Money Matters for Residents: teaching personal finance in residency Sally P. Weaver, PhD, MD Waco Family Medicine Residency Program Spring 2009.

Slides:

Advertisements

Similar presentations

Budgeting Your Money Some Money Facts $ The average person spends money three times a day. $ A movie with popcorn and a soft drink can easily cost $20.

Advertisements

HELP! I’m Drowning in Debt. February 18, 2008 The University of Texas Medical School at Houston Presented by: James W. Prescott Associate Administrator.

Budgeting Basics. Budgeting and Financial Priorities The PICPA Pennsylvania Institute of Certified Public Accountants The PICPA is a professional association.

Questions? © 2012 Matthew S. Whiting 1 Wk Balance the budget 2. Establish short-term emergency fund 3. Pay off consumer debt 4. Establish long-term.

Major Justin Knutzen. Personal History 2007: I was leading a “Successful” life…

Budget How to budget your money?. “Budget Busters” Give yourself five points if you have a budget. Give yourself five points if you have a checkbook.

Measuring Your Financial Health and Making a Plan

What to do with All that Extra Money? Dr. Alex White Dept. of Ag. & Applied Economics

Dan James Dallas Center – Grimes HS Daveramsey.com.

Measuring Your Financial Health and Making a Plan

Measuring Your Financial Health and Making a Plan

16 Money Management and Financial Planning

1 Tools and Strategies for Life’s Financial Decisions Presented By: Brian H. Grant, CLU, ChFC, MSFS Certified Financial Planner™ President.

1 Chapter 2 – Measuring Financial Health Important parts Construct & interpret financial statements Budgeting Record-keeping Financial planners.

SESSION 18: SETTING & ACHIEVING FINANCIAL GOALS AND SPENDING Talking Points Setting & Achieving Financial Goals 1. A financial goal is a monetary target.

A Saving TO BUILD WEALTH Welcome to MoneyWI$E A CONSUMER ACTION AND CAPITAL ONE PARTNERSHIP Make money work for YOU © 2011.

Managing Your Money What You Need to Know About Budgets, Credit Cards and Paying For College.

Measuring Your Financial Health and Making a Plan

1 Get Smart About Credit $$$$$$$$$$$$. 2 Marsha A. Goetting Ph.D., CFP ®, CFCS è Professor & Extension Family Economics Specialist è Department of Agricultural.

© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 16 SLIDE Personal Financial Statements Budgeting.

Today’s Topics Introduction Emergency Fund Life Insurance College Funding Retirement Planning Questions & Answers Entails these topics during 1 st client.

Questions? 1. Does your personal credit rating affect your ability to get a business loan? Answer from Corning Credit Union: Every financial institution.

Basic Financial Planning

The Financial Plan Chapter 2. Definitions You Need to Know Personal financial plan: specifying financial goals and describing in detail the spending,

Money Matters Spring 2015 $$$$$$$$$$$$$$$$. True or False – – Using a credit card is a lot easier than paying cash – Credit cards are a great way to buy.

Budget Plan 101 Mr. Roeshink – Finance & Business Technology 1.

Unit 2: Measuring Financial Health. Learning Objectives O Define asset, liability, and net worth. O Calculate the level of net worth using a balance sheet.

Personal Finance – An Introduction Dr. Steven M. Hays Personal Finance BKHS – Fall 2011.

FHF McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.

Financial Planning 101 Todd Jorns

Money Merge Account (MMA) How can I pay my home off early? Conventional Banking Refinance to a lower interest rate Apply additional money to each payment.

Chapter 1 Overview of a Financial Plan

MoneyWi$e: Saving to Build Wealth Saving to Build Wealth MoneyWi$e A joint financial education project of Consumer Action and Capital One.

FINANCE, It’s a Personal Thing ! WHICH WAY IS NORTH ?

Decisions & Goals in Personal Finance

CHAPTER THREE: MONEY MANAGEMENT & STRATEGY UNIT ONE PLANNING PERSONAL FINANCES “I didn't end up going bankrupt... I made some great investments and I held.

