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Marriage & Money Setting Up Your Financial Household Marriage & Money
What about the “moneymoon?” <ul><li>It’s when the wedding is over and life together begins —  including your financial lif...
Marriage and Money checklist <ul><li>Create a few simple plans in the beginning of your relationship. </li></ul><ul><li>Cr...
<ul><li>35% Housing </li></ul><ul><li>15% Transportation </li></ul><ul><li>15% Debt </li></ul><ul><li>25% Other </li></ul>...
Learn the debt dos and don’ts. <ul><li>DO break your bad debt habits.  </li></ul><ul><li>DON’T delay paying off credit car...
DO  break your bad debt habits. <ul><li>What’s more of a  financial downer than debt? </li></ul>Two people’s debt! “ Debt ...
DON’T  delay paying off credit cards completely. <ul><li>“ The average American family carries $8,000 to $10,000 in credit...
DO  communicate honestly about your spending habits. <ul><li>“ The recession has pinched consumers, putting additional pre...
DON’T  abuse your credit. <ul><li>Impulse purchases can really hurt. </li></ul><ul><li>“ Overall personal bankruptcy filin...
Stay informed about your debt situation.  <ul><li>Primerica DebtWatchers™ is a product that can help you get a handle on m...
Primerica DebtWatchers™  Empowers you to achieve debt freedom <ul><li>Allows you to create a simple-to-understand plan for...
Primerica DebtWatchers™  Empowers you to achieve debt freedom <ul><li>Plus More Great Features: </li></ul><ul><li>Notifies...
Save for a rainy day… and more. <ul><li>Saving and investing is key. </li></ul><ul><li>Emergencies:  enough to cover 3 mon...
Saving for: emergencies <ul><li>“ 48% of Americans said last year they only had enough resources to carry them for two mon...
Saving for: short-term goals <ul><li>Wants and Needs: </li></ul><ul><li>Summer vacation </li></ul><ul><li>New appliances <...
Saving for: child’s education <ul><li>Think about your child’s education </li></ul><ul><li>Tuition and fees at private 4-y...
Saving for: retirement <ul><li>“ Nearly three out of five middle-class retirees will likely run out of money if they maint...
Plan for tomorrow… today <ul><li>Discuss with your spouse a game plan if something unexpected should happen. </li></ul><ul...
Term Life Insurance <ul><li>A term life insurance policy protects your family if something should happen.   </li></ul><ul>...
A Will  <ul><li>Talk about each other’s wishes if one of you should die. </li></ul><ul><li>A will gives legally binding in...
Get your financial snapshot. <ul><li>Planning for the unexpected, saving for retirement, paying off debt …  as you start y...
Get your financial snapshot.  <ul><li>Primerica offers a complimentary Financial Needs Analysis. </li></ul><ul><li>The FNA...
New beginnings  <ul><li>The FNA is only the beginning of your financial strategy. </li></ul><ul><li>Primerica provides sol...
<ul><li>Life insurance is underwritten by the following affiliated companies in these respective jurisdictions: National B...
End Notes <ul><li>Lender and Primerica Financial Services Home Mortgages, Inc. are affiliated companies of Citigroup.  Loa...
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Marriage &amp; Money

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  • Everyone looks forward to their honeymoon… but what about the “moneymoon?” It’s when the wedding is over and life together begins — including your financial life.
  • Creating a few simple plans in the beginning of your relationship can lead to nuptial and financial bliss in the long run! Create a household budget and stick to it! Pay down any debt accrued before you got married. Start saving for your future together Plan for the unexpected. As a couple, create a total financial game plan. Let’s review these five simple steps that can help you keep the moneymoon alive.
