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Nbn fin planning labinsky financial 12-2012 v2
- 1. Israeli Financial Planning Seminar Baruch Labinsky MBA, TEP Licensed by the Israel Securities Authority Financial Planner/Investment Manager December 2012 www.Labinsky.com
- 2. What is Financial Planning? Not an event but a process Paradigm shift Creating a personalized roadmap Align lifestyle to goals Financial success is implementing goals Your definition of success Wants vs needs Long term vs short term
- 4. Planning over time Short term plan 1 year plan Emergency funds Housing Cashflow Employment vs ulpan Long Term plan Spend less than earn Retirement Weddings, simchas, special events etc Special needs, family obligations Education Debt payments
- 5. Budgeting!! Why critical in Israel? Awareness Solving financial problems Improves control over resources Prioritizing Improves family communication Goal tracking Long term and unexpected Most important tool you have!
- 7. Budgeting 101 How do we get started Step 1: Create categories Step 2: Estimate your budget Step 3: Start recording Step 4: Re-set goals Step 5: Go back to Step 2 and adjust your plan
- 8. Yearly Budget Budget Jan Feb March April May June July August Sept Oct Nov Dec Total Revenue Husband's Rev Wife's revenue Betuach Leumi Savings/Investment income Total Revenue Mortgage Telephone Cell Telephone Gas - stove Arnona and water Schools Tzedaka Vaad Bait Health insurance Life insurance bus passes Loans Subtotal fixed expenses Food Electricity taxis Cleaning help Newspaper Dentist Mitapelet/Babysitter Gan/Art supplies House Maintenance Entertainment Clothing Medication/cometics Shiurim Books, computer disks etc Presents Spending money/shalom bayit Vacation Other Unexpected Subtotal Variable expense Total Expenses Balance Monthly Yearly to Date profit or loss
- 9. Yearly Budget Budget January February March April May June July August September October November December Total Revenue Husband's Rev 0 Wife's revenue 0 Betuach Leumi 0 Savings/Investment income 0 Revenue Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage 0 Arnona and water 0 Electricity 0 Gas - stove 0 Home Telephone 0 Cell Telephone 0 Vaad Bait 0 Cleaning help 0 House Maintenance 0 Home Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Food 0 Schools 0 Living Chugim/swimming 0 Mitapelet/Babysitter 0 Haircuts 0 Living Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kupat cholim 0 Health ins/Meuhedet 0 Health Medication 0 Life insurance 0 Health Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Car insurance/license 0 Transport Gas Car 0 Shiurim 0 Car Maintenance 0 Trans Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tzedaka 0 Dentist 0 Personal Vacation 0 Books, computer disks etc 0 Presents 0 Clothing 0 Personal Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Machon Rakefet 0 Newspaper 0 Extras Entertainment 0 Misc/shalom bayit 0 Extras Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pay myself 0 Financial Loans 0 CC 0 Keren Hishtalmut/Pension 0 Financial Subtotal 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Balance Monthly 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Yearly to Date profit or loss 0 0 0 0 0 0 0 0 0 0 0 0
- 12. How to make it work Discipline to track Mutual responsibility If you can‟t afford it … Use tools that work for you Give yourself a buffer Don‟t forget about the revenue!
- 13. General tips Live within your budget Research prices - internet, friends Negotiate everything! Buy used - janglo, groopbuy.co.il, ebay Check your bills Plan ahead Cash is king
- 14. The Israeli System Understand Israeli system No universal reporting requirement Teum mas Tax credits, women vs men Donations 10 year tax “holiday” for Olim Bituach Leumi When start paying… or collecting Income supplements Maternity leave Handicaps Special exceptions committee Pensions
- 15. EMPLOYMENT BENEFITS o Understand the Israeli employment benefits! o Types of standard benefits – significant savings o Long term retirement savings plans o Bituach Menahalim o Keren Pensia o Keren Hishtalmut o Self employed business structuring options
- 16. The Big Ticket Items Cutting your food budget, Transportation expenses Can I afford a car or two? Real cost of owning Mortgage – brokers? Insurance Banking and financial services Online Shop around
- 18. Utilities etc Electrical Discounted rates – 9 categories Water – discounts? Arnona – municipal taxes Home Gas Cell and regular phones
- 19. Be creative Gemachim Schools – discounts, negotiate, used books Chugim/classes – hosting, swapping, coop Clothing Entertainment – free … Household
- 20. Debt Management How much do I owe? What is it costing me? Urgency Debt pyramid Debt consolidation
- 21. QUICK TIPS Find a „guardian angel‟ Educate yourself Investigate Oleh discounts Research before committing Accounts and policy information
- 22. Annual Statement of Net Worth Monitoring your financial progress Is the issue temporary or system Easier to create reward system for an enjoyable process
- 26. Annual Statement of worth Assets 2012 2013 2014 Short term Reserves Bank accounts Money market accounts Cash value of life insurance Taxable investments Stocks Bonds Mutual funds Hedge funds Others Kupot Gemel Tax defer-exempt inv Bituach menahalim Keren Hishtalmut Others Personal Property Principle Home Rental property Partnerships Business ownership Cars, vehicles Home furnishings Jewelry, antiques Others Total Assets 0 0 0 Liabilities Current Credit card balances Mas hachnasa-BL owed Outstanding bills Overdraft Long term Home mortgage balance Mortgages on rental property Car loans Tuition loans Gemachim Other Long term Others Total Liabilities 0 0 0 Total Net Worth (assets - liabilities) 0 0 0
- 27. Available in stores in Israel and abroad
- 28. Questions?? More information and mailing list signup at www.labinsky.com