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Chapter 2

Chapter 2. Measuring Your Financial Health and Making a Plan 衡量你的財務體質並進行規劃. Using a Balance Sheet to Measure Your Wealth 使用資產負債表來衡量你的財富. Personal balance sheet: the financial Polaroid 個人資產負債表：財務拍立得 The financial equation: calculating net worth or equity 財務方程式：計算淨值

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Chapter 2

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  1. Chapter 2 Measuring Your Financial Health and Making a Plan衡量你的財務體質並進行規劃

  2. Using a Balance Sheet to Measure Your Wealth使用資產負債表來衡量你的財富 • Personal balance sheet: the financial Polaroid個人資產負債表：財務拍立得 • The financial equation: calculating net worth or equity財務方程式：計算淨值 Assets – Liabilities = Net Worth資產 – 負債 = 淨值 Prentice Hall Inc.

  3. Your Assets: What You Own資產： 你所擁有的 • Monetary貨幣性資產 • Investment投資 • Retirement plans退休計畫 • Real estate不動產 • Automobiles and other vehicles汽車 • Personal property個人財產 • Other tangible and intangible assets其他財產 Prentice Hall Inc.

  4. Monetary Assets:貨幣性資產 • Cash or other assets that can be easily converted into cash現金或其他容易變成現金的資產 • These assets provide necessary liquidity in case of an emergency.這種資產可以在緊急需要時提供變現的流動性 • Examples – cash, checking accounts, savings accounts例如—現金、支票存款、存摺存款。 Prentice Hall Inc.

  5. Investment Assets: 投資資產 • Assets that are invested for the future為了未來所投資的資產 • These assets are used to accumulate wealth to satisfy a goal.這些資產是用來累積財富以達成特殊目的 • Examples – stocks, bonds, mutual funds, cash value life insurance例如—股票、債券、共同基金、人壽保險的現金價值 Prentice Hall Inc.

  6. Retirement Plans: 退休計畫 • Investments by you or your employer to save for retirement由你或你的老闆所投資，以儲存你的退休金。 • Long-term investments that often carry a penalty if used before a certain age長期投資，如果你在某一年齡前提領，可能有罰則 • Examples – pensions, IRAs, 401(k), 403(b), Keogh, or SEP-IRA plans例如-退休金、 IRAs, 401(k), 403(b), Keogh, or SEP-IRA 計畫 Prentice Hall Inc.

  7. Housing / Real Estate: 房屋/不動產 • Tangible asset such as land and a dwelling, reported as fair market value有形資產例如土地和建物，以市價認定 • Represents most of your savings, and normally appreciates in value顯示出你的所有積蓄之所在，以及其增值。 • Examples – primary residence, vacation home, rental properties例如—主要的住所、渡假小屋以及出租資產 Prentice Hall Inc.

  8. Automobiles and Other Vehicles:汽車 • Tangible assets that normally must be inspected and licensed有形資產必須要定期檢驗以及取得牌照的資產 • Reported as fair market value, but normally depreciate in value以市價來認定，但是必須要扣除折舊 • Examples – cars, trucks, motorcycles, and recreational vehicles例如—汽車、卡車、摩托車、和休閒的交通工具 Prentice Hall Inc.

  9. Personal Property: 個人資產 • Tangible assets that represent your lifestyle有形資產用以顯示你的生活型態 • Reported as fair market value, but normally depreciate in value以市價來認定，但是必須要扣除折舊 • Examples – boats, furniture, electronics, clothing, jewelry例如—船、傢俱、家電、衣服以及珠寶。 Prentice Hall Inc.

  10. Other Assets: 其他資產 • Any other tangible or intangible asset that may or may not be of value其他有形或無形的資產，可能具有價值或可能能不具價值 • Examples – business ownership, collections, money owed you例如—企業所有權、個人收藏、債權 Prentice Hall Inc.

  11. Current流動負債 Long-term長期負債 Your Liabilities: What You Owe你的負債：你所賒欠的 Prentice Hall Inc.

  12. Current Liabilities流動負債 • Current liabilities are liabilities that must be paid off within the next year.流動負債就是必須在一年內清償的負債 • Examples – credit cards, current utility bills, and short-term loans例如—信用卡、水電電話帳單、短期借款 Prentice Hall Inc.

  13. Long-term Liabilities長期負債 • Long-term liabilities are liabilities that extend beyond one year.長期負債就是在一年以後才要還的負債 • Examples – home mortgage and auto loans例如—房屋抵押借款與汽車借款 Prentice Hall Inc.

