Money for Life Money is for life not

Money for Life Money is for life, not just for now!

Real Life, Real Money All I could think about was landing my first job. I wouldn’t have to worry about money! I could finally buy what I wanted, when I wanted, so I did. I filled my apartment with all the things I had been dreaming of, including a to-die-for new wardrobe. I wasn’t prepared when my apartment building burned down one day when I was at work, and I lost everything. Did I have renter’s insurance? No. . . I didn’t think it could happen in a million years! Now I tell everybody, “Don’t just think about today. Think about tomorrow. ”

Today’s Wi$e. Up Topics Money for all life’s stages Choices, decisions, events The money in your life Financial organization

Money for all life’s stages You will pass through many life stages. Women’s financial lives are impacted by their relationships to others Spouses Children Parents Traditional and nontraditional lifecycle patterns.

Choices, Decisions, Events Choices and decisions Conscious and deliberate decision-making Unplanned life events When life hands us a curve ball! They impact our financial security throughout the life span.

Choices vs. Unplanned Events Education and training Career/job/workplace Work and family Financial goals, choices and decisions

Think About It It is impossible to predict the future, but by thinking about it, you will be in a better position to set financial goals. Mary thinks about the future You now You in 10 – 20 years

The Power of Compounding Each age and stage has unique financial tasks Time is on your side Act on your financial goal at a young age The Power of Compounding 2 Years 4% APR 6% APR 8% APR 10 $1, 481 $1, 791 $2, 159 $2, 594 20 $2, 191 $3, 207 $4, 661 $6, 728 30 $3, 243 $5, 743 $10, 063 $17, 449

Lifelines and Life Stages Label your Lifeline LEFT: your birth year RIGHT: your death age Your age TODAY in relation to the line The years you will: Change jobs, buy a car, marry, have a child, send your last child to college, pay off your mortgage Turn 67 and 85

The Money in Your Life Salary/wages vs. compensation Occupational Outlook Handbook www. bls. gov/oco Compare overall compensation, not just your salary offer.

The Money in Your Life, continued Employee Benefits Retirement Plans Defined–benefit plans Defined-contribution plans “Don’t leave money on the table!” How long will it take to become “vested”?

The Money in Your Life, continued Other sources of income Your own a business/entrepreneurship U. S. Small Business Administration's Online Women’s Business Center at http: //www. sba. gov Investments When you divert money from current earnings to your savings and investments, you have essentially “instructed” that money to go out and “get a job and earn some money”!

Real Life, Real Money Carol had always budgeted her money carefully. She knew how she spent every dollar. That was the problem – her budgeting was based on how to SPEND her money, not how she would MANAGE her money. After attending a Wi$e. Up program, she reworked her budget to contribute more to her retirement plan at work. Now she won’t be the only earner – her retirement money will be earning money for her, too.

The Money in Your Life, continued Compensation and Other Sources of Assistance Dual-earning couples Alimony and child support Temporary Assistance Disability Insurance Unemployment insurance Federal, State, or Local forms of Assistance Earned Income Tax Credit

Financial Organization Physical organization of papers The electronic world Account numbers and PINs record Up-to-date firewalls Electronic accounts record

Money For Life Check List Organization of data/information Straighten Up Your Files and Records Complete the Credit and Debit Card Safety Record Complete the Vital Documents Inventory Complete the form, My Electronic Accounts, Passwords, and PINs.

Money For Life Check List, continued Create a Financial Center Establish a filing system Decide How to organize your electronic files Shred Paper copies with personal information