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  • 1. Financial Literacy in These Times AARP Member Event: Vegas@50+ Friday, October 23, 2009 DISCUSSION DRAFT 11-09
  • 2. Welcome to Your Financial Future
    • Moderator: Mary Grate-Pylos
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    • Panelists: Rocky Egusquiza
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    • Ouida Williams
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  • 3. Where do I go from here?
  • 4. How do I more than “just get by?”
  • 5. How do I get out of debt?
  • 6. Where can we find reliable information?
  • 7. Where do I start?
  • 8. Take control of your financial future…
  • 9. How Much do you Know About Managing your Money?
  • 10. True or False?
    • Question #1 : The first step in good personal financial management is working out a budget.
  • 11. False
    • Before you put together a budget, you first need to fully understand your financial situation and goals.
    • Starting the financial planning process with a budget is like starting a diet without adequate preparation and advice.
  • 12. True or False?
    • Question #2 : Social Security is able to provide most working women with enough money for a comfortable retirement.
  • 13. False
    • Social Security was never intended to provide for all of your retirement needs. It must be supplemented with pensions, savings and investment funds.
  • 14. True or False?
    • Question #3 : The best way to generate sufficient long-term retirement funds is to focus on conservative investment risks such as bonds.
  • 15. False
    • Focusing all of your investments in low-risk/low-return bonds is unlikely to generate sufficient funds for an adequate retirement nest egg.
    • The key is to buy a diversified range of stocks and bonds that will grow over time but also let you ride out the peaks and valleys of the stock market.
  • 16. True or False?
    • Question #4 : Compared with men, women face unique financial challenges.
  • 17. True
    • In America today, women still:
    • Earn less than men
    • Live longer; must save more
    • More likely to be single parents and live alone in adult years
    • More likely to have caregiving responsibilities
    • Suffer disproportionate impact of disabilities, job loss, divorce, widowhood and the recession
  • 18. What does this mean for women?
    • Less budget flexibility
    • Less money for savings and investments
    • Lower social security payments
    • Lower or no pension
    • Fewer investments in retirement plans
    • Targeted money management plan
    • Less financial security at all life stages
  • 19. Growing Hispanic Community: New Financial Challenges
    • The time for action to improve financial security for Latina women is now:
    • By 2050, the White, non-Hispanic population will fall just slightly below half of the U.S. overall population.
    • The Hispanic 50+ population is expected to more than double from 8 percent to 19 percent.
  • 20. Common Financial Misperceptions
    • Approaching the wrong people for financial advice
    • Being embarrassed to ask questions
    • Financing items without understanding the implications
    • Co-signing loans for family members with bad credit
    • Believing that certain employer-sponsored investments (e.g., 401K) means the company will take their money.
  • 21. Other Challenges for the Latino Community
    • There are often structural barriers such as lack of bilingual, bicultural staff and appropriate materials at financial institutions that are relevant to the Latino community.
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  • 22. Death of a Spouse? How Do You Deal with . . .
  • 23. High Health Care Expenses?
  • 24. Credit Card Problems?
  • 25. Unexpected Costs?
  • 26. Hidden Debts?
  • 27. Too Little Savings?
  • 28. Too Little Time?
  • 29. Financial Challenges for the African-American Community
    • Let’s talk about on Monday – my concern here is that we appropriately focus in on the unique challenges for African-American population, but do not over-generalize. Would love input on how to structure this.
  • 30. Financial Challenges for African-American Women
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  • 31. Why not get started today ?
  • 32. AARP Foundation has tools that can help.
  • 33. 10 Curriculum Subject Areas
    • Managing Money
    • Credit Cards
    • Installment Loans and Mortgages
    • Retirement Planning
    • Investment Planning
    • Home and Auto Insurance
    • Health Insurance
    • Life Insurance
    • Achieving your Financial Goals
    • Estate Planning
  • 34. 1. Managing Your Money
    • Money management basics
    • Understanding women’s unique
    • financial challenges
    • Measuring assets and net worth
    • Developing a cash-flow statement
  • 35. 2. Making Credit Cards Work for You
    • Advantages and risks
    • Trouble warning signs
    • How credit cards work
    • How to manage credit cards effectively
  • 36. 3. Installment Loans and Mortgages
    • Types of loans and mortgages
    • How they work
    • How to keep track of credit ratings
    • Steps in buying a home
  • 37. 4. Retirement Planning
    • How much should you save?
    • Saving early vs. saving late
    • Social Security benefits
    • Types of savings plans
    • How to build your retirement nest egg
  • 38. 5. Investment Planning
    • Power of compound interest
    • Stocks vs. bonds
    • Evaluating investment risks
  • 39. 6. Home and Auto Insurance
    • What types of losses should be covered?
    • Types of insurance policies
    • What you can do to save money
  • 40. 7. Health Insurance
    • Types of health plans
    • Income lost due to illness or accident
    • Medicare and Medicaid
    • Long-term care and disability
  • 41. 8. Life Insurance
    • When do you need life insurance?
    • How much is needed?
    • Types of life insurance policies
  • 42. 9. Achieving Financial Goals
    • Where do you want to go?
    • Roadmap for reaching your goals
    • Practical thoughts about managing money
    • Developing a cash-flow plan
  • 43. 10. Estate Planning
    • Wills
    • Trusts
    • Probate
    • Power of Attorney
  • 44. Tools that fit your life. . . at your pace.
  • 45. Get started now by:
    • Taking Women’s Financial Basics for Life at your local community college;
    • Sharing Women’s Financial Literacy Program information with friends and local community groups;
    • Email us at womensfinance@aarp.org
  • 46. Money Management Tools that Last a Lifetime
  • 47. Invest in yourself and your financial future.
  • 48. For more information: AARP Foundation’s Women’s Literacy Program: [email_address]