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• Your “Financial Planning” booklet

Develop a positive relationship to money, create a budget that works, and learn about investing strategies. This booklet guides you through understanding your money, setting savings goals, and managing risk. Start taking control of your financial future today!

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• Your “Financial Planning” booklet

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  1. • Your “Financial Planning” booklet • A pen or pencil

  2. • Develop a positive relationship to money • Create a budget that works • Develop a savings plan • Learn about investing

  3. 1. What does money mean to me? 2. How do I feel about budgeting? 3. What are some of my savings goals? 4. What investing success have I had?

  4. • What does money mean to me? • Power • Happiness • Self-worth • Social status • Freedom

  5. • An exchange of energy • A relationship takes understanding, patience, and time • Begin with small steps

  6. • Money comes in every month—your income • Money goes out every month—your expenses • Know where it all goes • Spend less than you make

  7. • Have an all-cash month • Collect receipts • Record everything

  8. • Dry cleaning • Parking charges • Vending machines • Magazines • Postage • Movie rentals • Credit card finance charges

  9. • Consider curbing your impulse shopping • Try to maintain responsible credit • Establish good credit

  10. • Short-term savings • Mid-term savings • Long-term savings

  11. • Easy accessibility • Sample needs: Car, vacation, 6-month emergency fund • Savings vehicles: Savings accounts • Types of investments: Passbook savings account, money market, CDs

  12. • Sample needs: New home, boat • Savings vehicles: Traditional savings account, investment account • Types of investments: Mutual funds

  13. • Sample needs: Retirement, college education • Savings vehicles: Retirement: 401(k), IRA College: 529, Coverdell ESA • Types of investments: Mutual funds

  14. • Retirement: • 401(k) • IRAs • College: • 529 Plan • Coverdell ESA • The Web site has more info at Retire.53.com

  15. • Investing involves some risks • Risk can be managed • Time horizon • Diversification • Asset allocation

  16. • The amount of time you have before you need to begin withdrawing money • Longer time—more risk you can take • Shorter time—less risk you can take

  17. • Put money into more than one investment • Mutual funds are automatically diversified to help you manage risk

  18. • Spreading your investment dollars over different types of investments • Investment types: • Stocks • Bonds • Cash equivalents

  19. • Developing a positive relationship to money • Creating a budget that works • Developing a savings plan • Learning about investing strategies

  20. • Make the commitment to start a budget • Begin your savings account • Increase your 401(k) contribution • Consolidate your retirement accounts

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