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FINANCIAL FITNE$$ The little thing$ add up Greg Ranieri, M. Ed.

FINANCIAL FITNE$$ The little thing$ add up Greg Ranieri, M. Ed. "Money is not the most important thing in the world. Love is. Fortunately, I love money." - Jackie Mason. Hopefully Neither Of These Acronyms Come To Mind Over The Next Hour. This guy is SOOO boring …. DBPP

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FINANCIAL FITNE$$ The little thing$ add up Greg Ranieri, M. Ed.

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  1. FINANCIAL FITNE$$The little thing$ add upGreg Ranieri, M. Ed. "Money is not the most important thing in the world. Love is. Fortunately, I love money." - Jackie Mason

  2. Hopefully Neither Of These Acronyms Come To Mind Over The Next Hour This guy is SOOO boring … • DBPP • Death By PowerPoint • PMITERN • Poke Me In TheEye Right Now

  3. Our Agenda • Financial Fitness Scavenger Hunt • Theo and Mr. Huxtable PlayMonopoly • Discuss the impact ofrelatively minor day-to-dayfinancial decisionson your personalfinancial ‘big picture’. • The goal … for you to acquire at least one new piece of useful information or to confirm your current financial philosophy.

  4. Theo & Mr. HuxtableTalk Money The Cosby Show – Theo’s Financial Fantasies … http://www.youtube.com/watch?v=nFY0HBkUm8o&feature=player_embedded Identify as many financial follies and/or lessons learned from Theo & Mr. Huxtable’s financial heart-to-heart talk. Think – Pair – Share … Your #1

  5. Most of us have accidentally lost a paycheck, through carelessness, a mail glitch or a pair of pants tossed too quickly into the laundry. Benefits Consideration … Not ideal for those trying to protect wages from being garnished or from another person who has access to the account.

  6. Why Consider Pre-Tax Payroll Deductions • These deductions reduce your taxable income. • Pre-Tax Deductions Examples: • Health Insurance (Medical,Dental, Vision) • Retirement (401K, Pension) • Disability Insurance • Flexible Spending Accounts (FSA) • Consideration … Some pre-tax payroll deductions (401K and disability insurance) will be taxed when/if the benefits are paid.

  7. Flexible Spending Accounts (FSA) It is not what you earn, it is what you keep that counts FSA’s let you set aside a portion of your paycheck tax free to pay for health and dependent care expenses. The cap for health care is set by employers and for dependent care it is $5,000 set by the IRS. Contributions are deductible from your paycheck prior to federal, state and social security taxes.

  8. Online Banking PROS Convenience – 24/7 CONS Ubiquity – Out Of State … No Problem Start-Up MayTake Time Transaction Speed – Faster Than ATMs Or Tellers Learning Curve Efficiency – Manage All Accounts From One Secure Site Bank Websites Change Effectiveness – Rate Quotes, Compatible With Money Management Software, etc. The ‘TRUST’ Thing

  9. Why Pay More Than You Have To? • Discounts Extended To AMSEA Employees … • Auto Insurance • Home Insurance • Pet Insurance • Rates at Marriott Hotels • Any Others??

  10. Everyday Savings Earn Loyalty Dollars or Coupons 25-33% Rule Deal of the Day … 50-90% Off • What neat cost-saving strategies do you have?

  11. "Most people don't plan to fail;they fail to plan.“ ~ John L. Beckley The impact of financial spending habits – Starbucks … everyday … really? Spending $3/day on a coffee adds up to $1,095/yearor $38,325over a 35year career. PYF: Pay Yourself First A committed savings / investing routine – Beginning at age 25 you commit to putting $75/week into your 401K or IRA until retirement at 60. If your investment averages an 8.5% return, you will have >$750,000 waiting for retirement.

  12. Credit – Your Worst Enemy OrBest Friend … DISADVANTAGES ADVANTAGES Purchasing Power & Ease of Purchase May Blow Your Budget / Impulse Control Evidence / Leverage Potential Hassle Of Fraud Used Wisely Builds Good Credit Be a ‘Deadbeat’! Available For Emergencies High Interest Rates & Increased Debt Rewards YouCan Benefit from More Time To Hold Onto Your Money

  13. The Big Two … Interest Rate& Monthly Payment

  14. The Dangers of Co-Signing a Loan You are 100% accountable along with primary borrower. The debt (student loans) may not be dischargeable in bankruptcy. Too many open lines of credit may hurt your credit score. Will impact your debt-to-income ratio (ability to obtain future loans). Interest rate may go up with one late payment.

  15. Keeping Score With Your Credit To order your FREE credit report: Phone #: 877-322-8228 (Digital Prompts) Avoids annoying pop-ups and potential future spam e-mails. Website: https://www.annualcreditreport.com There are catches/fees attached to ALL other websites and/or solicitations.

  16. For True Financial Peace of Mind … Consult a C.F.P. for a Personal Assessment of the Core Areas of Financial Planning: Assessment of your current financial situation Tax Management Strategies Investments and Asset Allocation Protection Needs and Planning Achieving a Comfortable Retirement Estate Planning

  17. Wrap Up • The goal … for you to acquire at least one new piece of useful information or to confirm your current financial philosophy.

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