Your Money & You
Click here to load reader
-
Upload
the-mullings-group -
Category
Economy & Finance
-
view
1.155 -
download
2
description
Transcript of Your Money & You
YOUR MONEY & YOU
Financial Literacy Basics
Outline
© 2012 The Mullings Group. http://TheMullingsGroup.com
2
1. How to Get Out of Debt
2. Budgeting
3. 3 Things to do With Your Money
4. How to Monitor Your Spending
How to Get Out of Debt
© 2012 The Mullings Group. http://TheMullingsGroup.com
3
A debt is any money you owe
A bill is not a debt - unless it is past due
The borrower is slave to the lender
75% of the 400 richest people in America
say that the #1 way to get wealthy is to get out of debt
You need to stop getting deeper into debt
now!
How to Get Out of Debt
© 2012 The Mullings Group. http://TheMullingsGroup.com
4
Credit Collectors…
Know your rights…Google: “1977 Federal
Fair Debt Collection Practices Act”
Get your free credit report from all three reporting agencies
e.g. annualcreditreport.com
Dispute all items that are not correct
How to Get Out of Debt
© 2012 The Mullings Group. http://TheMullingsGroup.com
5
1. Create a budget
2. Track your spending
3. Get current with all your creditors
4. Pay the minimum on all debts
5. Save $1000 for emergencies
6. Payoff debt - No new debt
Budgeting
© 2012 The Mullings Group. http://TheMullingsGroup.com
6
Budget: A plan for spending or saving
money received
Expenses: Money you spend to buy or do
something
Income: Money you earn or receive
Budgeting
© 2012 The Mullings Group. http://TheMullingsGroup.com
7
Money will follow the path of least
resistance
A budget tells your money where to go
Unbudgeted money gets squandered
“Where did all the money go…?”
Budgeting
© 2012 The Mullings Group. http://TheMullingsGroup.com
8
The 4 sections of a budget…
1. Give
2. Save
3. Spend
4. Income
3 Things to do With Your Money
© 2012 The Mullings Group. http://TheMullingsGroup.com
9
Money is something generally accepted as a
medium of exchange or a means of
payment.
You can on only do 3 things with money…
1. Give it away
2. Save it for later (including investing)
3. Spend it
Give
© 2012 The Mullings Group. http://TheMullingsGroup.com
10
It is better to give than to receive
Charity
Church
Someone in need
The Law of the Harvest
Save
© 2012 The Mullings Group. http://TheMullingsGroup.com
11
$1000 emergency fund
3-6 months of living expenses
College
Retirement
Sinking fund*
Sinking Fund12
Sinking fund – money set aside for
infrequent purchases e.g. car,
electronic device, etc.
Stay out of debt by paying cash for your
purchases.
© 2012 The Mullings Group. http://TheMullingsGroup.com
Spend
© 2012 The Mullings Group. http://TheMullingsGroup.com
13
Household
Transportation
Personal
Education
Blow – money you spend on “whatever”
Debt – hopefully none
How to Monitor Your Spending
© 2012 The Mullings Group. http://TheMullingsGroup.com
14
Use the envelope system
Sheet 5 in your handout
http://MyTotalMoneyMakeover.com
http://Mint.com
Quicken
Free Financial Information…
© 2012 The Mullings Group. http://TheMullingsGroup.com
15
Dave Ramsey@ http://DaveRamsey.com
All handout forms are from MyTotalMoneyMakeover.com
Crown @ http://crown.org
Invite Us to Teach for You
© 2012 Keno R. Mullings. http://TheMullingsGroup.com
16
Call us at 617-299-6871 or email us at
[email protected] to have us
come teach a workshop for you.
Questions?
© 2012 The Mullings Group. http://TheMullingsGroup.com
17
Connect: http://www.linkedin.com/in/kmullings
Follow: http://twitter.com/KenoMullings
Consult: http://TheMullingsGroup.com
Learn: http://TheMullingsUniversity.org
Discover: http://StrategicLifePlanSystem.com
Call: (617) 299-6871