Call us at 617-299-6871 or email us at workshops@themullingsgroup.com to have us come teach a workshop for you. See what else we have to offer at http://themullingsgroup.com/workshops

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
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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
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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
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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
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 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
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 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…
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 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