WELCOME! to Collin College SMART Money Presentation Today’s Presenters: Mark Clark, Collin College Professor of Business & Economics Doug Willis, Associate.

Budgeting Personal Finance. Financial Planning Net Worth Income Expenditures Unplanned Expenditures Debt Savings.

Saving Money The Why, When, and How. Pretest 1. True or False: Only those who are financially well off can save. 2. True or False: The best place to save.

SESSION 3: FINANCIAL GOAL SETTING, SPENDING, AND CREDIT TALKING POINTS on SETTING & ACHIEVING FINANCIAL GOALS FINANCIAL GOAL SETTING, SPENDING, AND CREDIT.

Financial Planning 101 Todd Jorns

Prepare for Financial Emergencies Manage Spending 2. Prevent Financial Emergencies 3. Become Debt Free 4. Prepare For Retirement 5. Teach Kids.

Budgeting and Financial Planning Why should people make a plan for how to get and spend money? What strategies can be used to do this most effectively?

Personal and Financial Planning Chapter 1. Section 1.1 Objectives  Section 1.1 Define personal financial planning Name the six steps of financial planning.

The Financial Plan Chapter 2.

Personal Budget Vocabulary. Personal Budget Estimate of costs, income, and resources over a certain period of time. Step 1: Identify how much money you.

WHAT DOES YOUR BALANCE SHEET SAY? Presented by: Rianka R. Dorsainvil, CFP® Financial Planner.

Stewardship Lesson 2. SMART Goals Specific Measurable Achievable Resources Timeline Write them down Short Term Long Term Find accountability – Share goals.

McGraw-Hill/Irwin © 2002 The McGraw-Hill Companies, Inc., All Rights Reserved ChapterTwenty-Two Managing Personal Finances: Who Wants to Be a Millionaire?

Ch Personal Finance Personal Finance. How much money will the average American earn in their working lifetime? (35 years) How much money will the.

Bell Ringer  Where do you see yourself in 15 years?  Be specific  Relationship status:__________________  Kids: ___________________  Pets: ___________________.

Budget How to budget your money?. “Budget Busters” Give yourself five points if you have a budget. Give yourself five points if you have a checkbook.

STATEMENT OF FINANCIAL POSITION AND INCOME AND EXPENSE STATEMENT ADVANCED LEVEL.

Personal Financial Literacy

Budgeting Your Money. Monday 3 rd Period Objective: Be able to explain what a budget is and how using one can help you. EQ: What is a budget? How do I.

STEPS TO FINANCIAL INDEPENDENCE AS YOUNG ADULTS

BUDGETS AND BALANCE SHEETS Chapter 4. OBJECTIVES Explain the steps involved in creating a budget Describe the steps involved in creating a personal balance.

DAVE RAMSEY THE SEVEN BABY STEPS TO FINANCIAL PEACE.

Chapter 1 Overview of a Financial Plan. Copyright ©2014 Pearson Education, Inc. All rights reserved.1-2 Chapter Objectives Explain how you benefit from.

Personal Financial Statements Chapter 12 Personal Financial Statements The Balance Sheet.

The Financial Plan Chapter 2. ‘Your Financial Plan’ Involves your individually specific financial goals Describes spending, borrowing, and investing needed.

Financial Literacy 11 th grade- Budget and Savings.

How to use credit responsibly and make it work for you.

Basic Budgeting, Debt Elimination, & Deferred Compensation Basics Brought to you by your 457 Plan Partners.

Biblical Approach to Financial Freedom Elder Wil Gipson I Belong to You.

Seven Steps for Debt Elimination and Financial Peace

Dave Ramsey Total Money Makeover.

11th grade- Budget and Savings

11th grade- Budget and Savings

General Money Management & Personal Savings and Investing

Presentation transcript:

Money Matters for Residents: teaching personal finance in residency Sally P. Weaver, PhD, MD Waco Family Medicine Residency Program Spring 2009

Money Matters for Residents “Come to think of it...I owe all my drive, ambition and focus to student loan debt.”