  14. Your Net Worth: A Measure of Your Wealth你的淨值：衡量你的財富 • Insolvency: do you owe more than you own?無法清償債務：你所欠的是否大於你所有的? • How age affects net worth guidelines淨值要與年齡相比較 • Uses of a balance sheet使用資產負債表 Prentice Hall Inc.

  15. Using an Income Statement to Trace Your Money使用損益表來追蹤你的財務 • Personal income statement – the financial motion picture個人損益表—財務動態影片 • Cash basis: statement based entirely on actual cash flow現金基礎：報表全部基於實際現金流量來編製 Prentice Hall Inc.

  16. Income: Where Your Money Comes From收益：你的財務從何而來 • Sources of income: wages, tips, royalties, salary, and commissions收入的來源：工資、小費、權利金、薪水和佣金 • Income is amount earned, not necessarily amount received.收入是已賺得的金額，不一定是已收到的金額 Prentice Hall Inc.

  17. Expenditures: Where Your Money Goes支出：你的財富往何處去 • The two major expenditure categories: taxes and living expenses兩個主要的支出分類：稅金和生活費 • Fixed expenses: Expenses you don’t directly control – e.g., mortgage, rent, cable TV固定費用：無法直接控制的支出—例如﹕抵押借款利息、租金、有線電視費 • Variable expense: Expenses you can control – e.g., food, entertainment, clothing變動支出：你可以控制的支出—例如：食物、休閑娛樂、治裝費 Prentice Hall Inc.

  18. Where Does It Go, On Average?平均來說，家庭支出都用到什麼地方？ • Taxes, food, housing, medical care稅金、食品、居住、醫療。 • The more earned, the more spent on education and entertainment賺的越多，對教育及娛樂花費越多。 Prentice Hall Inc.

  19. Using Ratios: A Financial Thermometer使用比率：一個財務的溫度計 • Question 1: Do you have adequate liquidity to meet emergencies?問題1：你有適當的能力去解決危急狀況嗎？ • Question 2: Do you have the ability to meet your debt obligations?問題2：你有能力去面對你的債務責任嗎？ • Question 3: Are you saving as much as you think you are?問題3：你可以存和你想要的一樣多的錢嗎？ Prentice Hall Inc.

  20. Question 1: Do You Have Adequate Liquidity?問題1：你有適當的變現能力嗎？ • Ratios to determine whether or not you have enough monetary assets (1) to pay for an unexpected large expense or (2) to tide you over during periods of reduced or eliminated earnings.用來衡量你是否有足夠的貨幣性資產以(1)支付未預期的大筆費用，或(2)協助你在所得降低或者某項收入完全不見時之需 • Current ratio 流動比率 • Month’s living expenses covered ratio每月生活支出涵蓋比率 Prentice Hall Inc.

  21. Current Ratio流動比率 • monetary assets貨幣性資產 current liabilities流動負債 • This ratio shows you whether you have enough liquid assets to cover expenses currently due.這個比率顯示你是否有足夠的變現資產支應你的目前到期的費用 Prentice Hall Inc.

  22. Current Ratio Interpretation流動比率的解釋 • Ratio greater than 2 recommended流動比率最好大於2 • Track the trend and if going down – make changes當此比率有下跌的趨勢時—設法改善 Prentice Hall Inc.

  23. Month’s Living Expenses Covered Ratio每月生活支出涵蓋比率 • monetary assets貨幣性資產 month’s living expenses每月生活費用 • This ratio tells you how many months of living expenses you can cover with your present level of monetary assets.這個比率告訴你：以現在的貨幣性資產水準，可以供應你幾個月的生活費用 Prentice Hall Inc.

  24. Month’s Living Expenses Covered Ratio Interpretation每月生活支出涵蓋比率的解釋 • The rule of thumb: 3 to 6 months of expenses經驗法則：3到6個月的生活費用 • Factors that affect the rule of thumb:影響經驗法則的因素： • Available credit cards or home equity loans信用卡可用額度或房屋權益貸款額度 • Potential for higher earnings on less liquid accounts較低流動性的帳戶可以獲得較高報酬的潛力。 • Stability of income所得的穩定性 • Track the trend and if going down – make changes.當此比率有下跌的趨勢時—設法改善 Prentice Hall Inc.

