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SMEP Financial-Planning Workshop.ppt

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					   The SMDEP Alumni
   Financial Planning
       Workshop:
   “You’re Still In Charge”

    A national program supported by The Robert Wood Johnson Foundation with direction and technical assistance provided by
                 the Association of American Medical Colleges and the American Dental Education Association.




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     The Original Workshop’s
            Objectives
  • Articulate your own goals
  • Explain how financial planning helps
    achieve your goals
  • Describe the benefits of borrowing wisely
    and the pitfalls of not borrowing wisely
  • Understand how small decisions lead to
    big results



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        My Future*




        *Exercise created by and courtesy of Dr. Leon Johnson, Jr.



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   Debt and Income



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    Looking at Debt and Income
  • Average debt at graduation:
      – Medical School                                                 $122,279
      – Dental School                                                  $145,465
  • The keys to managing your debt:
      – Be well informed about borrowing
      – Choose your actions carefully

   Sources:   AAMC 2007 Medical School Graduation Questionnaire (average total educational debt);
              ADEA 2006 Survey of Dental School Seniors



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 Debt Levels of Medical School Graduates, 2007




         Source: AAMC 2007 Medical School Graduation Questionnaire


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         http://www.aamc.org/data/gq/allschoolsreports/2007.pdf
    Debt Levels of Black, Native American*,
  and Hispanic/Latino Medical Graduates, 2007




      * Native American includes Native Americans and Native Alaskans.
      Source: AAMC 2007 Medical School Graduation Questionnaire, Non Program Evaluation



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      R Table
 Debt Levels of Dental School Graduates, 2006




        Source: ADEA 2006Survey of Dental School Seniors




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    Debt Levels of Black, Native American,
  and Hispanic/Latino Dental Graduates, 2006




     Source: ADEA 2006 Survey of Dental School Seniors




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 How ‘bout some good news
       for a change?




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                   Medical Residents
                 & Practicing Physicians

  Average 2006-2007 Medical Residency
  Stipend:                    $44,669*

  Median Physician Compensation
    •All Primary Care         $171,159**
    •All Specialties          $322,259**
   Sources:
   *2007-2008 AAMC Survey of Housestaf f Stipends, Benef its, and Funding (Autumn 2007 Report)
   **Medical Group Management Association (MGMA) Physician Compensation and Production Survey: 2007
   Report Based on 2006 Data




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                                   Dental Residents
                                 & Practicing Dentists
    Dental Residency Stipends:
    • Vary from $0 to approximately what medical residents
      earn
    • Some residency programs require trainees to pay a fee

    Average Net Dentist Income*:
    • All full-time in private practice                                                                       $204,500
    • Generalists                                                                                             $186,080
    • Specialists                                                                                             $317,560

 *Source: Table 18: Net income f rom the Private Practice, Age, and Hours Worked f or Solo Dentists by Hours Worked/Year, 2004.
 (ADA: 2005 Survey of Dental Practice)



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        However!



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Average Education Indebtedness for Recent
    Medical School Graduates by Year




            Source: AAMC 2007 Medical School Graduation Questionnaire




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Average Education Indebtedness for Recent
     Dental School Graduates by Year




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          Source: American Dental Education Association
  So, what’s that mean?

  You got’ta be a lot more financially
    sophisticated than Doctors that
         graduated years ago!




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    PAYBACK TIME
          &
 LOAN CONSOLIDATION




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   Time table for a typical 2009 graduate’s
          student loan repayments

 Loan        %     Grace Period   1st Pmt Due
 Sub-Staf     ~6   6 months       ~ Jan 1, 2010
 UnSub        ~6   6 months       ~ Jan 1, 2010
 Perkins      5    9 months       ~ April 1, 2010
 HPSL         5    12 months      ~ July 1, 2010
 Inst         7    12 months      ~ July 1, 2010
 Consolidation     none           ~ July 1, 2009



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So, just how big is $100,000?




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              Repayment Schedules
                  for $100,000*

Repayment Period Monthly Payment        Total Paid       Interest Paid

   10 years         $1,110                $133,225            $33,225

   20 years          $716                 $171,943            $71,943

   30 years          $600                 $215,838          $115,838


                            *at a 6% interest rate; dollars are rounded



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              Repayment Schedules
                  for $100,000*
Repayment Period Monthly Payment       Total Paid        Interest Paid

  10 years           $1,213              $145,594           $45,594

  20 years            $836               $200,746          $100,746

  30 years            $734               $264,154          $164,154


                         *at an 8% interest rate; dollars are rounded


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        How to Use a Half-Time Payment Plan
 The amortization schedule below breaks down the first 10 payments on a $100,000 loan taken on over a 20-year term
 (240) payments at an interest rate of 8%. The notations in parentheses show how to make half-time payments .