  • Many experts suggest that you should allocate no more than the following percentage of your gross income to the following categories. Gross income is your income before taxes. REVIEW BUDGET GUIDELINES Keeping finances separate or joining your bank accounts is a matter of personal preference. But whatever you decide, don’t forget to communicate! More than 70% of couples say they talk to their partner about money at least once a week. (Smart Money, November 2003)
  • DO break your bad debt habits. DON’T delay paying off credit cards completely. DO communicate honestly about your spending habits. DON’T abuse your credit. Starting a new marriage with a huge debt load can be burdensome.
  • DO break your bad debt habits. What’s more of a financial downer than debt? Two people’s debt! And considering the average household with one or more credit cards owes more than $8,000 on those cards, starting a new marriage with a huge debt load can be burdensome. (Parade, July 13, 2003)
  • DON’T delay paying off credit cards completely. The average American household pays about $1,000 in credit card interest per year. (Money.CNN.com, January18, 2004)
  • DO communicate honestly about your spending habits. According to a survey, almost 40% of men and women admitted lying about how much something they bought had cost (Smart Money, November 2003)
  • DON’T abuse your credit. Although it might be tempting to buy furnishings or electronics for your new home, impulse purchases can really add up and harm you down the road. In the fiscal year ending September 30, 1.66 million bankruptcies were filed —- up 7.4 percent from the year before. ( The Atlanta Journal-Constitution , January 18, 2004)
  • Starting a family or retiring from your job might seem like a long way off, but it pays to start planning early. Saving and investing is an essential part of your financial game plan — and it means more than just putting a few dollars in a savings account. Your savings game plan should include: Emergencies: enough to cover 3 months of expenses Short Term Goals: save up for big ticket expenses Child’s Education: starting early makes a difference Retirement: Social Security can’t do it all
  • Emergencies: According to a recent survey, only 28% of households said they have enough money saved to weather a financial hardship. (Money, April 2004) If you have to make a home repair or supplement a spouse’s income due to unemployment, it’s essential to have cash on hand. A good goal to shoot for: enough money to cover three months of core expenses. (Parade, January 19, 2003)
  • Short Term Goals: Maybe you’re dreaming of a summer vacation, new appliances for your home or another big-ticket purchase. Save up for things like travel — it’s better to pay cash than get locked into high interest credit card debt.
  • Child’s Education: If you plan to start a family, it’s a good idea to think about education as well. With annual tuition at a 4-year public university topping $4,000 in 2003, starting early makes a big difference. (Time, November 2, 2003)
  • Retirement: Are you among the 30% of workers that haven’t saved a dime for retirement? (Kiplinger’s, March 2004) Start saving and investing now, because Social Security can’t do it all. In fact, the average Social Security benefit check pays just $899 a month. ( SSA.gov, “Social Security Basic Facts,” May 2004) Could you and your spouse live on that?
  • When you’re married, you may depend on your spouse’s income to help pay the mortgage and other living expenses. No one wants to think about tragedy or loss, but you should discuss with your spouse a game plan if something unexpected should happen.
  • While nothing can replace the loss of a spouse, a term life insurance policy protects your family if something should happen. Depending on your expenses or if you have children, you may need a policy that covers between 6 and 10 times your income. ( Money.CNN.com, August 4, 2003)
  • In addition to considering a life insurance policy, it’s important to talk about each other’s wishes if one of you should die. A will gives legally binding instructions for the distribution of your property and the care of your children if you pass away.
  • Planning for the unexpected, saving for retirement, paying off debt… as you start your new life together, does all of this seem daunting? It doesn’t have to be.
  • Before you smile for the wedding photographer’s cameras, get a “financial snapshot” taken. Primerica offers a free Financial Needs Analysis (FNA). The FNA gives a detailed overview of your current financial situation and suggests a personalized game plan for your financial security. The FNA is complimentary, confidential and customized for you and your spouse.
  • Your wedding is only the beginning of sharing your life with someone and the FNA is only the beginning of creating a total financial game plan. Your Primerica representative will work with you — in your home — to provide solutions that can help you get off to a great start financially.