  25. Question 2: Can You Meet Your Debt Obligations?問題2：我有能力去面對我的債務責任嗎？ • Ratios to determine whether or not you can meet current or long-term debt obligations:決定你是否有能力可以面對短期或長期的債務責任的比率有： • Debt ratio 負債比率 • Long-term debt coverage ratio長期負債支應比率 Prentice Hall Inc.

  26. Debt Ratio負債比率 • total liabilities總負債 total assets總資產 • This ratio tells you whether you could pay off all your liabilities if you liquidated all your assets.這個比率告訴你如果你將你的資產變現後，你可以支付負債的程度。 Prentice Hall Inc.

  27. Debt Ratio Interpretation負債比率的解釋 • Represents percentage of assets financed with borrowing表示你的借款佔資產的百分比。 • Track the trend; ratio should go down with age追蹤趨勢：這個比率應該隨年齡而下降。 Prentice Hall Inc.

  28. Long-term Debt Coverage Ratio長期負債支應比率 • total income available for living expenses可供生活費用的總收入 total long-term debt payment長期負債的總支付額 • This ratio tells you how many times you could make your debt payments with your current income.這個比率告訴你，你目前的所得是你借款支付額的倍數 Prentice Hall Inc.

  29. Long-term Debt Coverage Ratio Interpretation長期負債支應比率的解釋 • Ratio of 2.5 or greater recommended本比率最好大於2.5倍 • Track the trend and if going down – make changes當此比率有下跌的趨勢時—設法改善 • Consider the inverse – the percentage of take-home pay needed to repay debt可以考慮這個比率的倒數—用長期負債的總支付額除以可供生活費用的總收入 Prentice Hall Inc.

  30. Question 3: Are You Saving As Much As You Think?問題3：我可以存和我想要的一樣多的錢嗎？ • Ratio to determine whether you are saving as much of your income as you think:決定你是否可以從所得中存下你所想要的錢的比率就是： • Savings ratio儲蓄比率 Prentice Hall Inc.

  31. Savings Ratio儲蓄比率 • income available for savings可供儲蓄的收入 income available for living expenses可供生活費用的收入 • This ratio tells you what proportion of your after-tax income is being saved.這個比率告訴你，稅後所得用於儲蓄的部分 Prentice Hall Inc.

  32. Savings Ratio Interpretation儲蓄比率的解釋 • U.S. rate typically 3% - 8%基本上應該有3%-8% • Varies with stage of the financial life cycle and goals要視不同的理財生命週期而有所變動 Prentice Hall Inc.

  33. Record Keeping保持紀錄 • The three reasons for accurate record keeping:保持確實詳細紀錄有三個原因： • Preparing taxes報稅的需要 • Tracking expenses追蹤花費 • Providing information for others to use in the event of an emergency當其他人再處理警急狀況時，有更詳細的資訊 Prentice Hall Inc.

  34. Record Keeping (cont’d)保持紀錄(續) • The two steps of record keeping:保持紀錄的兩個步驟： • Tracking your personal financial dealings追蹤你個人的財務事項 • Storing your financial records in an accessible manner保存你的理財紀錄 Prentice Hall Inc.

  35. Ways to Track Expenditures追蹤支出的方法 • Using checks and credit cards: Those expenditures leave a paper trail使用支票和信用卡：這種支出會保有書面的紀錄 • Using cash: Record expenditures in a notebook or ledger使用現金：紀錄在筆記本或收支簿裡 • Generating a monthly income and expense statement編製一個月的收入和費用報表(月損益表) • Using computer programs to track all financial transactions使用電腦程式來追蹤所有的財務交易 • Learning how and where to keep records學習如何保存和維持這些紀錄 Prentice Hall Inc.

  36. Personal Income Taxes個人所得稅 • Keep all tax-related receipts and records for 6 years.保存報稅相關收據及紀錄至少六年 • Always keep accurate tax records in the event of an audit.在稅務員查帳時，永遠保有最正確的紀錄 Prentice Hall Inc.

  37. A Financial Plan: 理財規劃：A Plan for the Future為未來編製一個計畫 • Evaluate your financial health: balance sheet, income statement, and ratios.評估你的財務體質：資產負債表，損益表，和比率。 • Define your financial goals: you must know how much you can save.定義你的理財目標：你要知道你必須存多少錢。 • Develop a plan of action: use the income statement and a cash budget.發展一個行動計畫：使用損益表和現金預算。 • Implement your plan: Just do it!執行你的計畫：現在就做 • Review your progress, reevaluate, and revise your plan: 覆核你的進度，重新評估，和修正你的計畫：back to the balance sheet, income statement, ratios, and budget.回到資產負債表、損益表、比率和預算。 Prentice Hall Inc.