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                                   Published in New OD (a magazine for optometrists)
                                   Copyright © Lawrence H. McClure
              ALTERNATIVE REPAYMENT
               SCHEDULES FOR $100,000
 TERM PMT/MO. % PAID                         $ PAID       COMMENT
 10 Yrs.     $1,213        $45,593           $145,593             Standard Pd.

 20 Yrs.       836         100,744           200,744              Consolidation

 20+          1,007        50,538            150,538              Paid in 10 yrs.

 30 Yrs.       734         164,157           264,157              Maximum

 30+           801         82,245            182,245              Paid in 15 yrs.

 + monthly pmts. Gradually increase throughout repayment period


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   A Dirty Little Secret
“It’s too easy for you to borrow the max.”

         Max Student Loan!
          Max Mortgage!


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 The SMDEP Financial Planning Workshop


    Secrets of Financial
   Success: Decisions that
     Put You in Charge


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          Secrets of Financial Success
 • ―…human beings don‘t want to be controlled. We
   want to be in control.‖
 • ―The only way to get the financial future you want is
   to begin creating it now!‖
 • ―The problem is not how much we earn…it‘s how
   much we spend.‖
 • ―Most of us don‘t really think about how we spend our
   money—if we do, we often focus solely on the big
   ticket items while ignoring the small daily expenses
   that drain away our cash.‖
   Quotes from: The Automatic Millionaire: A Powerful One-Step Plan to
   Live and Finish Rich by David Bach, Broadway Books:NY, 2004

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      How a small Decision is Really a
              BIG Decision
 •   Designer Cup of Coffee: $4.25 a cup/day
 •   Cost per month:             ~$129.00
 •   Cost per year:              ~$1550
 •   If you didn‘t spend this amount every day and
     saved it, you‘d have:
      – ~$21,375 after 10 years
      – ~$60,030 after 20 years
      – ~$130,360 after 30 years

 •   *Based on www.bankrate.com ―Simple Savings Calculator.‖ Assumes 6% annual interest rate
     compounded monthly and an initial beginning balance of $129. Dollars are rounded.



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  Tips for Making BIG/small Decisions
     • Buy a previously owned car
     • Shop at consignment stores
     • Buy groceries in bulk
     • Watch for sales
     • Avoid credit card debt (don’t use a
      credit card unless you can pay it off
      in full each month)
     • Cut costs wherever reasonable

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    Living on Less as a Student
  Consider:
    • Roommates
    • Location
    • Transportation options—Do I really need a
      car?
    • Coupons
    • Cheap eats
    • Splurge conscientiously—and carefully



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           Living Below Your Means (LBYM)
   • Approach student life with an LBYM* attitude
   • Aim for living on 70% of what is available to you
   • Put the other 30% in an interest-bearing savings
     account or money-market fund until needed—or
     reduce how much you borrow
   • Pick up cost-saving tips from Motley Fool’s
     ―Living Below Your Means‖ discussion board at:
                                    www.fool.com
 (Registration is required to use the Web site. It’s free, although some of Motley Fool’s
 services are not free.)
                *Living Below Your Means and LBYM are trademarks of The Motley Fool, Inc.


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    A Primer on
 Financial Planning

    Back to the Basics
          Again!

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 BASIC MONEY MANAGEMENT 101
  •   Checking
  •   Savings
  •   Credit Cards
  •   Insurance
  •   Investments
      –   Mutual Funds
      –   Stocks & Bonds
      –   Real Estate
      –   Businesses

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       CHECKING ACCOUNTS

 • Go to a local - medium size bank
 • Balance your account each month
 • Obtain check protection
   – Line of Credit
   – Attach to Savings Account




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         SAVINGS ACCOUNTS

 • Save to Spend Accounts
 • Save to Invest Accounts
 • Should attempt to accumulate 6 to 9 months of
   living expenses
 • Little to No Risk
   – Savings Accounts
   – Money Markets



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        CREDIT CARDS
  OK, How many of ya got ‘em
            &
    How many have ya got?


