Your SlideShare is downloading. ×
121230 4th ward-financial_management
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

121230 4th ward-financial_management

1,027
views

Published on

This is a presentation I gave to members of the 4th Ward of the Liberty Stake of the Church of Jesus Christ of Latter-day Saints on personal financial management or financial self reliance.

This is a presentation I gave to members of the 4th Ward of the Liberty Stake of the Church of Jesus Christ of Latter-day Saints on personal financial management or financial self reliance.


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,027
On Slideshare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Financial Self Reliance 4TH Ward December 30, 2012
  • 2. Tithing• Pay tithing first• Get the Lord on your side• “Prove me now herewith…”
  • 3. Buying a Home • Buying a home should be your top financial priority • Paying off the mortgage before you retire should be your next priority • Utah Housing Corporation helps low income families buy a home with no down payment
  • 4. Budgeting• Plan your spending• Monitor your spending• Save for the future• Mint.com is free and automated
  • 5. Get out of debt • List your debts smallest to largest • Make all scheduled payments • Add 1% of your income to the smallest • Once it is paid off, apply the 1% plus the payment of the smallest loan to the next smallest.
  • 6. Saving for Retirement• Start today• Always contribute to your 401k enough to get the company match• Savings in your 20s could grow 20-fold• Savings in your 30s could grow 10-fold• If you are not yet 40, you will need $1 million to retire
  • 7. Saving for MissionsElders Year Estimated Monthly Missionary Monthly Calculated Savings Leaves Cost Total Cost Required 2013 $ 400 $ 9,600 $ 400 2014 $ 405 $ 9,720 $ 262 2015 $ 410 $ 9,840 $ 197 2016 $ 415 $ 9,960 $ 158 2017 $ 420 $ 10,080 $ 132 2018 $ 425 $ 10,200 $ 113 2019 $ 430 $ 10,320 $ 99 2020 $ 435 $ 10,440 $ 88 2021 $ 440 $ 10,560 $ 80 2022 $ 445 $ 10,680 $ 72 2023 $ 450 $ 10,800 $ 66 2024 $ 455 $ 10,920 $ 61 2025 $ 460 $ 11,040 $ 57 2026 $ 465 $ 11,160 $ 53 2027 $ 470 $ 11,280 $ 50 2028 $ 475 $ 11,400 $ 47 2029 $ 480 $ 11,520 $ 44 2030 $ 485 $ 11,640 $ 42 2031 $ 490 $ 11,760 $ 40
  • 8. Saving for MissionsSisters Year Estimated Monthly Missionary Monthly Calculated Savings Leaves Cost Total Cost Required 2013 $ 400 $ 7,200 $ 400 2014 $ 405 $ 7,290 $ 237 2015 $ 410 $ 7,380 $ 170 2016 $ 415 $ 7,470 $ 132 2017 $ 420 $ 7,560 $ 108 2018 $ 425 $ 7,650 $ 92 2019 $ 430 $ 7,740 $ 80 2020 $ 435 $ 7,830 $ 70 2021 $ 440 $ 7,920 $ 63 2022 $ 445 $ 8,010 $ 57 2023 $ 450 $ 8,100 $ 52 2024 $ 455 $ 8,190 $ 48 2025 $ 460 $ 8,280 $ 45 2026 $ 465 $ 8,370 $ 42 2027 $ 470 $ 8,460 $ 39 2028 $ 475 $ 8,550 $ 36 2029 $ 480 $ 8,640 $ 34 2030 $ 485 $ 8,730 $ 33 2031 $ 490 $ 8,820 $ 31
  • 9. Saving for College Saving Plan for BYU (Estimated Costs) MonthlyYear Student Annual Cost Total Cost SavingsStarts College Required 2013 $4,860 $20,618 $413 2014 $5,054 $21,443 $340 2015 $5,257 $22,300 $292 2016 2017 $5,467 $5,686 $23,192 $24,120 $257 $232 • Tuition at BYU is 2018 2019 $5,913 $6,149 $25,085 $26,088 $212 $197 increasing at a faster rate 2020 2021 $6,395 $6,651 $27,132 $28,217 $184 $174 than inflation but slower 2022 2023 $6,917 $7,194 $29,346 $30,520 $165 $158 than the average of 2024 2025 $7,482 $7,781 $31,740 $33,010 $151 $146 tuition inflation at other 2026 2027 $8,092 $8,416 $34,330 $35,704 $141 $137 schools 2028 2029 $8,753 $9,103 $37,132 $38,617 $134 $131 • The chart covers only 2030 $9,467 $40,162 $128 2031 $9,845 $41,768 $126 tuition • Virtually any other school 2032 $10,239 $43,439 $124 2033 $10,649 $45,177 $122 will cost more
  • 10. Driving a car • Most people spend too much on their cars • Cars will do more to harm your financial condition than anything except addictions to gambling or drugs and alcohol • Don’t borrow money to buy cars • Don’t replace your car often (think 7 to 10 years for new cars and 4 to 7 for used cars)
  • 11. Taxes• Earned Income Tax Credit• Mortgage interest and tithing are deductible only for high income households
  • 12. Insurance• Car insurance• Life Insurance• Homeowner’s Insurance• Health Insurance- CHIPs (health insurance for Children)
  • 13. Banking • Financially successful people use financial institutions • Money is safer in the bank • Money earns interest • Payments are easier and cheaper • You MUST play by the rules
  • 14. Investing• Cash in the bank earns less than inflation• Stock picking and day trading are fun hobbies that are more expensive than golf• Mutual funds and ETFs were invented so that regular folks could invest in stocks and bonds without too much risk
  • 15. Top Ten Tips• Pay Tithing • Save for your children• Buy a home to serve missions• Pay off your home • Save for your children before you retire to attend college• Don’t spend too much • Insure risks you can’t on cars afford to take• Save for retirement • Invest wisely using no- load mutual funds • Choose the right bank