  38. A Cash Budget:現金預算：A Plan for Today今日的計畫 • A plan for controlling cash inflows and outflows控制現金收入和支出的計畫 • Purpose: To balance income with expenditures AND savings目的：從收入中去平衡支出和儲蓄的比重 Prentice Hall Inc.

  39. Putting It All Together: Budgeting將它放在一起：預算 • Evaluate your financial health and your financial plan評估你的財務體質和你的理財規劃 • Develop a cash budget發展一套現金預算 • Implement a cash budget執行現金預算 Prentice Hall Inc.

  40. Developing a Cash Budget發展一個現金預算 • Examine last year’s total income and adjust for the current year.檢視你去年的總收入調整今年的收入金額。 • Estimate your tax liability.估計你的稅負 • Identify all fixed expenditures.確認所有的固定支出。 • Identify all variable expenditures.確認所有的變動支出。 • Look for ways to reduce your variable expenses.找出降低變動支出的方法。 • Consider the effect of credit payments on future income.了解信用支出對未來所得的影響。 Prentice Hall Inc.

  41. Calculating the Bottom Line計算底線 Prentice Hall Inc.

  42. Calculating the Bottom Line計算底線(上張投影片翻譯) • 稅後所得(可供生活費用的總收入) – 生活費用=可儲存的金額 • 目標 • 支出減少 賺多一點 降低目標水準 Prentice Hall Inc.

  43. Implementing a Cash Budget執行現金預算 • Try the budget for one month.試著作一個月的預算 • Adjust the plan or your expenses as necessary to maintain the plan.為了維持計畫，調整計畫或者調整你的費用 • Try the envelope system.採用信封控制法 Prentice Hall Inc.

  44. Managing Your Own Affairs Versus Hiring a Professional自己理財或委由專家理財 • Your 3 options:你有三個選擇 • Go it alone, make a plan and have it checked by a professional.做你自己的計畫，然後讓專家檢查。 • Work with a professional and develop a plan.和專家一起擬定計畫。 • Let the professional do it all.完全讓專家處理。 Prentice Hall Inc.

  45. Paying Your Financial Planner:理財規劃師的付費方式 • Fee-only planners derive income from charging the client for the service provided or for a financial plan.只有在他提供服務時或進行理財規劃時收費。 • Commission-based planners derive income from the sale of financial products.佣金導向的顧問，只有在向客戶銷售理財商品時，收取佣金。 • Some planners charge a combination of fees and commissions.有些理財規劃師除了規劃費外也索取銷售佣金。 Prentice Hall Inc.

  46. Choosing a Professional Planner選擇專業規劃師 • Pick a competent planner with accreditation(s) from a professional organization(s).接受專業組織的建議。 • Pick a planner with whom you are comfortable.自己感覺不錯或請親戚朋友推薦。 • Pick a planner with experience. 選較有經驗的規劃師。 Prentice Hall Inc.

  47. Choosing a Professional Planner (cont’d)選擇專業規劃師(續) • Before hiring a planner, ask lots of questions about his/her history.在聘任前，先問他的資歷及過去的理財經驗。 • Call professional organizations to get recommendations.打電話請專業組織推薦。 Prentice Hall Inc.

  48. Summary摘要 • Balance sheet – determines net worth based on a comparison of assets and liabilities資產負債表—比較資產與負債後決定淨值。 • Income statement – summarizes cash inflows and cash outflows損益表—彙總現金收入和現金流出。 • Financial ratios – diagnose your financial health財務比率—分析及診斷你的財務體質 Prentice Hall Inc.

  49. Summary (cont’d)摘要(續) • Record keeping – implement strategies to accurately track expenses and maintain necessary financial records for the future保持紀錄—執行追蹤正確的財務紀錄，同時保存紀錄以供未來之需。 • Cash budget – provides a plan for achieving your goals by balancing cash inflows and outflows現金預算—藉由平衡你的現金收入和現金流出達到你的理財目標的計畫。 • Financial planners – can provide many levels of assistance for your planning needs理財規劃師—可以提供你進行理財規劃時多種協助的人。 Prentice Hall Inc.

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