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Financial Recovery

Financial Recovery. Introductions. INSTRUCTOR’S CONTACT INFO HERE w / l ogo where BANK ON logo is. Lesson resources provided by Federal Deposit Insurance Corporation and Purdue University Extension. What steps have you taken toward financial recovery thus far?. Objectives.

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Financial Recovery

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  1. Financial Recovery

  2. Introductions • INSTRUCTOR’S CONTACT INFO HERE • w/ logo where BANK ON logo is. Lesson resources provided by Federal Deposit Insurance Corporation and Purdue University Extension.

  3. What steps have you taken toward financial recovery thus far?

  4. Objectives • 1. Identify strategies for stabilizing cash flow after a drop in income • 2. Identify common strategies for achieving financial security after a drop in income

  5. Managing your wellbeing Grieve, but don’t blame Take one thing at a time Stay active and involved Establish a daily routine

  6. Take action. Take control. • Study your financial situation. Ask yourself: • Does my reduced income cover all my expenses? • What assets do I have? • What debt obligations do I have? • What family skills and resources do I have?

  7. Can you make it on a reduced income? Determine monthly cash flow Prioritize your bills Don’t take on new debt Contact creditors before they contact you

  8. Which debts to pay first 1. House-related bills 2. Basic living expenses 3. Utilities 4. Car and insurance payments 5. Taxes 6. Student loans

  9. Cutting back Clothing Food Housing Transportation

  10. Increasing income List assets and their value List of skills, talents and hobbies Utilize government programs and assistance

  11. Withdrawing retirement funds Owe more taxes or pay penalties Withdrawal exceptions Long-term impact

  12. Should I consider bankruptcy? Current cost Future financing Employment

  13. Keep track of your credit score *Credit scores may vary depending on the agency providing the score.

  14. Financial Checkup

  15. Setting goals Does my plan need improvement? What action steps do I need to take?

  16. Financial services Know the rules and fees Credit counseling and other services Credit repair services

  17. Do this at home • Evaluate your monthly cash flow • Set actionable goals • Stay focused, limit opportunities to stray • Reward yourself

  18. Thank You! • INSTRUCTOR’S CONTACT INFO with logo HERE Interested in another class? Visit NIBOA.org. Lesson resources provided by Federal Deposit Insurance Corporation and Purdue University Extension.

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