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Financial planning: the ties that bind презентация
Содержание
- 1. Financial planning: the ties that bind
- 2. Learning Objectives Explain why personal financial planning
- 3. Why Personal Financial Planning? Need a financial
- 4. Here’s What You Can Accomplish Manage
- 5. The Personal Financial Planning Process Financial planning
- 6. Personal Financial Planning Process Step 1: Evaluate
- 7. Personal Financial Planning Process Step 2: Define
- 8. Personal Financial Planning Process Flexibility Plan for
- 9. Personal Financial Planning Process Step 4: Implement
- 10. Personal Financial Planning Process Step 5: Review
- 11. Establishing Your Financial Goals Financial Goals
- 12. Short–Term Goals Accumulate Emergency Funds Equaling 3
- 13. Intermediate-Term Goals Save for Older Child’s College
- 14. Long-Term Goals Save for Younger Child’s College
- 15. Stage 1 The Early Years—A Time of
- 16. Stage 2 Approaching Retirement—The Golden Years Transition
- 17. Stage 3 The Retirement Years After age
- 18. Thinking About Your Career Choosing a Major
- 19. Being Successful in Your Career Have
- 20. What Determines Your Income? Specialized skills
- 21. Fifteen Principles of Personal Finance These principles
- 22. Principle 1: The Risk–Return Trade-Off Savings allow
- 23. Principle 2: The Time Value of Money
- 24. Principle 3: Diversification Reduces Risk “Don’t put
- 25. Principle 4: All Risk Is Not Equal
- 26. Principle 5: The Curse of Competitive Investment
- 27. Principle 6: Taxes Affect Personal Finance Decisions
- 28. Principle 7: Stuff Happens, or the Importance
- 29. Principle 8: Nothing Happens Without a Plan
- 30. Principle 9: The Best Protection Is Knowledge
- 31. Principle 10: Protect Yourself Against Major Catastrophes
- 32. Principle 11: The Time Dimension of Investing
- 33. Principle 12: The Agency Problem—Beware of the
- 34. Principle 13: Pay Yourself First For
- 35. Principle 14: Money Isn’t Everything Extend financial
- 36. Principle 15: Just Do It! Making the
Learning Objectives Explain why personal financial planning is so important. Describe the five basic steps of personal financial planning. Set your financial goals. List fifteen principles of a solid financial strategy.
Слайд 2Learning Objectives
Explain why personal financial planning is so important.
Describe the five
basic steps of personal financial planning.
Set your financial goals.
List fifteen principles of a solid financial strategy.
Explain how career management and education can determine your income level.
Set your financial goals.
List fifteen principles of a solid financial strategy.
Explain how career management and education can determine your income level.
Слайд 3Why Personal Financial Planning?
Need a financial plan because it’s easier to
spend than to save.
Want a financial plan since it helps you achieve financial goals.
Use financial planning, not to make more money, but to achieve goals.
Control your finances or they will control you.
Want a financial plan since it helps you achieve financial goals.
Use financial planning, not to make more money, but to achieve goals.
Control your finances or they will control you.
Слайд 4Here’s What You Can Accomplish
Manage the unplanned
Accumulate wealth for
special expenses
Save for retirement
“Cover your assets”
Invest intelligently
Minimize tax payments
Save for retirement
“Cover your assets”
Invest intelligently
Minimize tax payments
Слайд 5The Personal Financial Planning Process
Financial planning is an ongoing process –
it changes as your financial situation and position in life change.
Five basic steps to personal financial planning:
Evaluate your financial health
Define your financial goals
Develop a plan of action
Implement your plan
Review your progress, reevaluate, and revise your plan
Five basic steps to personal financial planning:
Evaluate your financial health
Define your financial goals
Develop a plan of action
Implement your plan
Review your progress, reevaluate, and revise your plan
Слайд 6Personal Financial Planning Process
Step 1: Evaluate Your Financial Health
Examine your current
financial situation.
How wealthy are you?
How much money do you make?
How much are you spending and what are you spending it on?
Assess your financial situation using careful record keeping.
How wealthy are you?
How much money do you make?
How much are you spending and what are you spending it on?
Assess your financial situation using careful record keeping.
Слайд 7Personal Financial Planning Process
Step 2: Define Your Financial Goals
Define your goals:
Accumulate
wealth for retirement.
Provide funds for a child’s college education.
Buy a new automobile.
Over time, goals change.
Provide funds for a child’s college education.
Buy a new automobile.
Over time, goals change.
Слайд 8Personal Financial Planning Process
Flexibility
Plan for life changes and the unexpected.
Liquidity
Immediate use
of cash by quickly and easily converting an asset.
Protection
Prepare for the unexpected with insurance.
Minimizing Taxes
Keep more of what you earn.
Step 3: Develop a Plan of Action
Слайд 9Personal Financial Planning Process
Step 4: Implement Your Plan
Carefully and thoughtfully develop
a financial plan, then stick to it.
