VIEWS: 0 PAGES: 24 POSTED ON: 7/29/2013
Financial Planning for a Life with Multiple Sclerosis A presentation by the Society of FSP and the National MS Society Who is the Society of Financial Service Professionals? n National organization established in 1928 n Our Delaware Chapter began in 19?? n 14,000 Board certified/credentialed professionals n Hold one or more professional designations n Financial planning, insurance, accounting & law n Ethical code, continuing education & networking Society of FSP and Financial Education Partners n FEP is a Community Outreach Program n Has collaborative agreements with NMSS n Specialized programs & assistance n Goal is to enhance financial literacy n Provide guidance; act as a resource n At no cost; we are all volunteers How we can help you… n Provide one on one counseling – free! n On specific issues within our expertise n Typically: financial & estate planning, insurance, legal guidance & COBRA n No duplication of other available services n Coordinated with state NMSS chapter The #1 Goal: Getting organized “A journey of a thousand miles must begin with a single step” Lao-Tsu Using the “Adapting” Manual Much of the information in these slides is covered in your Adapting manual. The corresponding page number in the manual is shown at the bottom of the slide. Please refer to the manual for further information on the subject matter. Keep an up to date file for these Important Documents n Birth certificate n Social Security card n Marriage certificates, marital documents n Military papers n Durable power of attorney n Health-care directives n Will, Trust documents Adapting: Page 9 Maintain a file for these also… Personal documents/statements: n Policies: Life, health, disability and LTC n Investment/retirement account information n Savings/checking statements n Mortgage documents n Loans and credit card statements n Employee benefits statements n Tax returns; federal and state Adapting: Page 9 Professional advisor information Keep a list of their names and numbers n Case worker n Medical, pharmacy information n Accountant/tax preparer n Financial planner n Insurance professional n Attorney n Others, emergency contacts Adapting: Page 10 Managing my finances correctly! Taking control of your finances means: n Knowing what you have and what you owe n Making positive changes as needed n Spending wisely…with a plan n Saving for the future n Staying focused Adapting: Page 42 Managing your expenses…. A saving and spending plan n Fill out your “Income” spread sheet n Next list all your “Expenses” n Then subtract expenses from income n Rejoice if it is a positive number! n If it isn’t…you have some homework to do n Then set your short term goals n Work up to longer term goals n Stay focused! Adapting: Pages 43, 44 & 45 Where do I stand now? If I am saving a little “extra money” every month then… n Planning for the future is very important n Have a “Rainy day” fund…this is a must! n Unexpected things can happen…quite often! n Inflation makes things and services cost more Adapting: Page 49 Suppose I am over spending? Prioritize and make needed changes: n Manage your credit card debt wisely n Review your budget for improvements n Track spending; eliminate non essentials n Consider a life style change n Prioritize your spending & needs n Measure progress towards your goal n Be patient, change takes time Adapting: Pages 46 & 47 Have a Spending Plan… a financial wish list! n List your budget goals…all of them n Estimate time to reach each goal n Figure out the cost n Determine how much to save regularly n Prioritize your goals; #1, #2, #3, etc n Create a time table to reach them n Stay focused! Adapting: Pages 42, 43, 44, 45 & 46 Sage advice about credit card debt Some wise suggestions: n Pay it down…not just the minimum payment n Call the card issuer, ask for better terms n Credit counseling may bring lower payments n Bankruptcy is an option, but not a good one n There is no “easy answer” Adapting: Page 47 Be Smart, use Credit Cards Wisely! Let’s look at Mr and Mrs Frivolous: n Received a new credit card n Charged a $5,000 home theater system n Cut up card; never used it again n Paid minimum each month: $10 or 2% n 18% annual interest rate n What did it cost to pay it off? n How long did it take to pay it off? Wow! I can’t believe it… I only charged $5,000 on it! Repaid $17,883 Over 43 years To pay off the debt by paying the minimum amount each month Identity Theft…the silent thief! It can happen to you at any time n Caution is the best deterrent; be alert! n Guard your personal information carefully n Do NOT give it out on the phone or internet n Beware of internet scams; they look real n Minimize number of credit cards n Review credit card statements for “errors” n Check your credit record annually; it is free Simple things you can do to minimize identity theft n Buy a shredder and use it n Don’t leave mail sitting in your mail box n Closely monitor all your financial accounts n Use a “hard wired” computer; “wireless” can be intercepted and tapped into n Protect your pass words; change often n Safe guard your computer from “spyware” What about my investments? n Have reasonable needs and financial goals n A long term investment plan and outlook is best n Proper asset allocation is important n Fund plan with appropriate investments n Periodically monitor and rebalance if needed n Don’t invest in things you don’t understand or need n Work with an advisor who: n Understands your financial needs n Will assist you in working towards your goals Adapting: Page 47 & 48 Estate Planning is important! A logical process with several documents n Will: Valid, accurate, complete and up to date n Durable Power of Attorney n Health-Care Proxy and Living Will n Special Needs Trust – possibly n Life insurance polices/correct beneficiaries n Other legal documents as needed Adapting: Pages 62, 63, 64 & 65 Bringing it all together… A time tested approach that works! n Maintain up to date files of all documents & financial information in a safe place n Keep an eye on your spending: n Appropriate cash management is a priority n Stay within reasonable goals n Manage credit card debt wisely n Save for the future n Stick with suitable investments; avoid risk n Early estate planning is always smart n Evaluate where you stand at least annually Staying focused will help you achieve your goals! “We all have ability… the difference is how we use it.” Stevie Wonder Thanks for joining us today! This community outreach program has been presented by: The Society of FSP Foundation and its Financial Education Partners In cooperation with the National MS Society Delaware Chapter Your name here Moderator
"Society of Financial Service Professiona Financial Education Partners_1_"