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The National Economics Department Financial Freedom Campaign NAACP.

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Presentation on theme: "The National Economics Department Financial Freedom Campaign NAACP."— Presentation transcript:

1 The National Economics Department Financial Freedom Campaign NAACP

2 Financial Planning is the process of meeting your life goals through the proper management of your finances. Financial Planning consists of a series of steps that help you see your financialbig picture. Financial Planning is the process of meeting your life goals through the proper management of your finances. Financial Planning consists of a series of steps that help you see your financialbig picture. What Is Financial Planning?

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4 The Financial Guide to handling lifes Milestones Ever wonder how to spend or properly use your money on the milestones that most of us experience at some point in our lives? Why are milestones so important? – Because, they truly change your financial picture!

5 Lifes Major Milestones

6 Higher Education Planning Before tackling the task of funding college for your children, first make sure its worth the money and the effort. Not everyone wants, needs or is qualified to go to college. However, a college graduate earns an annual average of over 62 percent more than a high school graduate, according to the U.S. Census Bureau. Before tackling the task of funding college for your children, first make sure its worth the money and the effort. Not everyone wants, needs or is qualified to go to college. However, a college graduate earns an annual average of over 62 percent more than a high school graduate, according to the U.S. Census Bureau.

7 Higher Education Planning Start Saving Early! Future financial aid may be tighter or unavailable, or current tax breaks may have disappeared. Carefully saved or invested money will be there regardless. I.How much do I need to save each month? As with any goal, you will need to determine the cost of college, how much time you have to save and what kind of realistic return you can earn on the money you save. II.How should I save? As with any goal, you will need to determine the cost of college, how much time you have to save and what kind of realistic return you can earn on the money you save. Start Saving Early! Future financial aid may be tighter or unavailable, or current tax breaks may have disappeared. Carefully saved or invested money will be there regardless. I.How much do I need to save each month? As with any goal, you will need to determine the cost of college, how much time you have to save and what kind of realistic return you can earn on the money you save. II.How should I save? As with any goal, you will need to determine the cost of college, how much time you have to save and what kind of realistic return you can earn on the money you save.

8 Milestone Planning: Higher Education What are my investment choices? I.Cash & Cash Equivalents CDs, Money Market Funds, Short term bonds II.U.S. Savings Bonds III.Coverdell Education What are my investment choices? I.Cash & Cash Equivalents CDs, Money Market Funds, Short term bonds II.U.S. Savings Bonds III.Coverdell Education What are my investment choices? I.Savings Accounts II.Pre- paid State Tuition Plans III.529 college savings plans IV.Taxable Investments What are my investment choices? I.Savings Accounts II.Pre- paid State Tuition Plans III.529 college savings plans IV.Taxable Investments

9 Marriage Planning Tips

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12 Child Birth Planning Tips

13 New Job Planning Tips

14 Buying a House Tips

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16 The Loss of a Parent

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18 The Financial Planning Profession A Financial Planner is a professional who helps determine how you will meet you lifes goals. In addition to being qualified to provide you with general financial planning services, many financial planners are also registered investment advisors or hold insure or securities licenses that allow them to buy or sell products. A Financial Planner is a professional who helps determine how you will meet you lifes goals. In addition to being qualified to provide you with general financial planning services, many financial planners are also registered investment advisors or hold insure or securities licenses that allow them to buy or sell products.

19 Financial Planning Common Mistakes Procrastinating with Saving Not getting (Health) Insurance Early Impulsive borrowing & spending Dipping into Retirement Savings too early Procrastinating with Saving Not getting (Health) Insurance Early Impulsive borrowing & spending Dipping into Retirement Savings too early Tips Create a Savings Plan Stick to a Budget Pay Off Credit Card Debt as quickly as possible Contribute to a Retirement Plan Invest Create a Savings Plan Stick to a Budget Pay Off Credit Card Debt as quickly as possible Contribute to a Retirement Plan Invest

20 Financial Planners Association Financial Planners Association Certified Financial Planners Board of Standards Association of Financial Counseling Planning Education Financial Planners Association Financial Planners Association Certified Financial Planners Board of Standards Association of Financial Counseling Planning Education


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