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Financial Presentation

Financial Presentation

Yannick Lieber

on 29 December 2012

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Transcript of Financial Presentation

The Wealthy Barber LIFE STAGES Financial Plan 1) Financial Planning
2) Managing Debt
3) Saving
4) Estate & Insurance
5) Investing
6) Retirement Short Term Goals
Long Term Goals Assets vs. Liabilities Net Worth Goals Cash Flow Income vs. Spending Monitor Evaluate Progress Question... Answer! What is a budget?

a) A list of expected income and expenses
b) A forecast of the different sources of income
c) A statement of assets and liabilities a) A list of expected income and expenses

It is a detailed list of your expenses based on your monthly income. Managing Debt - Spend within your
- Learn to say NO sometimes Good debt
Bad debt Kind of debt Avoid Consolidation Pay a debt with a
fixed rate loan Credit Lines It is the banks money, not yours! Question... Answer!
If you forget to pay your credit card, how will interest be calculated on purchases?

a) From the statement due date
b) From the date of the purchase
c) From the begining of the month Common Mistakes b) From the date of the purchase

Most people believe that interest starts accruing on the due date. If you fail to pay your balance, the interest will be calculated from the date of purchase. Question...
How many credit cards are there in Canada?

a) 74 million
b) 28 million
c) 92 million Answer! a) 74 million

That's about 3 credit cards for every Canadian over the age of 18. Saving A small cut back in spending means a large increase in saving Save the change Compromise No one wants you to save except YOU Prioritize Concern yourself with saving first, then borrowing Question... Answer!
By saving $5000/year at 3% compounded monthly, aproximately how much will you have in 30 years?

a) $255,000
b) $150,000
c) $280,000 a) $255,000

You'll have earned $100,000 in interest - money you've gained simply by letting your money sit! Question...
You should probably save for retirement...

a) Right away
b) When all debts are paid
c) After 1 year of employment Answer! a) Right away

The key to saving a sizeable amount is to start as soon as possible. This way small amounts contributed for a long time will add up! Estate & Insurance A larger down payment means a smaller loan and lower interest rates. At least 20% Mortgage Inssurance needs Revaluate what is covered, and how much?
(Land doesn't need coverage) Will - Every milestone
- For yourself and your business
- Capable executor Question... Answer!
When is a will no longer valid?

a) After 5 years
b) After having kids
c) After marrying c) After marrying

After marrying, a will is rendered invalid. However, will's should be frequently updated regardless. Question...
What will reduce the total amount of interest paid on a mortgage?

a) Smaller monthly payments over 35 years
b) Reasonable monthly payments over 25 years
c) Larger monthly payments over 15 years Answer! c) Larger monthly payments over 15 years

Repaying a mortgage over 35 years instead of a 15 year period will make for lower monthly payments, but the total interest paid will be significantly higher. Investing Aggressive or Conservative Risk Portfolio Tax benefits Half of gains are taxed Life Stages 0-30: Aggressive
30-45: Build up
45-60: Safe
60+: Secure Question... Answer!
Percentage of 18-24 year olds who don't understand the basics of investment risk?

a) 50%
b) 30%
c) 70% c) 70%

Most young people can't answer basic questions on risk. Question...
What would be the most conservative investment?

a) Mutual fund
b) Bonds
c) Stocks Answer! b) Bonds

Government of Canada bonds are seen as the safest investment. They pay a guarenteed, fixed interest. Diversify Home, Cottage, Rentals,
Business Assets 1) Too much debt (High mortgage, Cars, Loans, Credit cards) 2) Risk unawareness (Illness, Disability, Death) 3) Poor estate planning (Life/Home Inssurance/Will, POA) 4) Not saving for retirement (Planning income, Estates, Assets, Secure investments) 5) Not planning and monitoring (Impulse buying, Budget, Net worth) Question... A Financial Planner...

a) Can be anyone calling themselves a Financial Planner
b) Must be employed by a financial institution
c) Needs a professional designation from a school Answer! a) Can be anyone calling themselves a Financial Planner

Anyone can give themsleves the "Financial Planner" title - Make sure you choose someone credible. Retirement Save 10%
of income Will need 70% of income to maintain lifestyle How much Amount Plan Know the lifestyle you'll want Income Part time job
(2 or 3 days/week) Question... Answer!
What is the average amount Canadians get every month from CPP (Canadian Pension Plan)?

a) $500
b) $1500
c) $800 a) $500

In a year that's $6000 - can you expect to live comfortably with that? Question...
43% of Americans have less then how much in retirement savings?

a) $10,000
b) $200,000
c) $80,000 Answer! a) $10,000

In a year, the average American spends about $50,000. Predicting - Think long-term
- Don't depent on predicting the
future Difficult Tax Break Gains on selling a home are tax free (Once a year) Break the bill Accounts TFSA, RRSP Ross Holmes P A Y Y O U R S E L F F I R S T ! Impulse spending is almost as ridiculous as freely giving your money away Saving is great but being too cheap certainly isn't Saving is great, but being too cheap certainly isn't. A balanced approach to your finances is key.
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