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               Credit Cards
              The Good Part
   •Credit cards aren‘t bad
      –credit-card debt is bad!
   •Can carry instead of cash
   •Helps track spending
   •Covers emergencies
   •Can sometimes get monetary benefits--
    miles on an airline or a yearly cash-
    back bonus
   •Only need one card

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  Credit Cards -- The Hard Part
   •Up to you to use them wisely
   •Easy to live beyond your means
   •Dangerous when used to supplement
    your income
   •High interest rates
   •Can end up ruining your credit rating



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        The Basis for Credit Scoring*

  Your credit score is based on:
    • Past payment history
    • Amount owed on credit that‘s been extended
    • Length of time credit has been established
    • Search for and acquiring new credit
    • Types of credit established

    *For more information on credit scoring, go to:
    • www.myfico.com
    • www.bankrate.com
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        Raising Your Credit Scores

   • Apply for credit only when you need it
   • Don’t charge indiscriminately
   • Avoid maxing out on your credit limit
   • Pay on time
   • Inspect your credit report


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 The higher your FICO® credit score, the
          lower your payments!

 For example, on a $300,000 30-year, fixed-rate mortgage

   FICO® score        APR             Monthly payment
     760-850          5.617%               $1,725
     700-759          5.839%               $1,768
     660-699          6.123%               $1,822
     620-659          6.933%               $1,982
     580-619          9.312%               $2,482
     500-579          10.276%              $2,694

        Interest rates accurate as of May 19, 2008:


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              Finding Your Credit History
 Equifax Credit Information Services
    PO Box 740241                      Include the following information
    Atlanta, GA 30374-0241                    with your request:
    (800) 685-1111                       • Full name (including Jr., Sr.)
    www.equifax.com
 Experian                                • Complete addresses for the
    475 Anton Blvd.                        last 5 years, including zip
    Costa Mesa, CA 92626                   codes
          or
                                         • Social Security number
    955 American Lane
    Schaumburg, IL 60173                 • If married, spouse’s full name
    (888) 397-3742                       • Year of birth
    www.experian.com
 Trans Union Corporation                 • Copy of driver’s license or
    PO Box 2000                            current billing statement
    Chester, PA 19022
    (800) 888-4213                       To request a free copy of your
    www.transunion.com                        credit report:
                                        www.annualcreditreport.com


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       Correcting Errors in Your
    Credit Scores and Dealing with
             Identity Theft
      • Errors happen a lot
      • Errors can reduce your credit score
      • Checking your credit history helps catch
         identity theft

   • Sources:
      – www.myfico.com
      – www.annualcreditreport.com
      – www.ftc.gov
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    A Last Resort for Help
    with Your Credit Score

   The National Foundation
    for Credit Counseling
        www.nfcc.org
        1-800-388-2227

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                Insurance Planning

 • Health Insurance
 • Disability Insurance
 • Life Insurance
   – Term
   – Whole
   – Variable




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      THE INVESTMENT PYRAMID
High Risk----------------------------
      Real Estate
      Stocks on Margin
Medium Risk---------------------
      Stocks
      Bonds
Low Risk---------------------
      Savings Accounts
      Money Markets




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   MAXIMIZE TAX INCETIVES

 • RETIREMENT ACCOUNTS
   – IRA‘S
   – SEP‘S
   – EMPLOYER RETIREMENT AND MATCHING
     PROGRAMS


 • STATE EDUCATIONAL SAVINGS
   ACCOUNTS

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              Investing for Retirement
                    -Life Stages-

 • Starting Out          100% Equities

 • Growing Families      90% Equities & 10% Fixed Income

 • Sandwich Generation   80% Equities & 20% Fixed Income

 • Empty Nesters         35% Equities, 35% Fixed Income &
                         10% Short Term Investments
 • Retirees              45% Equities, 40% Fixed Income &
                         15% Short Term Investments




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 What is the most powerful force in
           the Universe?

     According to Albert Einstein
        Compound Interest!


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   The Power of Time & Money




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    Start NOW
        Begin with. . .


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        Budgeting



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             10 - 20 - 70 Budget

 10 - Sock away 10% of each paycheck in a
   retirement fund, preferably in before-tax dollars
   through an employee savings plan, such as 401(k)
   plan or 403 (b).
 20 - Put 20% in a ―save to spend‖ fund, preferably in
   a money market account.
 70 - Deposit the remaining 70 percent in a checking
   account to use for your routine living expenses.


