your assets are at risk Credit Cards Piggyback Limitation Period Bankruptcy Law GETTING TO A HIGHER LEVEL
If you are interested in participating as an student viewer of this internet class, please register by August 31, 2009 at www.trinitydebtmgmtsvcs.org/WorkshopRegistration.html