Your financial plan is not the goal - it is the tool used to achieve goals.
Keep goals in mind and work towards them.
Your financial plan is not the goal - it is the tool used to achieve goals.
Keep goals in mind and work towards them.
Слайд 10Personal Financial Planning Process
Step 5: Review Your Progress, Reevaluate, and Revise
Your Plan
Review progress and be prepared to formulate a different plan.
The last step in financial planning often returns to the first. No plan is fixed.
Goals are fantasy without a plan.
Review progress and be prepared to formulate a different plan.
The last step in financial planning often returns to the first. No plan is fixed.
Goals are fantasy without a plan.
Слайд 11Establishing Your Financial Goals
Financial Goals Cover 3 Time Horizons
Short-term -- within
1 year
Intermediate-term -- 1 to 10 years
Long-term -- more than 10 years
Intermediate-term -- 1 to 10 years
Long-term -- more than 10 years
Слайд 12Short–Term Goals
Accumulate Emergency Funds Equaling 3 Months’ Living Expenses
Pay Off Bills
and Credit Cards
Purchase Insurance
Purchase a Major Item
Finance a Vacation or Entertainment Item
Purchase Insurance
Purchase a Major Item
Finance a Vacation or Entertainment Item
Слайд 13Intermediate-Term Goals
Save for Older Child’s College
Save for a Down Payment
or a Major Home Improvement
Pay Off Major Debt
Finance Large Items (Weddings)
Purchase a Vacation Home
Pay Off Major Debt
Finance Large Items (Weddings)
Purchase a Vacation Home
Слайд 14Long-Term Goals
Save for Younger Child’s College
Purchase Retirement Home
Create a Retirement Fund
to Maintain Current Standard of Living
Take Care of Elderly Family Members
Start a Business
Take Care of Elderly Family Members
Start a Business
Слайд 15Stage 1 The Early Years—A Time of Wealth Accumulation
Prior to age
54:
Purchase a home
Prepare for child rearing costs
Save for a child’s education
Establish an emergency fund
Start retirement savings
Purchase a home
Prepare for child rearing costs
Save for a child’s education
Establish an emergency fund
Start retirement savings
Develop a regular pattern of saving by asking:
How much can be saved?
Is that enough?
Where should the savings be invested?
Слайд 16Stage 2 Approaching Retirement—The Golden Years
Transition years between ages 55-64.
Retirement
goals are the center of attention.
Continuously review your financial decisions, insurance protection and estate planning.
Continuously review your financial decisions, insurance protection and estate planning.
Unplanned events, such as corporate downsizing, divorce, or the death of a spouse, have dramatic effects on your goals.
Слайд 17Stage 3 The Retirement Years
After age 65, live off savings
Retirement age
depends on savings.
Less risky investment strategy
Preserving rather than creating wealth.
Less risky investment strategy
Preserving rather than creating wealth.
Review insurance, consider extended nursing home protection.
Estate planning decisions are critical. Trim estate tax bills, have wills, living wills, and health proxies.
Слайд 18Thinking About Your Career
Choosing a Major and a Career
Getting a Job
Making
it a Successful Career
You’ll work for at least 3 different companies, have over 10 different jobs.
Job switching results from great opportunities or downsizing.
Job security is a thing of the past.
You’ll work for at least 3 different companies, have over 10 different jobs.
Job switching results from great opportunities or downsizing.
Job security is a thing of the past.
Слайд 19Being Successful in Your Career
Have a marketable skill, be well
educated, and keep up with technology.
Do good work.
Project the right image.
Understand and work within the power structure.
Do good work.
Project the right image.
Understand and work within the power structure.
Gain visibility.
Take new assignments.
Acquire new skills.
Develop a strong network.
Be ethical.
Слайд 20What Determines Your Income?
Specialized skills received higher pay.
Education is key determinant
of salary*
Advanced degrees earn $72,824
Bachelor’s degrees earn $51,194
High school graduates earn $27,280
Non-graduates earn $18,826
Being married may affect your wealth
70% of middle class households are married
85% of wealthy households are married
*US Census Bureau 2002
Advanced degrees earn $72,824
Bachelor’s degrees earn $51,194
High school graduates earn $27,280
Non-graduates earn $18,826
Being married may affect your wealth
70% of middle class households are married
85% of wealthy households are married
*US Census Bureau 2002
Слайд 21Fifteen Principles of
Personal Finance
These principles form the foundation of personal finance.
They
will provide you with:
an excellent grasp of your own personal finance
a better chance of attaining wealth and achieving financial goals
an excellent grasp of your own personal finance
a better chance of attaining wealth and achieving financial goals
Слайд 22Principle 1: The Risk–Return Trade-Off
Savings allow for more future purchases.
Borrowers
pay for using your savings.
Investors demand a minimum return to delay consumption - above anticipated inflation.
