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Christian Financial Planning

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Christian Financial Planning

  1. 1. Christian Financial Planning Tay Ho Soon, CFP ® http://hosoon.blogspot.com/
  2. 2. Five Areas to Monitor <ul><li>Earning—Honouring God in our work. </li></ul><ul><li>Spending—Check our attitude on spending. </li></ul><ul><li>Saving—For ourself, and for others. </li></ul><ul><li>Giving/Tithing—to whom much is given, much is required Luk 12:48; Mal 3:10 </li></ul><ul><li>Estate Planning—For family and Church </li></ul>
  3. 3. Elements of a Financial Plan <ul><li>Pray </li></ul><ul><li>Determine Your Values, Attitudes and Outlook Towards Money and Material Things </li></ul><ul><li>Determine Where You Are At: Income, Assets, Expenses and Net Worth. </li></ul><ul><li>Establish Goals </li></ul><ul><li>Develop a Spending Plan-Budget </li></ul><ul><li>Keep Detailed Accurate Records </li></ul><ul><li>Start Planning Today for Tomorrow! </li></ul><ul><li>Pray </li></ul>
  4. 4. Establish Goals Step 2 <ul><li>Biblical Values? </li></ul><ul><li>Worldly Values </li></ul><ul><li>Your Values </li></ul><ul><li>Your Family Members' Values </li></ul><ul><li>Society’s Goals? </li></ul><ul><li>Family Intervention </li></ul>
  5. 5. Goals Pray for Four Months Pray for Wisdom No Praying Wild and Crazy Beyond Basic Basics Desires Wants Needs
  6. 6. Your Goals <ul><li>Write Them Down </li></ul><ul><ul><li>Ask Others to Help You Determine Goals </li></ul></ul><ul><li>Pray About Them </li></ul><ul><li>Re-write and Re-evaluate </li></ul><ul><li>Pray Some More </li></ul>
  7. 7. Financial Goals <ul><li>Write your Goals </li></ul><ul><li>Watch your Goals Change as Age Changes </li></ul><ul><li>Set your Goals with God’s Help and </li></ul><ul><li>Get all Family Members Involved </li></ul><ul><li>Re-Write on a Yearly Basis </li></ul><ul><li>Budget, according to your goals </li></ul><ul><li>Split the Investment Dollars into Goal Pools </li></ul>
  8. 8. Top Ten Goals <ul><li>Believe and Quit Worrying </li></ul><ul><li>Three Dimes </li></ul><ul><li>A Pair of Scissors </li></ul><ul><li>Depend and Dedicate </li></ul><ul><li>Spend Less Than You Earn </li></ul><ul><li>Don’t Compare or Compete </li></ul><ul><li>Get Educated About Money </li></ul><ul><li>Plan Your Retirement </li></ul><ul><li>Prepare An Estate Plan </li></ul><ul><li>Get Started Today </li></ul>
  9. 9. Three Dimes <ul><li>Dime One: The Tithe. </li></ul><ul><li>Dime Two: The Rainy Day Fund. </li></ul><ul><li>A savings account for the lean times of your life. </li></ul><ul><li>Dime Three: The Blessing and Investing Fund. </li></ul><ul><li>A fund that is used to bless your life or perhaps the lives of others. This fund is for those non-typical expenditures that sometimes are just necessary for your life. The Blessing Fund can bless those around you or it can bless your life. </li></ul><ul><li>The real moral of this story, is who owns all of these funds? </li></ul><ul><li>These funds may be difficult to start but you must start Fund One, then you can work on Funds 2 and 3. Plant a seed and see how it grows. </li></ul><ul><li>Depend on Him for your needs, wants and desires. And when He supplies them, Dedicate them all to Him, two BIG D's. </li></ul>
