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A ROAD MAP TO YOUR FINANCIAL FUTURE

<logo>. A ROAD MAP TO YOUR FINANCIAL FUTURE. Diane Sarber Chief, Financial Readiness Army Community Service. You Might Want to Use A Financial Road Map If…. You never met a credit card you didn’t like You buy on impulse or spend when you are lonely or depressed

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A ROAD MAP TO YOUR FINANCIAL FUTURE

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  1. <logo> A ROAD MAP TO YOUR FINANCIAL FUTURE Diane Sarber Chief, Financial Readiness Army Community Service

  2. You Might Want to Use A Financial Road Map If…. • You never met a credit card you didn’t like • You buy on impulse or spend when you are lonely or depressed • Your retirement plan is to work until you die • You run out of money before you run out of week • You don’t know how much you owe and you don’t care • You don’t know what lies ahead in your career • You know more about lifetime movies than money management

  3. Destination Financial Stability • Develop net worth statement • Establish short and long term goals • Construct a financial plan for spending, spending, saving, and investing

  4. Financial Grid Coordinates • Net worth statement or balance sheet - All sources of income - Liabilities or debts • Spending plan or budget - Keep it real • Spending diary • Review credit report at least annually

  5. Spending Plan • Save (pay yourself first) • Realistic lifestyle expectations • Needs vs wants • Control living expenses • Reduce or eliminate debts • Invest for the future

  6. Goals Write them down! Be specific Be realistic Determine the cost Identify a time frame • Short term – less than five years • Long term (retirement, children’s education, home purchase)

  7. Road Sign Only two ways to change a negative bottom line to a positive one • Decrease debt • Increase income

  8. Improving Road Conditions • Establish regular savings plan • Maintain adequate insurance • Smart shopping • Consumer awareness • Service Members Civil Relief Act • Power payments to reduce debt

  9. Road Conditions Green • Adequate emergency savings • Consider Thrift Savings Plan • Increase investment knowledge or select a professional financial advisor

  10. Road Hazards • Inadequate income • Unexpected expenses • Poor recordkeeping • Impulse or emotional spending

  11. Detours • Excessive credit card debt • Minimum payments • Late or missed payments • Bounced checks

  12. Roadblocks • Predatory Lending - Payday loans - Car title loans - Tax refund loans • Inappropriate investments • Too much or too little insurance • Frauds and scams • Gambling, substance abuse • Bankruptcy

  13. Alternate Routes • Financial counselors at Army Community Service www.gordon.army.mil/acs • Military One Source • Installation banks and credit unions • Army Emergency Relief • Nonprofit consumer credit counseling agencies • State sponsored grants

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