Your Money & You

YOUR MONEY & YOU

Financial Literacy Basics

Outline

© 2012 The Mullings Group. http://TheMullingsGroup.com

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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


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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!



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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

http://www.annualcreditreport.com/



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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


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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


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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


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The 4 sections of a budget…

1. Give

2. Save

3. Spend

4. Income

3 Things to do With Your Money


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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


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It is better to give than to receive

Charity

Church

Someone in need

The Law of the Harvest

Save


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$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.


Spend


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Household

Transportation

Personal

Education

Blow – money you spend on “whatever”

Debt – hopefully none

How to Monitor Your Spending


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Use the envelope system

Sheet 5 in your handout

http://MyTotalMoneyMakeover.com

http://Mint.com

Quicken

http://mytotalmoneymakeover.com/

http://mint.com/

Free Financial Information…


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Dave Ramsey@ http://DaveRamsey.com

All handout forms are from MyTotalMoneyMakeover.com

Crown @ http://crown.org

http://daveramsey.com/

http://crown.org/

Invite Us to Teach for You

© 2012 Keno R. Mullings. http://TheMullingsGroup.com

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Call us at 617-299-6871 or email us at

[email protected] to have us

come teach a workshop for you.

mailto:[email protected]

Questions?


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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

http://www.linkedin.com/in/kmullings

http://twitter.com/KenoMullings

http://themullingsgroup.com/

http://themmullingsuniversity.org/

http://strategiclifeplansystem.com/

Your Money & You

Economy & Finance

Transcript of Your Money & You