Your Financial House Deaon Jerry Clark

Your Financial House Introduction  $ A Major area of Contention in many Marriages  Is More Always Better – at What Cost?  Keep in Perspective – Proper Priority  Discuss - Be in Agreement  Optimize What You Have …Key is Planning

Your Financial House Be Aware  Hoarder or Spender  Planner or Dreamer  Merger or Separatist  Risk Taker or Risk-Avoider  Money-Monk or Amasser  Avoider or Worrier What type are you? …and your fiancé? Money – Your Perspective?

Your Financial House Planning  Preparation – self aware  Set Goals – be able to visualize it  Make a Written Plan – Resources & Milestones  Validate Your Plan – Competent Resource  Execute Your Plan – Follow it  Modify as Needed

Your Financial House Money Management  Get yourself organized  Decide what you want to do with your money  Look at all available resources  Determine your net worth There are eight steps to successful money management.

Your Financial House Money Management  Determine your total income  Determine total expenses  Set up a budget and stick to it  Periodically review & evaluate your spending plan

Your Financial House Getting Yourself Organized  Decide:  Who will pay the bills  Separate or joint checking  Whose paycheck will be responsible for what (rent, utilities, etc. – assuming both have income.)  What type and amount to save – retirement accounts, liquid accounts, …

Your Financial House Getting Yourself Organized  Your decisions should be based on what works for you.  Capabilities  Who wants to do it  Who can conveniently do it  Share the responsibility  Keep all records and business correspondence in one location

Your Financial House Getting Yourself Organized  Create your “own” Business Center  Notebook  Keep stamps, envelopes, and calculator handy  File box  Folder labeled with each month or one designated for each bill (RENT, UTILITIES)  Cabinet

Your Financial House Getting Yourself Organized  Develop your own system – what works for you. Change as needed.

Your Financial House Goals  Determine your Goals  Goals give direction  Goals motivate and encourage you to work toward things that are important to you

Your Financial House Goals  How do you set goals  Determine what is important to you and your family. Priority List they just completed  Make goals very specific and clearly defined  Goals should be realistic, challenging, and achievable  Your goals should be yours  Goals may be classified according to time

Your Financial House Goal Recap  Goals should be:  Specific, e.g., I will save $50 per month.  Clearly defined, e.g., I will save $50 per month in a savings account for retirement.  Realistic, Challenging, and Achievable  Measurable and reachable within a given time period

Your Financial House Resources  Look At All Available Resources That May Help You Reach Your Goals  Coupons  Shop sales  Christmas shopping  Public services

Your Financial House Summary  Establish a budget. Stick with it. Revise as needed but infrequently  Tithe  Credit Cards  Use as cash  Shop for best terms  Minimize the number you have and carry  Keep Information for quick cancellation  Plan and Budget for major purchase

Your Financial House Summary  Insurance  Contingency fund – enough liquid assets to sustain you for 3-to-6 months.  Car – liability  House – carry replacement value. Video contents, itemize valuables and keep in safety deposit box (along with all your important papers).  Flood Insurance – may or may not protect you.  Renters Insurance – same as House on contents.  Life Insurance

Your Financial House Summary  Will – make and keep in secure area  Retirement – start planning for it NOW. Max out 401ks, use IRAs (Roth and/or standard)

Your Financial House REVIEW  HONEST OPEN COMMUNICATION  DETERMINE YOUR “SYSTEM”  WORK THROUGH DIFFICULTIES  COMMITMENT