  • Transcript of "Marriage &amp; Money"

    1. 1. Marriage & Money Setting Up Your Financial Household Marriage & Money
    2. 2. What about the “moneymoon?” <ul><li>It’s when the wedding is over and life together begins — including your financial life. </li></ul>
    3. 3. Marriage and Money checklist <ul><li>Create a few simple plans in the beginning of your relationship. </li></ul><ul><li>Create a household budget and stick to it! </li></ul><ul><li>Pay down any debt accrued before you got married. </li></ul><ul><li>Start saving for your future together. </li></ul><ul><li>Plan for the unexpected. </li></ul><ul><li>As a couple, create a total financial game plan. </li></ul>
    4. 4. <ul><li>35% Housing </li></ul><ul><li>15% Transportation </li></ul><ul><li>15% Debt </li></ul><ul><li>25% Other </li></ul><ul><li>10% Savings </li></ul><ul><li>Source: JeanChatzky.com, September 14, 2010 </li></ul>Create a budget you can both live with . 35% Housing 15% Transportation 15% Debt 20% Other 10% Savings
    5. 5. Learn the debt dos and don’ts. <ul><li>DO break your bad debt habits. </li></ul><ul><li>DON’T delay paying off credit cards completely. </li></ul><ul><li>DO communicate honestly about your spending habits. </li></ul><ul><li>DON’T abuse your credit. </li></ul><ul><li>Starting a new marriage with a huge debt load can be burdensome. </li></ul>
    6. 6. DO break your bad debt habits. <ul><li>What’s more of a financial downer than debt? </li></ul>Two people’s debt! “ Debt is the leading cause of family strife during the first few years of marriage, …” FreeMoneyFinance.com, viewed July 28, 2010
    7. 7. DON’T delay paying off credit cards completely. <ul><li>“ The average American family carries $8,000 to $10,000 in credit card debt. CNNMoney.com, April 16, 2009 </li></ul>
    8. 8. DO communicate honestly about your spending habits. <ul><li>“ The recession has pinched consumers, putting additional pressure on money talks. If you are having battles over financial decisions with your spouse, then professionals suggest you start the conversation about your bigger goals.” CNN/Money.com, viewed August 25, 2009 </li></ul>
    9. 9. DON’T abuse your credit. <ul><li>Impulse purchases can really hurt. </li></ul><ul><li>“ Overall personal bankruptcy filings hit 1.41 million last year, up 32% from 2008.” WSJ.com, January 7, 2010 </li></ul>
    10. 10. Stay informed about your debt situation. <ul><li>Primerica DebtWatchers™ is a product that can help you get a handle on monitoring your debt and allows you to create a plan towards eliminating it. Being in control and informed can pay off, because a good credit score can determine a lot of things today: </li></ul><ul><li>whether or not you will be approved for credit </li></ul><ul><li>what interest rate you will pay on loans </li></ul><ul><li>the cost of your homeowner’s and car insurance </li></ul><ul><li>utilities and cell phone company approval </li></ul><ul><li>whether or not you will be approved to rent a house or apartment </li></ul>With DebtWatchers , you can see updated information about your credit file in one convenient online location, and see the date when all of your debts could be paid off.
