1. Women and Money Presented by Joyce Lash Family Resource Management Field Specialist 641-464-5003 lash@iastate.edu

2.  Understanding Family Living Costs –Integrated into the Farm Spending Plan –Realistic –Based on actual spending

3. How do you compare? Region 18 2007 - $30,084 State of Iowa 2007 - $34,916 ISU Extension – Economic Profiles Illinois 2007 - $60,294 Minnesota 2008 - $80,728 Nebraska 2008 - $66,126

4. Non-Farm Families Iowa 2008 - $48,108 Bureau of Labor Statistics 2009 Midwest $46,551 US Average $49,067

5. Budget Suggestions ISU - 10% of farm income be allocated for family living expenses 10-15% of the profit be set aside for non-essential purchases

6. Monitor Family Living Costs Record and stay current on expenses –Account for cash as well as recorded spending –Compare actual costs to projected costs and make adjustments early! –Build in cost of replacing major household items

7. Impact of Inflation In 2008 the cost of goods rose 3.8% –Clothing costing $1,200 in 2007 would cost you $1,246 in 2008 In 2009 the cost of goods rose.25% In 2010 the cost of goods rose 1.6% Financial Planners typically use 3.5% to reflect the increase in cost of expenses

8. Wealth Management  Balancing Farm Investments with Non-Farm Investments

9. 1.Organize Your Financial Information 2.Laying the Groundwork 3.Debt Management and Credit Considerations 4.Finding Money to Invest 5.Determine Your Asset Allocation and Risk Tolerance 6.Evaluation Investment Products and Agricultural Oriented Alternatives 7.Evaluating Financial Service Providers and Information Services 8.Investing for Retirement and Estate Planning 11 Supplemental Units

10. Asset Allocation

11. Family Financial Snapshot Farm Assets Crops Livestock Prepaid Expenses Feed on Hand Supplies-Tools Accounts Receivable Machinery Farm Land Buildings and Improvements Contracts and Loans Securities, Certificates Personal Assets Checking Savings Money Market Accounts CD’s Home and Household Items Personal Accounts –401(k) –Stocks and Bonds Insurance Jewelry and collectibles Personal Vehicle

12. Asset Allocation High Risk Crops Livestock Prepaid Expenses Feed on Hand Supplies-Tools Accounts Receivable Machinery Farm Land Buildings and Improvements Contracts and Loans Securities, Certificates Home and Household Items Personal Accounts –401(k) –Stocks and Bonds Jewelry and collectibles Personal Vehicle Low Risk Checking Savings Money Market Accounts CD’s Insurance

13. The Three Legged Stool 1.Social Security is projected to cover approximately 60% of your income needs 2.Farm Income? 3.Retirement Accounts

14. Retirement Accounts Work -401(k) or Pension Simple, Keogh, SEP Traditional IRA or Roth IRA Annuities CD’s Money Market Account

15. Credit Reports Check annually www.annualcreditreport.com Monitor and make corrections

16. Questions/ Thoughts

17. Women and Money Thanks You! Joyce Lash Family Resource Management lash@iastate.edu 641-464-5003