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ABOUT FINANCIAL FREEDOM PowerPoint Presentation

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On : Jan 08, 2015

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  • Slide 1 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Sankofa Financial Group LLC and Island Flavors Restaurant Present Getting the Most from Your Money in Difficult Financial Times
  • Slide 2 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC About Sankofa Financial Group Virginia Jackson – President CPA Registered Representative, JW Cole Financial Inc Tax, Investment, Business Management services Small business owner
  • Slide 3 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Why Do you Need a Financial Plan? Best way to stretch your money is to have a plan No matter how much money you have, the principles of financial planning apply to you Financial needs and goal change over time Most projects fail due to lack of planning Notes
  • Slide 4 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Setting Financial Goals Notes Set short term and long term goals Don’t be afraid to think big Write goals on paper Goals should be measurable and realistic Use specific time frames and numbers Expect to achieve your goals “Your attitude is your altitude” Include a family members
  • Slide 5 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Elements of a Financial Plan Notes Budget Emergency Fund Debt Management Savings Investing Insurance Education Planning Retirement Planning Tax Planning Estate Planning
  • Slide 6 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Creating a Budget Notes Know your income and outflow Fixed vs variable expenses Expenses cannot exceed income Earn more income Decrease outflow Write it on paper Track actual spending monthly Microsoft Money, Quicken Excel spreadsheet Pen & paper Envelope system Mint.com Adjust periodically as circumstance change
  • Slide 7 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Why Do You Need an Emergency Fund? Notes 6-9 months of expenses Housing Auto Utilities Groceries Insurance Start small Automatic payroll deduction Treat it as a bill – pay yourself Limit your access to the account Save gifts, bonus or tax refund Find additional income sources to fund account
  • Slide 8 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Debt Management Notes Top two approaches Smallest balance Largest interest rate Include: Credit cards Mortgage Car Loans Unsecured Personal Loans June 29th Seminar You Can Get Out of Debt: A Practical Approach to Debt Management
  • Slide 9 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Savings Plan Notes Set goals – what are you saving for Prioritize – when do you need the funds Short term – vacation, furniture, auto, wedding Mid term – mortgage down payment, starting business Retirement Similar to emergency fund principles When debts are paid – shift funds to savings
  • Slide 10 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Investing Notes Do it yourself or use a financial advisor? Your financial advisor should Understand your current financial position Understand your risk tolerance Support your financial goals Track performance Make recommendations, you make the final decision You should Choose an advisor you trust Understand fees/charges Make educated decisions
  • Slide 11 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Insurance Notes Angela Watkins, Liberty Mutual
  • Slide 12 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Saving for Education Notes Coverdell Education Savings Account Account established for beneficiary Income limitations Non-deductible (after tax) contributions - $2,000/yr per beneficiary Account grows tax free Withdrawals are tax free if used within guidelines Elementary, secondary, post-secondary expenses Prepaid Tuition Plan College Savings Plan (529 Plan) Upromise.com Hope Tax Credit Lifetime Learning Credit
  • Slide 13 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Retirement Planning for Individuals Start saving early Thrift Savings Plan (TSP) Individual Retirement Account (IRA) Roth IRA 401 (k) Notes
  • Slide 14 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Retirement Plans for Small Businesses Notes Simplified Employee Plan (SEP) IRA Individual 401(k) (Roth 401(k)) Keogh Plan (Profit sharing, Money Purchase_ Savings Investment Match Plan for Employees (SIMPLE) IRA IRS Publication 560 Retirement plans for small businesses Considerations Administration and fees Contribution limits Tax implications
