1 / 17

Women and Money

Women and Money. Presented by Joyce Lash Family Resource Management Field Specialist 641-464-5003 lash@iastate.edu. Understanding Family Living Costs Integrated into the Farm Spending Plan Realistic Based on actual spending. How do you compare?. Region 18 2007 - $30,084

tayte
Download Presentation

Women and Money

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

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

  10. Asset Allocation

  11. Family Financial Snapshot Farm Assets 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 • Crops • Livestock • Prepaid Expenses • Feed on Hand • Supplies-Tools • Accounts Receivable • Machinery • Farm Land • Buildings and Improvements • Contracts and Loans • Securities, Certificates

  12. Asset Allocation High Risk Low Risk Checking Savings Money Market Accounts CD’s Insurance • 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

  13. The Three Legged Stool • Social Security is projected to cover approximately 60% of your income needs • Farm Income? • 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

More Related