Investors demand higher return for added risk.
Investors demand a minimum return to delay consumption - above anticipated inflation.
Investors demand higher return for added risk.
Слайд 23Principle 2: The Time
Value of Money
Money has a time value.
Money
received today is worth more than money received in the future.
Compound interest - interest paid on interest.
Compound interest - interest paid on interest.
Слайд 24Principle 3: Diversification Reduces Risk
“Don’t put all your eggs in one
basket.”
To diversify, place money in several investments, not just one.
To diversify, place money in several investments, not just one.
Diversification reduces risk without affecting expected return.
Won’t experience great returns or great losses—receive an average return.
Слайд 25Principle 4: All Risk Is Not Equal
Some risk cannot be
diversified away.
If stocks move in opposite directions, combining them can eliminate variability.
If stocks move in same direction, not all variability can be diversified away.
If stocks move in opposite directions, combining them can eliminate variability.
If stocks move in same direction, not all variability can be diversified away.
Слайд 26Principle 5: The Curse of Competitive Investment Markets
In efficient markets,
information is instantly reflected in prices.
Cannot earn higher than expected profits from public information.
Difficult to “beat the market” -- “bargains” don’t remain so for very long.
Cannot earn higher than expected profits from public information.
Difficult to “beat the market” -- “bargains” don’t remain so for very long.
Слайд 27Principle 6: Taxes Affect Personal Finance Decisions
Taxes influence the realized
return of investments.
Maximize after-tax return.
Compare investment alternatives on an after-tax basis.
Maximize after-tax return.
Compare investment alternatives on an after-tax basis.
Слайд 28Principle 7: Stuff Happens, or the Importance of Liquidity
Have funds available
for the unexpected.
Without liquid funds:
Long-term investments must be liquidated.
Results in lower price, tax consequences, or missed opportunities.
With nothing to sell:
Pay higher interest to borrow money quickly.
Without liquid funds:
Long-term investments must be liquidated.
Results in lower price, tax consequences, or missed opportunities.
With nothing to sell:
Pay higher interest to borrow money quickly.
Слайд 29Principle 8: Nothing Happens Without a Plan
People spend money without
thinking, but you can’t save without thinking about it.
Saving must be planned
Start off with a modest, uncomplicated plan.
Later modify and expand your plan.
Remember - financial plans cannot be postponed.
Saving must be planned
Start off with a modest, uncomplicated plan.
Later modify and expand your plan.
Remember - financial plans cannot be postponed.
Слайд 30Principle 9: The Best Protection Is Knowledge
Take responsibility for your financial
affairs:
Protect yourself from incompetent advisors.
Take advantage of changes in the economy and interest rates.
Understand personal finance then apply it.
Protect yourself from incompetent advisors.
Take advantage of changes in the economy and interest rates.
Understand personal finance then apply it.
Слайд 31Principle 10: Protect Yourself Against Major Catastrophes
Have the right insurance before
a tragedy occurs.
Know your policy coverage.
Insurance focus should be on major catastrophes which can be financially devastating.
Know your policy coverage.
Insurance focus should be on major catastrophes which can be financially devastating.
Слайд 32Principle 11: The Time Dimension of Investing
Take more risk on long-term
investments.
Large-company stock prices up 10.4% annually over the past 78 years.
20 year-olds investing retirement money will likely earn more in the stock market than other investment alternatives.
Large-company stock prices up 10.4% annually over the past 78 years.
20 year-olds investing retirement money will likely earn more in the stock market than other investment alternatives.
Слайд 33Principle 12: The Agency Problem—Beware of the Sales Pitch
The agency problem
- those who act as your agent may actually act in their own interests.
Insurance salespeople, financial advisors, and stockbrokers receive commissions, so select them carefully.
Find an advisor who fits your needs, is ethical and effective.
Insurance salespeople, financial advisors, and stockbrokers receive commissions, so select them carefully.
Find an advisor who fits your needs, is ethical and effective.
Слайд 34Principle 13: Pay Yourself First
For most people, savings are residual. Spend
what you like, save what is left.
Pay yourself first so what you spend becomes the residual.
Reinforce the importance of long-term goals, ensuring goals get funded.
Pay yourself first so what you spend becomes the residual.
Reinforce the importance of long-term goals, ensuring goals get funded.
Слайд 35Principle 14: Money
Isn’t Everything
Extend financial plans to achieve future goals.
See
more than just $$$ - know what is important in life.
Money doesn’t bring happiness, but facing expenses without the funding brings on anxiety.
Money doesn’t bring happiness, but facing expenses without the funding brings on anxiety.
Слайд 36Principle 15: Just Do It!
Making the commitment to get started is
difficult, but the following steps will be easier.
One of your investment allies – TIME - is stronger now than it ever will be.
Take investment action now — just do it!
One of your investment allies – TIME - is stronger now than it ever will be.
Take investment action now — just do it!
