Living Off Your Paycheck. Objectives The Psychology of Money Goal Setting Credit and debt Meat vs. Gravy Tips for saving Budgeting.

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Presentation transcript:

Living Off Your Paycheck

Objectives The Psychology of Money Goal Setting Credit and debt Meat vs. Gravy Tips for saving Budgeting

Psychology of Money Ask yourself these tough questions. What does money mean to you? What did money mean to you? What do you need to do in order to change your behavior? What is your “latte factor?” How motivated are you to change your money belief system?

Change Your Behaviors “ Learned Optimism” 21 Day Rule Motivation Necessity Reality Check Role-Model Become a Learner

Goal Setting Savings House Car College Retirement

Goals for Retirement What percent of you average annual gross salary do you need to retire on? What do you want your retirement to look like? What lifestyle compromises are you willing to make?

Credit Cards Credit Card Balances Pros and Cons of Credit Cards Cash New Rules of Owning a Credit Card How do Credit Card affect your FICO Scors Opening credit cards for your children

Meat vs. Gravy

Tips for Saving Money For you and your family  Turning lights off  Not going out to eat  Not ordering food in  Shopping at various grocery stores  Buy clothes that do not require dry cleaning  Change your gift giving habits… maybe gifts of trade instead  ( include dog walking, baby sitting, cleaning out closets.)  Take advantage of library, free movies, and all discounts possible

70% of Gross Salary “Meat” 10% Cash Available at the end of the day Savings account Credit union ING Direct 10% Retirement IRA/401K Minimum… what else can you do? 10% Gravy Vacation Gifts Eating out Budgeting

“From pennies we get broke and from pennies we get rich.” Motivation

RESOURCES The Automatic Millionaire……David Bach The Wealthy Barber…………David Chilton Money magazine ingdirect.com Mint.com Learnvest.com