  10. 10. A Pair of Scissors <ul><li>Cut Out Debt </li></ul><ul><li>Cut Up That Little Card First </li></ul><ul><li>Set a Goal, Cut the Consumer Debt </li></ul><ul><li>Cut Down That Mortgage a little each month </li></ul>
  11. 11. Debt’s Danger Signs <ul><li>Late Paying Bills </li></ul><ul><li>Don’t Know the Total of All Your Debt </li></ul><ul><li>Credit Cards are Near the Limits </li></ul><ul><li>Considering New Debt to Pay Off Old Debt </li></ul><ul><li>Minimum Payments are the Rule Rather Than the Exception </li></ul><ul><li>Your Mailbox is Full, with Past Due Notices </li></ul><ul><li>You Don’t Think You Can Exist Without Debt </li></ul>
  12. 12. Christmas Bondage
  13. 13. Steps To Get Out of Debt <ul><li>Set It As a Goal </li></ul><ul><li>Cut Up Most of the Cards </li></ul><ul><li>Buy With Cash </li></ul><ul><li>Pay Off Low Balance Debt </li></ul><ul><li>Stop Using Debt to Buy Things </li></ul><ul><li>Repair Don’t Replace </li></ul><ul><li>Admit it, When You’ve Got a Debt Problem </li></ul>
  14. 14. Steps to Get Out of Debt <ul><li>Double Up On Some Payments </li></ul><ul><li>Avoid Buying New, Buy Used </li></ul><ul><li>Review All of Your Expenses </li></ul><ul><li>Keep a Budget </li></ul><ul><li>Use All Pay Raises for Debt Reduction </li></ul><ul><li>Become a Tight Fisted Consumer </li></ul><ul><li>Reduce / Cut out “Extras” and Entertainment </li></ul>
  15. 15. Budget <ul><li>A Tool Not A Weapon </li></ul><ul><li>Keep Track of What You Spend </li></ul><ul><li>A Way To Manage Your Finances </li></ul><ul><li>You Are Budgeting </li></ul><ul><li>A Budget is A Forecast Not a Cast </li></ul>
  16. 16. Budget Worksheets Use Personal Budgeting Spreadsheet List the Financial Goals! Quicken Computer Program Lotus or Excel Old Crumpled Up Grocery Bags or Used Envelopes
  17. 17. Two Big D’s <ul><li>Depend Upon Him </li></ul><ul><li>Dedicate it All to Him </li></ul>Goal 4
  18. 18. Don’t Compare or Compete <ul><li>Stop Keeping Up With the Jones’ </li></ul><ul><li>Stop Comparing Where You Are At </li></ul><ul><li>Seek God’s Purpose for You! </li></ul><ul><li>Don’t Compete With His Purpose for You </li></ul>Goal 5
  19. 19. Get Educated About Money <ul><li>Take Financial Education Courses </li></ul><ul><li>Read Financial Magazines </li></ul><ul><li>Financial Newspapers </li></ul><ul><li>Attend Financial Seminars </li></ul><ul><li>Community Colleges </li></ul><ul><li>Internet Web Pages </li></ul>Goal 6
  20. 20. Planned Retirement <ul><li>Get Started Today </li></ul><ul><li>Start a Savings / Investment Account / Unit Trust Investment Account / Gold Savings Passbook Account / Online Stock Trading Account </li></ul><ul><li>Do a Retirement Analysis </li></ul>
  21. 21. Retirement Investing How can you be prepared for inflation? 1.      Live for it! Don't spend more than you are receiving. Sounds simple but it's a reminder that a budget is necessary even after you retire!   2.      Invest for it! Don't be so conservative so that all your investments are &quot;INCOME&quot; oriented and &quot;PRINCIPAL&quot; secured. Leave room in your investment portfolio for some growth type stocks and/or mutual funds. 3.      Spend for it! Buy, those long term assets that you know you will need in the next few years. Don't use this as an excuse to purchase new items that you don't really need. But buy or set aside the money for a new roof or new car.  
