Agenda Planning for Your Financial Future Money Personalities The Power of Planning Developing Your Spending Plan Resources Money Personalities Money Personalities Planning for Your Financial Future ID: 1027688
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1. Planning for Your Financial Future
2. AgendaPlanning for Your Financial FutureMoney PersonalitiesThe Power of PlanningDeveloping Your Spending PlanResources
3. Money Personalities
4. Money Personalities Planning for Your Financial FutureSpendersGiversInvestorsSavers
5. The Power of PlanningSetting SMART Goals
6. Wishes vs. GoalsPlanning for Your Financial Future
7. Characteristics of SMART GoalsPlanning for Your Financial FutureSpecificMeasurableAchievableTimeboundRealisticSMART Goals
8. Which is a SMART Goal?Planning for Your Financial FutureA. I want to save enough money to retire.B. By age 63, I will have $800,000 in my TSP account. To achieve this goal, I will invest $400 per month.AB
9. Activity: SMART Goal Challenge Planning for Your Financial FutureAchievable:Time-bound:Realistic:Specific:Measurable:
10. Prioritize and Quantify GoalsPlanning for Your Financial FutureGoalRankWhenAmount NeededAmount to SaveIncrease emergency fund11 year$2,400$200 per monthCar down payment23 years$3,600$100 per monthChild’s education318 years$80,000$185 per month*Prioritize your goalsDetermine how much time and money is needed*Assumes an average 7% rate of return, compounded monthly, in an education savings account.
11. Developing Your Spending Plan
12. Spending PlansPlanning for Your Financial Future
13. Four Steps to Developing a Spending PlanPlanning for Your Financial Future1234
14. Activity: Spending Plan WorksheetPlanning for Your Financial Future
15. Your Action PlanPlanning for Your Financial FuturePlan your financial future:Set SMART goalsEstablish emergency fundEliminate debtSave for futureDevelop your spending planTrack and review your progress
16. Improve Your CashflowPlanning for Your Financial FutureIncrease incomeDecrease living expensesDecrease indebtedness
17. Resources
18. WebsitesPlanning for Your Financial FutureOffice of Financial ReadinessSen$e Mobile Appfinred.usalearning.govMilitary OneSourcewww.militaryonesource.mil
19. Additional Support ResourcesPlanning for Your Financial FuturePersonal Financial Manager (PFM) and Personal Financial Counselor (PFC)Degreed and nationally certified financial professionalsProvide no cost personal financial counselingOffer financial education and trainingLocate a PFM at:Military Installation locatorinstallations.militaryonesource.mil/Locate a PFC at:PFC locator map finred.usalearning.gov/pfcMap
20. Summary and Review
21. Questions?Planning for Your Financial FutureMoney PersonalitiesThe Power of PlanningDeveloping Your Spending PlanResources