2. “The Iowa Able Foundation empowers
Iowans with disabilities, their families,
and the aging to achieve and maintain
independence through lending,
educating and advancing”
4. What is a goal?
A goal is a desired result
from one’s efforts to
achieve personal
economic saitsfaction.
What is your goal?
5. Setting Goals.
◎Short Term Goals- a goal you can
accomplish in 12 months or less
◎Long Term Goals- require time and planning
and will take over 12 months to accomplish
Write down 3 goals you have on page 9, are
they long term or short term?
6. Dream Job.
What preparation is required?
What is the difference between a
job, career, and profession?
Why do different jobs require
diffferent education and training?
7. What is the income, benefits, and
taxes of your dream job?
Income
Paid yearly?
Hourly?
How much
schooling is
required?
Does the schooling
cost more than the
potential income?
Benefits
Health Care
provided?
Retirement options?
Tuition
reimbursements?
Discounts?
Taxes
.
Focus on the net
income (gross
income after taxes)
When they offer you
a salary of $50,000
you take home
$36,369 (without
investments into
retirement plans.)
10. What’s in a plan?
◎ Objective
◎ Strategy
◎ Time Frame
◎ Budgeting
* fixed expenses (rent and auto loan payments)
* variable expenses (food and gas)
*discretionary expenses (eating out and
shopping)
Before you can achieve your goal
you have to set one.
12. 3. Can you pay
your bills?
Spending & Budgeting
13. Why do you need to keep
track of money?
Sinking SHIP.
14. ◎ Financial Record Keeping
◎ Creating a Budget
◎ Monitoring Cash Flow
*Cash Flow- a term that refers to the
movement of money flowing in (income) and money
flowing out (expenses)
How do we keep track of
money?
18. If you don’t spend the money you have budgeted during a
month, the balance rolls forward in the category into the
next month, building over time.
Two Types of Rain:
1. Predictable Rain - You know when it will rain, because it was
forecast. Car insurance, property taxes, and car registration are all
predictable rain, because you know how much those bills are, and
when they are due.
2. Unpredictable Rain - You know they’re coming eventually, you
just don’t know when or how bad they will be. Car repairs, medical
bills, and home maintenance are all examples of unpredictable rainy
days.
Rainy Day Fund.
19. Other ways to pay yourself,
retirement fund.
◎Unlike today’s retirees, you may not be able to count
on Social Security. Most of us are going to need
additional retirement income.
◎People are living longer, and it’s not
uncommon to enjoy a 30-year retirement or longer.
That means your retirement savings may have to last
you almost as long as your working career.
20. “Because of the benefits of
compounding— when money makes
money.
The sooner you start saving for your future, the easier it will be to
reach your goals. Compounding makes the money you save today
more powerful than the money you save tomorrow.
