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Personal
Finance Workbook
Financial
Objectives at Different Ages
During their twenties, clients are usually encouraged to:
• develop habits of saving and investing
• prepare annual budgets with a savings component of 5 to 10 percent
• accumulate a down payment for a home and an emergency fund of approximately
six months’ expenses
• develop a favorable credit rating
• begin an investment program with long-term growth potential
• establish a retirement savings vehicle
• determine insurance needs and obtain adequate coverage: disability, major
medical, property liability, and if the client has dependents, life insurance
• have a will prepared and sign it (including a guardianship provision if
the client has children)
During their thirties,
clients are usually encouraged to:
• budget and control discretionary expenses
• continue an investment program and consider both growth and tax savings
• coordinate overall tax planning
• contribute to tax deferred retirement plans such as: 401k, 403b, qualified
corporate plans, and IRAs
• plan education funding for children. Consider savings, trusts, gifts, custodial
accounts, tax deferred investments, and so forth
• update wills for changing family situations
During their forties,
clients are usually encouraged to:
• provide education funding for children and funding for other monetary support
the client desires to provide for family members. Consider gifts, trusts,
home equity loans, unsecured lines of credit, and so forth
• increase savings as family expenses decline
• contribute to retirement savings, including tax deferred retirement savings
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Biblical
Position on Giving, Savings, and Debt
Introduction
Needs
and Desires
The
Debt Trap
The
Ease of Debt Growth
Debt
Repayment
The
True Cost of Debt
Plotting
Financial Goals
Gifts
Given Record
Debt
Records
Statement
of Net Worth
Monthly
Income Statement
Monthly
Cash Flow Recording Sheet
Percentage
Guide
Income
Graph
Where
Do We Go From Here?
Biblical
Guidelines
Financial
Objectives
Glossary
of Terms
Reference
List & Acknowledgements |