  22. 22. Prepare An Estate Plan <ul><li>Will </li></ul><ul><li>Create a Trust </li></ul><ul><li>Gift Taxes </li></ul><ul><li>Trusts that Bypass Spouse’s Taxation </li></ul>
  23. 23. Estate Planning <ul><li>Will is Necessary </li></ul><ul><li>Don’t scrimp here! </li></ul><ul><li>Gift tax laws can help </li></ul><ul><li>Watch Joint Assets </li></ul><ul><li>Watch signers on bank accounts </li></ul>
  24. 24. 1.              PAY OFF YOUR CREDIT CARDS. 2.    ELIMINATE ALL CONSUMER DEBT. 3.    MAXIMIZE YOUR RETIREMENT PLAN CONTRIBUTIONS. 4.    PAY OFF YOUR MORTGAGE. 5.    BUY USED CARS VERSUS NEW CARS. 6.    SIGN UP FOR A MUTUAL FUND AUTODEBIT PLAN. 7.    PURCHASE BLUE-CHIP STOCKS & KEEP THEM Top Seven Investments
  25. 25. Pay Off Your Charge Cards <ul><li>No Where Can we Earn 18 to 23 % </li></ul><ul><li>Minimum Payments Can Take Up to 30 Years </li></ul><ul><li>Take Money From All Sources to Pay </li></ul><ul><li>Cut them Up!!! </li></ul>
  26. 26. Eliminate All Consumer Debt <ul><li>Pay Off the TV </li></ul><ul><li>Don’t Buy New on Credit </li></ul><ul><li>Pay Off The Car and Keep Making the Payments </li></ul>
  27. 27. How To Accumulate $1,000,000 by Age 65 At 30 you still have 35 years
  28. 28. Mutual Fund Investing <ul><li>This is The Way </li></ul><ul><li>Only After Debt is Paid Off </li></ul><ul><li>Credit Cards </li></ul><ul><li>Consumer Debt </li></ul><ul><li>You Must Become Educated </li></ul><ul><li>Start With a Autodebit </li></ul>
  29. 29. Investing for Your Future Mutual Fund Investing <ul><li>Stay away from 1 or 2 year HOT funds </li></ul><ul><li>Look at 5 years </li></ul><ul><li>Don’t buy what’s being talked about </li></ul><ul><li>Compare 3, 5 and 10 year returns </li></ul><ul><li>Look at the expenses </li></ul>
  30. 30. Mutual Fund Criteria <ul><li>Buy funds that match your investment style and risk tolerance level </li></ul><ul><li>Buy, hold and use Dollar Cost Averaging </li></ul><ul><li>Check the magazines. RESEARCH </li></ul><ul><li>The Internet Resource listings are invaluable </li></ul><ul><li>Pick from 2 to 4 funds, in different classifications </li></ul><ul><li>Invest, say 1/3 of what you’d like to invest in each fund </li></ul>
  31. 31. Mutual Fund Criteria <ul><li>Set up each fund for automatic monthly investment </li></ul><ul><li>Use another 1/3 to 2/3 over the next year for the automatic investments </li></ul><ul><li>After 12 months, analyze each fund, then invest the last 1/3. If you didn’t do it monthly, Or </li></ul><ul><li>invest the last 1/3 if the market drops during the year </li></ul><ul><li>Pick a risk indicator and follow it! Morningstar’s 5 star rating is a good one </li></ul>
  32. 32. Blue-chip Stock Criteria <ul><li>If your dad / grandad had invested in 1000 share of the blue-chip Public Bank Bhd Stock at Rm1,000 way back in 1967 at its founding, how much do you think it would worth now? </li></ul><ul><li>http://ww2.publicbank.com.my/cnt_press172.html </li></ul>
  33. 33. Investment Guidelines
  34. 34. Frauds, Con Artists and Rip-offs <ul><li>No Phone </li></ul><ul><li>No Unusual Investments </li></ul><ul><li>No Home Repairs </li></ul><ul><li>No Mail Replies </li></ul><ul><li>No Contests </li></ul><ul><li>If You Don’t Know, Don’t!! </li></ul>
  35. 35. Frauds, Con Artists and Rip-offs <ul><li>Never Heard of it—Don’t </li></ul><ul><li>Watch “new” and “hot” investments </li></ul><ul><li>Risky—not for You! </li></ul>
  36. 36. Your Personal CPA CFP I’m sorry, I can’t make a decision without my CPA’s and Certified Financial Planner’s approval.
  37. 37. Get Started Today! <ul><li>Buy a Stock, </li></ul><ul><li>Buy 20g of Gold, open a Mutual Fund a/c </li></ul><ul><li>Buy a Magazine </li></ul><ul><li>Save in a Biscuit Tin </li></ul><ul><li>Start Your Education </li></ul><ul><li>Do a Budget </li></ul><ul><li>Don’t Wait Until Tomorrow </li></ul>
  38. 38. Where to From Here? <ul><li>Start </li></ul><ul><li>Get More Education </li></ul><ul><li>Develop an Investment Discussion Group? </li></ul><ul><li>Take Some Personal Finance Courses </li></ul><ul><li>Go to the Internet! </li></ul><ul><li>Research </li></ul><ul><li>Commit it all to HIM </li></ul>
  39. 39. Useful websites Securities Commission: www.sc.com.my Financial Planning Association of Malaysia: www.fpam.org.my Bank Negara Malaysia: www.bnm.gov.my

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