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     Debt Management
           and
    Good Record Keeping



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        Educate Yourself

             READ
            READ
           READ

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 Personal Finance Resources: Books
            The Millionaire Next Door:
             The Surprising Secrets of America’s Wealthy
             by Thomas J. Stanley and William D. Danko

            The Wealthy Barber
             by David Chilton

            The Richest Man in Babylon
             by George S. Clason

            Making the Most of Your Money
             by Jane Bryant Quinn

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  Personal and Professional Finance Resources:
                   Magazines
Smart Money
www.smartmoney.com
Money
www.money.com
Kiplinger’s Personal
      Finance
     www.kiplinger.com
Medical Economics
     www.memag.com
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Personal Finance Resources: Web Sites
         www.morningstar.com
         Good articles on aspects of
            mutual-fund investing
           www.vanguard.com
   Teaches basics of mutual fund investing
          and retirement planning
            www.fidelity.com
  Good mix of education about mutual funds,
        individual stocks and bonds,
          annuities, and insurance
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   Web Sites (continued)
         www.financenter.com
     Basic information on personal finance
  (such as auto loans, home loans, insurance)


              www.fool.com
      Educational, often humorous, look
          at the world of investing



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Financial-Planning Web Sites
Getting Help from Professionals

  • www.therightadvisor.com
  • www.fpanet.org




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        Where to
        Get Help


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   Your Financial Team
   • While In School
        –Financial Aid Officer
   • As a Post-Graduate
        –Financial planner
        –Accountant
        –Insurance Broker
        –Attorney
        –Banker

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  THERE ARE TWO KINDS OF
   PEOPLE IN THIS WORLD

        Spend
                   Save



                   Spend

        Save




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   Thanks for Coming
           &
      Remember
  You’re still in charge!

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           Investment Glossary

 • Balanced Fund: A mutual fund that invests in
   both stocks and bonds: usually with an
   unbalanced ratio of 60:40
 • Bear Market: When stock prices generally
   fall as a whole. Bear markets are usually
   brought on by fears of declining economic
   opportunity



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           Investment Glossary

 • Blue Chip Stock: Dubbed after the blue chips
   in poker; the most valuable ones. These are
   shares in older, established companies, e.g.,
   IBM, At&T, and GM. They have a long
   history of growth dividend distribution. The
   30 Dow Jones Industrial Average are all blue
   chips.



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            Investment Glossary

 • Bond: A formal IOU (―certificate‖) from a
   corporation, the U.S. Treasury or local
   governments to back a debt with interest at a
   specific time (―maturity date‖). Unlike
   stockholders, bondholders own only the debt,
   not a share in the corporation.




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              Investment Glossary

 • Bull Market: When the price of stocks generally
   rises.
 • Certificate of Deposit: Similar to a regular savings
   account, but they pay higher interest because the
   length and amount of deposit are locked in, from 14
   days to several years. This is the most common type
   of money market instrument. CDS cashed in before
   matrity are subject to substantial penalties for early
   withdrawal.


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            Investment Glossary

 • Diversification: Reducing risk by investing in
   more than one type of security, such as stocks,
   bonds and money market devices. Mutual
   funds provide individuals with instant
   diversification by investing in many different
   securities




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            Investment Glossary

 • Dollar Cost Averaging: The strategy in
   which an investor buys the same dollar amount
   of a stock at regular intervals, regardless of the
   changing price of the stock. Since shares are
   bought at both high and low prices, this
   strategy averages those costs out over the long
   run.



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            Investment Glossary

 • Front-End Load: Up front commission fee
   (―or load‖) investors pay when they buy shares
   in a fund. Loads are calculated as a
   percentage, such as 4 or 5% of the amount that
   an individual invests into a mutual fund.
   Investors pay this load to receive assistance in
   their investing from a registered representative.



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              Investment Glossary

 • Growth Stock: Shares, usually in small companies
   with potentially bright futures and fast growth.
 • Income Stock: Shares of companies with a history of
   paying high dividends, but lacking fast growth.
   Utilitiy companies, such as gas and electric firms, with
   a constant customer base and income flow are some of
   the best known income stocks.




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            Investment Glossary

 • Money Market Account: Accounts opened at
   financial institutions where the money is
   invested into safe, short-term debt instruments,
   such as CDS and U.S. Treasury bills. They
   usually pay a higher return than regular
   savings accounts.