    11. 11. Primerica DebtWatchers™ Empowers you to achieve debt freedom <ul><li>Allows you to create a simple-to-understand plan for paying off your debt. </li></ul><ul><li>Automatically pre-fills information from your Equifax Credit Report™ into your plan </li></ul><ul><li>Your “Fast Pay Plan” will allow you to see how you can pay off your debts using debt stacking </li></ul><ul><li>Your personal plan is in front of you — offers structure and self-accountability </li></ul><ul><li>When you follow the plan that you create, it works. </li></ul><ul><li>Imagine being able to see the date when your debts could be paid off! </li></ul>
    12. 12. Primerica DebtWatchers™ Empowers you to achieve debt freedom <ul><li>Plus More Great Features: </li></ul><ul><li>Notifies you of key changes to your Equifax Credit Report™ </li></ul><ul><li>Access to 4 Score Power ® Reports so you can see your FICO ® Score and Equifax Credit Report™ online </li></ul><ul><li>Interactive Score Simulator to show you how your actions may impact your score </li></ul><ul><li>Includes Identity Theft Insurance* *Identity theft insurance underwritten by member companies of American International Group, Inc. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. </li></ul><ul><li>Imagine how it would feel never to worry about debt again. </li></ul>
    13. 13. Save for a rainy day… and more. <ul><li>Saving and investing is key. </li></ul><ul><li>Emergencies: enough to cover 3 months of expenses </li></ul><ul><li>Short-Term Goals: save up for big-ticket expenses </li></ul><ul><li>Child’s Education: starting early makes a difference </li></ul><ul><li>Retirement: Social Security can’t do it all </li></ul>
    14. 14. Saving for: emergencies <ul><li>“ 48% of Americans said last year they only had enough resources to carry them for two months before experiencing any economic hardship.” CNN/Money.com, July 22, 2010 </li></ul><ul><li>It’s essential to have cash on hand. </li></ul><ul><li>Build an emergency savings fund equal to three to six months’ worth of living expenses. CNN/Money.com, August 19, 2009 </li></ul>
    15. 15. Saving for: short-term goals <ul><li>Wants and Needs: </li></ul><ul><li>Summer vacation </li></ul><ul><li>New appliances </li></ul><ul><li>Travel </li></ul><ul><li>Big-ticket expenses </li></ul><ul><li>It’s better to pay cash than get locked into high-interest credit card debt. </li></ul>
    16. 16. Saving for: child’s education <ul><li>Think about your child’s education </li></ul><ul><li>Tuition and fees at private 4-year schools rose 4.4% in the current school year to $26,273, according to a survey released by the College Board. Charges at public 4-year universities spiked over 6% for both in-state and out-of state students, to $7,020 and $18,548, respectively. CNN/Money.com, October 20, 2009 </li></ul><ul><li>The average debt for a graduate is now $23,000, that’s up from $13,000 12 years ago. CBS News, November 5, 2009 </li></ul><ul><li>Starting early makes a BIG difference. </li></ul>
    17. 17. Saving for: retirement <ul><li>“ Nearly three out of five middle-class retirees will likely run out of money if they maintain their pre-retirement lifestyles and don’t reduce spending by at least 24%.” BankRate.com, viewed July 28, 2010 </li></ul><ul><li>The 2009 average monthly Social Security benefit for retirees was just $1,153. AARP.org, July 1, 2010 </li></ul><ul><li>Could you and your spouse live on that? </li></ul>
    18. 18. Plan for tomorrow… today <ul><li>Discuss with your spouse a game plan if something unexpected should happen. </li></ul><ul><li>Term life insurance </li></ul><ul><li>A will </li></ul>
    19. 19. Term Life Insurance <ul><li>A term life insurance policy protects your family if something should happen. </li></ul><ul><li>“ As a rule, most young people should have a term life policy worth five to 10 times their annual income.” Smart Money , July 17, 2010 </li></ul>
    20. 20. A Will <ul><li>Talk about each other’s wishes if one of you should die. </li></ul><ul><li>A will gives legally binding instructions for: </li></ul><ul><li>The distribution of your property </li></ul><ul><li>The care of your children if you pass away </li></ul>Primerica does not offer will preparation services. Services are offered through Primerica Legal Protection Services.
    21. 21. Get your financial snapshot. <ul><li>Planning for the unexpected, saving for retirement, paying off debt … as you start your new life together, does all of this seem too hard? </li></ul><ul><li>It doesn’t have to be. </li></ul>
    22. 22. Get your financial snapshot. <ul><li>Primerica offers a complimentary Financial Needs Analysis. </li></ul><ul><li>The FNA: Gives a detailed overview of your current financial situation </li></ul><ul><li>Personalized strategy for your financial security </li></ul><ul><ul><li>Complimentary </li></ul></ul><ul><ul><li>Confidential </li></ul></ul><ul><ul><li>Customized </li></ul></ul>
    23. 23. New beginnings <ul><li>The FNA is only the beginning of your financial strategy. </li></ul><ul><li>Primerica provides solutions that can help you get off to a great start financially. </li></ul>Where your financial future is concerned, are you ready to live happily ever after?
