Consumer Education- Chapter 9

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Presentation transcript:

Consumer Education- Chapter 9 Financial Planning Consumer Education- Chapter 9

Looking at Your Finances – Section 9.1 Live within Your Means Elements of Financial Planning Making a budget Choosing investments Establishing credit Insurance Retirement Estate plan

Looking at Your Finances – Section 9.1 Accessing Current Finances Assets-items of value that you own, including money Liabilities- debts or obligations owed to others Net Worth – amount by which assets exceed liabilities Identify and Make financial Goals Analyze Spending Habits Adapting to changing needs Marriage Parenthood Children moving out Aging Family Crises

Using Financial Software – Section 9.2 What Financial software can do Checkbook and other transactions Expense tracking Budgeting Automatic reminders Income tax planning Online Banking Using financial Software Well-designed software can make it easier to organize and manage finances Purchasing and upgrading can be costly Make regular backups Stay aware of upgrades

Creating a Budget – Section 9.3 Estimate Income (Net Income) Estimate Expenses Fixed expenses – regular payments with set amount Variable expenses – expenses that in normally increase or decrease Based off your past spending habits Planning for savings Balanced budget Using your budget Evaluating and adjusting the budget

Organizing your records – Section 9.4 Why should you keep Records? Identification Legal Proof Loan applications Tax purposes How Long to Keep Records Birth and marriage certificates and Social Security Card should be permanently kept Bank statements-3 years Pay stubs – until after income taxes Tax returns and documents – 7 years Storing Records and Documents Safe deposit box Home safe Home filing system Electronic storage

Seeking Professional Advice – Section 9.5 Credentials- licenses, certifications, of degrees that indicate the person is qualified to perform a service Who is Qualified to Help? Certified Financial Planner (CFP) Chartered Financial Consultant (ChFC) Certified Public Accountant (CPA) Insurance Agent Attorney Stockbroker