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Financial Crisis Management

Financial Crisis Management. Mary B. Pearson, CPA MAcc , Assistant Professor of Accounting. 10 Financial Facts. Money is the number one cause of stress for 75% of all Americans Money is the number one cause of divorce(73%) 50% of consumer purchases are made on impulse

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Financial Crisis Management

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  1. Financial CrisisManagement

    Mary B. Pearson, CPA MAcc, Assistant Professor of Accounting
  2. 10 Financial Facts Money is the number one cause of stress for 75% of all Americans Money is the number one cause of divorce(73%) 50% of consumer purchases are made on impulse The average American earns less than $30,000 per year. The average US credit card debt per household is over $16,000
  3. (continued) 10 Financial Facts Most people misspend approximately 1% of their annual yearly income monthly. Over 57% of households do not have a budget. 61% of Americans live paycheck to paycheck 40% of Americans spend more than they earn. 63% of Americans have less than 1% in Savings
  4. Often when we lose hope and think this is the end, God smiles from above and says, “Relax, it’s just a bend, not the end!”
  5. Abraham Lincoln Purchased a general store in 1832 Started buying inventory on credit Lincoln’s partner died and left Lincoln with $1,000 debt. Creditors seized the only assets Lincoln had, a horse and surveying gear. It took Lincoln over 8 years to pay off his debts.
  6. Walt Disney In 1922 Disney started Laugh-O-Gram studios. A New York distributor Failed to pay forcing Disney into bankruptcy in 1923. Mickey Mouse debuted In 1928.
  7. Milton Hershey Hershey began his first candy shop in New York in 1876. Six years later his shop went under and Hershey returned to Lancaster Pennsylvania. Hershey began a caramel Company and sold it in 1900 for 1 million so he could focus on Chocolate.
  8. Others who overcame Financial Stress Burt Reynolds P.T. Barnum H.J. Heinz Thomas Jefferson William McKinley Ulysses S. Grant
  9. Financial Stress is not caused by a lack of money, but by not having a system that causes us to make wise decisions about the way we spend money.
  10. Quick Tips Just by eating at home 3 – 4 days per week, instead of eating out can save $250-300 per month, $3400 per year. For every $100 purchase you consider spending, take 10, 10% of the purchase in time. IS THIS A WANT OR NEED? Shop Less! Purchase groceries once a week, or every other week. Every time you enter a store, 10% of the total spent is unnecessary. Pay with Cash. People spend 18% more when using a credit card. Cut unnecessary expenses: Phone Bill, $70 or more per month and nearly $1000 per year.
  11. Concentrate on Getting out of Debt!!
  12. How Soon Can I Pay Off My Debt
  13. We are judged not by how much we have, but by what we do with what we have.
  14. Change is an Action Word!
  15. Evaluate What is one financial action you do right? What is one take away you have received from the Financial Wellness Series? (Budgeting, Insurance, Investments) What is one short term financial goal you will accomplish? What is one long term financial goal you will accomplish?
  16. When God solves your problems, you have faith in His abilities; when God doesn’t solve your problems, He has faith in your abilities!
  17. Conclusion Life is not a competition that we win if we acquire the most money or possessions. How we respond to our economic condition, especially the manner in which we acquire and manage our financial resources, is part of life’s test.
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