    24. 24. <ul><li>Life insurance is underwritten by the following affiliated companies in these respective jurisdictions: National Benefit Life Insurance Company, Home Office: Long Island, NY, in New York; Primerica Life Insurance Company, Home Office: Boston, MA, in all other U.S. jurisdictions; Primerica Life Insurance Company of Canada, in Canada. Securities offered by PFS Investments Inc. 3120 Breckinridge Blvd. Duluth, GA 30099, 770-381-1000. </li></ul><ul><li>Primerica does not offer will preparation services. Such services are offered through the Primerica Legal Protection Program. The legal protection services offered through the PLPP are a cooperative effort between Primerica and the Pre-Paid Legal Services ® , Inc. Exclusions and limitations may apply. See plan for information. </li></ul><ul><li>Arizona: Loans solicited by Limited Partners in Primerica Financial Services Home Mortgages Limited Partnership of Arizona (Primerica Financial Services Home Mortgages, Inc., General Partner). 3100 Breckinridge Blvd., Duluth, GA 30099. Mortgage Banker License No. BK 15594). Loans originated by Citicorp Trust Bank, fsb. California: Primerica Financial Services Home Mortgages, Inc. Loans arranged pursuant to a Department of Corporations, California Finance Lenders License. Colorado : Primerica Financial Services Home Mortgages, Inc. (PFSHMI), License status: Exempt, 3100 Breckinridge Blvd., Duluth, GA 30099, (770) 381-1000. Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. Connecticut: Primerica Financial Services Home Mortgages, Inc., MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER. Delaware: Primerica Financial Services Home Mortgages, Inc., (PFSHMI): A Delaware Licensed Mortgage Loan Broker. Florida: Licensed Florida Mortgage Broker/Representing: Primerica Financial Services Home Mortgages, Inc., Licensed Mortgage Brokerage Business. Georgia:   Primerica Financial Services Home Mortgages, Inc. (PFSHMI), 3100 Breckinridge Blvd., Duluth, GA 30099: A Georgia Residential Mortgage Licensee, License #6078.  Illinois: Primerica Financial Services Home Mortgages, Inc. (PFSHMI), 3100 Breckinridge Blvd., Duluth, GA 30099: Illinois Residential Mortgage Licensee. Citicorp Trust Bank, fsb, the lender, would provide the funds for these loans. Citicorp Trust Bank, fsb, not PFSHMI, is the entity which affects the availability of funds. Interest rates or charges for loans are in no way recommended, approved, set or established by the State of Illinois. Kansas: Kansas Licensed Mortgage Company. Primerica Financial Services Home Mortgages, Inc. 3100 Breckinridge Blvd., Duluth, GA 30099. License No. MC.0002382. Kentucky: Representing Primerica Financial Services Home Mortgages, Inc., 3100 Breckinridge Blvd, Duluth, Georgia 30099. EQUAL HOUSING OPPORTUNITY . Maine: Primerica Financial Services Home Mortgages, Inc., Loan Broker License #CSO07173. Massachusetts: Primerica Financial Services Home Mortgages, Inc., Massachusetts Mortgage Broker License Number MB 0056. Minnesota: Representing: Primerica Financial Services Home Mortgages, Inc., Minnesota Residential Mortgage Originator. Missouri : Primerica Financial Services Home Mortgages, Inc. (PFSHMI): A Residential Mortgage Licensee. Montana: Primerica Financial Services Home Mortgages, Inc., 3100 Breckinridge Blvd., Duluth, GA 30099, license number 000381. Nebraska: Primerica Financial Services Home Mortgages, Inc. (PFSHMI): Licensed as a Mortgage Banker. Nevada: Primerica Financial Services