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www.f3eonline.org | info @f3eonline.org | 240-499-0390

3. F. E. Presented By: . Foundation for Financial Education. www.f3eonline.org | info @f3eonline.org | 240-499-0390. Financial Pitfall #1. No Planning/Needs Based Planning. Define reserves (i.e. budget) Pay yourself first and keep track Raises, tax refunds, gifts/inheritance

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www.f3eonline.org | info @f3eonline.org | 240-499-0390

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  1. 3 F E Presented By: Foundation for Financial Education www.f3eonline.org | info@f3eonline.org | 240-499-0390

  2. Financial Pitfall #1 No Planning/Needs Based Planning • Define reserves (i.e. budget) • Pay yourself first and keep track • Raises, tax refunds, gifts/inheritance • Growth Phase • Income/distribution phase • Conservation phase

  3. Financial Pitfall #2 Not Planning for What If’s • College • House • Retirement • Death • Disability • Taxes • Inflation • Interest Rates • Market Volatility • Unexpected Emergencies • Lawsuit • Liabilities

  4. Financial Pitfall #3 Filing tax returns without a tax advisor • Up to 80% of filers get more money back with professional assistance. • Tax advisors not only verify the validity of particular tax plan, they may also help formulate an ongoing tax savings strategy. • IRA Section 525/529 IRS Code

  5. Financial Pitfall #4 Buying Insurance over the Internet • Insurance companies skilled at not losing money. • Mortality charges have gone down by 30% • Most people have insufficient auto liability and no umbrella coverage. • No difference when using a broker; regulated by state coverage.

  6. Financial Pitfall #5 Following “One Size Fits All” Advice • Most schools of thought: • 15 Year mortgages vs. 30 year mortgages • Stocks vs. mutual funds vs. EFTs • Term vs. Permanent life insurance • Pay down debt first before saving vs. start saving now! • What is the media/presenter trying to sell?

  7. Financial Pitfall #6 No Estate Plan • Avoiding probate and taxes • Three parts to a will • Revocable living trusts • Beneficiary designation • Long Term Care and protecting your assets

  8. Financial Pitfall #7 No exit strategy • Results of avoiding financial blunders • Maximize wealth • Minimize risk • Reduces taxes • Mitigate liabilities by increasing protection • Spend more/enjoy more/can’t outlive or outlast

  9. 300 + Private Colleges • Scholarships up to $44K, non need based • 260,000 students currently enrolled • 25 million given out last year

  10. Financial Pitfall Review • No planning / need based planning • Not planning for “what ifs?” • Filing tax returns without a tax advisor • Buying insurance over the Internet • Following “one size fits all” approach • No estate plan • No exit strategy Any Questions?

  11. 3 F E Presented By: Foundation for Financial Education www.f3eonline.org | sharon@f3eonline.org | 240-499-0390

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