Taking Control of Your Cash - Eliminating Debt
-
Upload
john-brown -
Category
Education
-
view
39 -
download
0
Transcript of Taking Control of Your Cash - Eliminating Debt
Taking Control of Your Cash - Eliminating Debt
This seminar and any accompanying material are based on available sources of public information and is assumed to be correct as per the indicate sources. Any discussion of Eliminating Debt is for informational purposes only. Please consult with your financial planning consultant for your particular situation. The information presented is general in nature and not intended to be a complete explanation of the subject matter nor a substitute for careful personal financial plan that addresses an individuals specific situation.
Millennium Financial Group does not engaged in rendering legal, tax or accounting advice. Legal, tax and accounting advice applicable to your own situation should be obtained from a qualified professional.
Securities and Advisory Services offered through Cetera Advisors LLC, member FINRA/SIPC. Millennium Financial Group is not affiliated with Cetera Advisors LLC.
IMPORTANT INFORMATION
Happiness Is… Making Informed Financial Decisions
Although money may
not be able to buy
happiness, it is an
important part of life.
3
Society for Financial Awareness
Wants vs. Needs
Wants Needs
4
Society for Financial Awareness
We Buy Because of Emotion, Not Logic!
From a psychological standpoint:
We purchase an item we mistakenly believe will make us
happy.
The item loses its value to us over time.
We look for the next item to make us happy, and then another,
and so on.
5
Society for Financial Awareness
Changing Your Perspective
Your self-worth has
nothing to do with
your net-worth.
Money does not
make the person - it
is who they are on
the inside that
defines their lives.
6
Society for Financial Awareness
You Shouldn’t Live in Fear of Your Finances
Your financial dealings are serious; however, you are in control, even if it
doesn’t always feel like it.
You can control your savings, expenses, and even your earnings; however, you
have to adopt the mindset to do so.
As you begin to build up your feelings of self-worth and develop a positive
attitude about yourself and about money, you'll be able to function positively
and effectively.
There is no point in waiting for your situation to improve before you tackle
your money issues.
7
Society for Financial Awareness
What Makes You Happy?
It’s often been said that
the best things in life are
free, and it’s true.
Unfortunately, some
people convince
themselves that they
don’t deserve happiness
and accept their
circumstances far too
easily.
8
Society for Financial Awareness
You Have to be Willing to Sacrifice to Achieve Goals
There are no secrets
to success. It is the
result of preparation,
hard work, and
learning from failure.
Colin Powell
9
Society for Financial Awareness
Take Control of your Circumstances
Before setting out to achieve a goal, look how others have achieved
something similar and find out how they did it.
Find someone who's on the path you want to pursue and have a
conversation with them.
Following a well-defined path often makes it easier to bring about change.
In doing so, you create accountability.
You need to be able to walk before you can run, and taking small steps if
you’re contemplating significant changes can dramatically improve your
chances for success.
10
Society for Financial Awareness
Developing Your Plan
Evaluating the current situation: “Initial Spending Assessment”
Identifying “wants” and “needs”
Discussing options and adjusting spending accordingly
Tracking spending - Creating a Comprehensive Budget
Establishing and implementing short- and long-term goals
Reviewing and modifying your plan when necessary
11
Society for Financial Awareness
Building an Emergency Fund
Plan for life’s unexpected
emergencies by setting up
an Emergency Savings
fund.
Set aside at least 3-6
months worth of expenses
to help cope with life's
emergencies.
Emergencies can happen
to anyone, anytime!
Seek conservative savings
vehicles that keep pace
with inflation.
Society for Financial Awareness
12
Become a “Financial Guru”
There are thousands of
not-for-profit agencies
that offer the public free
financial analysis.
Speaking with a certified
credit counselor will help
you establish an initial
game plan, as well as
identify the information
you need to know for
your financial situation.
13
Society for Financial Awareness
Credit Card Debt
One of the biggest
problems credit
counselors see regularly
is uncomfortably high
credit card debt, which
can really devastate a
family’s budget.
$24,000
$34,000
18% Interest 29.99% Interest
14
$14,000 Credit Card Balance
Society for Financial Awareness
Getting Out of Debt
Debt Snowball Method
Modified Snowball Method
Credit Counseling
Society for Financial Awareness
15
Life on a Debt Management Program
Bills which can be included in a Debt Management Program include Credit Cards, Personal Loans (unsecured), Personal loans secured by household items, Past-due balances on telephone bills, cellular phone bills, electric bills, etc., Collection Accounts, Lines of Credit, Disconnected Utilities, Medical Bills, and Repossessions (unpaid remaining balances).
Debt Management Program participants typically enjoy:
One Convenient Monthly Payment
Lower Monthly Payments
Reduced Interest Rates
Elimination of Late and/or Over Limit Fees
Ongoing Education
Access to Nationally Certified Credit Counselors
Full Support of Our Customer Care Associates
16
Society for Financial Awareness
Thank you for your time!
Please complete your program
evaluation.
We are happy to answer any questions you
may have now or in the future!