45: General Money Management : Personal Savings and Investment

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Presentation transcript:

45: General Money Management ------------------------------------- 46: Personal Savings and Investment Elements 45 & 46 Pages: 211-214

Budget What is a budget?. Why do we need one?

Current Monthly Budget Create your own monthly budget INCOME E7 OVER 20 YRS BASE PAY $4797(TAXED) BAH $3276 BAS $369 COLA $356 TOTAL $8798 ($105,576 YR)

Expenses Mortgage/Rent $2500 HOA 400 UTILITIES 300 CAR PAYMENT 1000 (2 CARS) CAR INSURANCE 150 CHILD CARE 640 PER CHILD FOOD 800 CELL PHONES CABLE ENTERTAINMENT/DINING DEBT 1 200 DEBT 2 100 TOTAL: $7030

Post Military Monthly Budget Create your own monthly budget INCOME E7 OVER 20 YRS Human Resource Manager (HI) $7760 (TAXED) TOTAL $7760 ($93120 YR)

Post Military Expenses Mortgage/Rent $2500 HOA 400 UTILITIES 300 CAR PAYMENT 1000 (2 CARS) CAR INSURANCE 150 CHILD CARE 640 PER CHILD FOOD 800 CELL PHONES CABLE ENTERTAINMENT/DINING DEBT 1 200 DEBT 2 100 TOTAL: $7030

Debt Management “You must gain control over your money or the lack of it will forever control you.” ― Dave Ramsey

Post Military Expenses (cut the fat) Mortgage/Rent $2500 HOA 400 UTILITIES 300 CAR PAYMENT 1000 (2 CARS) CAR INSURANCE 150 CHILD CARE 640 PER CHILD FOOD 800 CELL PHONES CABLE ENTERTAINMENT/DINING DEBT 1 200 DEBT 2 100 TOTAL: $7030 $1600 saved

PERSONAL SAVINGS AND INVESTMENTS STOCKS RISK Bonds Savings Account REWARD

Seek Professional Financial Advisor CERTIFIED!!!! Does not pressure you to buy a product Teaches you about your financial health Has your best interest at heart

References https://www.dfas.mil/ https://www.defensetravel.dod.mil/site/bahCalc.cfm https://www.defensetravel.dod.mil/site/colaCalc.cfm https://www.careeronestop.org/ https://www.daveramsey.com/