Home Mortgages, Inc., 9055 West Post Road, Las Vegas, NV 89148; 702-870-3200. New Hampshire: Licensed by the New Hampshire Banking Department. New Jersey: Primerica Financial Services Home Mortgages, Inc. (PFSHMI), 3100 Breckinridge Blvd., Duluth, GA 30099-0001, (770) 381-1000: Licensee, New Jersey Licensed Lenders Act, Licensed Mortgage Banker, Licensed by the New Jersey Department of Banking and Insurance (Certain Locations). PFSHMI does not make any mortgage loan commitments or fund any mortgage loans. PFSHMI arranges loans with 3 rd party providers. Citicorp Trust Bank, fsb, the lender, would provide the funds for these FIRST OR SECONDARY MORTGAGE LOANS. New York: Representing Primerica Financial Services Home Mortgages, Inc. – New York State Banking Department, 3 rd Party Mortgages arranged, Registered Mortgage Broker. North Carolina: Loans solicited by Representatives of Primerica Financial Services Home Mortgages, Inc. Ohio : Primerica Financial Services Home Mortgages, Inc., 3100 Breckinridge Blvd., Duluth, Georgia 30099-0001, License Number: -----[COMPLETE WHEN LICENSED]. Oregon : Primerica Financial Services Home Mortgages, Inc. (PFSHMI), License Number: ML-131. Pennsylvania: PFSHMI - Licensed by the Pennsylvania Department of Banking as a Partially Exempt Mortgage Broker. Rhode Island: PFSHMI: A Rhode Island loan broker licensee. Texas: Primerica Financial Services Home Mortgages, Inc., Mortgage Company #71355, 3100 Breckinridge Blvd., Duluth, Georgia 30099-0001, 770-381-1000. Virginia: Primerica Financial Services Home Mortgages, Inc., Licensed as a Mortgage Broker by the Virginia State Corporation Commission, License #MC-368. Washington: Washington Mortgage Broker Practices Act Licensee. This document is not intended as an offer to extend credit nor a commitment to lend. The loan interest rates, fees, and terms presented herein are for illustrative purposes only and may not be currently available. This document has been prepared to assist real estate professionals in illustrating some of the financing options available to consumers. </li></ul>End Notes
    25. 25. End Notes <ul><li>Lender and Primerica Financial Services Home Mortgages, Inc. are affiliated companies of Citigroup. Loans secured by residential real estate. EQUAL HOUSING OPPORTUNITY. </li></ul><ul><li>$.M.A.R.T. Loan® is a registered trademark of Citicorp Trust Bank, fsb. </li></ul><ul><li>NMLS Unique Identifier for Primerica Financial Services Home Mortgages, Inc. – 3073 </li></ul><ul><li>NMLS Unique Identifier for Primerica Financial Services Home Mortgages Limited Partnership of Arizona – 151315 </li></ul><ul><li>Primerica, representatives of Primerica, Equifax and Primerica DebtWatchers™ will not act as an intermediary between Primerica DebtWatchers customers and their creditors and do not imply, promise or guarantee that credit files or credit scores will or may be improved, repaired, boosted, enhanced, corrected or increased by use of the Primerica DebtWatchers product. See http://my.primerica.com for additional Important Disclosures. </li></ul><ul><li>Primerica DebtWatchers™ is a trademark of Primerica, Inc. </li></ul><ul><li>Score Power® is a registered trademark of Equifax Inc. </li></ul><ul><li>Equifax Credit Report™ is a trademark of Equifax Inc. </li></ul><ul><li>FICO® is a registered trademark of Fair Isaac Corporation. </li></ul><ul><li>©2005- 2010 Primerica/ 41165/9.10/v5.0/05PFS30-7 </li></ul>
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