CAN LUNCH REALLY BE ON ME TODAY? @lynlatinsky #stayfresh14
CAN LUNCH REALLY BE ON ME TODAY?
@lynlatinsky
#stayfresh14
Ask yourself
Financial Goals:• Where are you going ?• What do you need ?
• How – Where will money come from?
Rule of 72
• Used to calculate the number of years for money to double
72 divided by interest rate
With 3.5 % inflation it should take how many years for your currency to halve ?Rule of 72
If you pay 19% interest on your credit card, with no principle payment, the amount you owe will double in ________ years ?
72/3.5
What is the average interest rate on a credit card?
20.57
3.7
Needs
Manolo Blahnik Shoes $679.80
Bugatti Veyron $1,700,000
Plan
Collect Information
Plan
Record income
List expenses• Fixed• Variable
How
Budget Calculator
Planned Actual: Month
Income: Monthly Annual Month Month Annual
Your Primary Income $0.00 $0.00 $0.00 $0.00
Your Spouse's Income $0.00 $0.00 $0.00 $0.00
Investment Income $0.00 $0.00 $0.00 $0.00
Business Income $0.00 $0.00 $0.00 $0.00
Other Income $0.00 $0.00 $0.00 $0.00
Total Income $0.00 $0.00 $0.00 $0.00
Necessary Expenses: $0.00 $0.00 $0.00 $0.00
Payroll Taxes $0.00 $0.00 $0.00 $0.00
Other income deductions $0.00 $0.00 $0.00 $0.00
Rent or Mortgage $0.00 $0.00 $0.00 $0.00
Property Taxes $0.00 $0.00 $0.00 $0.00
Water $0.00 $0.00 $0.00 $0.00
Household Gas & Elecrtciry$0.00 $0.00 $0.00 $0.00
Car Insurance $0.00 $0.00 $0.00 $0.00
Car repairs $0.00 $0.00 $0.00 $0.00
Gas $0.00 $0.00 $0.00 $0.00
Transit $0.00 $0.00 $0.00 $0.00
Food & Groceries (not dining out)$0.00 $0.00 $0.00 $0.00
Clothing (necessary) $0.00 $0.00 $0.00 $0.00
Telephone $0.00 $0.00 $0.00 $0.00
Cable/internet $0.00 $0.00 $0.00 $0.00
Mobile Phone $0.00 $0.00 $0.00 $0.00
Home or Renters Insurance$0.00 $0.00 $0.00 $0.00
Healthcare or Insurance Costs$0.00 $0.00 $0.00 $0.00
Review
• Check your accounts
• Credit Cards• Chequing• Debit card• Savings
Consider How much cash do you have in your wallet/purse
• Did you use your debit/credit card today
• How much did you spend .. On what?
Cost of 1 coffee /day $2 x 5 days = $10/work week = $40/monthLunch $7/day x 5 = $35 x4 = $140/m
Lunch
Now you know how much money you have to spend , and what you are spending it on, start to “spend smart .....”
• So now that you know .....
Who’s taking me to lunch ??
Contact me
• Lynette Latinsky
• Email: [email protected]• Twitter :@lynlatinsky.• Call: (416) 417-3224
• DISCLAIMER
• The material presented in this seminar is for information purposes only and should not be construed as advice.
• Find an advisor you can work with to develop your own personalized plan.