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            Investment Glossary

 • Mutual Fund: An investment company that
   pools money of individuals and invests it into
   stocks, bonds and other securities, under the
   guidance of a professional manager. A mutual
   fund offers shareholders the benefits of
   portfolio diversification: owning a wide set of
   shares to spread risk, gains, and losses.



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            Investment Glossary

 • Net Asset Value: The price of one share of a
   mutual fund, calculated by adding the toal
   investments in a fud, subtracting costs, and
   dividing by the total number of shares.
 • No-Load Mutual Fund: A mutual fund that
   does not impose a sales charge, or load, when
   purchased. There may be a fee to withdraw
   your monies from the account.

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            Investment Glossary

 • Rate of Return: How much money you get
   back for your investment. For stocks, it‘s the
   annual dividends divided by the purchase
   price. For bonds, it‘s the acutal amount of
   interest earned.
 • Stock: A security that represents partial
   ownership in a corporation. The value of a
   stock generally reflects the financial
   performance of a company

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      Federal Direct Consolidation Loan Program
 •   http://loanconsolidation.ed.gov/
 •   To qualify for a Direct Consolidation Loan, borrowers must have at least
     one Direct Loan or Federal Family Education Loan (FFEL) that is in
     grace, repayment, deferment or default status. Loans that are in an in-
     school status cannot be included in a Direct Consolidation Loan.
 •   Borrowers can consolidate most defaulted education loans, if they make
     satisfactory repayment arrangements with the current loan holders or
     agree to repay their new Direct Consolidation Loan under the Income
     Contingent Repayment Plan.
 •   Borrowers who do not have Direct Loans may be eligible for a Direct
     Consolidation Loan if they include at least one FFEL Loan and have been
     unable to obtain a Federal Consolidation Loan with a FFEL consolidation
     lender or have been unable to obtain a Federal Consolidation Loan with
     income-sensitive repayment terms acceptable to them, or intend to apply
     for a loan cancellation under the Public Sector Cancellation Program.
 •   Borrowers who have only a Direct Consolidation Loan cannot consolidate




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    Federal Direct Consolidation Loan Program
•   Standard Repayment Plan:
•   You will pay a fixed amount each month until your loan(s) are paid in full. Your monthly
    payments will be at least $50 for up to 10 to 30 years, based on your total education
    indebtedness.
•   Graduated Repayment Plan:
•   Your minimum payment amount will be at least equal to the amount of interest accrued
    monthly. Your payments start out low, and then increase every two years for up to 10 to 30
    years, based on your total education indebtedness
•   Extended Repayment Plan:
•   To be eligible, your Direct Loan balance must be greater than $30,000 and you will have up
    to 25 years to repay your loan(s). You have two payment options:
•   Fixed Monthly Payment Option -You will pay a fixed amount each month until your loans
    are paid in full. Your monthly payments will be at least $50.
•   Graduated Monthly Payment Option - Your minimum payment amount will be at least $50
    or the amount of interest accrued monthly, whichever is greater. Your payments start out
    low, and then increase every two years.
•   Income Contingent Repayment Plan (ICR):
•   Monthly payments that are based on a borrower's annual income, Direct Loan balance and
    family size, and are spread over a term of up to 25 years.




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  Taxpayer Relief Act of 1997 and 2001


 • Student Loan Interest Deduction
    – up to $2,500 deducted from your taxable income
 • Lifetime Learning Credit
    – up to $2,000 credit against your federal income taxes for qualified
      tuition and related expenses


 For more information on tax credits and deductions go to:
     – www.irs.gov



                                                 Source: IRS Publication 970, 2004.


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         Lifetime Learning Credit

 • Income limits increased. The amount of your
   lifetime learning credit for 2008 is gradually
   reduced (phased out) if your modified adjusted
   gross income (MAGI) is between $47,000 and
   $57,000 ($94,000 and $114,000 if you file a
   joint return). You cannot claim a credit if your
   MAGI is $57,000 or more ($114,000 or more
   if you file a joint return).



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   Student Loan Interest Deduction


  Your student loan interest deduction for 2008 is generally
   the smaller of:
     • $2,500, or
     • The interest you paid in 2008.




