Financial Planning Tips for a Lifetime

Financial Planning Tips for a Lifetime

Are You Prepared for Your Financial Future?

Pinpoint your specific problem areasHighlight steps to turn things around

Bad Saving Habits

More than half (54 percent) of Americans have not been able to save any of their income in the past year70 percent of workers plan to work for pay in their retirementHow long will your savings last?What can you do to fix the problem if your savings are nowhere near what they need to be?

Solid Saving Habits

Think SMALL and Do It REGULARLYThinking small can bring big rewards

Pay Yourself FirstHave a “Don’t Touch” Account

The only wrong thing to do is to do nothing about protecting your financial

future.

Credit Card Debt

How can I avoid the credit card debt squeeze?

If I’m already there, how do I push my way out?

Tactics for Tackling Credit Card Debt

Avoid the credit card squeeze…Limit the number of credit cards you usePay the total amount due to avoid paying interest rates

Work your way out…Stop using your credit cardsTalk to a financial plannerWork with your creditors

Plan for Your Finances

ParentingCollegeJobs/CareerHome ownershipUnexpected crisis/disasterCaring for sick or elderly parentsRetirementEstate Planning

Home Ownership

Right time to buy?FinancingMonthly mortgage paymentsReal estate attorneyFuture marketabilityHome-owners insurance

Parenting and Finance Overview

Teach your children about moneyManager your finances so your kids will have every opportunity to become productive, responsible adultsYou will have to plan for the contingencies that come with parenting

Parenting and Finance for Children of Various Ages

For 5-8 year olds: Start an allowance, comparison shopFor 9-12 year olds: Money to supplement their allowanceFor teens: Money management skillsFor college students: Staying within a budget

College

Financial AidScholarships and sponsorshipsPart-time jobsDelayed admission

Career

401K plansAutomatic depositRetirement plansDisability and life insuranceHealth insuranceUnemployment insurance

Unexpected Crisis/Disaster

DivorceDo you make enough to support yourself?Which assets do you want?Can you afford to keep the family house?Are you better off selling and dividing up the proceeds?

FiresFloodsEarthquakesProlonged health issueDeath of a spouse

Caring for a Sick or Elderly Parent

“The Sandwich Generation” is caught in the middle between raising and educating their kids and tending to the needs of aging parents

Learn about your parents ailments to make a realistic budget assessmentKnow and understand your parents financial situation and their wishes

Retirement

Start earlyTake full advantage of every retirement optionInvest the maximum allowed in an IRA

Estate Planning

Be sure you have a willFormulate a strategy

Financial Planning Mantras

Hope for the best. Expect the worst.Think small and do it regularly.

Thank you!