Financial Planning for a Life with Multiple SclerosisA presentation by the

Society of FSP and the National MS Society

Who is the Society of Financial Service Professionals?

National organization established in 1928 Our Delaware Chapter began in 19?? 14,000 Board certified/credentialed professionals Hold one or more professional designations Financial planning, insurance, accounting & law Ethical code, continuing education & networking

Society of FSPand

Financial Education Partners

FEP is a Community Outreach Program Has collaborative agreements with NMSS Specialized programs & assistance Goal is to enhance financial literacy Provide guidance; act as a resource At no cost; we are all volunteers

How we can help you…

Provide one on one counseling – free! On specific issues within our expertise Typically: financial & estate planning,

insurance, legal guidance & COBRA No duplication of other available services Coordinated with state NMSS chapter

The #1 Goal: Getting organized

“A journey of a thousand miles must begin with a single step”

Lao-Tsu

Using the “Adapting” Manual

Much of the information in these slides is covered in your Adapting manual.

The corresponding page number in the manual is shown at the bottom of the slide.

Please refer to the manual for furtherinformation on the subject matter.

Keep an up to date file for these Important Documents

Birth certificate Social Security card Marriage certificates, marital documents Military papers Durable power of attorney Health-care directives Will, Trust documents

Adapting: Page 9

Maintain a file for these also…

Personal documents/statements: Policies: Life, health, disability and LTC Investment/retirement account information Savings/checking statements Mortgage documents Loans and credit card statements Employee benefits statements Tax returns; federal and state

Adapting: Page 9

Professional advisor information

Keep a list of their names and numbers

Case worker Medical, pharmacy information Accountant/tax preparer Financial planner Insurance professional Attorney Others, emergency contacts

Adapting: Page 10

Managing my finances correctly!

Taking control of your finances means:

Knowing what you have and what you owe Making positive changes as needed Spending wisely…with a plan Saving for the future Staying focused

Adapting: Page 42

Managing your expenses…. A saving and spending plan

Fill out your “Income” spread sheet Next list all your “Expenses” Then subtract expenses from income

Rejoice if it is a positive number! If it isn’t…you have some homework to do Then set your short term goals Work up to longer term goals Stay focused!

Adapting: Pages 43, 44 & 45

Where do I stand now?

If I am saving a little “extra money”

every month then…

Planning for the future is very important Have a “Rainy day” fund…this is a must! Unexpected things can happen…quite often! Inflation makes things and services cost more

Adapting: Page 49

Suppose I am over spending?

Prioritize and make needed changes:

Manage your credit card debt wisely Review your budget for improvements Track spending; eliminate non essentials Consider a life style change Prioritize your spending & needs Measure progress towards your goal Be patient, change takes time

Adapting: Pages 46 & 47

Have a Spending Plan…a financial wish list!

List your budget goals…all of them Estimate time to reach each goal Figure out the cost Determine how much to save regularly Prioritize your goals; #1, #2, #3, etc Create a time table to reach them Stay focused!

Adapting: Pages 42, 43, 44, 45 & 46

Sage advice about credit card debt

Some wise suggestions:

Pay it down…not just the minimum payment Call the card issuer, ask for better terms Credit counseling may bring lower payments Bankruptcy is an option, but not a good one There is no “easy answer”

Adapting: Page 47

Be Smart, use Credit Cards Wisely!

Let’s look at Mr and Mrs Frivolous:

Received a new credit card Charged a $5,000 home theater system Cut up card; never used it again Paid minimum each month: $10 or 2% 18% annual interest rate

What did it cost to pay it off? How long did it take to pay it off?

Wow! I can’t believe it…I only charged $5,000 on it!

Repaid $17,883

Over 43 years

To pay off the debt bypaying the minimumamount each month

Identity Theft…the silent thief!It can happen to you at any time

Caution is the best deterrent; be alert! Guard your personal information carefully

Do NOT give it out on the phone or internet Beware of internet scams; they look real

Minimize number of credit cards Review credit card statements for “errors” Check your credit record annually; it is free

Simple things you can do to minimize identity theft

Buy a shredder and use it Don’t leave mail sitting in your mail box Closely monitor all your financial accounts Use a “hard wired” computer;

“wireless” can be intercepted and tapped into Protect your pass words; change often Safe guard your computer from “spyware”

What about my investments?

Have reasonable needs and financial goals A long term investment plan and outlook is best Proper asset allocation is important Fund plan with appropriate investments Periodically monitor and rebalance if needed Don’t invest in things you don’t understand or need Work with an advisor who:

Understands your financial needs Will assist you in working towards your goals

Adapting: Page 47 & 48

Estate Planning is important!

A logical process with several documents

Will: Valid, accurate, complete and up to date Durable Power of Attorney Health-Care Proxy and Living Will Special Needs Trust – possibly Life insurance polices/correct beneficiaries Other legal documents as needed

Adapting: Pages 62, 63, 64 & 65

Bringing it all together… A time tested approach that works!

Maintain up to date files of all documents & financial information in a safe place

Keep an eye on your spending: Appropriate cash management is a priority Stay within reasonable goals Manage credit card debt wisely Save for the future

Stick with suitable investments; avoid risk Early estate planning is always smart Evaluate where you stand at least annually

Staying focused will help you achieve your goals!

“We all have ability… the difference is how we use it.”

Stevie Wonder

Thanks for joining us today!

This community outreach programhas been presented by:

The Society of FSP Foundation

and its Financial Education Partners

In cooperation with the National MS SocietyDelaware Chapter

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