money for life money is for life, not just for now!

Money for LifeMoney is for life, not just

for now!

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.”

Real Life, Real Money

Money for all life’s stages

Choices, decisions, events

The money in your lifeFinancial organization

Today’s Wi$eUp Topics

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.

Money for all life’s stages

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, Decisions, Events

Education and trainingCareer/job/workplaceWork and familyFinancial goals, choices and decisions

Choices vs. Unplanned Events

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 futureYou nowYou in 10 – 20 years

Think About It

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

The Power of Compounding2

Years 4% APR 6% APR 8% APR 10% 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

Label your LifelineLEFT: your birth yearRIGHT: your death ageYour age TODAY in relation to the lineThe 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

Lifelines and Life Stages

Salary/wages vs. compensation

Occupational Outlook Handbook www.bls.gov/oco

Compare overall compensation, not just your salary offer.

The Money in Your Life

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”!

The Money in Your Life, continued

Carol had always budgeted her money carefully. Sheknew 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$eUp 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.

Real Life, Real Money

The Money in Your Life, continued

Compensation and Other Sources of AssistanceDual-earning couplesAlimony and child supportTemporary Assistance

Disability Insurance Unemployment insurance Federal, State, or Local forms of Assistance

Earned Income Tax Credit

Physical organization of papers The electronic world

Account numbers and PINs record Up-to-date firewalls Electronic accounts record

Financial Organization

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

Create a Financial CenterEstablish a filing system Decide How to organize your electronic files

Shred Paper copies with personal information

Money For Life Check List, continued