Living the Life of your Dreams

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Published on October 19, 2008

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Living the Life of Your Dreams: Determine Your Net Worth, Define Your Monetary Values and Set Financial Goals : Living the Life of Your Dreams: Determine Your Net Worth, Define Your Monetary Values and Set Financial Goals Maureen C. Martinez Life and Financial Services Representative Financial Blueprint : Financial Blueprint Life Stages Single Married Child Birth School College Empty Nest Retire Different needs… Different priorities… Goals different people have: : Goals different people have: Buy a car Purchase first home Education (college) Get married Have children Start a business Invest (stocks, mutual funds) Pay off Credit cards Send kids to college Travel for pleasure Retirement Leave a family legacy (Life insurance and living trust) What is my Net Worth? : What is my Net Worth? Your net worth is much like a snapshot or x-ray. A statement of Net Worth lists all of the assets that are owned, then subtracts from that listing of assets all the liabilities, or debts owed: and the resulting number totals one’s net worth. How do I begin? : How do I begin? 1. GATHER UP ALL YOUR RECORDS: LIST ALL YOUR ASSETS AND THEIR CORRESPONDING VALUES. Examples of Assets: Home Car property (real estate, timeshares) stocks, Bonds, Life Insurance jewelry, Artwork, collectors Items all retirement benefits, including IRAs, pension plans and profit-sharing plans USE THE INTERNET, AND BE AS PRECISE AS POSSIBLE. ACQUIRE AND USE YOUR TRUE ACCOUNT BALANCES AND INVESTMENT VALUES. USE FAIR-MARKET VALUES FOR REAL PROPERTY (HOMES, CARS, ETC.) AND OTHER FIXED ASSETS. DO NOT FORGET TO INCLUDE ANY MONIES OWED TO YOU. Resources : Resources When estimating values for automobiles, try websites like Kelley Blue Book, Edmunds, NADA guides, and eBay. Values of antiques and other knick-knacks can often be tracked down at eBay. Values of stocks and mutual funds may be tracked down at Yahoo! Finance. Values of older savings bonds may be found at TreasuryDirect.gov. ABOVE ALL, BE CONSERVATIVE, BE DILIGENT, AND BE HONEST. Slide 7: 2. LIST ALL YOUR LIABILITIES (DEBTS) AND THEIR CORRESPONDING BALANCES. Examples of Liabilities or Debts: credit cards mortgage (equity lines of credit) medical bills car payments school loans DON'T FORGET TO INCLUDE ANY PAST-DUE OR CURRENTLY-DUE BILLS. AGAIN, BE HONEST WITH YOURSELF: LIST ALL YOUR DEBTS, ALL YOUR FINANCIAL OBLIGATIONS, AND USE THEIR TRUE BALANCES. BE COMPREHENSIVE. REMEMBER: THE GOAL IS TO KNOW EXACTLY WHERE YOU STAND. Add it up! : Add it up! 3. Calculate your net worth. Just like the screen before says: You're going to tally up your assets, then your liabilities, and then subtract the latter from the former. Once you reach this point, you have several options. Because I can be numerically challenged, my personal preference is to let a spreadsheet grind up all the numbers and do the math dirtywork. **Make a Note: Net Worth Calculator http://www.msnbc.msn.com/id/9745956/from/ET/ So what’s the point? : So what’s the point? Getting a grasp on your real net worth is the first step in reorganizing and rebuilding your finances. If you are in debt, the important thing is to turn it around and start saving. Before you can reach a financial goal, you need to know where you stand now. Your net worth is a reference point on your financial road map. Once you know your net worth, you can set a budget to reach your goals. You'll be better able to protect your assets. Determining the worth of your valuables is not only necessary to figure your net worth, it also helps you get the proper insurance coverage. What is important to you? : What is important to you? Make a list of the long and short term goals that are the most important to you. Example: 1. buy first house 2. invest in 401k (retirement) 3. Pay off student loans 4. Invest in mutual funds What happens If I have a negative net worth? : What happens If I have a negative net worth? This just means you have to start paying down your debt. It’s hard to save money in investments or savings accounts earning under 10% when your credit cards or other debt can possibly be costing you up to 22% interest each year!!!!!! OUCH! PAY OFF THAT DEBT!!!!! Make sure you are aware of what your being charged for interest! Quick Tip: : Quick Tip: Call every one of your current credit card companies and ask for a reduced interest rate. 9 times out of 10 they will do this for you and all you need to do is ask!!!!! It is definitely worth the effort and can save you a few $$$$$$ What do I do if I have a positive net worth? : What do I do if I have a positive net worth? Talk to your financial advisor about investment options for your future. Diversify, Diversify Diversify! This simply means to include several different investment options in your financial portfolio. Don’t rely on one type of investment. A portfolio is simply: an investment plan Example Goals : Example Goals Short term Goals 2-5 years Pay off credit card Buy a car Buy life insurance Travel Pay for college Long term Goals 5-25 years and beyond Pay off mortgage Pay off student loans Set up a retirement plan Provide for my family even after I pass away Keep track of all your finances! : Keep track of all your finances! Make it easy on yourself. Save receipts Make a budget Talk with your financial planner or retirement specialist about your goals for investing Utilize accounting software: (Example QuickBooks or Quicken) Start today! : Start today! Make a plan Stick to it! You have the power to reach your goals and live your dreams! For More Information on how to obtain a financial blueprint : For More Information on how to obtain a financial blueprint Maureen C. Martinez Farmers Insurance Group Toll-Free (866) 840-9554 www.mmifarmers.com Lic. # 0F13065

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