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YOUR MONEY & YOU
  Financial Literacy Basics
Outline
2



    1.   How to Get Out of Debt
    2.   Budgeting
    3.   3 Things to do With Your Money
    4.   How to Monitor Your Spending




         © 2012 The Mullings Group. http://TheMullingsGroup.com
How to Get Out of Debt
3


       A debt is any money you owe
       A bill is not a debt - unless it is past due
       The borrower is slave to the lender
       75% of the 400 richest people in America
        say that the #1 way to get wealthy is to
        get out of debt
       You need to stop getting deeper into debt
        now!

         © 2012 The Mullings Group. http://TheMullingsGroup.com
How to Get Out of Debt
4


    Credit Collectors…

       Know your rights…Google: “1977 Federal
        Fair Debt Collection Practices Act”
       Get your free credit report from all three
        reporting agencies
         e.g.    annualcreditreport.com
       Dispute all items that are not correct

         © 2012 The Mullings Group. http://TheMullingsGroup.com
How to Get Out of Debt
5


    1.   Create a budget
    2.   Track your spending
    3.   Get current with all your creditors
    4.   Pay the minimum on all debts
    5.   Save $1000 for emergencies
    6.   Payoff debt - No new debt



         © 2012 The Mullings Group. http://TheMullingsGroup.com
Budgeting
6


       Budget: A plan for spending or saving
        money received
       Expenses: Money you spend to buy or do
        something
       Income: Money you earn or receive




         © 2012 The Mullings Group. http://TheMullingsGroup.com
Budgeting
7


     Money will follow the path of least
      resistance
     A budget tells your money where to go

     Unbudgeted money gets squandered


        “Where did all the money go…?”




         © 2012 The Mullings Group. http://TheMullingsGroup.com
Budgeting
8



    The 4 sections of a budget…
    1. Give

    2. Save

    3. Spend

    4. Income




       © 2012 The Mullings Group. http://TheMullingsGroup.com
3 Things to do With Your Money
9



    Money is something generally accepted as a
    medium of exchange or a means of
    payment.
    You can on only do 3 things with money…
    1.   Give it away
    2.   Save it for later (including investing)
    3.   Spend it
         © 2012 The Mullings Group. http://TheMullingsGroup.com
Give
10




           It is better to give than to receive
        Charity
        Church
        Someone in need
                       The Law of the Harvest


          © 2012 The Mullings Group. http://TheMullingsGroup.com
Save
11




        $1000 emergency fund
        3-6 months of living expenses
        College
        Retirement
        Sinking fund*


         © 2012 The Mullings Group. http://TheMullingsGroup.com
Sinking Fund
12




     Sinking fund – money set aside for
     infrequent purchases e.g. car,
     electronic device, etc.


     Stay out of debt by paying cash for your
     purchases.
        © 2012 The Mullings Group. http://TheMullingsGroup.com
Spend
13



        Household
        Transportation
        Personal
        Education
        Blow – money you spend on “whatever”
        Debt – hopefully none


          © 2012 The Mullings Group. http://TheMullingsGroup.com
How to Monitor Your Spending
14


        Use the envelope system
        Sheet 5 in your handout
        http://MyTotalMoneyMakeover.com
        http://Mint.com
        Quicken




          © 2012 The Mullings Group. http://TheMullingsGroup.com
Free Financial Information…
15


        Dave Ramsey@ http://DaveRamsey.com
          All
             handout forms are from
           MyTotalMoneyMakeover.com
        Crown @ http://crown.org




           © 2012 The Mullings Group. http://TheMullingsGroup.com
Invite Us to Teach for You
16


     Call us at 617-299-6871 or email us at
     workshops@themullingsgroup.com to have us
     come teach a workshop for you.