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           Student Loan Interest Deduction
 •
     You may be able to deduct interest you pay on a qualified student loan. And, if your student loan
     is canceled, you may not have to include any amount in income.
 •   The deduction is claimed as an adjustment to income so you do not need to itemize your
     deductions on Schedule A Form 1040.
 •   You can claim the deduction if all of the following apply:
 •   You paid interest on a qualified student loan in tax year 2008
 •   Your filing status is not married filing separately
 •   Your modified adjusted gross income is less than $65,000 ($135,000 if filing jointly)
 •   You and your spouse, if filing jointly, cannot be claimed as dependents on someone else's return
 •   A qualified student loan is a loan you took out solely to pay qualified higher education expenses.
     See the instructions for Form 1040 to determine if your expenses qualify.
 •   If you file a Form 2555, Form 2555EZ or Form 4563, use Publication 970 instead of the
     worksheet in the Form 1040 Instructions.
 •   The deduction will start to phase out when the modified AGI exceeds certain amounts. To
     determine when the deduction is phased out, please refer to Publication 970, Tax Benefits for
     Education. If you paid $600 or more of interest on a qualified student loan during the year, you
     will receive a Form 1098-E (PDF), Student Loan Interest Statement, from the entity to which you
     paid the student loan interest.




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            Retirement Planning

 • There are several different plans that
   individual and corporations may utilize to
   invest monies for future retirement needs. Here
   is a brief description of some and the available
   maximum contribution to each




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           Retirement Planning

 • Keogh Plan: This plan is for self-employed
   individuals and the maximum contribution in
   any given tax year is $30,000. Money is
   contributed on a pre-tax basis.
 • SEP-IRA: This plan is also for self-employed
   individuals and the maximum contribution in
   any given year is the lesser of 15% of income
   or $22,000. Money is contributed on a pre-tax
   basis.

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            Retirement Planning

 • Traditional IRA: This plan is for individuals
   without a corporate sponsored retirement plan,
   but are considered employees. The maximum
   contribution is $3,000 in any given tax year.
   Money is contributed on a pre-tax basis.




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           Retirement Planning
 • Roth IRA: This plan for individuals that may
   or may not possess a corporate sponsored
   retirement plan. The maximum contribution is
   $3,000 in any given tax year. Money is
   contributed on an after tax basis.
 • 401(K): This retirement plan is employer
   sponsored. It will allow you to invest money
   on a pre-tax basis and your employer may
   ―match‖ your contribution.


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            Retirement Planning

 • Traditional IRA: This plan is for individuals
   without a corporate sponsored retirement plan,
   but are considered employees. The maximum
   contribution is $3,000 in any given tax year.
   Money is contributed on a pre-tax basis.




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   Your Professional Practice




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       Your Professional Practice
            An Investment
 • A professional practice has equity
   – Records
   – Real Estate
 • Private Practice =‗s Higher Income
 • Tax Advantages
   – Lease car
   – Write off‘s and deductions



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   Ten Facts About Loan Repayment
  (1) You are obligating a portion of your future
      income every time you borrow.

  (2) You can end up paying back as much as $3
      or more for every $1 you borrow.

  (3) You don‘t pay interest on the portions of a
      loan you have already paid off. There is also
      no prepayment penalty on student loans.


      Source: The Debt Management Workbook: A Five-Step Plan for Successfully Repaying Your Educational
      Loans; National Medical Fellowships, Inc., and Ruth Beer Bletzinger; U.S. Department of Health and


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      Human Services; 1993
   Ten Facts About Loan Repayment
  (4) Repaying your student loans can get
      complicated because there are so many
      organizations involved with your loans.
  (5) Even if these organizations make mistakes, the
      responsibility for repaying your loans is yours.
  (6) You are the best source of information about
      your loans, if you keep good records.
  (7) Some of your loans will probably be sold from
      one organization to another.



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      Source: The Debt Management Workbook: A Five-Step Plan for Successfully Repaying Your Educational
      Loans; National Medical Fellowships, Inc., and Ruth Beer Bletzinger; U.S. Department of Health and
      Human Services; 1993
  Ten Facts About Loan Repayment

  (8) When your expenses exceed your income,
      financial problems inevitably result.
  (9) If you are delinquent or in default on your
      education loans, EXPECT THE WORST!
  (10) With a certain amount of planning, the odds
      show you will successfully repay your loans.


      Source: The Debt Management Workbook: A Five-Step Plan for Successfully Repaying Your Educational
      Loans; National Medical Fellowships, Inc., and Ruth Beer Bletzinger; U.S. Department of Health and


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      Human Services; 1993
SMDEP

				
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