Money for Life Money is for life, not just for now!

All I could think about was landing my first job. I wouldn’t have to worry about money! I could finally buy what I wanted, when I wanted, so I did. I filled my apartment with all the things I had been dreaming of, including a to-die-for new wardrobe. I wasn’t prepared when my apartment building burned down one day when I was at work, and I lost everything. Did I have renter’s insurance? No.....I didn’t think it could happen in a million years! Now I tell everybody, “Don’t just think about today. Think about tomorrow.” Real Life, Real Money

 Money for all life’s stages  Choices, decisions, events  The money in your life  Financial organization Today’s Wi$eUp Topics

 You will pass through many life stages.  Women’s financial lives are impacted by their relationships to others  Spouses  Children  Parents  Traditional and nontraditional lifecycle patterns. Money for all life’s stages

 Choices and decisions  Conscious and deliberate decision-making  Unplanned life events  When life hands us a curve ball!  They impact our financial security throughout the life span. Choices, Decisions, Events

 Education and training  Career/job/workplace  Work and family  Financial goals, choices and decisions Choices vs. Unplanned Events

It is impossible to predict the future, but by thinking about it, you will be in a better position to set financial goals.  Mary thinks about the future  You now  You in 10 – 20 years Think About It

 Each age and stage has unique financial tasks  Time is on your side  Act on your financial goal at a young age The Power of Compounding The Power of Compounding 2 Years4% APR6% APR8% APR10% APR 10$1,481$1,791$2,159$2,594 20$2,191$3,207$4,661$6,728 30$3,243$5,743$10,063$17,449

 Label your Lifeline  LEFT: your birth year  RIGHT: your death age  Your age TODAY in relation to the line  The years you will:  Change jobs, buy a car, marry, have a child, send your last child to college, pay off your mortgage  Turn 67 and 85 Lifelines and Life Stages

 Salary/wages vs. compensation  Occupational Outlook Handbook  Compare overall compensation, not just your salary offer. The Money in Your Life

 Employee Benefit s  Retirement Plans  Defined–benefit plans  Defined-contribution plans  “Don’t leave money on the table!”  How long will it take to become “vested”? The Money in Your Life, continued

 Other sources of income  Your own a business/entrepreneurship  U.S. Small Business Administration's Online Women’s Business Center at  Investments  When you divert money from current earnings to your savings and investments, you have essentially “instructed” that money to go out and “get a job and earn some money”! The Money in Your Life, continued

Carol had always budgeted her money carefully. She knew how she spent every dollar. That was the problem – her budgeting was based on how to SPEND her money, not how she would MANAGE her money. After attending a Wi$eUp program, she reworked her budget to contribute more to her retirement plan at work. Now she won’t be the only earner – her retirement money will be earning money for her, too. Real Life, Real Money

The Money in Your Life, continued Compensation and Other Sources of Assistance  Dual-earning couples  Alimony and child support  Temporary Assistance  Disability Insurance  Unemployment insurance  Federal, State, or Local forms of Assistance  Earned Income Tax Credit

 Physical organization of papers  The electronic world  Account numbers and PINs record  Up-to-date firewalls  Electronic accounts record Financial Organization

 Organization of data/information  Straighten Up Your Files and Records  Complete the Credit and Debit Card Safety Record  Complete the Vital Documents Inventory  Complete the form, My Electronic Accounts, Passwords, and PINs. Money For Life Check List

 Create a Financial Center  Establish a filing system  Decide How to organize your electronic files  Shred Paper copies with personal information Money For Life Check List, continued