Living Off Your Paycheck

Objectives

• The Psychology of Money

• Goal Setting

• Credit and debt

• Meat vs. Gravy

• Tips for saving

• Budgeting

Psychology of Money

Ask yourself these tough questions:

What does money mean to you?

What did money mean to you?

What do you need to do in order to change your behavior?

What is your “latte factor?”

How motivated are you to change your money belief system?

Change Your Behaviors

“Learned Optimism”

21 Day Rule

Motivation

Necessity

Reality Check

Role-Model

Become a Learner

Goal Setting

• Savings• House• Car• College• Retirement

Goals for Retirement

• What percent of you average annual gross salary do you need to retire on?

• What do you want your retirement to look like? • What lifestyle compromises are you willing to make?

Credit Cards

• Credit Card Balances• Pros and Cons of Credit Cards• Cash• New Rules of Owning a Credit Card• How do Credit Card affect your FICO Scores• Opening credit cards for your children

Meat vs. Gravy

Tips for Saving Money

• For you and your family– Turning lights off– Not going out to eat– Not ordering food in– Shopping at various grocery stores– Buy clothes that do not require dry cleaning– Change your gift giving habits…maybe gifts of trade instead

• (include dog walking, baby sitting, cleaning out closets)– Take advantage of library, free movies and all discounts possible

70% of Gross Salary• “Meat”

10% Cash• Available at the end of the

day• Savings account• Credit union• ING Direct

10% Retirement• IRA/401K• Minimum… what else can

you do?

10% Gravy• Vacation• Gifts• Eating out

Budgeting

“From pennies we get broke and from pennies we get rich.”

Motivation

Resources The Automatic Millionaire……David Bach The Wealthy Barber…………David Chilton Money magazine www.ingdirect.com www.bankrate.com www.Mint.com www.Learnvest.com

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WorkLife4You Resources

• Finance Web Service

– Credit & Debt Library

– Personal Finance Library

• Interactive CalculatorsSavings Amount, Savings Rate, Spending Rate, Credit Card Repayment, Major Purchase Savings, Retirement Funding, Retirement Savings

• HTML Articles

• Related Web Sites

• Audio Tips and PodcastsBudgeting Basics

• On Demand WebinarsOvercoming Debt, Planning Your Financial Future, Retirement & Estate Planning, Basics of Investment

• WorkLife4You GuidesPersonal Budgeting Worksheet, 66 Ways to Save Money, Knee Deep in Debt, Building a Better Credit Report, Choosing and Using Credit Cards

WorkLife4You web site www.WorkLife4You.com

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