Money Matters for Residents ► 2007  The average medical student loan debt is over $139,000  Over 85% of med students carry school loans ► 75% of these are >$100,000 ► 2008  Residency graduates pay 12-15% of their after-tax income paying off their medical school loans.

Money Matters for Residents ► Residents and practicing physicians need to know how to manage personal finances. ► Fewer are learning the needed skills before residency. ► It’s difficult to be financially successful in business if you are struggling financially at home.

Money Matters for Residents ► All of this led to the development of a new learning opportunity for our residents. ► This session will give you the specifics you need to replicate Money Matters for Residents at your institution.

Money Matters for Residents “If debt is a measure of consumer confidence, we have become very confident indeed!”

Money Matters for Residents ► What we will cover today:  1 st meeting specifics ► Fun icebreaker ► Steps to being debt free, wealth accumulation  2 nd meeting specifics ► Financial APGAR score ► Budgeting for residents and new graduates ► Accelerated debt payment  3 rd meeting specifics ► Saving for retirement and college

1 st Money Matters Meeting 1 st Money Matters Meeting ► 1. Welcome and thank hosts (we had all three meetings at the home of one of our chief residents with childcare/snacks provided and spouses were encouraged to attend) ► 2. Opening icebreaker – Debt Myths and Facts true/false test (see FMLC program – ‘April Fool’s’) (highest or lowest score given a free money management book such as Your Money or Your Life or Total Money Makeover) ► 3. Go over ‘Steps to Being Debt Free’ (see FMLC program)

Steps to Being Debt Free Steps to Being Debt Free ► 1. $1,000 cash to start an Emergency Fund. ► 2. Pay off all debt (except house) using an accelerated debt payment plan (debt snowball). ► 3. Accumulate 3-6 months of expenses in savings. ► 4. Invest 15% of household income into Roth IRAs and pre-tax retirement. ► 5. College funding for children. ► 6. Pay off home early. ► 7. Build wealth and give! (Invest in mutual funds and real estate)

1 st Money Matters Meeting ► 4. Discuss accelerated debt payment plan (aka Debt Snowball). (see handout)  (Tell them we will do budgeting at next session.) ► 5. Encouraged reading Total Money Makeover (Ramsey) AND Your Money or Your Life (Dominguez and Robin) ► 6. Take questions

1 st Money Matters Meeting ► 7. Discuss wealth accumulation  (see Wealth Accumulation Calculator handout visually depicting rise in wealth over yr period with investments)

1 st Money Matters Meeting ► 8. Money saved over lifetime by paying cash for used cars instead of loans: ► Savings are between one and four million dollars!

1 st Money Matters Meeting ► 9. Homework: develop a budget and using a cash envelope system. ► (First need to list all assets and liabilities. See sample budgets with recommended percentages for each category.) ► 10. More time for questions. ► 11. Close and give date/time/place for second of three sessions.

2 nd Money Matters Meeting ► 1. Financial APGAR score activity  Located in FMLC program book  handout and give about 5 minutes to complete  go over scores and meanings (second handout) ► 2. Go over Steps to Being Debt Free handout (a review)  remind them to read books ► 3. Life and Disability insurance examples

2 nd Money Matters Meeting 4. Budget examples with lengthy discussion - $46,000 budget (make handout) - $130K budget with debt payoff example

2 nd Money Matters Meeting 5. Move into Debt Snowball - Accelerated Debt Payoff example sheet (FMLC) - Debt Snowball worksheet from Ramsey book 6. Briefly go over articles on ‘food costs’, ‘plan for retirement not college’. 7. Thanks for coming. Next meeting in two weeks on Retirement planning and college savings with guest speaker.

3 rd Money Matters Meeting ► Invited local financial planner to facilitate discussion and add some credibility. ► Discussed how much to save for retirement and how to plan: what type of accounts, setting goals, etc. ► Brief discussion on college savings and early retirement. (‘You can always borrow for college, but not for retirement!’)

Money Matters for Residents