Money on My Mind: Creative Financial Strategies

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Learning Objective: Increase financial literacy and money management capacity How does money support your big vision for your life? What are your short and long term strategies for making your dreams a reality? To manage money effectively and prepare for a secure and prosperous future you must focus on gaining knowledge and taking action. The key to success and wealth is developing sound financial habits early. Time is money; this seminar will help you get started on the path to getting and saving more of both. At the end of this seminar, participants will be able to: a. Explore basic money management techniques. b. Examine individual relationship with money and how to make money work for you. c. Use tips to streamline the planning process. d. Identify an action plan starting from current financial position. e. Identify the top ten money mistakes young people make and how to avoid them.

Economy & Finance

MONEY ON MY MIND
Creative Financial Planning Strategies

EMPOWER
• Educate Yourself and Others;
• Manage Income &Expenses;
• Plan for The Unknown;
• OWN Your Choices and use
• Wisdom; controlling
• Emotional Spending and
• Reap the DIVIDENDS
2

Educate Yourself and Others
Financial Planning:
 What, When, Where, How
 Assessment of Decisions
Financial Plans Include the following Basic Elements:
 Goals
 Monthly Budget [Bi-Weekly (if easier)]
 Long Term and Short Term Goals
 Accountability Check In
Customize your plan to your goals!!
3

Dispel the Myths
CHANGE YOUR MIND
 I’m only a high school student
 I just started college
 I am going back to school and
have already made credit
decisions
 I already have student loan debt.
 I do not have a lot of money
4
Wife, Kids,
Post Graduate
Education,
Grooming
Student Loans,
Car Note,
Rent/Mortgage,
Entertainment,
Hygiene
Dependent
Care and
Elderly Care
 Why should I invest?
 How can I invest?
 What should I invest in?
 Am I going to loose my money?

Manage Your Income and Expenses
You Do the Math…..
• Monthly Budget
– What to include
• Rent, Mortgage
• Day-To Day Expenses
• Student Loans
• Unsecured Debt
• Secured Debt
• Savings
• Spend for “You”
• Emergency Fund
• Survival Kits
• Retirement
5

6
A Financially Fit Heritage
There are 21 African American owned banks with assets
totaling approximately $4.7 billion or approximately 0.43
percent of African America's $1.1 trillion in buying power. In
1994, there were 54 African American owned
banks according to the FDIC. Now, there are 21.
THEN…. NOW….

Plan for The Unknown cont’d
Credit versus Cash; Pros and Cons
Credit
• $5k Auto Loan
– @ 7% intr. For 5yrs = $940
in interest
• $5k Credit Card
– @ 17% intr paying
minimum of 4% rate of
$200/mo = 130/mo with
total pmt of $7,627.46
• $5k Student Loan
– 5yrs @ 6% = $799.84
Investment
• $5k Lockheed Martin Corp
(LMT)
– Feb 12, 2011 – Feb 11, 2016 =
$12,000
• $5k CD
– @ .25% for 5yrs compounded =
$5,062
• $5k Investment
– @ average 6.5% for 5yrs = $6,850
• $5k retirement w/ $100/mo
– @ average 6.5% for 30yrs = $139,700
7

Plan for The Unknown cont’d
Strategies for Financial Success and Stability
 Categorize Your Money; How do you Classify Your Money
 Planning Pro Actively
 Smart Use of Credit Cards
 Smart use of Student Loans
 Smart Use of Retirement Funds
 Insurance Plans
 Budgeting for Others (BFO) (family, friend loans)
 Just say No
 Provide Other Resources
 BFO Responsibly
 Strategies for Saving – Accounts in the Market, Taxes
 Discipline
8

Plan for The Unknown cont’d
Streams of Income
– Work Study
– Part Time Employment
– Steady Employment
• Salary Negotiations
• Signing Bonuses
• Retention Payments
– Entrepreneurs
– 401 K; Roth; My IRA Contributions
– Insurances
– FEAR
9

OWN Your Choices
Real Talk for Real Money Issues
The Panel Gets Open About Money Mistakes
Transparency in the Mirror
Learn from Other’s Choices, Experiences and
Outcomes
– Your Own Experience Does not Always have to be
the Best Teacher
Lessons Learned
10

Wisdom; Controlling Emotional Spending
Investment or Impulse….
11
 Really….what are you spending your
money on?
 Are you forward thinking on all your
purchases?
 Let’s talk about rewarding yourself
within the realms of still making
smart money decisions?
 Retail Therapy?? Image?? Status?

Reap the DIVIDENDS
What’s in it for YOU??
 Written Goals
 Your Definition of Success
 Financial Stability
 Debt Free
 Accomplishment
 Reduced Mental Stressors
 Enjoy Life
12

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