  • Slide 15 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Tax Planning Notes Goal: Reduce or defer tax payments American Recovery & Investment Act 2009 Individuals - $400 credit, $95k salary phase out Married - $800 credit, $109k salary phase out Tax deduction for sales tax on new car purchases up to $49,500 Self employment tax issues Business deductions Self employment tax Estimated tax payments June 29th seminar – Accounting and Record Keeping for Small Businesses Using a CPA vs an accountant/bookkeeper
  • Slide 16 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Estate Planning Notes Financial Planner Accountant (CPA) Insurance Lawyer
  • Slide 17 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Stretching Your Dollars Money Management Create a budget and stick with it Track spending habits Use online bill pay Pay more than monthly minimum payment on debt Apply for scholarships/fellowships Pay in cash Avoid ATM fees Avoid credit cards with annual fees No fee checking accounts Barter Avoid late fees – pay bills on time Refinance mortgage Eliminate credit card debt Involve the entire family – make it fun Submit rebates Rewards credit cards Increase insurance deductibles Always ask for fees to be waived Live on one income Buy term life insurance Use flexible spending accounts Pay car insurance semi-annually Ask credit card company for rate reduction Get rid of private mortgage insurance Additional Income Learn to sew Deliver pizzas/newspapers Hold a garage sale Cut grass/shovel snow Tutor Clean homes Substitute teach Baking Babysitting Pet sitter/walk dogs Sell bottled water Wash cars Put items on consignment Look for jobs/sell stuff on Craigslist Household Wash full loads of laundry and dishes Reuse plastic sandwich bags Create a compost heap Plant a garden Groom pets yourself Use a clothes line to dry clothes Have furnace serviced regularly Turn down temperature on water heater Repair damaged clothing
  • Slide 18 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Stretching Your Dollars Entertainment/Travel Matinee movies Red Box movie rentals - $1 Borrow books from the library Free concerts in the park Free museums Cancel unread magazine subscriptions Buy used books Travel during off season Pack food for road trips Travel early in the morning Stay in hotels with cooking facilities Don’t eat out Invite friends over instead of going out Swap babysitting with neighbors Grocery Shopping/General Shopping Avoid vending machines/convenience stores Avoid impulse buying Shop at consignment stores Shop at dollar store for cleaning supplies Goodwill Shop sales/comparison shop Add memory to computer instead of buying new Buy cloth diapers Buy out of state to save on sales tax Buy furniture direct from manufacturer Do holiday shopping right after holidays Pass on extended warranties Prepare list when grocery shopping Coupons Buy fresh foods instead of prepared/frozen Shop at farmer’s market Buy in bulk Buy store brand products By water filter instead of bottled water Read unit price labels Cook meal that last several days Buy rechargeable batteries
  • Slide 19 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Stretching Your Dollars Health Care/Personal Care Get hair done at local beauty school Ask for generic prescription drugs Cut your own hair Cancel unused gym memberships Drink water instead of soda, juice, coffee Stop smoking Gift Giving Re-gifting Give handmade gifts Work Make morning coffee at home Pack you lunch Ride share Take metro, walk, bicycle Utilities Adjust thermostats lower Close vents in unused rooms Cut cable bill Cut cell phone bill VOIP telephone service Combine cable, internet, phone bill Buy fluorescent light bulbs Automobiles Perform regularly scheduled maintenance Properly inflate tires Buy used cars Buy cars online Buy a fuel efficient car
  • Slide 20 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC WHERE TO GET HELP 360financialliteracy.org IRS.gov Annualcreditreport.com – must pay for FICO score Investopedia.com Bankrate.com Money.cnn.com Smartmoney.com Credit.com FTC.gov (Federal Trade Commission) Feedthepig.com
  • Slide 21 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Island Flavors Restaurant
  • Slide 22 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Free Financial Check Up Schedule an appointment today for your free financial review
  • Slide 23 - Securities offered through J W Cole Financial Inc., member FINRA/SIPC Virginia Frazier Jackson, CPA www.sankofafinancial.net Virginia.Jackson@jwcmail.com 202-213-2116 Upcoming Seminars June 22 – You Can Get Out of Debt: A Practical Approach to Debt Management June 29 – Accounting and Record Keeping for Small Businesses

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