Financial Planning Tips for a Lifetime Advice from CPAs

Realistically answer the question: –“Are you prepared for your financial future?” –Pinpoint your specific problem areas –Highlight steps to turn things around 360 Degrees of Financial Success

Americans spend 120% of what they make… –How long will your savings last? –What can you do to fix the problem if your savings are nowhere near what they need to be?

360 Degrees of Financial Success THINK SMALL and DO IT REGULARLY –Thinking small can bring big rewards PAY YOURSELF FIRST “DON’T TOUCH” account The only wrong thing to do is to do nothing about protecting your financial future

360 Degrees of Financial Success Credit card debt –“How can I avoid the credit card debt squeeze?” –“If I’m already there, how do I push my way out?”

360 Degrees of Financial Success Avoiding the credit care squeeze… –Limit the number of credit cards you use –Paying the total amount due, never incurring the interest rates Working your way out… –Stop using credit cards –Talk to a financial planner –Work with your creditors

360 Degrees of Financial Success Life events that require financial attention –Parenting –College –Jobs/Career –Home ownership –Unexpected crisis/Disaster –The “Sandwich Generation” –Retirement –Estate planning

360 Degrees of Financial Success Home ownership –Right time to buy –Financing –Monthly mortgage payments –Real estate attorney –Future marketability –Home-owners insurance

360 Degrees of Financial Success Parenting –Teach your children about money –Manage your finances so your kids will have every opportunity to become productive, responsible adults –You also have to plan for the contingencies that come with parenting

360 Degrees of Financial Success Parenting –For 5-8 year olds: Start an allowance, comparison shop –For 9-12 year olds: Money to supplement their allowance –For teens: Money management skills –For college students: Staying within a budget

360 Degrees of Financial Success College –Financial Aid –Scholarships and sponsorships –Part-time jobs –Delayed admission

360 Degrees of Financial Success Career –401K plans –Automatic deposit –Retirement plans –Disability and life insurance –Health insurance –Unemployment insurance

360 Degrees of Financial Success Unexpected Crisis/Disaster –Divorce Do 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?

360 Degrees of Financial Success Unexpected Crisis/Disasters –Fires –Floods –Earthquakes –Prolonged health issue –Death of a spouse

360 Degrees of Financial Success The “Sandwich Generation” –Those 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 budgeting assessment Know and understand your parents financial situation and their wishes

360 Degrees of Financial Success Retirement –Start early –Take full advantage of every retirement option –Invest the maximum allowed in an IRA

360 Degrees of Financial Success Estate Planning –Be sure you have a will –Formulate a strategy

360 Degrees of Financial Success Financial Circle of Life –“Hope for the best. Expect the worst.” –Think Small and Do It Regularly!