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CPA Mobilization Kit: Parenthood

Get practical tips on achieving financial goals, budgeting, college savings, insurance needs, and teaching children about money management with this comprehensive mobilization kit. Secure your family's future and ensure financial stability.

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CPA Mobilization Kit: Parenthood

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  1. CPA Mobilization Kit: Parenthood

  2. Achieving Your Financial Goals

  3. Achieving Your Financial Goals • • Set Clear Goals • • Resolve to Spend Less • • Create an Emergency Fund • • Make Saving a Priority

  4. Achieving Your Financial Goals • • Reduce Credit Card Debt • • Evaluate Your Insurance Coverage • • Think Taxes

  5. Budgeting • • Gross monthly income • • Net income • • Fixed expenses • • Flexible expenses

  6. Budgeting • • Discretionary expenses • • Total it up • • Increase your savings • • Programs like Quicken can help

  7. Making College a Reality • • Implement a savings blitz • Tighten the belt • Tuition management services • Sec. 529 Plans • Coverdell Education Savings Accounts

  8. Making College a Reality • • Financial aid • Scholarships or grants • Student or parent loans • Work-study

  9. Making College a Reality • • Seek out scholarships • • Tap your home equity • • Comparison shop • • NO RETIREMENT LOANS

  10. Protecting Your Family Through Insurance • • Life insurance • Choosing coverage • How much can you afford? • How much is needed? • For how long? • Protection or investment?

  11. Term vs. Permanent • • Term • Largest death benefit for the dollar • Annual renewable and level premium • Return-of-premium

  12. Term vs. Permanent • Permanent • Combines a death benefit with an investment • Part of the premium is invested, building cash value • Higher premiums • Whole life, universal or variable life

  13. Term vs. Permanent • • Whole life • • Universal life • • Variable life

  14. Health Insurance • • Don’t go bare • •HMOs • • PPOs • • POS

  15. Health Insurance • • Flexible Spending Accounts • COBRA • Medicare • Medicaid

  16. Long-Term Disability Insurance • • Benefit Amount • Term of Benefits • Elimination Period • Noncancelable • Guaranteed Renewables • Own Occupation or Any Occupation

  17. Government-sponsored Disability Benefits • • Workers’ Compensation • Social Security Disability • Veterans Benefits • Federal Employees Retirement System

  18. Teaching Your Child Money Management • Elementary School • Piggy bank • Allowance • Teach value • Save for a special item

  19. Teaching Your Child Money Management • Middle School • Increase responsibilities and decisions • Open a bank account • Encourage comparison shopping • Help understand needs vs. wants • Encourage donating time, money

  20. Teaching Your Child Money Management • High School • Be consistent • Create a budget • Part-time job • Apply for college scholarships and financial aid

  21. Savings and Investing • • Start small • • Contribute to your retirement plan • • Save through payroll deduction plans • • Set up an automatic investment plan • • Round up your mortgage

  22. Savings and Investing • • Bank your raises • • Keep paying off a loan • • Pay off your credit cards • • Reinvest dividends • • Keep track of where the money goes

  23. Investing in Your Future • • Asset Allocation • Stocks • Bonds • Cash Equivalents

  24. Investing in Your Future • • Asset allocation is ongoing • • Diversification • • Life circumstances • • Investment goals, timeframe and tolerance

  25. Investment Options • Short-Term Investments • CD • Money Market Funds • Savings Account

  26. Investing in Your Future • • Long-Term Investments • Mutual Funds • Stock • Bonds

  27. Investing in Your Future • • Retirement Specific Investments • 401(k) • IRA • Social Security

  28. Estate Planning • •  Durable Power of Attorney • Advanced Medical Directive • A Will • A Trust

  29. Estate Planning • • Estate • Estate Tax • Executor • Trustee • Principal • Beneficiary • Probate

  30. Thank You!

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