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National Association of Black Accountants, Inc.

National Association of Black Accountants, Inc. M ney $ ense. Financial Goals. Financial Literacy: Knowing What You Need To Know To Achieve Your Financial Goals. Achieving Your Financial Goals. “ Most people don’t plan to fail; they just fail to plan.”.

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National Association of Black Accountants, Inc.

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  1. National Association of Black Accountants, Inc. M ney $ense Financial Goals

  2. Financial Literacy: Knowing What You Need To Know To Achieve Your Financial Goals

  3. Achieving Your Financial Goals

  4. “Most people don’t plan to fail; they just fail to plan.”

  5. Achieving Your Financial Goals • The goals you hope to achieve • Your time frame for reaching each goal • The benefits of reaching each goal • The obstacles that could prevent you from achieving each goal, and ways to help overcome them

  6. Achieving Your Financial Goals • Set clear goals • Resolve to spend less • Create an emergency fund • Make saving a priority • Pay yourself first

  7. Achieving Your Financial Goals • Reduce credit card debt • Evaluate your insurance coverage • Think taxes

  8. Establish A Plan • Examine your financial goals • Identify your current monthly income and expenses • Evaluate your budget • Monitor your budget by keeping track of actual expenses • Set aside money for periodic & unforeseen expenses

  9. Spend Less, Save More • Reduce discretionary expenses • Refinance your home mortgage • Reduce your housing expenses • Sell one of your cars if you have two

  10. Spend Less, Save More • Access the equity in your home • Transfer credit card balances from higher-interest cards to a low- or no-interest card • Review your insurance needs. Ask about insurance discounts or increasing your deductible

  11. Establishing A Financial Safety Net • Having a financial safety net in place can ensure that you're protected when a financial emergency arises • Set up a cash reserve of three to six months' worth of living expenses in your cash reserve

  12. Where to Keep Your Cash Reserve • Your cash reserve should be readily available when you need it • Certain fixed-term investment vehicles impose a significant penalty for early withdrawals

  13. Review Your Cash Reserve Periodically • Your personal and financial circumstances change often • You should review it annually to make sure that it fits your current needs

  14. Keys to Financial Success • Always spend less than you earn • Avoid splurging • Invest the rest

  15. Financial literacy isn’t just a matter of knowing what you have and knowing your options. It is a matter of planning for life’s milestones.

  16. Thank You! National Association of Black Accountants, Inc. M ney $ense For more information visit www.nabainc.org

  17. 360 Degrees of Financial Literacy • 360 Degrees of Financial Literacy is a national effort of the CPA profession to improve the financial understanding of Americans. It provides a comprehensive approach to financial education, focusing on the information Americans need at every life stage, from childhood to retirement. CPAs volunteer their time and expertise to educate members of their communities about financial issues. • Visit www.360financialliteracy.org for tools to help you make sound financial decisions.

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