     © 2012 Keno R. Mullings. http://TheMullingsGroup.com
Questions?
17


        Connect:       http://www.linkedin.com/in/kmullings
        Follow:        http://twitter.com/KenoMullings
        Consult:       http://TheMullingsGroup.com
        Learn:         http://TheMullingsUniversity.org
        Discover:      http://StrategicLifePlanSystem.com
        Call:          (617) 299-6871




           © 2012 The Mullings Group. http://TheMullingsGroup.com

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Your Money & You

  • 1. YOUR MONEY & YOU Financial Literacy Basics
  • 2. Outline 2 1. How to Get Out of Debt 2. Budgeting 3. 3 Things to do With Your Money 4. How to Monitor Your Spending © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 3. How to Get Out of Debt 3  A debt is any money you owe  A bill is not a debt - unless it is past due  The borrower is slave to the lender  75% of the 400 richest people in America say that the #1 way to get wealthy is to get out of debt  You need to stop getting deeper into debt now! © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 4. How to Get Out of Debt 4 Credit Collectors…  Know your rights…Google: “1977 Federal Fair Debt Collection Practices Act”  Get your free credit report from all three reporting agencies  e.g. annualcreditreport.com  Dispute all items that are not correct © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 5. How to Get Out of Debt 5 1. Create a budget 2. Track your spending 3. Get current with all your creditors 4. Pay the minimum on all debts 5. Save $1000 for emergencies 6. Payoff debt - No new debt © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 6. Budgeting 6  Budget: A plan for spending or saving money received  Expenses: Money you spend to buy or do something  Income: Money you earn or receive © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 7. Budgeting 7  Money will follow the path of least resistance  A budget tells your money where to go  Unbudgeted money gets squandered “Where did all the money go…?” © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 8. Budgeting 8 The 4 sections of a budget… 1. Give 2. Save 3. Spend 4. Income © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 9. 3 Things to do With Your Money 9 Money is something generally accepted as a medium of exchange or a means of payment. You can on only do 3 things with money… 1. Give it away 2. Save it for later (including investing) 3. Spend it © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 10. Give 10 It is better to give than to receive  Charity  Church  Someone in need The Law of the Harvest © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 11. Save 11  $1000 emergency fund  3-6 months of living expenses  College  Retirement  Sinking fund* © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 12. Sinking Fund 12 Sinking fund – money set aside for infrequent purchases e.g. car, electronic device, etc. Stay out of debt by paying cash for your purchases. © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 13. Spend 13  Household  Transportation  Personal  Education  Blow – money you spend on “whatever”  Debt – hopefully none © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 14. How to Monitor Your Spending 14  Use the envelope system  Sheet 5 in your handout  http://MyTotalMoneyMakeover.com  http://Mint.com  Quicken © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 15. Free Financial Information… 15  Dave Ramsey@ http://DaveRamsey.com  All handout forms are from MyTotalMoneyMakeover.com  Crown @ http://crown.org © 2012 The Mullings Group. http://TheMullingsGroup.com
  • 16. Invite Us to Teach for You 16 Call us at 617-299-6871 or email us at workshops@themullingsgroup.com to have us come teach a workshop for you. © 2012 Keno R. Mullings. http://TheMullingsGroup.com
  • 17. Questions? 17  Connect: http://www.linkedin.com/in/kmullings  Follow: http://twitter.com/KenoMullings  Consult: http://TheMullingsGroup.com  Learn: http://TheMullingsUniversity.org  Discover: http://StrategicLifePlanSystem.com  Call: (617) 299-6871 © 2012 The Mullings Group. http://TheMullingsGroup.com

Editor's Notes

  1. Hello, my name is Keno Mullings and I’m the Managing Director of The Mullings Group.We will not exhaust the topic of money here, but I’ll be successful if I can leave with you a fundamental truths about what to do with your money.Ask class what are there biggest money challenges and what do they expect to learn.
  2. Learn then doWhyWhatHow
  3. If you are far behind with your debt, take care of the basics first
  4. It will probably take 3-4 months to work out a practical budget.
  5. $1,000 Emergency FundPay off all debt using the Debt Snowball3 to 6 months of expenses in savingsInvest 15% of household income into Roth IRAs and pre-tax retirementCollege funding for childrenPay off your house earlyBuild wealth and give!