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Access Financial University

Access Financial University. Establishing your Financial Foundation. Access Financial University. Financial Basics October 19, 2005 Retirement and Investment Planning November 16, 2005 Tax Planning December 14, 2005 Putting your Financial Plan in Motion January 11, 2006.

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Access Financial University

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  1. Access Financial University Establishing your Financial Foundation

  2. Access Financial University • Financial Basics • October 19, 2005 • Retirement and Investment Planning • November 16, 2005 • Tax Planning • December 14, 2005 • Putting your Financial Plan in Motion • January 11, 2006

  3. Shannon S. Shareef, CPA • Bachelor’s Degree – University of TN – Knoxville • Masters of Accountancy (Concentration in Taxation) – University of TN – Knoxville • Certified Public Accountant • Member of American Institute of Certified Public Accountants • 360 Degrees of Financial Literacy • Member of Georgia Society of Certified Public Accountants

  4. Startling Financial Facts • The Roper Poll commissioned by the AICPA found the following startling facts: • 66% of Americans say they first learned about the need for financial planning by the time they reached age 30. • If a financial emergency occurred, 51% of Americans say they would borrow from family and friends while 24% would file bankruptcy.

  5. Organize your Financial Records Determine your Net Worth Analyze your Income and Expenses Reduce Debt Increase Savings Financial Basics

  6. Financial Records: Policies Insurance Policies (Auto, Home, Life) Settlement Statements (Closing Documents) Loan Information (Student, Car, Home, Personal) Credit Information (Credit Reports, Credit Scores) Bank Statements Financial Records: Tracking Utility Bills Telephone (LAN and Cell) Water Electricity Gas Cable (or Dish) Credit Card Bills Mortgage Statements Organizing your Financial Records

  7. Retirement/Investing Statements: Savings Account Money Market Accounts 401(k) IRA Payment Stubs Social Security Statements Tax Planning All Tax Returns (Federal and State) including any supporting documentation All notices from any Federal and/or State Tax Authorities Copies of all Tax Bills Copies of all Tax Receipts Copies of any Tax Related Event Organizing your Financial Records

  8. Determine your Net Worth • What is Net Worth ? Net Worth is an overall picture of your Financial Health.

  9. Assets“If it’s on your ass, its not an asset” Assets – Items that you own that have monetary value or income-producing potential

  10. Liabilities Liabilities – Items that you owe that do not have monetary value and reduce your income-producing potential

  11. Assets Cash Retirement Accounts (401(k), IRA) Insurance (Cash Value) Investment Accounts (Stocks, Bonds, Mutual Funds) Market Value of: Home Car Jewelry and other Collectibles Liabilities Mortgages Loans Student Car Bank Personal Credit Cards Taxes Owed Real Estate Income Other Debts Calculating your Net Worth

  12. Calculating Net Worth • Establish Goals • Reduce Credit Card Debt • Re-evaluate other Debt Obligations • Increase contributions to Retirement Plans • Increase Savings

  13. Credit Cards (Example) VISA $2,500 18.24% MasterCard $3,000 9.99% Target Card $1,500 8.49%

  14. Credit Cards • Identify credit card purchases • Adjust the minimum payment • Adjust the payment schedule • Zero percent interest credit cards ?

  15. Income Salaries, Wages Interest Income Gifts of Money Expenses Utilities Loan Payments Tax Payments Medical Payments (co-pays) Insurance Payments Gifts of Money Analyzing your Income and Expenses :Creating a Budget

  16. Income • Identify the types of income • Full time jobs • Part-time jobs • Interest Income • Social Security • Alimony • Identify the frequency of income • Weekly • Bi-Weekly • Monthly

  17. Expenses • Identify your “normal” monthly expenses • Identify expenses that are paid on a quarterly or yearly basis and calculate what it costs you per month • For example, you pay car insurance of $300 on a quarterly basis. This equates to $100 per month. • Track your expenses for at least a month to get a “true” picture of what you spend on a daily basis.

  18. Budgeting • Once you have identified your income sources and tracked your expenses for a month, you are ready to create your monthly budget.

  19. Budgeting Steps • Enter Total Monthly Income and Total Monthly Expenses • Allocate your expenses • Based upon your income and/or • Based upon the “Due Date” • Re-evaluate all expenses • Do you really need to spend $100 on clothes every month ? • Re-allocate your expenses to meet your goals

  20. How well are you doing ? • You should re-evaluate your Budget on a monthly basis to account for special occasions and holidays • You should re-evaluate your Net Worth once a quarter to make sure you are in line with your financial goals.

  21. Saving Ideas • Maximize your 401(k) Contributions • Automatic Savings – Automatically have your savings withdrawn • Direct Deposit into your Savings Account and make transfers to your Checking Account

  22. Places to Save • Emigrant Direct/HSBC Direct – 5.05 % APY • ING Direct – 4.40 % APY • Certificates for Deposit (Short-Term) • Money Market Accounts

  23. Contact Us Access Financial Management, LLC c/o Shannon S. Shareef, CPA P.O. Box 724834 Atlanta, GA 31139 Email : sspencer@accessfinmgmt.com Office : (404) 592-4418 Fax : (404) 592-4418

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