Life Style and Personal Finance

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Life Style and Personal Finance

  1. 1. Life Style! Ramya Disclaimer – don’t sue me, all info here is collected from the web, I really am not claiming originality or giving any sorta guarantees! Have a $uper day!
  2. 2. <ul><li>Value Circle </li></ul><ul><li>Latte Factor </li></ul><ul><li>Budgeting </li></ul><ul><li>Tips for saving </li></ul><ul><li>Planning for kids </li></ul><ul><li>Carz! </li></ul><ul><li>House </li></ul>I can talk all I want but you gotta do your own research and figure out what works for you. These tips should serve as a starting point to get you thinking about your Life Style!
  3. 3. Value Circle (Be, do, have) Source
  4. 4. Latte Factor <ul><li>One philosophy, there are many others… </li></ul><ul><li>Tackle small everyday expenses – Satish is the boss! </li></ul><ul><li>Cycle small sacrifices </li></ul><ul><li>Don’t over-do it! (Or when money should not be an issue) </li></ul>
  5. 5. The 60% solution, budgeting & where does my money go?! <ul><li>Different philosophies to the same end. </li></ul><ul><li>Source </li></ul>
  6. 6. Cut down! <ul><li>Vacations </li></ul><ul><li>Home </li></ul><ul><li>Groceries </li></ul><ul><li>Phone </li></ul><ul><li>Classes </li></ul><ul><li>Health </li></ul><ul><li>Gas </li></ul><ul><li>Cable </li></ul><ul><li>Eating out </li></ul><ul><li>Necessities </li></ul><ul><li>Buying stuff </li></ul><ul><li>Gifts </li></ul><ul><li>Water </li></ul><ul><li>Magazines </li></ul><ul><li>Clothes </li></ul><ul><li>Salon </li></ul><ul><li>Movie rentals </li></ul><ul><li>Concerts </li></ul>20% 80%
  7. 7. Tips! <ul><li>Pay yourself first (401k, IRA, mortgage, health…), earn/save for what you must spend next. </li></ul><ul><li>Deal or no deal? </li></ul><ul><li>Save Energy – tips ? </li></ul><ul><li>Water conservation </li></ul><ul><li>Emergency fund </li></ul><ul><li>Tithing </li></ul><ul><li>For reference </li></ul>
  8. 8. Babies ‘r us! <ul><li>The planning phase: </li></ul><ul><ul><li>Health insurance </li></ul></ul><ul><ul><li>Life insurance </li></ul></ul><ul><ul><li>Long-term disability </li></ul></ul><ul><ul><li>Will </li></ul></ul>
  9. 9. <ul><li>Day care/Nanny care costs </li></ul><ul><ul><li>Super nanny may cost $350 - $700 a week </li></ul></ul><ul><ul><li>Stats from $16800/yr to $27644/yr (live-in-nanny) </li></ul></ul><ul><ul><li>$5.15 - $20/hour </li></ul></ul><ul><ul><li>Employer tax? </li></ul></ul><ul><ul><li>Day care - $250 - $1250/month = $3000 - $15000/yr </li></ul></ul><ul><ul><li>< 1 year means $1000 extra. </li></ul></ul>
  10. 10. <ul><li>Other options? </li></ul><ul><ul><li>Part-time or 4 days/week (consequences) </li></ul></ul><ul><ul><li>Baby sitters, play dates, parents, SAHM (stay-at-home-mom) </li></ul></ul><ul><ul><li>Dependent care spending account - can claim 20-30% (upto $3000/kid, $6000/2 or more kids) </li></ul></ul><ul><li>Long-term </li></ul><ul><ul><li>$100k - $200k for education (17 years) </li></ul></ul><ul><ul><li>Source </li></ul></ul>
  11. 11. Hybrid Cars? <ul><ul><li>2005 Toyota Prius - $21815 </li></ul></ul><ul><ul><li>2006 Honda Civic hybrid - $16322 </li></ul></ul><ul><ul><li>2006 Toyota Prius – save $800/yr </li></ul></ul><ul><ul><li>(@$2.69 and 24 miles/gallon, 12k miles/yr) </li></ul></ul><ul><ul><li>Ford escape hybrid SUV(~$25000) - $237/yr </li></ul></ul>
  12. 12. Mini-vans vs SUVs <ul><li>SUVs – 33% less </li></ul><ul><li>fuel efficient, more insurance, roll-overs, parking space </li></ul><ul><li>Minivans – hybrid? </li></ul><ul><li>Old Source </li></ul>
  13. 13. Tax Cuts! <ul><li>Upto $3400 on hybrid cars </li></ul><ul><ul><li>2006 Honda Accord hybrid - $650 </li></ul></ul><ul><ul><li>2006 Ford Escape Hybrid - $2600 </li></ul></ul><ul><ul><li>On the first 60,000 cars sold. </li></ul></ul><ul><li>Alternate fuel vehicles – ethanol, natural gas? </li></ul><ul><li>Research! </li></ul><ul><li>Source </li></ul>
  14. 14. Buy vs rent! <ul><li>Life changes – marriage, children, r2i </li></ul><ul><li>How much house? </li></ul><ul><li>Buyer’s remorse? </li></ul><ul><li>Owning vs renting pros & cons (google!) </li></ul><ul><li>House maintenance & furniture – mortgage, property tax – Kamal? </li></ul>
  15. 15. For the Lazy bones! <ul><li>7 Ways to Take Charge of Your Finances in 2007 </li></ul><ul><li>Personal Finance blogs </li></ul><ul><li>All financial matters </li></ul><ul><li>Wesabe </li></ul>

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